Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.


CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Given new policy recommendations, it is only a matter of time before HPV vaccination is included in the national immunization program, which is detrimental to HPV vaccine companies.</li>
<li>MNCs have seen a inflection point in performance growth in 2024 in China. Although VBP/NRDL negotiation are negative factors, is it also due to any consideration to withdraw from China?</li>
<li>Fosun Pharma has agreed to sell its entire stake in United Family Healthcare to Calcite Gem Investments Group for US$124.1 million. We shared our views about the deal.</li>
</ul>


Given new policy recommendations, it is only a matter of time before HPV vaccination is included in the national immunization program, which is detrimental to HPV vaccine companies.
MNCs have seen a inflection point in performance growth in 2024 in China. Although VBP/NRDL negotiation are negative factors, is it also due to any consideration to withdraw from China?
Fosun Pharma has agreed to sell its entire stake in United Family Healthcare to Calcite Gem Investments Group for US$124.1 million. We shared our views about the deal.


China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC's Inflection Point

<ul>
<li>Due to increasing competition/price reduction/overcapacity issue, outlook of domestic vaccine companies isn't optimistic, which has been reflected in 24Q1 results. However, there’s also a "special one" that deserves investors' attention.</li>
<li>The status of medical insurance funds is improving rather than deteriorating, but we’re currently in the first half of the decade with the highest pressure on medical insurance.</li>
<li>As the H.R.8333 proposal faced obstacles in the process of being included in NDAA, WuXi AppTec/WuXi Bio’s shares once rebounded.We remain conservative as situation is not as simple as imagined.</li>
</ul>


Due to increasing competition/price reduction/overcapacity issue, outlook of domestic vaccine companies isn't optimistic, which has been reflected in 24Q1 results. However, there’s also a "special one" that deserves investors' attention.
The status of medical insurance funds is improving rather than deteriorating, but we’re currently in the first half of the decade with the highest pressure on medical insurance.
As the H.R.8333 proposal faced obstacles in the process of being included in NDAA, WuXi AppTec/WuXi Bio’s shares once rebounded.We remain conservative as situation is not as simple as imagined.


China Healthcare Weekly (Jun16)-WuXi Get A "Reprieve", Vaccine Company in Trouble, Insurance Surplus

Beijing Wantai Biological Phar / Equity Bottom-Up

Beijing Wantai Biological Phar (603392 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-wantai-biological-phar" target="_blank" data-smartkarma-citation="entities:30129:1" rel="noopener">Beijing Wantai Biological Phar (603392 CH)</a> announced that its net profit for 2023 declined 71–75% YoY to RMB1.20–1.35B mainly due to the market competition.</li>
<li>China’s HPV vaccine market is highly competitive. Beijing Wantai has no presence in higher valent HPV vaccine segment, which dominates the domestic market.</li>
<li>Although the company will be one of the early movers in domestically developed nonavalent HPV vaccines, at least three more players will follow soon, thereby making the space more competitive.</li>
</ul>



Beijing Wantai Biological Phar (603392 CH) announced that its net profit for 2023 declined 71–75% YoY to RMB1.20–1.35B mainly due to the market competition.
China’s HPV vaccine market is highly competitive. Beijing Wantai has no presence in higher valent HPV vaccine segment, which dominates the domestic market.
Although the company will be one of the early movers in domestically developed nonavalent HPV vaccines, at least three more players will follow soon, thereby making the space more competitive.


Beijing Wantai Biological (603392 CH): Struggling to Make a Mark in Murky China HPV Vaccine Market

China

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

Chongqing Zhifei Biological Products (300122 CH)

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

Chongqing Zhifei Biological Products (300122 CH)

CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

We analyzed CSI 300's consensus for Jun 2025 and highlighted changes of EPS in Shanghai Rural Commercial Bank (601825 CH), Industrial Bank (601166...

Ke Yan, CFA, FRM

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC's Inflection Point

National immunization program likely to include HPV vaccination. MNCs in China see an inflection point, potential withdrawal. Fosun Pharma sells...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun16)-WuXi Get A "Reprieve", Vaccine Company in Trouble, Insurance Surplus

Outlook for domestic vaccine companies is bleak, but one standout. Medical insurance status is improving. WuXi AppTec/WuXi Bio shares rebounded as...

Xinyao (Criss) Wang

Beijing Wantai Biological (603392 CH): Struggling to Make a Mark in Murky China HPV Vaccine Market

Beijing Wantai expects 70%+ decline in net profit in 2023 due to competition. Going ahead, competition is expected to intensify further in China...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

We analyzed CSI 300's consensus for Jun 2025 and highlighted changes of EPS in Shanghai Rural Commercial Bank (601825 CH), Industrial Bank (601166...

Ke Yan, CFA, FRM

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

​SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC's Inflection Point

​National immunization program likely to include HPV vaccination. MNCs in China see an inflection point, potential withdrawal. Fosun Pharma sells...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun16)-WuXi Get A "Reprieve", Vaccine Company in Trouble, Insurance Surplus

​Outlook for domestic vaccine companies is bleak, but one standout. Medical insurance status is improving. WuXi AppTec/WuXi Bio shares rebounded as...

Xinyao (Criss) Wang

Beijing Wantai Biological (603392 CH): Struggling to Make a Mark in Murky China HPV Vaccine Market

Beijing Wantai expects 70%+ decline in net profit in 2023 due to competition. Going ahead, competition is expected to intensify further in China...

Tina Banerjee

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

National immunization program likely to include HPV vaccination. MNCs in China see an inflection point, potential withdrawal. Fosun Pharma sells...

Outlook for domestic vaccine companies is bleak, but one standout. Medical insurance status is improving. WuXi AppTec/WuXi Bio shares rebounded as...