HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The 11th national VBP officially started last week. The average price reduction of the selected products is 53%. Due to the "anchor price" mechanism, VBP is becoming increasingly rational.</li>
<li>The purchasing power of the global pharmaceutical industry on Chinese assets is still far from saturated that we have reason to expect more transactions to come to Chinese pharmaceutical companies.</li>
<li>Based on WuXi AppTec’s 25Q3 results, CDMO business has emerged from fundamental turning point following the recovery of overseas biotech industry, but the inflection point of CRO is lagging behind.</li>
</ul>


The 11th national VBP officially started last week. The average price reduction of the selected products is 53%. Due to the "anchor price" mechanism, VBP is becoming increasingly rational.
The purchasing power of the global pharmaceutical industry on Chinese assets is still far from saturated that we have reason to expect more transactions to come to Chinese pharmaceutical companies.
Based on WuXi AppTec’s 25Q3 results, CDMO business has emerged from fundamental turning point following the recovery of overseas biotech industry, but the inflection point of CRO is lagging behind.


China Healthcare Weekly (Nov.2) - 11th National VBP, More BD Deal to Come, WuXi AppTec 25Q3 Results

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.</li>
<li>Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.</li>
</ul>



WuXi AppTec (2359 HK) has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.
Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.


WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.</li>
<li>In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. </li>
<li>Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.</li>
</ul>



Samsung Biologics (207940 KS) reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.
In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. 
Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.


Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Equity Capital Markets

<ul>
<li>A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.</li>
<li>Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.</li>
<li>Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.</li>
</ul>


A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.


China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)

China Healthcare Weekly (Nov.2) - 11th National VBP, More BD Deal to Come, WuXi AppTec 25Q3 Results

"Anchor price" mechanism in 11th VBP leads to increased rationality.MNCs' interest in China assets not yet saturated, more deals expected.WuXi...

Xinyao (Criss) Wang

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Tina Banerjee

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics secures first U.S. manufacturing site through acquiring a GSK biologics facility, having 60K liters of drug substance capacity...

Tina Banerjee

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

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52-week Range

Market Cap (USDm)

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China Healthcare Weekly (Nov.2) - 11th National VBP, More BD Deal to Come, WuXi AppTec 25Q3 Results

"Anchor price" mechanism in 11th VBP leads to increased rationality.MNCs' interest in China assets not yet saturated, more deals expected.WuXi...

Xinyao (Criss) Wang

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

​WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Tina Banerjee

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics secures first U.S. manufacturing site through acquiring a GSK biologics facility, having 60K liters of drug substance capacity...

Tina Banerjee

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

​NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...