China Shineway Pharmaceutical (2877.HK) - Optimistic About the Outlook Despite Short-Term Headwinds

779 Views03 Oct 2023 08:55
Shineway performed well in 23H1, but there're short-term headwinds such as VBP/anti-corruption. We remain optimistic due to policy support and the future high growth of TCM formula granules business.
Boomeranged on Tue, 7 Nov 2023 08:58
Shineway's 23Q1-Q3 turnover growth decreased to 21.9% YoY due to big decrease in growth of injection products/TCM formula granule, which is in line with our analysis in this insight. The anti-corruption campaign and demand decrease for COVID-19 products were the main reasons, so 23H2 performance growth will be lower than 23H1, but we remain optimistic that 2023 revenue growth is higher than 2022.
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