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.

Gracell Biotechnologies Inc (GRCL.US) - The Overall Outlook for CAR T Therapy Is Highly Uncertain

Innovent Biologics (1801.HK) - Time to Enter the Next Stage After the Dividend of Special Era Ends

BeiGene (6160.HK/BGNE.US) - Miracles Don't Always Happen

WuXi AppTec (2359.HK/603259.CH) - Not the Time to Be Happy Even After a Positive Profit Alert

Wuxi Biologics Placement (2269 HK) - Things Are No Longer Easy When the Magic of CXO Wears Off

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) - The Story May Have Changed

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

Equity Bottom-Up

<ul>
<li>Pharmaron’s disappointing 2022 performance is just a start.Its business layout has always been "one step behind". CGT cannot become the main cornerstone business supporting valuation growth for the next stage.</li>
<li>The overall environment of CXO is different from that of the past. Even if Pharmaron finally achieves end-to-end integration,whether the prosperity of CXO industry still exists is a question mark.</li>
<li>Pharmaron may have entered a vicious circle, so that it is very challenging to generate the expected results no matter which direction the Company tries to break through.  </li>
</ul>


Pharmaron’s disappointing 2022 performance is just a start.Its business layout has always been "one step behind". CGT cannot become the main cornerstone business supporting valuation growth for the next stage.
The overall environment of CXO is different from that of the past. Even if Pharmaron finally achieves end-to-end integration,whether the prosperity of CXO industry still exists is a question mark.
Pharmaron may have entered a vicious circle, so that it is very challenging to generate the expected results no matter which direction the Company tries to break through.  


Asymchem Laboratories Tianjin (002821 CH)

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) - Start to Enter a Vicious Circle