Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.</li>
<li>Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.
Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.


Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:
<ul>
<li>This year, the underlying logic of China's economy is being restructured.</li>
<li>Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.</li>
<li>There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.</li>
</ul>
Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of <a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK), </a><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>, <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/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH) </a>and <a href="https://www.smartkarma.com/entities/wenzhou-kangning-hospital" target="_blank" data-smartkarma-citation="entities:1100:1" rel="noopener">Wenzhou Kangning Hospital (2120 HK)</a>.
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

This year, the underlying logic of China's economy is being restructured.
Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.
There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.

Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of Alphamab Co Ltd (9966 HK), Akeso Biopharma Inc (9926 HK), Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH) and Wenzhou Kangning Hospital (2120 HK).
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:<ul>
<li>Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.</li>
<li>The COVID-19 vaccine has entered the second half of development.</li>
<li>From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year</li>
</ul>Company news:News about the updated M&amp;A deal and new progress on drugs of <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 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/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 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 increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.
The COVID-19 vaccine has entered the second half of development.
From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year
Company news:News about the updated M&amp;A deal and new progress on drugs of Hygeia Healthcare Group (6078 HK), Innovent Biologics Inc (1801 HK), Luye Pharma (2186 HK) and CSPC Pharmaceutical Group (1093 HK).Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

With the gradual marketing of biological drugs, almost all of the world's top ten blockbuster drugs were dominated by biological drugs. From the global total sales of blockbuster drugs announced in 2020, the top three were AbbVie's Humira ($19,832 million sales in 2020), Merck’s Keytruda ($14,380 million sales in 2020) and BMS’s Revlimid ($12,106 million sales in 2020). Throughout the world, biological drugs have become the main direction of future development. In China, domestic pharmaceutical enterprises have also laid out biological drug products in their pipelines. The following mainly analyzed the development situation and investment opportunities in this market.

With the gradual marketing of biological drugs, almost all of the world's top ten blockbuster drugs were dominated by biological drugs. From the global total sales of blockbuster drugs announced in 2020, the top three were AbbVie's Humira ($19,832 million sales in 2020), Merck’s Keytruda ($14,380 million sales in 2020) and BMS’s Revlimid ($12,106 million sales in 2020). Throughout the world, biological drugs have become the main direction of future development. In China, domestic pharmaceutical enterprises have also laid out biological drug products in their pipelines. The following mainly analyzed the development situation and investment opportunities in this market. 

Industry Report - Insights on China Biological Drug Market

1. Industry viewpoints:<ul>
<li>Recently, there is news that insulin could be included in the volume-based purchase (VBP).</li>
<li>With the continuous improvement of the innovation capability of domestic pharmaceutical enterprises and the gradual recognition by foreign enterprises, "going global" has gradually become a common way in the domestic pharmaceutical industry.</li>
<li>As the residents' medical expenses continue to increase, commercial health insurance has become an important part to relieve the pressure of medical insurance fund.</li>
</ul>2. Company news:News about the new agreement and updated progress of new drugs from <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK)</a>, <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a> and <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>.3. Market review:Last week, stock price for healthcare sector in A share decreased 3.7%, while CSI 300 decreased 2.21% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
Recently, there is news that insulin could be included in the volume-based purchase (VBP).
With the continuous improvement of the innovation capability of domestic pharmaceutical enterprises and the gradual recognition by foreign enterprises, "going global" has gradually become a common way in the domestic pharmaceutical industry.
As the residents' medical expenses continue to increase, commercial health insurance has become an important part to relieve the pressure of medical insurance fund.
2. Company news:News about the new agreement and updated progress of new drugs from Wuxi Biologics (2269 HK), Alphamab Co Ltd (9966 HK), Luye Pharma (2186 HK) and Remegen Co Ltd (9995 HK).3. Market review:Last week, stock price for healthcare sector in A share decreased 3.7%, while CSI 300 decreased 2.21% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China

Alphamab Oncology produces and sells drugs. The Company manufactures and sells tumor immunobiology macromolecular targeted drug and other products. Alphamab Oncology provides services worldwide.

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

Alphamab Co Ltd (9966 HK)

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

China Healthcare Weekly (Aug.27)

This article analyzed the logic of China's healthcare sector while its economy is being restructured, two strategies to deal with centralized...

Xinyao (Criss) Wang

China Healthcare Weekly (May.28)

This article mainly analyzed the two new alliance volume-based purchase documents, COVID-19 vaccine development, CDE acceptance of biological...

Xinyao (Criss) Wang

Industry Report - Insights on China Biological Drug Market

The article analyzed China biological drug market in terms of monoclonal antibody, bispecific antibody,ADC,domestic application to NMPA and also...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar.12)

The article analyzed viewpoints of potential VBP on insulin, internationalization of domestic pharmaceutical companies, commercial health...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

​Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

China Healthcare Weekly (Aug.27)

This article analyzed the logic of China's healthcare sector while its economy is being restructured, two strategies to deal with centralized...

Xinyao (Criss) Wang

China Healthcare Weekly (May.28)

This article mainly analyzed the two new alliance volume-based purchase documents, COVID-19 vaccine development, CDE acceptance of biological...

Xinyao (Criss) Wang

Industry Report - Insights on China Biological Drug Market

The article analyzed China biological drug market in terms of monoclonal antibody, bispecific antibody,ADC,domestic application to NMPA and also...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar.12)

The article analyzed viewpoints of potential VBP on insulin, internationalization of domestic pharmaceutical companies, commercial health...

Xinyao (Criss) Wang

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...