HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

China Resources Pharmaceutical Group / Equity Bottom-Up

China Resources Pharmaceutical Group (3320 HK)

<ul>
<li>The distribution business is stable, but it’s difficult to achieve high growth/profits due to industry trend. Therefore, the valuation of this business is hard to increase.</li>
<li>The performance of pharmaceutical manufacturing business is important, which largely determines the overall profit margin. But it actually depends on what the subsidiaries can contribute, who are facing different challenges.</li>
<li>China Resources Pharmaceutical may need to improve its vision of asset selection and its ability to judge and grasp the long-term trend of the industry. The current valuation isn’t attractive.</li>
</ul>


The distribution business is stable, but it’s difficult to achieve high growth/profits due to industry trend. Therefore, the valuation of this business is hard to increase.
The performance of pharmaceutical manufacturing business is important, which largely determines the overall profit margin. But it actually depends on what the subsidiaries can contribute, who are facing different challenges.
China Resources Pharmaceutical may need to improve its vision of asset selection and its ability to judge and grasp the long-term trend of the industry. The current valuation isn’t attractive.


China Resources Pharmaceutical (3320.HK) - Here Are the Concerns

Beijing Tiantan Biological Products / Equity Bottom-Up

Beijing Tiantan Biological Products (600161 CH)

<ul>
<li>In the context of both the war and the pandemic, the blood products market would be a field of high-quality investment. </li>
<li>Due to strict policy supervision, the number of plasma stations is the core competitiveness of enterprises in this industry, which basically determines the scale and outlook of blood products enterprises. </li>
<li>With the background of state-owned enterprise and also having the most plasma stations among peers,<a href="https://www.smartkarma.com/entities/beijing-tiantan-biological-products-corp" target="_blank" data-smartkarma-citation="entities:5190:1" rel="noopener">Tiantan Biological Products (600161 CH) </a>has an innate advantage over other competitors, with more certainty in long term.</li>
</ul>


In the context of both the war and the pandemic, the blood products market would be a field of high-quality investment. 
Due to strict policy supervision, the number of plasma stations is the core competitiveness of enterprises in this industry, which basically determines the scale and outlook of blood products enterprises. 
With the background of state-owned enterprise and also having the most plasma stations among peers,Tiantan Biological Products (600161 CH) has an innate advantage over other competitors, with more certainty in long term.


Presentation for Impact of Russia/Ukraine War on Asian Markets-Tiantan Biological Products(600161CH)

China

Shanghai RAAS Blood Products Co., Ltd. produces blood products. The Company develops and manufactures human albumin, human immunoglobulin, coagulation factors, tetanus human immunoglobulin, and other products. Shanghai RAAS Blood Products markets its products throughout China.

Shanghai RAAS Blood Products C (002252 CH)

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Shanghai RAAS Blood Products C (002252 CH)

China Resources Pharmaceutical (3320.HK) - Here Are the Concerns

Pharmaceutical manufacturing business is the key to drive valuation,but the subsidiaries face challenge.CR Pharma should improve its vision of...

Xinyao (Criss) Wang

Presentation for Impact of Russia/Ukraine War on Asian Markets-Tiantan Biological Products(600161CH)

We analyzed the investment opportunity (Tiantan Biological Products) that is good to consider during both war and pandemic time,covering investment...

Xinyao (Criss) Wang

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