HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., / Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., (002020 CH)

<ul>
<li>Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.</li>
<li>Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.</li>
<li>Peers include CSPC, <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical (2096 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Hengrui (1276 HK)</a>, <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>. Based on our analysis, we think valuation of Jingxin would be lower than these four companies.</li>
</ul>


Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.
Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.
Peers include CSPC, Simcere Pharmaceutical (2096 HK), Hengrui (1276 HK), Sino Biopharmaceutical (1177 HK). Based on our analysis, we think valuation of Jingxin would be lower than these four companies.


Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>In 2025, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> reported 13% YoY revenue rise to RMB 31.6B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.</li>
<li>R&amp;D expenses increased 6% to RMB 6.9B due to ongoing clinical trials. Net profit increased by 22% to RMB 7.7B resulting in net margin expanding 180bps to 24.4% in 2025.</li>
<li>In 2026, Hengrui targets growth of over 30% in innovative drugs sales. Over the next three years (2026-2028), company expect approximately 53 innovative products and indications to receive regulatory approvals.</li>
</ul>


In 2025, Jiangsu Hengrui Pharmaceuticals (1276 HK) reported 13% YoY revenue rise to RMB 31.6B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
R&amp;D expenses increased 6% to RMB 6.9B due to ongoing clinical trials. Net profit increased by 22% to RMB 7.7B resulting in net margin expanding 180bps to 24.4% in 2025.
In 2026, Hengrui targets growth of over 30% in innovative drugs sales. Over the next three years (2026-2028), company expect approximately 53 innovative products and indications to receive regulatory approvals.


Jiangsu Hengrui (1276 HK): 2025 Robust and Balanced, Innovative Drugs Hold Key to Future Growth

Simcere Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> reported 16% YoY revenue growth to RMB 7.7B, driven by a 28% YoY growth in revenue from the innovative pharmaceutical business.</li>
<li>Sanbexin injection, company’s flagship product, accounted for approximately 31% of the market share (29% in 1H25) in stroke injection, covering approximately 0.41M patients.</li>
<li>The extensive pipeline reserves have huge clinical and commercialization potential. Licensing deals signed alongside strong innovative drug portfolio, approvals and promising future pipeline augur well for future growth.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) reported 16% YoY revenue growth to RMB 7.7B, driven by a 28% YoY growth in revenue from the innovative pharmaceutical business.
Sanbexin injection, company’s flagship product, accounted for approximately 31% of the market share (29% in 1H25) in stroke injection, covering approximately 0.41M patients.
The extensive pipeline reserves have huge clinical and commercialization potential. Licensing deals signed alongside strong innovative drug portfolio, approvals and promising future pipeline augur well for future growth.


Simcere Pharma (2096 HK): Sturdy 2025; Promising Pipeline, Approvals Will Take It Forward

Dizal Pharmaceutical / Equity Capital Markets

<ul>
<li>The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.</li>
<li>Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.</li>
<li>Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. </li>
</ul>


The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.
Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.
Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. 


Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK) </a>reported revenue of RMB 41.5B, up 1%. Revenue from innovative drugs achieved robust growth of 30% as it garnered RMB 9.9B in sales.</li>
<li>In 2025, a total of 16 indications of 7 innovative drugs were approved for launch and the NDA for 6 Innovative Drugs have been accepted successfully.</li>
<li>The simultaneous increase in the proportions of innovative drugs revenue and overseas revenue reflects gradual emergence of innovation-driven development and internationalization. We remain bullish on the name.</li>
</ul>



Shanghai Fosun Pharmaceutical (Group) (2196 HK) reported revenue of RMB 41.5B, up 1%. Revenue from innovative drugs achieved robust growth of 30% as it garnered RMB 9.9B in sales.
In 2025, a total of 16 indications of 7 innovative drugs were approved for launch and the NDA for 6 Innovative Drugs have been accepted successfully.
The simultaneous increase in the proportions of innovative drugs revenue and overseas revenue reflects gradual emergence of innovation-driven development and internationalization. We remain bullish on the name.


Shanghai Fosun Pharma (2196 HK): Innovative Drugs Drive 2025, Internationalization Key For Future

China

Hansoh Pharmaceutical is a pharmaceutical company that researches, develops, manufactures, and sells a diverse portfolio of medicines. It focuses on therapeutic areas such as oncology, anti-infectives, central nervous system diseases, metabolic disorders, and autoimmune diseases. The company was founded in 1995 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hansoh Pharmaceutical (3692 HK)

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Jiangsu Hengrui (1276 HK): 2025 Robust and Balanced, Innovative Drugs Hold Key to Future Growth

Jiangsu Hengrui Pharmaceuticals sees 13% revenue rise in 2025, driven by innovative drugs sales, licensing revenue. Plans for over 30% growth from...

Tina Banerjee

Simcere Pharma (2096 HK): Sturdy 2025; Promising Pipeline, Approvals Will Take It Forward

Simcere Pharma sees strong revenue growth driven by innovative products. Sanbexin injection increase market share in stroke treatment. Extensive...

Tina Banerjee

Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Xinyao (Criss) Wang

Shanghai Fosun Pharma (2196 HK): Innovative Drugs Drive 2025, Internationalization Key For Future

Shanghai Fosun Pharmaceutical Group reports 1% revenue growth, with innovative drugs sales up 30% to RMB 9.9B. Strong focus on innovation and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

​Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Jiangsu Hengrui (1276 HK): 2025 Robust and Balanced, Innovative Drugs Hold Key to Future Growth

​Jiangsu Hengrui Pharmaceuticals sees 13% revenue rise in 2025, driven by innovative drugs sales, licensing revenue. Plans for over 30% growth from...

Tina Banerjee

Simcere Pharma (2096 HK): Sturdy 2025; Promising Pipeline, Approvals Will Take It Forward

​Simcere Pharma sees strong revenue growth driven by innovative products. Sanbexin injection increase market share in stroke treatment. Extensive...

Tina Banerjee

Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

​DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Xinyao (Criss) Wang

Shanghai Fosun Pharma (2196 HK): Innovative Drugs Drive 2025, Internationalization Key For Future

​Shanghai Fosun Pharmaceutical Group reports 1% revenue growth, with innovative drugs sales up 30% to RMB 9.9B. Strong focus on innovation and...

Tina Banerjee

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Jiangsu Hengrui Pharmaceuticals sees 13% revenue rise in 2025, driven by innovative drugs sales, licensing revenue. Plans for over 30% growth from...

Simcere Pharma sees strong revenue growth driven by innovative products. Sanbexin injection increase market share in stroke treatment. Extensive...

DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Shanghai Fosun Pharmaceutical Group reports 1% revenue growth, with innovative drugs sales up 30% to RMB 9.9B. Strong focus on innovation and...