Daily Brief China: Lion Rock Group, BeiGene and more

• Lion Rock Group is a global printing services provider with a strong foothold in the international book publishing market, demonstrating consistent revenue growth and robust cash flow generation.
• The company faces headwinds from the secular decline of traditional print media but is actively pursuing growth through strategic acquisitions and operational diversification, particularly in Australia and Southeast Asia.
• Valuation appears attractive, with low earnings multiples and a high dividend yield, suggesting a value proposition for investors, balanced against the inherent risks of the evolving printing industry.

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• The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.
• We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco’s future development achievements in the end.
• BeiGene’s 25Q3 results beat expectations. However, there’s no next blockbuster that can drive BeiGene to a big step forward, this is why the market is reluctant to offer higher valuation.