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.

Kangji Medical (9997 HK) Privatization - The Cancellation Price Is Not Attractive

Pop Mart (9992 HK) - Core Reasons for High Growth and Performance Forecast

Laopu Gold (6181.HK) 25H1 - Remember to Escape Before Collapsing

WuXi AppTec (2359.HK/603259.CH) 25H1 - The Turning Point of Performance Has Been Confirmed

BeiGene (6160.HK/​ONC US) 2024 Results - The Performance Is Outstanding

China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

China TCM (570.HK) - About the 25H1 Profit Warning and the Outlook

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Equity Bottom-Up

<ul>
<li>BeiGene’s 25Q2 performance beat expectations. The main driver was still BRUKINSA. The growth rate of tislelizumab was surprising.Sales of tislelizumab in international market is expected to be reflected in 25H2.</li>
<li>BeiGene's turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.</li>
<li>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, despite current high growth in product revenue.</li>
</ul>


BeiGene’s 25Q2 performance beat expectations. The main driver was still BRUKINSA. The growth rate of tislelizumab was surprising.Sales of tislelizumab in international market is expected to be reflected in 25H2.
BeiGene's turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
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, despite current high growth in product revenue.


Jiangsu Hengrui Pharmaceuticals (1276 HK)

BeiGene (6160.HK/​ONC US) 25Q2 - The High Growth of BRUKINSA May Not Bring High Valuation

BeiGene

BeiGene (6160.HK/​ONC US) 25Q2 - The High Growth of BRUKINSA May Not Bring High Valuation

BeiGene (6160.HK/ONC US) 25Q2 - The High Growth of BRUKINSA May Not Bring High Valuation