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 (Apr.6) - SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

China Healthcare Weekly (Jan.5)-TCM VBP Update, Medical Device VBP Result Is Out, WuXi Bio's Outlook

Wuxi Biologics (2269.HK) 24H1 - The Best Semi-Annual Report for the Next Three Years?

WuXi AppTec (2359.HK/603259.CH) - The Concerns Behind the 2024 Performance Rebound and 2025 Outlook

China Healthcare Weekly (Jan.19)- WuXi AppTec Sells Shares in WuXi XDC, National Biological Drug VBP

China Healthcare Weekly (Jan.12) - Haier Biomedical and RAAS Terminated Their Merger

Equity Bottom-Up

<ul>
<li>The performance of WuXi Bio in 2024 was mainly driven by WuXi XDC. If excluding the contribution from WuXi XDC, the growth of WuXi Bio in 2024 would be  negative.</li>
<li>WuXi Bio 's growth is slowing down and may not return to its previous high growth in the future.Investors may need to get used to around 20% annual growth ahead.</li>
<li>High valuation is unjustified. P/E of about 30 is not cheap. We would recommend investors to take profits, and P/E of below 20 is a more comfortable place to buy. </li>
</ul>


The performance of WuXi Bio in 2024 was mainly driven by WuXi XDC. If excluding the contribution from WuXi XDC, the growth of WuXi Bio in 2024 would be  negative.
WuXi Bio 's growth is slowing down and may not return to its previous high growth in the future.Investors may need to get used to around 20% annual growth ahead.
High valuation is unjustified. P/E of about 30 is not cheap. We would recommend investors to take profits, and P/E of below 20 is a more comfortable place to buy. 


Wuxi Biologics (2269 HK) - The Concerns Behind 2024 Results and the Outlook in 2025