In today’s briefing:
- China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement
- BeOne Medicines: Initiation of Coverage- 20 expected R&D milestones In The Next 18 Months Signalling A Massive Upside? – Major Drivers
- Royalty Pharma Eyes China’s Biotech Boom—Can Early Bets Deliver Solid Future Payouts?
- Saint Bella: H1’25 Earnings Review – Clear Visibility on Strong Growth and Improving Profitability
- STERIS plc: Initiation of Coverage- These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement
- The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
- Ascletis announced Share Placing.If ASC30’s Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
- Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.
BeOne Medicines: Initiation of Coverage- 20 expected R&D milestones In The Next 18 Months Signalling A Massive Upside? – Major Drivers
- BeOne Medicines recently announced its financial results for the second quarter of fiscal year 2025.
- The company reported significant financial and strategic progress, reinforcing its position in the market.
- Breaking down the results, BeOne’s revenue reached $1.3 billion, reflecting a robust 42% year-over-year growth.
Royalty Pharma Eyes China’s Biotech Boom—Can Early Bets Deliver Solid Future Payouts?
- Royalty Pharma’s recent earnings for the second quarter of 2025 showcased significant progress, underscoring both strengths and areas of potential concern.
- Positively, Royalty Pharma achieved a 20% increase in Portfolio Receipts, reaching $727 million, surpassing prior guidance.
- The company also reported an 11% rise in Royalty Receipts to $672 million, attributed to the robust performance of its diversified portfolio.
Saint Bella: H1’25 Earnings Review – Clear Visibility on Strong Growth and Improving Profitability
- Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.
- Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.
- I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.
STERIS plc: Initiation of Coverage- These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
- STERIS plc’s first quarter of fiscal 2026 demonstrates a solid start to the financial year, with several key performance metrics showcasing both growth and resilience amidst challenging macroeconomic conditions.
- The company reported a 9% increase in total revenue, and an 8% rise in constant currency organic revenue growth, pointing to robust operational performance that was primarily driven by volume and a favorable pricing environment.
- This growth in revenue was accompanied by a slight increase in gross margin, up 20 basis points from the previous year to 45.3%.
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