HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Betta Pharmaceuticals / Equity Capital Markets

<ul>
<li>Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.</li>
<li>The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.</li>
<li>Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  </li>
</ul>


Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.
The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.
Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  


Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

<ul>
<li>InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.</li>
<li>Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.</li>
<li>InventisBio’s valuation has higher upside potential than <a href="https://www.smartkarma.com/entities/shanghai-allist-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44181:1" rel="noopener">Allist</a> and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.</li>
</ul>


InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.
Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.
InventisBio’s valuation has higher upside potential than Allist and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.


Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

Zhejiang Shimai Pharmaceutical / Equity Capital Markets

<ul>
<li>TCE shows strong potential in hematological malignancies, but once it occurs in solid tumors,it is prone to "cytokine storm".It’s not an easy task to capture a share in this market.</li>
<li>To save cash, Shimai has significantly reduced R&amp;D investment, which would delay or even endanger the advancement of key clinical trials, making it difficult to quickly build solid commercialization system.</li>
<li>Compared with <a href="https://www.smartkarma.com/entities/nanjing-leads-biolabs-co-ltd" target="_blank" data-smartkarma-citation="entities:44126:1" rel="noopener">Leads Biolabs,</a> Shimai is at a clear disadvantage in terms of capital, team size, number of candidates in late clinical stages. Valuation would be lower than Leads Biolabs.</li>
</ul>


TCE shows strong potential in hematological malignancies, but once it occurs in solid tumors,it is prone to "cytokine storm".It’s not an easy task to capture a share in this market.
To save cash, Shimai has significantly reduced R&amp;D investment, which would delay or even endanger the advancement of key clinical trials, making it difficult to quickly build solid commercialization system.
Compared with Leads Biolabs, Shimai is at a clear disadvantage in terms of capital, team size, number of candidates in late clinical stages. Valuation would be lower than Leads Biolabs.


Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma (6855 HK)</a> reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.</li>
<li>In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.</li>
<li>In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.</li>
</ul>



Ascentage Pharma (6855 HK) reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.
In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.
In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.


Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

<ul>
<li>
<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> 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.</li>
<li>Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.</li>
<li>In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.</li>
</ul>



Alphamab Co Ltd (9966 HK) 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.
Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.
In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.


Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

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Betta Pharmaceuticals (BETTA HK)

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

TCE faces challenges in solid tumors due to cytokine storm, Shimai's reduced R&D investment may hinder clinical trials and commercialization,...

Xinyao (Criss) Wang

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

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Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

​Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

​InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

​TCE faces challenges in solid tumors due to cytokine storm, Shimai's reduced R&D investment may hinder clinical trials and commercialization,...

Xinyao (Criss) Wang

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

​Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

​Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

TCE faces challenges in solid tumors due to cytokine storm, Shimai's reduced R&D investment may hinder clinical trials and commercialization,...

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...