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.

Zhangzhou Pientzehuang Pharmaceutical (600436.CH) - Disappointing Performance Is Just the Beginning

China Funeral Industry - Investment Opportunity with Both Alpha and Beta Superposition

China Personal Pension Scheme - Standing at the Starting Point of A-Share Bull Market

Shanghai Pharmaceuticals (2607.HK)- Low Profitability Is Big Problem; Share Price Would Underperform

Xi-Biden Meeting and G20 - A Temporary Respite?

Sinopharm Group (1099.HK) - Industry Trends Hardly Support High Valuation Expectations

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

China Resources Pharmaceutical / Equity Bottom-Up

<ul>
<li>The distribution business is stable, but it’s difficult to achieve high growth/profits due to industry trend. Therefore, the valuation of this business is hard to increase.</li>
<li>The performance of pharmaceutical manufacturing business is important, which largely determines the overall profit margin. But it actually depends on what the subsidiaries can contribute, who are facing different challenges.</li>
<li>China Resources Pharmaceutical may need to improve its vision of asset selection and its ability to judge and grasp the long-term trend of the industry. The current valuation isn’t attractive.</li>
</ul>


The distribution business is stable, but it’s difficult to achieve high growth/profits due to industry trend. Therefore, the valuation of this business is hard to increase.
The performance of pharmaceutical manufacturing business is important, which largely determines the overall profit margin. But it actually depends on what the subsidiaries can contribute, who are facing different challenges.
China Resources Pharmaceutical may need to improve its vision of asset selection and its ability to judge and grasp the long-term trend of the industry. The current valuation isn’t attractive.


Shanghai Pharmaceuticals Holding (2607 HK)

Beijing Tiantan Biological Products (600161 CH)

Hualan Biological Engineering (002007 CH)

China Resources Sanjiu Medical & Pharma (000999 CH)

Jiangxi Boya Bio Pharmaceutical (300294 CH)

China Resources Dubl Crne Phrmctl (600062 CH)

Shanghai RAAS Blood Products C (002252 CH)

China Resources Pharmaceutical (3320.HK) - Here Are the Concerns