HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Ganzhou Hemay Pharmaceutical / Equity Capital Markets

<ul>
<li>Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.</li>
<li>Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.</li>
<li>The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay's valuation will be discounted. Valuation of Hemay should be lower than peers.</li>
</ul>


Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.
Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.
The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay's valuation will be discounted. Valuation of Hemay should be lower than peers.


Pre-IPO Ganzhou Hemay Pharmaceutical - The Concerns on the Pipelines

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Ganzhou Hemay Pharmaceutical (GHP HK)

Pre-IPO Ganzhou Hemay Pharmaceutical - The Concerns on the Pipelines

Mufemilast, Hemay022 face challenges in commercialization due to uncertainties in R&D, fierce competition. As valuation logic for innovative drugs...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Ganzhou Hemay Pharmaceutical - The Concerns on the Pipelines

​Mufemilast, Hemay022 face challenges in commercialization due to uncertainties in R&D, fierce competition. As valuation logic for innovative drugs...

Xinyao (Criss) Wang

Mufemilast, Hemay022 face challenges in commercialization due to uncertainties in R&D, fierce competition. As valuation logic for innovative drugs...