HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The Beijing municipality has added fertility treatment in its medical insurance program. We analyzed related impact.</li>
<li>If we hope to have more companies entering global TOP50 during “14th Five-Year Plan” period, domestic medical device companies need at least 25% annualized revenue growth to make it happen.</li>
<li>Actually, the national medical insurance doesn't determine market size directly but adjust the “distribution”. There's no need to focus solely on anti-tumor field, but rare diseases and central nervous system diseases.</li>
</ul>


The Beijing municipality has added fertility treatment in its medical insurance program. We analyzed related impact.
If we hope to have more companies entering global TOP50 during “14th Five-Year Plan” period, domestic medical device companies need at least 25% annualized revenue growth to make it happen.
Actually, the national medical insurance doesn't determine market size directly but adjust the “distribution”. There's no need to focus solely on anti-tumor field, but rare diseases and central nervous system diseases.


China Healthcare Weekly (Feb.25)-Assisted Reproduction, Medical Device Co. Globalization, New Growth

Equity Bottom-Up

Huadong Medicine Co Ltd A / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huadong-medicine-co-ltd-a" target="_blank" data-smartkarma-citation="entities:18522:1" rel="noopener">Huadong Medicine (000963 CH)</a>’s traditional core businesses are facing great pressure due to VBP and medical insurance negotiation, which is difficult for Huadong to establish its long-term core competitiveness.</li>
<li>Despite the fierce competition in medical cosmetology industry, the entry of medical cosmetology equipment field is a wise step, helping Huadong form the most complete layout among competitors.</li>
<li>In terms of whether Huangdong could achieve business transformation successfully, the future performance of medical cosmetology business is the key breakthrough point.</li>
</ul>



Huadong Medicine (000963 CH)’s traditional core businesses are facing great pressure due to VBP and medical insurance negotiation, which is difficult for Huadong to establish its long-term core competitiveness.
Despite the fierce competition in medical cosmetology industry, the entry of medical cosmetology equipment field is a wise step, helping Huadong form the most complete layout among competitors.
In terms of whether Huangdong could achieve business transformation successfully, the future performance of medical cosmetology business is the key breakthrough point.


Huadong Medicine Co Ltd (000963.CH) - The Medical Cosmetology Business Is the Key Breakthrough Point

Bloomage Biotechnology  Lt / Equity Bottom-Up

<ul>
<li>There’re many uncertainties about Imeik’s development strategy, resilience in front of risks and corresponding business performance, which could make it difficult for the market to calmly view the next fluctuation.</li>
<li>Despite lower profit margin, Bloomage is more R&amp;D oriented and characterized by integration of industrial chain,enabling it to establish wider moat and move forward more stably in the long term.</li>
<li>Our view is that <a href="https://www.smartkarma.com/entities/bloomage-biotechnology-corporation-a" target="_blank" data-smartkarma-citation="entities:30390:1" rel="noopener">Bloomage Biotechnology Corporation-A (688363 CH)</a> is expected to have more potential and imagination space than <a href="https://www.smartkarma.com/entities/imeik-technology-development-co-ltd" target="_blank" data-smartkarma-citation="entities:32170:1" rel="noopener">Imeik Technology Development (300896 CH)</a> in the future.</li>
</ul>


There’re many uncertainties about Imeik’s development strategy, resilience in front of risks and corresponding business performance, which could make it difficult for the market to calmly view the next fluctuation.
Despite lower profit margin, Bloomage is more R&amp;D oriented and characterized by integration of industrial chain,enabling it to establish wider moat and move forward more stably in the long term.
Our view is that Bloomage Biotechnology Corporation-A (688363 CH) is expected to have more potential and imagination space than Imeik Technology Development (300896 CH) in the future.


Bloomage Biotechnology (688363.CH) Vs Imeik Technology (300896.CH) - The Logic and the Outlook

Hansoh Pharmaceutical Group  / Equity Bottom-Up

<ul>
<li>We analyzed the key products and pipeline of <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical (3692 HK)</a>, which are uninspiring.</li>
<li>Investors could trade this stock when its valuation is at very low level or the valuation of entire sector is in upward trend by taking advantage of the positive momentum.</li>
<li>The cooperation with OliX Pharmaceuticals on siRNA could be a highlight, but the question is would you like to bet on it?</li>
</ul>


We analyzed the key products and pipeline of Hansoh Pharmaceutical (3692 HK), which are uninspiring.
Investors could trade this stock when its valuation is at very low level or the valuation of entire sector is in upward trend by taking advantage of the positive momentum.
The cooperation with OliX Pharmaceuticals on siRNA could be a highlight, but the question is would you like to bet on it?


Hansoh Pharmaceutical (3692.HK) - Lackluster Pipeline, so Bet on SiRNA?

Equity Capital Markets

Imeik Technology Development C / Equity Capital Markets

<p>On July 29, 2021, <a href="https://www.smartkarma.com/entities/imeik-technology-development-co-ltd" target="_blank" data-smartkarma-citation="entities:32170:1" rel="noopener">Imeik Technology Development (300896 CH)</a>, which has been listed in A shares, submitted its prospectus to the HKEX and is expected to become the first company in medical aesthetic industry with "A+H" shares listing. Meanwhile, Imeik also released its 2021/1H financial results recently. The revenue was RMB633 million, up 161.87% YoY, and the net profit was RMB425 million, up 195.42% YoY, maintaining high growth momentum. This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company. </p>

On July 29, 2021, Imeik Technology Development (300896 CH), which has been listed in A shares, submitted its prospectus to the HKEX and is expected to become the first company in medical aesthetic industry with "A+H" shares listing. Meanwhile, Imeik also released its 2021/1H financial results recently. The revenue was RMB633 million, up 161.87% YoY, and the net profit was RMB425 million, up 195.42% YoY, maintaining high growth momentum. This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company. 

Pre-IPO Imeik Technology Development (300896 CH) - Is High Profitability Sustainable?

China

Huadong Medicine Co., Ltd. wholesales and retails medicines, pharmaceutical preparations, biological products, and medical instruments.  Through its subsidiaries, the Company also manufactures antibiotic medicines and biochemical products.

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Huadong Medicine Co Ltd A (000963 CH)

China Healthcare Weekly (Feb.25)-Assisted Reproduction, Medical Device Co. Globalization, New Growth

Assisted reproduction is covered by medical insurance; We analyzed the benchmark of medical device companies' globalization, clarify the...

Xinyao (Criss) Wang

Huadong Medicine Co Ltd (000963.CH) - The Medical Cosmetology Business Is the Key Breakthrough Point

We analyzed the logic of performance decline in terms of Huadong's core business.But the entry of medical cosmetology equipment field is a wise...

Xinyao (Criss) Wang

Bloomage Biotechnology (688363.CH) Vs Imeik Technology (300896.CH) - The Logic and the Outlook

This insight compare the two leading companies in China medical beauty industry Bloomage and Imeik in terms of the difference in positioning,...

Xinyao (Criss) Wang

Hansoh Pharmaceutical (3692.HK) - Lackluster Pipeline, so Bet on SiRNA?

This article mainly analyzed Hansoh Pharmaceutical in terms of the business, the key products, the pipeline, the concerns, the insights on...

Xinyao (Criss) Wang

Pre-IPO Imeik Technology Development (300896 CH) - Is High Profitability Sustainable?

The article analyzed Imeik in terms of the medical aesthetic industry characteristics, the business, the financial position and the concerns on...

Xinyao (Criss) Wang

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