HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

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Equity Bottom-Up

<ul>
<li>CanSino’s performance picked up in 24Q2. CDMO revenue is a surprise, which would become the second growth curve. Effective cost control and increased demand for meningococcal vaccines narrowed net losses. </li>
<li>The short-term highlight in business progress is PCV13i, whose approval process is faster-than-expected. This means CanSino’s revenue in 2025 may exceed expectations. Controlling shareholders and management have increased their holdings.</li>
<li>CanSino’s revenue is expected to reach RMB750 million in 2024. If revenue this year reaches RMB800 million or above, it's beyond expectations. Reasonable market value is at least RMB5-10 billion.</li>
</ul>


CanSino’s performance picked up in 24Q2. CDMO revenue is a surprise, which would become the second growth curve. Effective cost control and increased demand for meningococcal vaccines narrowed net losses. 
The short-term highlight in business progress is PCV13i, whose approval process is faster-than-expected. This means CanSino’s revenue in 2025 may exceed expectations. Controlling shareholders and management have increased their holdings.
CanSino’s revenue is expected to reach RMB750 million in 2024. If revenue this year reaches RMB800 million or above, it's beyond expectations. Reasonable market value is at least RMB5-10 billion.


CanSino Biologics (6185.HK/688185.CH) - Breakeven May Arrive Earlier than Expected