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.

Pre-IPO Mabwell (Shanghai) Bioscience - The ADC Technology Is Outdated

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Equity Capital Markets

Beijing Sinotau International Pharmaceutical Technology / Equity Capital Markets

Beijing Sinotau International Pharmaceutical Technology (BSIPT HK)

Beijing Sinotau International Pharmaceutical Technology

<ul>
<li>The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.</li>
<li>There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.</li>
<li>Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.</li>
</ul>


The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.


Pre-IPO Beijing Sinotau International Pharmaceutical Technology - The Pipeline and the Outlook