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 (Mar24)-Medical Device New Policy,Reassess Me-Too Strategy,TCM Is Core Asset

Wuxi Biologics (2269.HK) 2022 Results - Key Takeaways and the Outlook

A Different View on Global CDMO - The Industry Trend, the Major Players, and the Outlook

WuXi AppTec (603259.CH/2359.HK) 22Q3- It’s Too Early to Think That The Past Rapid Growth Has Resumed

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

WuXi AppTec (603259.CH/2359.HK) 2022H1 - The Concerns Behind and the Outlook

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

Equity Bottom-Up

<ul>
<li>If WuXi Chemistry’s performance shows downward trend, the overall performance growth won’t be satisfactory. The negative growth of WuXi DDSU means that ineffective competition for domestic innovative drugs is decreasing.</li>
<li>The asset structure is shifting from light asset to heavy asset.It’s particularly crucial whether business model of "one-stop end-to-end service+royalty income" can enable WuXi AppTec to explore new growth points. </li>
<li>The current sentiment on CXO is “fragile” because CXO doesn't have performance sustainability and stability, with “risk discount” problem. Its valuation haven't reached inflection point. Without industry beta,alpha is useless.</li>
</ul>


If WuXi Chemistry’s performance shows downward trend, the overall performance growth won’t be satisfactory. The negative growth of WuXi DDSU means that ineffective competition for domestic innovative drugs is decreasing.
The asset structure is shifting from light asset to heavy asset.It’s particularly crucial whether business model of "one-stop end-to-end service+royalty income" can enable WuXi AppTec to explore new growth points. 
The current sentiment on CXO is “fragile” because CXO doesn't have performance sustainability and stability, with “risk discount” problem. Its valuation haven't reached inflection point. Without industry beta,alpha is useless.


WuXi AppTec (2359.HK/603259.CH) 2022 Results- Say Goodbye to High Growth and Get Used to True Colors