HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>A document titled "<em>Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain</em>" attracted widespread attention, which is significantly different from past policies. </li>
<li>Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.</li>
<li>If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.</li>
</ul>


A document titled "Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain" attracted widespread attention, which is significantly different from past policies. 
Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.
If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.


Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

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

<ul>
<li>9926 HK /1801 HK /1877 HK/ BGNE/ ZLAB/9995 HK: US lobbying group distanced itself from Wuxi AppTec after being accused（/）</li>
<li>1211 HK/ XPEV/ 1810 HK：GAC AION orders surged after price cuts（/）</li>
<li>Chery Automobile:It Is Reported that Chery Automobile Is in Talks with the Italian government to build a factory（/）</li>
</ul>


9926 HK /1801 HK /1877 HK/ BGNE/ ZLAB/9995 HK: US lobbying group distanced itself from Wuxi AppTec after being accused（/）
1211 HK/ XPEV/ 1810 HK：GAC AION orders surged after price cuts（/）
Chery Automobile:It Is Reported that Chery Automobile Is in Talks with the Italian government to build a factory（/）


[Blue Lotus Daily]9926HK/1801HK/1877HK/BGNE/ZLAB/9995HK/1211HK/XPEV/1810HK/Chery Automobile/LI/NIO

<ul>
<li>1211 HK: Tesla's German factory caught on arson, interrupting production for a week (-)</li>
<li>BZ: Government’s 2024 new job creation guidance is relatively soft. (-)</li>
<li>9926 HK/9995 HK/1801 HK/1877 HK/BGNE: US senator move forward with bill to constrain Wuxi Apptec-（/）</li>
</ul>


1211 HK: Tesla's German factory caught on arson, interrupting production for a week (-)
BZ: Government’s 2024 new job creation guidance is relatively soft. (-)
9926 HK/9995 HK/1801 HK/1877 HK/BGNE: US senator move forward with bill to constrain Wuxi Apptec-（/）


[Blue Lotus Daily]:XPEV/LI/NIO/ 1211 HK/BZ/9926 HK/9995 HK/1801 HK/1877 HK/BGNE

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-company-limited" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical (3692 HK)</a> posted 12% revenue growth to RMB 8.3B with net profit increasing 36% YoY to RMB 4.3B, on innovative drugs and also other income.</li>
<li>In 1H26, revenue of innovative medicines increased 15% YoY to RMB 7.1B and accounted for 85% (2024: 82%) of the revenue, becoming a core driver for sustainable growth.</li>
<li>Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.</li>
</ul>



Hansoh Pharmaceutical (3692 HK) posted 12% revenue growth to RMB 8.3B with net profit increasing 36% YoY to RMB 4.3B, on innovative drugs and also other income.
In 1H26, revenue of innovative medicines increased 15% YoY to RMB 7.1B and accounted for 85% (2024: 82%) of the revenue, becoming a core driver for sustainable growth.
Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.


Hansoh Pharma (3692 HK): Rich Pipeline To Help Traverse Future Growth Path, After Robust 1H26

<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

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

A new document about China's innovative drugs would change the game rule/outlook radically. We have reasons to start being optimistic that the...

Xinyao (Criss) Wang

[Blue Lotus Daily]9926HK/1801HK/1877HK/BGNE/ZLAB/9995HK/1211HK/XPEV/1810HK/Chery Automobile/LI/NIO

US lobbying group distances from Wuxi AppTec, GAC AION orders surge after price cuts, Chery Automobile in talks with Italian government to build...

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV/LI/NIO/ 1211 HK/BZ/9926 HK/9995 HK/1801 HK/1877 HK/BGNE

Arson at Tesla's German factory halts production for a week, government's job creation guidance for 2024 is lacking, US senator pushes bill to...

Blue Lotus Research Institute

Hansoh Pharma (3692 HK): Rich Pipeline To Help Traverse Future Growth Path, After Robust 1H26

Hansoh Pharma posted robust 1H26 results as innovative drugs contribution rose. Rich innovative pipeline will help provide long-term revenue...

Tina Banerjee

[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

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Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

A new document about China's innovative drugs would change the game rule/outlook radically. We have reasons to start being optimistic that the...

Xinyao (Criss) Wang

[Blue Lotus Daily]9926HK/1801HK/1877HK/BGNE/ZLAB/9995HK/1211HK/XPEV/1810HK/Chery Automobile/LI/NIO

​US lobbying group distances from Wuxi AppTec, GAC AION orders surge after price cuts, Chery Automobile in talks with Italian government to build...

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV/LI/NIO/ 1211 HK/BZ/9926 HK/9995 HK/1801 HK/1877 HK/BGNE

​Arson at Tesla's German factory halts production for a week, government's job creation guidance for 2024 is lacking, US senator pushes bill to...

Blue Lotus Research Institute

Hansoh Pharma (3692 HK): Rich Pipeline To Help Traverse Future Growth Path, After Robust 1H26

Hansoh Pharma posted robust 1H26 results as innovative drugs contribution rose. Rich innovative pipeline will help provide long-term revenue...

Tina Banerjee

[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

US lobbying group distances from Wuxi AppTec, GAC AION orders surge after price cuts, Chery Automobile in talks with Italian government to build...

Arson at Tesla's German factory halts production for a week, government's job creation guidance for 2024 is lacking, US senator pushes bill to...

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