Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Simcere Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).</li>
<li>There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.</li>
<li>The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).
There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.
The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.


Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Sino Biopharmaceutical / Equity Bottom-Up

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<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

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<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> is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.</li>
<li>With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.</li>
<li>The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.</li>
</ul>



Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.


Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

<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> presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.</li>
<li>Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.</li>
<li>The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.


Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha portfolio gained 8.45% in September and 60.89% and 62.80% YTD and since launch one year ago.  The portfolio has outperformed Hong Kong indexes by more than 40%.</li>
<li>The portfolio has a Sharpe ratio of 3.23 YTD and has generated more than 40% of its returns from stock-picking (alpha).  Its beta is low at only 1.17.</li>
<li>At the end of September, we increased exposure to AI and robotics and sold positions in the consumer and finance sectors.</li>
</ul>


Hong Kong Alpha portfolio gained 8.45% in September and 60.89% and 62.80% YTD and since launch one year ago.  The portfolio has outperformed Hong Kong indexes by more than 40%.
The portfolio has a Sharpe ratio of 3.23 YTD and has generated more than 40% of its returns from stock-picking (alpha).  Its beta is low at only 1.17.
At the end of September, we increased exposure to AI and robotics and sold positions in the consumer and finance sectors.


HONG KONG ALPHA PORTFOLIO: (September 2025)

Hong Kong

Sino Biopharmaceutical Limited, through its subsidiaries, researches, develops, produces, and sells biopharmaceutical products for the medical treatment of ophthalmia, as well as modernized Chinese medicine and chemical medicine for the treatment of hepatitis.

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Sino Biopharmaceutical (1177 HK)

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee