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.

United Laboratories International Holdings Placement (3933.HK) - Valuation Pullback Seems Inevitable

BeiGene (6160.HK/BGNE.US) - The Truth Behind Novartis' Divorce Decision on PD-1

China Healthcare Weekly (Sep.22) - Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

Turnaround in China Healthcare Anti-Corruption: Impact on Company’s 2023 Results & Upcoming New Reforms

Chunlizhengda Medical Instruments (1858.HK) - Conservative About the Outlook

AK Medical Holdings Limited (1789.HK) - A Safe Landing After the Centralized Procurement

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

Equity Bottom-Up

Beijing Chunlizhengda Medical Instruments / Equity Bottom-Up

Beijing Chunlizhengda Medical Instruments (688236 CH)

Beijing Chunlizhengda Medical Instruments

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-chunlizhengda-medical-instruments-co-ltd-7d0654c5-5b6b-4eb5-885c-51014387ff4e" target="_blank" data-smartkarma-citation="entities:36381:1" rel="noopener">Beijing Chunlizhengda Medical Instruments</a> didn’t perform well in 23H1. Obviously, the Company did not anticipate sufficiently the negative impact of centralized procurement on performance. Comparatively, AK Medical’s situation is better.</li>
<li>The anti-corruption campaign has led to a marked drop in hospital outpatient visits and surgeries. Therefore, Chunlizhengda's Q3 performance may not be optimistic, resulting in a lower-than-expected 2023 full-year performance.</li>
<li>We think both revenue and net profit of Chunlizhengda would have negative YoY growth in 2023. The Company has fallen behind its competitor in R&amp;D capabilities and high-end product lines. </li>
</ul>



Beijing Chunlizhengda Medical Instruments didn’t perform well in 23H1. Obviously, the Company did not anticipate sufficiently the negative impact of centralized procurement on performance. Comparatively, AK Medical’s situation is better.
The anti-corruption campaign has led to a marked drop in hospital outpatient visits and surgeries. Therefore, Chunlizhengda's Q3 performance may not be optimistic, resulting in a lower-than-expected 2023 full-year performance.
We think both revenue and net profit of Chunlizhengda would have negative YoY growth in 2023. The Company has fallen behind its competitor in R&amp;D capabilities and high-end product lines. 


Beijing Chunlizhengda Medical Instruments (1858 HK)

Chunlizhengda Medical Instruments (1858.HK/688236.CH) - 2023 Full-Year Results May Be Disappointing