Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> announced 11% YoY revenue growth in 1H25, driven by 27% YoY growth in innovative products. Contribution of innovative drugs to total revenue increased to 44.4%.</li>
<li>With the increasing contribution of innovative drugs to total revenue, gross profit margin expanded 40bps to 82.5%. With expanding margin and cost efficiency, net profit has more than doubled.</li>
<li>The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) announced 11% YoY revenue growth in 1H25, driven by 27% YoY growth in innovative products. Contribution of innovative drugs to total revenue increased to 44.4%.
With the increasing contribution of innovative drugs to total revenue, gross profit margin expanded 40bps to 82.5%. With expanding margin and cost efficiency, net profit has more than doubled.
The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.


Sino Biopharmaceutical (1177 HK): Innovative Drugs Drive 1H Performance; Pipeline Lends Visibility

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> is looking to raise around US$460m from a mix of primary placement and selldown by its founders.</li>
<li>Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 1H25 revenue dropped 18.5% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>More license and collaboration in relation to the development, manufacturing and commercialization of certain products of the company awaited in 2H25 and augurs well in terms of future revenue visibility.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 1H25 revenue dropped 18.5% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
More license and collaboration in relation to the development, manufacturing and commercialization of certain products of the company awaited in 2H25 and augurs well in terms of future revenue visibility.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices.


CSPC Pharma (1093 HK): Finished Drugs Drag 1H25; 2H25 Expected To End with More Licensing Deals

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.</li>
<li>On the placements front, there was no dearth of deals with raisings across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.


ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Ascletis Pharma Inc / Equity Capital Markets

<ul>
<li>The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.</li>
<li>Ascletis announced Share Placing.If ASC30's Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.</li>
<li>Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.</li>
</ul>


The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
Ascletis announced Share Placing.If ASC30's Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.


China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

China

Hansoh Pharmaceutical Group Company Limited operates as a pharmaceutical company. The Company manufactures and sells anti-infectives, anti-neoplastic agents, diabetes drugs, and other products. Hansoh Pharmaceutical Group markets its products throughout China.

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Hansoh Pharmaceutical Group (3692 HK)

Sino Biopharmaceutical (1177 HK): Innovative Drugs Drive 1H Performance; Pipeline Lends Visibility

Sino Biopharmaceutical reports 11% revenue growth in 1H25, driven by 27% growth in innovative products. Gross profit margin expands 40bps to 82.5%...

Tina Banerjee

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

CSPC Pharma (1093 HK): Finished Drugs Drag 1H25; 2H25 Expected To End with More Licensing Deals

CSPC Pharma's 1H25 revenue dropped 18.5% YoY, on lower finished drug sales. However, future revenue visibility looks promising with upcoming...

Tina Banerjee

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sino Biopharmaceutical (1177 HK): Innovative Drugs Drive 1H Performance; Pipeline Lends Visibility

​Sino Biopharmaceutical reports 11% revenue growth in 1H25, driven by 27% growth in innovative products. Gross profit margin expands 40bps to 82.5%...

Tina Banerjee

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

CSPC Pharma (1093 HK): Finished Drugs Drag 1H25; 2H25 Expected To End with More Licensing Deals

​CSPC Pharma's 1H25 revenue dropped 18.5% YoY, on lower finished drug sales. However, future revenue visibility looks promising with upcoming...

Tina Banerjee

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

​JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...

Xinyao (Criss) Wang

Sino Biopharmaceutical reports 11% revenue growth in 1H25, driven by 27% growth in innovative products. Gross profit margin expands 40bps to 82.5%...

CSPC Pharma's 1H25 revenue dropped 18.5% YoY, on lower finished drug sales. However, future revenue visibility looks promising with upcoming...

JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...