HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Fujian Haixi Pharmaceuticals / Equity Capital Markets

<ul>
<li>Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.</li>
<li>Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.</li>
<li>Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&amp;D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.  </li>
</ul>


Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.
Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.
Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&amp;D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.  


Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

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Fujian Haixi Pharmaceuticals (FHP HK)

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

Generic drugs sales are key for Haixi's performance, but future growth will be hindered by VBP. Considering R&D failure risk of C019199, no...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

Generic drugs ​sales are key for Haixi's performance, but future growth will be hindered by VBP. Considering R&D failure risk of C019199, no...

Xinyao (Criss) Wang

Generic drugs sales are key for Haixi's performance, but future growth will be hindered by VBP. Considering R&D failure risk of C019199, no...