HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Mabwell (Shanghai) Bioscience / Equity Capital Markets

<ul>
<li>The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.</li>
<li>Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. </li>
<li>Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.</li>
</ul>


The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.
Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. 
Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.


Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.</li>
<li>Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.
Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.


Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

WinHealth International Holding / Equity Capital Markets

<ul>
<li>By establishing a multi-engine BD model of "M&amp;A+licensing cooperation+CSO", WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.</li>
<li>Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined. </li>
<li>Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.</li>
</ul>


By establishing a multi-engine BD model of "M&amp;A+licensing cooperation+CSO", WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.
Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined. 
Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.


Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

Ming Yu Pharmaceutical / Equity Capital Markets

<ul>
<li>Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. </li>
<li>In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D</li>
<li>Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.</li>
</ul>


Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. 
In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D
Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.


Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).</li>
<li>There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).
There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.


Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

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Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Mabwell's commercialization progress is significantly below expectations. If future external cooperation weakens, revenue scale will shrink...

Xinyao (Criss) Wang

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

WinHealth's multi-engine BD model boosts ability to acquire innovative drugs, with short -term growth driven by acquisitions of Kyowa Kyrin, but...

Xinyao (Criss) Wang

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Mabwell's commercialization progress is significantly below expectations. If future external cooperation weakens, revenue scale will shrink...

Xinyao (Criss) Wang

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

​Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

​WinHealth's multi-engine BD model boosts ability to acquire innovative drugs, with short -term growth driven by acquisitions of Kyowa Kyrin, but...

Xinyao (Criss) Wang

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

​Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

WinHealth's multi-engine BD model boosts ability to acquire innovative drugs, with short -term growth driven by acquisitions of Kyowa Kyrin, but...

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...