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.

Wuxi Lead Intelligent Equipment - The Concerns On Fundamentals and the Valuation Outlook

Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

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

Zijin Gold (2259 HK) Vs Laopu Gold (6181 HK) Vs Gold Commodity- The Investment Logic and the Outlook

Pre-IPO Guangdong CHJ Industry - The Business Model, the Concerns and the Outlook

Equity Capital Markets

WinHealth International Holding / Equity Capital Markets

<ul>
<li>By establishing a multi-engine BD model of "M&amp;A+licensing cooperation+CSO", WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.</li>
<li>Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined. </li>
<li>Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.</li>
</ul>


By establishing a multi-engine BD model of "M&amp;A+licensing cooperation+CSO", WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.
Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined. 
Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.


Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth