HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Due to the US Draft Bill against CXOs, stock prices of the entire pharmaceutical industry plummeted. But in reality, there’s no impact on innovative drugs, which is just “emotional suppression”.</li>
<li>The future BTK inhibitors market pattern predicted by GlobalData is very close to our estimate. This actually indirectly verifies the peak sales level that BeiGene may reach in the future.</li>
<li>Setbacks on KRAS/SHP2 projects discourage investors’ confidence on Jacobio. We wouldn’t recommend projecting too high expectations on BET inhibitor just yet. Share price performance could continue to be under pressure.</li>
</ul>


Due to the US Draft Bill against CXOs, stock prices of the entire pharmaceutical industry plummeted. But in reality, there’s no impact on innovative drugs, which is just “emotional suppression”.
The future BTK inhibitors market pattern predicted by GlobalData is very close to our estimate. This actually indirectly verifies the peak sales level that BeiGene may reach in the future.
Setbacks on KRAS/SHP2 projects discourage investors’ confidence on Jacobio. We wouldn’t recommend projecting too high expectations on BET inhibitor just yet. Share price performance could continue to be under pressure.


China Healthcare Weekly (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>ATAT/TCOM: Tourism: Local government will issue RMB600mn travel consumption subsidies during CNY(+)</li>
<li>9995 HK/BGNE/9926 HK/1801 HK/1877 HK:The National Medical Insurance Administration issued new regulations on the initial price of newly launched drugs to protect the independent pricing of innovative drugs.(/)</li>
<li>300750 SZ：Porsche's new Taycan doubles cruising range, uses CATL Shenxing battery(+)</li>
</ul>


ATAT/TCOM: Tourism: Local government will issue RMB600mn travel consumption subsidies during CNY(+)
9995 HK/BGNE/9926 HK/1801 HK/1877 HK:The National Medical Insurance Administration issued new regulations on the initial price of newly launched drugs to protect the independent pricing of innovative drugs.(/)
300750 SZ：Porsche's new Taycan doubles cruising range, uses CATL Shenxing battery(+)


[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA/1801 HK: Taobao officially starts the development of native HarmonyOS applications, accelerating the mobile ecosystem to de-Androidize (+/-)</li>
<li>NTES/700 HK: The first batch of game version numbers announced in 2024 once again exceeded 100 (-/+)</li>
<li>BABA/700 HK/BIDU: The U.S. Commerce Department requires U.S. cloud companies to deny access to foreign entities, which is favorable for Alibaba Cloud, Tencent Cloud, and Baidu Cloud</li>
</ul>


BABA/1801 HK: Taobao officially starts the development of native HarmonyOS applications, accelerating the mobile ecosystem to de-Androidize (+/-)
NTES/700 HK: The first batch of game version numbers announced in 2024 once again exceeded 100 (-/+)
BABA/700 HK/BIDU: The U.S. Commerce Department requires U.S. cloud companies to deny access to foreign entities, which is favorable for Alibaba Cloud, Tencent Cloud, and Baidu Cloud


[Blue Lotus Daily - TMT Update]:BABA/1801 HK/NTES/700 HK/BIDU

China Resources Pharmaceutical / Equity Bottom-Up

<ul>
<li>As more and more China’s drugs successfully obtained FDA approval, we analyzed the “style” of the US FDA, aiming to help investors understand the prospects of domestic companies' internationalization strategies.</li>
<li>For mature pharmaceutical companies, we analyzed the benchmarks for some key financial indicators in terms of both revenue and cost. On these basis, companies’ profit performance would be decent. </li>
<li>As a top pharmaceutical SOE, <a href="https://www.smartkarma.com/entities/china-resources-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:22928:1" rel="noopener">China Resources Pharmaceutical (CRP)</a> wouldn’t go bankrupt.This is the bottom line.Together with stable dividends, CRP is a worthwhile investment target to hold in bear market.</li>
</ul>


As more and more China’s drugs successfully obtained FDA approval, we analyzed the “style” of the US FDA, aiming to help investors understand the prospects of domestic companies' internationalization strategies.
For mature pharmaceutical companies, we analyzed the benchmarks for some key financial indicators in terms of both revenue and cost. On these basis, companies’ profit performance would be decent. 
As a top pharmaceutical SOE, China Resources Pharmaceutical (CRP) wouldn’t go bankrupt.This is the bottom line.Together with stable dividends, CRP is a worthwhile investment target to hold in bear market.


China Healthcare Weekly (Jan.19) - Bottom Fish A-Share?/“Style” of FDA/Pharma's Key Benchmark/3320HK

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Bottom-Up

<ul>
<li>The entire R&amp;D cycle involves multi-party cooperation, leveraging one's strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).</li>
<li>Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook. </li>
<li>ImmuneOnco's stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.</li>
</ul>


The entire R&amp;D cycle involves multi-party cooperation, leveraging one's strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).
Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook. 
ImmuneOnco's stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.


China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

China Healthcare Weekly (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

Due to US Draft Bill against CXO, Biotech's share price also plummeted, but they're "Innocent".Future BTK inhibitor market pattern shows the upper...

Xinyao (Criss) Wang

[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:BABA/1801 HK/NTES/700 HK/BIDU

Taobao begins developing HarmonyOS apps, reducing reliance on Android. Game code for 2024 surpass 100. US Commerce Department's decision benefits...

Blue Lotus Research Institute

China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

If we look at mainstream R&D trend, the choices made by companies like Innovent/BeiGene are reasonable. Investment value of Sirnaomics is low....

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

Due to US Draft Bill against CXO, Biotech's share price also plummeted, but they're "Innocent".Future BTK inhibitor market pattern shows the upper...

Xinyao (Criss) Wang

[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

​Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:BABA/1801 HK/NTES/700 HK/BIDU

​Taobao begins developing HarmonyOS apps, reducing reliance on Android. Game code for 2024 surpass 100. US Commerce Department's decision benefits...

Blue Lotus Research Institute

China Healthcare Weekly (Jan.19) - Bottom Fish A-Share?/“Style” of FDA/Pharma's Key Benchmark/3320HK

The more A-share fall, the more excited we are. CR Pharmaceutical won't go bankrupt. It's a good investment in bear mkt. FDA's approval style gives...

Xinyao (Criss) Wang

China Healthcare Weekly (Jan.12) - Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco

If we look at mainstream R&D trend, the choices made by companies like Innovent/BeiGene are reasonable. Investment value of Sirnaomics is low....

Xinyao (Criss) Wang

Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Taobao begins developing HarmonyOS apps, reducing reliance on Android. Game code for 2024 surpass 100. US Commerce Department's decision benefits...