HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics / Equity Bottom-Up

Recently, <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> released its 2020 financial reports. The revenue in 2020 was RMB21.03 billion, up 27.00% YoY, and net profit was RMB6.7 billion, up 42.15% YoY. In 2021Q1, Mindray achieved revenue of RMB5.78 billion, up 21.93%, and net profit was RMB1.72 billion, up 30.58% YoY. The performance of Mindray beat the market expectations. This insights mainly analyzed the industry characteristics, investment logic, business prospects and potential risks of the Company.

Recently, Shenzhen Mindray Bio-Medical Electronics (300760 CH) released its 2020 financial reports. The revenue in 2020 was RMB21.03 billion, up 27.00% YoY, and net profit was RMB6.7 billion, up 42.15% YoY. In 2021Q1, Mindray achieved revenue of RMB5.78 billion, up 21.93%, and net profit was RMB1.72 billion, up 30.58% YoY. The performance of Mindray beat the market expectations. This insights mainly analyzed the industry characteristics, investment logic, business prospects and potential risks of the Company.

Shenzhen Mindray Bio-Medical Electronics - The Future Performance Is Worth Looking Forward To

Recently, <a href="https://www.smartkarma.com/entities/autobio-diagnostics-co-ltd" target="_blank" data-smartkarma-citation="entities:30185:1" rel="noopener">Autobio Diagnostics Co Ltd (603658 CH)</a> released the 2020 and 2021Q1 financial results. In 2020, the revenue was RMB2.98 billion, up 11.15% YoY. Net income was RMB757 million, down 3.79% YoY. In 2021Q1, Autobio achieved revenue of RMB817 million, up 48.44% YoY, and net income was RMB175 million, up 91.23% YoY. Due to the COVID-19, the performance of Autobio was affected in 2020, but the sales recovered gradually quarter by quarter. In 2021Q1, the domestic pandemic was basically stable with occasional regional recurrence, and the frequency of routine diagnosis and treatment in medical institutions recovered to about 80%-90% of the normal situation, so Autobio also achieved a rapid growth. Obviously, the Company is gradually getting rid of the adverse impact brought by COVID-19, and its leading position in IVD (chemiluminescence) has not changed. With the recovery of routine diagnosis and treatment in medical institutions, Autobio's performance is expected to get back on track.

Recently, Autobio Diagnostics Co Ltd (603658 CH) released the 2020 and 2021Q1 financial results. In 2020, the revenue was RMB2.98 billion, up 11.15% YoY. Net income was RMB757 million, down 3.79% YoY. In 2021Q1, Autobio achieved revenue of RMB817 million, up 48.44% YoY, and net income was RMB175 million, up 91.23% YoY. Due to the COVID-19, the performance of Autobio was affected in 2020, but the sales recovered gradually quarter by quarter. In 2021Q1, the domestic pandemic was basically stable with occasional regional recurrence, and the frequency of routine diagnosis and treatment in medical institutions recovered to about 80%-90% of the normal situation, so Autobio also achieved a rapid growth. Obviously, the Company is gradually getting rid of the adverse impact brought by COVID-19, and its leading position in IVD (chemiluminescence) has not changed. With the recovery of routine diagnosis and treatment in medical institutions, Autobio's performance is expected to get back on track.

Autobio Diagnostics (603658.CH) - The Turning Point Is Quietly Approaching

Thematic (Sector/Industry)

Industry Viewpoints:<ul>
<li>With the gradual promotion of the intensive procurement of high-value consumables, some medical device companies are facing pressure. However, we still believe that the golden investment trend of the medical device industry in China is unchanged.</li>
<li>If it is the age of macromolecular drugs currently, then the future could be the cell and gene therapy.</li>
<li>Cosmetic contact lenses have entered an outbreak cycle with a CAGR of over 40% and sales of over RMB20 billion by 2020.</li>
</ul>Company News:News of updated progress of new drugs from <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a> and <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>.Market Review:Last week, stock price for healthcare sector in A share decreased 1.71%, while CSI 300 decreased 1.37% over the same period of time.Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry Viewpoints:
With the gradual promotion of the intensive procurement of high-value consumables, some medical device companies are facing pressure. However, we still believe that the golden investment trend of the medical device industry in China is unchanged.
If it is the age of macromolecular drugs currently, then the future could be the cell and gene therapy.
Cosmetic contact lenses have entered an outbreak cycle with a CAGR of over 40% and sales of over RMB20 billion by 2020.
Company News:News of updated progress of new drugs from Antengene (6996 HK), Shanghai Junshi Bioscience Co. Ltd. (1877 HK) and CSPC Pharmaceutical Group (1093 HK).Market Review:Last week, stock price for healthcare sector in A share decreased 1.71%, while CSI 300 decreased 1.37% over the same period of time.Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
<ul>
<li>Recently, the NMPA issued a new version of the regulations on the supervision and administration of medical devices.</li>
<li>In the primary market, the appetite for small CRO/CDMO investments continues to grow.</li>
<li>The market size of China's traditional Chinese medicine (TCM) devices is not large. However, under the promotion of favorable policies and demand growth , it is growing steadily.</li>
</ul>
Company news:
News about the updated progress of new drug and medical device from <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>, <a href="https://www.smartkarma.com/entities/harbour-biomed-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">Harbour Biomed Holdings Limited (2142 HK)</a>, and <a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc" target="_blank" data-smartkarma-citation="entities:28257:1" rel="noopener">Venus MedTech (2500 HK).</a>
Market review:
Last week, stock price for healthcare sector in A share increased 3.25%, while CSI 300 increased 0.62% over the same period of time. 
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

Recently, the NMPA issued a new version of the regulations on the supervision and administration of medical devices.
In the primary market, the appetite for small CRO/CDMO investments continues to grow.
The market size of China's traditional Chinese medicine (TCM) devices is not large. However, under the promotion of favorable policies and demand growth , it is growing steadily.

Company news:
News about the updated progress of new drug and medical device from Everest Medicines (1952 HK), Harbour Biomed Holdings Limited (2142 HK), and Venus MedTech (2500 HK).
Market review:
Last week, stock price for healthcare sector in A share increased 3.25%, while CSI 300 increased 0.62% over the same period of time. 
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:<ul>
<li>In the aspect of Chinese patent medicines, the main varieties of proprietary Chinese medicine are expected to be the first to be included in VBP, and medicines of stable quality are a higher priority.</li>
<li>Chemiluminescence is in the stage of rapid growth and the trend of intensive procurement of IVD consumables could drive import substitution.</li>
<li>The wellness tourism market has a good development environment and a huge growth potential.</li>
</ul>2. Company news:News about the updated progress of COVID-19 vaccine and new drugs from <a href="https://www.smartkarma.com/entities/cansino-biologics-inc" target="_blank" data-smartkarma-citation="entities:27739:1" rel="noopener">CanSino Biologics Inc (6185 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, and <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>.3. Market review:Last week, stock price for healthcare sector in A share decreased 8.2%, while CSI 300 decreased 7.65% over the same period of time. 4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
In the aspect of Chinese patent medicines, the main varieties of proprietary Chinese medicine are expected to be the first to be included in VBP, and medicines of stable quality are a higher priority.
Chemiluminescence is in the stage of rapid growth and the trend of intensive procurement of IVD consumables could drive import substitution.
The wellness tourism market has a good development environment and a huge growth potential.
2. Company news:News about the updated progress of COVID-19 vaccine and new drugs from CanSino Biologics Inc (6185 HK), Innovent Biologics Inc (1801 HK), Antengene (6996 HK), and Akeso Biopharma Inc (9926 HK).3. Market review:Last week, stock price for healthcare sector in A share decreased 8.2%, while CSI 300 decreased 7.65% over the same period of time. 4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

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Shenzhen Mindray Bio-Medical Electronics (300760 CH)

Shenzhen Mindray Bio-Medical Electronics - The Future Performance Is Worth Looking Forward To

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This article analyzed the VBP policy on Chinese patent medicines, the growth potential in the chemiluminescence and intensive procurement of IVD...

Xinyao (Criss) Wang

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