HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Nanjing Healthnice Pharmaceutical Technology / Equity Capital Markets

Nanjing Healthnice Pharmaceutical Technology (NHN HK)

Nanjing Healthnice Pharmaceutical Technology

<ul>
<li>Healthnice has established a business model of "CXO+MAH", with R&amp;D mainly focusing on chemical generic drugs and differentiated business of "independent product selection + project initiation/R&amp;D + result transfer".</li>
<li>However, the underlying logic of this model is facing severe challenges. VBP has significantly compressed the profit margins of generic drugs, thus casting shadow on the growth outlook of Healthnice</li>
<li>Peers include Beijing Sun-Novo Pharmaceutical Research, Bio-Sincerity Pharma-Tech. Due to smaller revenue scale as well as the weaker differentiation advantage, valuation of Healthnice would be lower than these two companies.</li>
</ul>


Healthnice has established a business model of "CXO+MAH", with R&amp;D mainly focusing on chemical generic drugs and differentiated business of "independent product selection + project initiation/R&amp;D + result transfer".
However, the underlying logic of this model is facing severe challenges. VBP has significantly compressed the profit margins of generic drugs, thus casting shadow on the growth outlook of Healthnice
Peers include Beijing Sun-Novo Pharmaceutical Research, Bio-Sincerity Pharma-Tech. Due to smaller revenue scale as well as the weaker differentiation advantage, valuation of Healthnice would be lower than these two companies.


Pre-IPO Nanjing Healthnice Pharmaceutical Technology - Future Growth Momentum Is Insufficient

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Pre-IPO Nanjing Healthnice Pharmaceutical Technology - Future Growth Momentum Is Insufficient

​Healthnice's "CXO + MAH" business model focusing on generic drugs faces challenges due to VBP. Loxoprofen Sodium Cataplasms will not support long...

Xinyao (Criss) Wang

Healthnice's "CXO + MAH" business model focusing on generic drugs faces challenges due to VBP. Loxoprofen Sodium Cataplasms will not support long...