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.

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

Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

Pre-IPO Wuxi Lead Intelligent Equipment (A/H Listing) - The Core Strength and Thoughts on Valuation

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Wuxi Lead Intelligent Equipment Hong Kong IPO Preview

Equity Bottom-Up

<ul>
<li>We’ve raised our forecast based on 25Q4 product revenue.In next two years, revenue YoY growth needs to be maintained above 30% to achieve the goal of RMB20bn revenue by 2027.</li>
<li>The collaboration with Lilly does indeed bring decent cash flow to Innovent in the short term. However, unlike the purely optimistic view, our feelings about it are somewhat "complicated".</li>
<li>The essence is that Innovent's role is Lilly's CRO.So, the timeline to establish its own overseas commercialization system will be postponed, thus leading to reduced imagination of future valuation expansion.</li>
</ul>


We’ve raised our forecast based on 25Q4 product revenue.In next two years, revenue YoY growth needs to be maintained above 30% to achieve the goal of RMB20bn revenue by 2027.
The collaboration with Lilly does indeed bring decent cash flow to Innovent in the short term. However, unlike the purely optimistic view, our feelings about it are somewhat "complicated".
The essence is that Innovent's role is Lilly's CRO.So, the timeline to establish its own overseas commercialization system will be postponed, thus leading to reduced imagination of future valuation expansion.


2026 High Conviction Update: Innovent (1801.HK) - The Cooperation with Lilly and the Concerns Behind

Innovent Biologics

2026 High Conviction Update: Innovent (1801.HK) - The Cooperation with Lilly and the Concerns Behind