HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hangzhou Jiuyuan Gene Engineering / Equity Capital Markets

<ul>
<li>Jiuyuan is not a typical innovative pharmaceutical enterprise with cutting-edge technology. The current seemingly good revenue/profit performance is actually based on some old products from over a decade ago.</li>
<li>The risk of VBP could lead to a significant decrease in profit margins at any time. The cyclical changes in heparin industry would put more pressure on Jiuyuan’s performance.</li>
<li>As Jiuyuan has not yet demonstrated superior clinical data in Jikeqin for overweight/obesity indication, together with fierce competition, we are cautious about the performance in GLP-1s pipeline at this stage.</li>
</ul>


Jiuyuan is not a typical innovative pharmaceutical enterprise with cutting-edge technology. The current seemingly good revenue/profit performance is actually based on some old products from over a decade ago.
The risk of VBP could lead to a significant decrease in profit margins at any time. The cyclical changes in heparin industry would put more pressure on Jiuyuan’s performance.
As Jiuyuan has not yet demonstrated superior clinical data in Jikeqin for overweight/obesity indication, together with fierce competition, we are cautious about the performance in GLP-1s pipeline at this stage.


Pre-IPO Hangzhou Jiuyuan Gene Engineering - Old Pipelines Are Difficult to Bring New Breakthroughs

China

Hangzhou Jiuyuan Gene Engineering Co., Ltd. operates biotechnology businesses. The Company provides chemical drugs, bacterial and virus vaccines, toxoids, and others in orthopedics, oncology, hematology, and other fields. Hangzhou Jiuyuan Gene Engineering also produces medical equipment.

Hangzhou Jiuyuan Gene Engineering (2566 HK)

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Pre-IPO Hangzhou Jiuyuan Gene Engineering - Old Pipelines Are Difficult to Bring New Breakthroughs

Jiuyuan's pipelines lack high moat since most are generic pharmaceuticals and relatively old products. If its GLP-1s fail to show superior clinical...

Xinyao (Criss) Wang