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.

China Healthcare Weekly (Nov.3) - TCM VBP Update, ADC CXO's Logic Is Solid, "Ugly Move" Of Innovent

China Healthcare Weekly (Nov.10)-Biotech Model Validation, CNPGC Need to Fulfill Commitment to Taiji

China Healthcare Weekly (Nov.17) - TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross

China Healthcare Weekly (Mar.15)- New Policy of Innovative Drug, TCM Formula Granules, Xingqi Pharma

CPMC Holdings (906.HK) Privatization Update - Will ORG Withdraw Midway?

Shenyang Xingqi Pharmaceutical (300573.CH)-Looking Forward to a Leap in Valuation and Rich Dividends

Greatview Aseptic Packaging (468.HK) - The Story Behind The “Hostile Offer”

Equity Bottom-Up

Shenyang Xingqi Pharmaceutical / Equity Bottom-Up

Shenyang Xingqi Pharmaceutical (300573 CH)

<ul>
<li>The 10th national VBP has started. Kelun Pharma, Fosun Pharma and CSPC are expected to be the big pharmaceutical companies that get hit most in this VBP.</li>
<li>For biopharmaceutical companies, rather than R&amp;D technology, revenue scale is the most important moat. Accordingly, we recommend to invest medium and large biotech that are currently scaling up.</li>
<li>Xingqi’s share price decline is related to the potential lower-than-expected performance in 24Q3. Sales expansion of 0.01% atropine eye drops takes time considering the difficulty of new drug hospital admission.</li>
</ul>


The 10th national VBP has started. Kelun Pharma, Fosun Pharma and CSPC are expected to be the big pharmaceutical companies that get hit most in this VBP.
For biopharmaceutical companies, rather than R&amp;D technology, revenue scale is the most important moat. Accordingly, we recommend to invest medium and large biotech that are currently scaling up.
Xingqi’s share price decline is related to the potential lower-than-expected performance in 24Q3. Sales expansion of 0.01% atropine eye drops takes time considering the difficulty of new drug hospital admission.


Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Zhaoke Ophthalmology Pharmaceutical (6622 HK)

China Healthcare Weekly (Oct.27)-10th National VBP, Revenue Scale Is the Only Moat, Xingqi’s Outlook