HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK - Thoughts on The "Implied" IPO Price

China Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) - The Offer Price Is Not Attractive

Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>The growth of Innovent’s product revenue is always commendable. Based on strong growth momentum, product revenue in 2025 would be above RMB10 billion. Adjusted EBITDA breakeven by 2025 is expected.</li>
<li>Innovent’s peak sales would reach the level of RMB20 billion in 2027. RMB100 billion is the valuation bottom line in the short term. In mid-to-long term, the highlight is IBI363.</li>
<li>Current valuation has basically priced in favorable factors for fundamentals for the next three years.Investors can wait patiently for a pullback and buy the stock at a more cost-effective valuation.</li>
</ul>


The growth of Innovent’s product revenue is always commendable. Based on strong growth momentum, product revenue in 2025 would be above RMB10 billion. Adjusted EBITDA breakeven by 2025 is expected.
Innovent’s peak sales would reach the level of RMB20 billion in 2027. RMB100 billion is the valuation bottom line in the short term. In mid-to-long term, the highlight is IBI363.
Current valuation has basically priced in favorable factors for fundamentals for the next three years.Investors can wait patiently for a pullback and buy the stock at a more cost-effective valuation.


2026 High Conviction - China Healthcare: High-Certainty Investment Opportunity Has Emerged