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.

Pop Mart (9992 HK) 25Q3 - The Decline in Stock Prices May Not Have Ended Yet

Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook

Pre-IPO Ridge Outdoor International - The OEM/ODM Model Has Become a Burden

Equity Capital Markets

Brightgene Bio-Medical Technology / Equity Capital Markets

Brightgene Bio-Medical Technology (BBMT HK)

<ul>
<li>The continuous decline of APIs/intermediates business and the high R&amp;D expenditure will lead to pressure on performance in 2025 (e.g. negative growth in revenue and net profit).</li>
<li>The 2025 low base and the recovery of APIs/intermediates business is expected to bring a rebound in 2026. BGM0504 may begin to make contributions in 2027 if it gets approval.</li>
<li>The Phase III results of BGM0504 are still uncertain (with R&amp;D failure risks). If the launch of BGM0504 is delayed, the net profit may be revised downward in the future.</li>
</ul>


The continuous decline of APIs/intermediates business and the high R&amp;D expenditure will lead to pressure on performance in 2025 (e.g. negative growth in revenue and net profit).
The 2025 low base and the recovery of APIs/intermediates business is expected to bring a rebound in 2026. BGM0504 may begin to make contributions in 2027 if it gets approval.
The Phase III results of BGM0504 are still uncertain (with R&amp;D failure risks). If the launch of BGM0504 is delayed, the net profit may be revised downward in the future.


China Resources Sanjiu Medical & Pharma (000999 CH)

BrightGene Bio-Medical Technology (688166 CH)

Pre-IPO Brightgene Bio-Medical Technology (A/H Listing) - 2025 Will Face a Performance Slump