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 (Oct28)-OK Lens VBP, Time Required for Biotech to Make Profit, World Changes

Guangzhou Kingmed Diagnostics (603882CH)-Soaring Accounts Receivable/Potential Bad Debt Are Big Risk

CanSino Biologics (6185.HK/688185.CH) - Time to Offload; the Rally May Not Last Long

Innovent Biologics Inc (1801.HK) - The Concerns and the Outlook

China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

Interpretation of the 20th National Congress of the CPC and the Impact on China Healthcare

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

Equity Bottom-Up

Chongqing Zhifei Biological Products / Equity Bottom-Up

Chongqing Zhifei Biological Products (300122 CH)

<ul>
<li>Due to the lack of competitiveness, Zhifei’s self-developed products cannot contribute solid performance to make up for the shrinking revenue of HPV vaccines when more competing products gradually launched.</li>
<li>The real potential of HPV vaccine market in China is not as big as imagined. So, the companies involved have the problem of inflated market values.</li>
<li>Due to low demand of COVID-19 vaccine/negative impact of pandemic on HPV vaccination, Zhifei's revenue YoY growth could be 10%-20%; Net profit YoY growth could be negative in 2022.</li>
</ul>


Due to the lack of competitiveness, Zhifei’s self-developed products cannot contribute solid performance to make up for the shrinking revenue of HPV vaccines when more competing products gradually launched.
The real potential of HPV vaccine market in China is not as big as imagined. So, the companies involved have the problem of inflated market values.
Due to low demand of COVID-19 vaccine/negative impact of pandemic on HPV vaccination, Zhifei's revenue YoY growth could be 10%-20%; Net profit YoY growth could be negative in 2022.


Shenzhen Kangtai Biological Pr (300601 CH)

Beijing Wantai Biological Phar (603392 CH)

Zhifei Biological Products (300122.CH) - More Downside Ahead, with Untenable Logic in HPV Vaccine