Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Thematic (Sector/Industry)

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10 years.Our predictions are based on three basic assumptions:<ol><li>Demographic: China is aging and its workforce is shrinking.</li><li>Economic: China will rebalance.</li><li>Political: Beijing values stability and control above all else.</li></ol>Analyst: Daniel Rohr, CFA

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10 years.Our predictions are based on three basic assumptions:Demographic: China is aging and its workforce is shrinking.Economic: China will rebalance.Political: Beijing values stability and control above all else.Analyst: Daniel Rohr, CFA

Outlook for China:10 Predictions for the Next 10 Years

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing subsidiary later this year. The offering reportedly would value the business at US$1.5 billion, which approximates its implied value when the company listed a minority stake on the NEEQ last year <a href="https://www.smartkarma.com/insights/wuxi-pharmatech-how-to-argue-for-a-few-dollars-more" target="_blank" data-smartkarma-citation="insights:1061">WuXi PharmaTech: How to Argue for a Few Dollars More</a> .We have two conclusions for people interested in this name:<ol><li>Keep a copy of the above-referenced Insight…</li></ol>

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing subsidiary later this year. The offering reportedly would value the business at US$1.5 billion, which approximates its implied value when the company listed a minority stake on the NEEQ last year WuXi PharmaTech: How to Argue for a Few Dollars More .We have two conclusions for people interested in this name:Keep a copy of the above-referenced Insight…

Coming to the HKEX Soon....................

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have increased significantly recently. In addition, some margin calls involving controlling shareholders highlight the degree of dislocation and opportunity in the market. Names we find particularly intriguing are China TCM (570 HK), UMP Healthcare (722 HK), and Modern Dental Group (3600 HK).

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have increased significantly recently. In addition, some margin calls involving controlling shareholders highlight the degree of dislocation and opportunity in the market. Names we find particularly intriguing are China TCM (570 HK), UMP Healthcare (722 HK), and Modern Dental Group (3600 HK). 

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

China

Fosun Pharma is a global innovation-driven healthcare group with core businesses in pharmaceutical manufacturing and R&D, medical devices and diagnosis, and healthcare services. The company focuses on therapeutic areas such as oncology, immunology, and central nervous system disorders, offering products like Artesun® and Yi Kai Da. It was founded in 1994 and is headquartered in Shanghai, China.

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Fosun Pharma (2196 HK)

Outlook for China:10 Predictions for the Next 10 Years

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10...

Morningstar, Inc.

Coming to the HKEX Soon....................

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing...

Kemp Dolliver, CFA

Time to Go Shopping for Healthcare

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have...

Kemp Dolliver, CFA

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

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52-week Range

Market Cap (USDm)

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Outlook for China:10 Predictions for the Next 10 Years

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10...

Morningstar, Inc.

Coming to the HKEX Soon....................

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing...

Kemp Dolliver, CFA

Time to Go Shopping for Healthcare

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have...

Kemp Dolliver, CFA

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

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...