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.

China Shineway Pharmaceutical (2877.HK) - Performance Pressure Is About to Emerge

China Resources Sanjiu (000999.CH) - 2023 Results Below Expectations; Short-Term Headwinds Remain

China Shineway Pharmaceutical (2877.HK) - 24H1 Looks Challenging, but Things Get Better in 24H2

China Shineway Pharmaceutical (2877.HK) - Some Points Worth the Attention

China Shineway Pharmaceutical (2877.HK) - Strong Growth Momentum Is Expected to Continue in 2023

China Shineway Pharmaceutical (2877.HK) 23Q1 - Growth Is Likely to Slow in Coming Quarters

China Traditional Chinese Medicine (TCM) Industry - TCM Is Becoming Indispensable in the Portfolio

Equity Bottom-Up

China Shineway Pharmaceutical / Equity Bottom-Up

<ul>
<li>Shineway’s 23H1 performance exceeded expectations. High growth of injection products/TCM formula granules was commendable.But as pandemic is under control, sales of Shineway’s respiratory system prescription medications would decrease in 23H2.</li>
<li>The national VBP of TCM formula granules and the anti-corruption campaign in 23H2 could be the short-term headwinds to Shineway’s performance, which could lead to lower-than-expected 23H2 performance growth. </li>
<li>China’s favorable policies will provide strong support for the development of TCM industry. Shineway’s TCM formula granules business would have outstanding future growth. So, we’re optimistic about Shineway’s long-term outlook.  </li>
</ul>


Shineway’s 23H1 performance exceeded expectations. High growth of injection products/TCM formula granules was commendable.But as pandemic is under control, sales of Shineway’s respiratory system prescription medications would decrease in 23H2.
The national VBP of TCM formula granules and the anti-corruption campaign in 23H2 could be the short-term headwinds to Shineway’s performance, which could lead to lower-than-expected 23H2 performance growth. 
China’s favorable policies will provide strong support for the development of TCM industry. Shineway’s TCM formula granules business would have outstanding future growth. So, we’re optimistic about Shineway’s long-term outlook.  


China Shineway Pharmaceutical (2877.HK) - Optimistic About the Outlook Despite Short-Term Headwinds