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.

Tigermed (300347.CN/03347.HK) - Q3 Performance Recovered with Optimistic Future Development

2021 High Conviction - Investment Opportunities in China Healthcare Industry

Pre-IPO Harbour Biomed (2142.HK) - Don't Ignore The "Hidden Value"

Pre-IPO RemeGen - Insights on Two Core Products RC18 & RC48

Insights On China Healthcare Policy - 4+7: New Volume-Based Purchasing Policy

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> recently released the third quarter report. The Q1-Q3 accumulated revenue was RMB19.413 billion, with a YoY growth rate of 14.57%. Q1-Q3 single quarter growth rate was 11%, 14% and 17% respectively. Net income attributed to shareholders in the first three quarters was RMB4.259 billion, up 14.02% YoY. Q3 single quarter net income attributed to shareholders reached RMB1.597 billion, up 21% YoY. Q1-Q3 and Q3’s net income after deducting non-recurring gains and losses were RMB4.141 billion and RMB1.579 billion, up 17% and 27% YoY respectively. Net operating cash flow increased 53% YoY in the first three quarters. If excluding the impact of equity incentive plan, the performance in third quarter report will be even better.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/757/original/image_57569591631603763698845.png?1603763700" class="editor-image img-responsive" data-smartkarma-image-id="167757"></figure>Source: WIND, Hengrui’s financial report

Jiangsu Hengrui Medicine (600276 CH) recently released the third quarter report. The Q1-Q3 accumulated revenue was RMB19.413 billion, with a YoY growth rate of 14.57%. Q1-Q3 single quarter growth rate was 11%, 14% and 17% respectively. Net income attributed to shareholders in the first three quarters was RMB4.259 billion, up 14.02% YoY. Q3 single quarter net income attributed to shareholders reached RMB1.597 billion, up 21% YoY. Q1-Q3 and Q3’s net income after deducting non-recurring gains and losses were RMB4.141 billion and RMB1.579 billion, up 17% and 27% YoY respectively. Net operating cash flow increased 53% YoY in the first three quarters. If excluding the impact of equity incentive plan, the performance in third quarter report will be even better.Source: WIND, Hengrui’s financial report

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Jiangsu Hengrui Medicine (600276 CH) - Q3 Performance Improved with Promising Innovative Pipeline