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.

Kangji Medical (9997 HK) Privatization - The Cancellation Price Is Not Attractive

Shanghai Henlius Biotech (2696 HK) - Thoughts on the Valuation Outlook

Shanghai Fosun Pharmaceutical (2196 HK/600196 CH) - The Concerns Behind 2024 Results and the Outlook

Chongqing Taiji Industry (Group) (600129 CH) - Investors Are Betting on the Merger with China TCM

Equity Bottom-Up

Shanghai Fosun Pharmaceutical (Group) / Equity Bottom-Up

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

<ul>
<li>After excluding gains on the disposal of United Family Healthcare, profitability of main business was disappointing.The revenue decline confirms that Fosun Pharma is facing pressure. Short-term performance hasn’t truly improved.</li>
<li>Fosun Pharma will continue to sell unprofitable assets to alleviate debt pressure and optimize business structure, which will be the short-term main theme. Fosun Pharma is still in adjustment period</li>
<li>Whether high profit growth can be sustainable in long term is uncertain, which depends on if Henlius is able to achieve high growth to offset the negative impact of VBP.</li>
</ul>


After excluding gains on the disposal of United Family Healthcare, profitability of main business was disappointing.The revenue decline confirms that Fosun Pharma is facing pressure. Short-term performance hasn’t truly improved.
Fosun Pharma will continue to sell unprofitable assets to alleviate debt pressure and optimize business structure, which will be the short-term main theme. Fosun Pharma is still in adjustment period
Whether high profit growth can be sustainable in long term is uncertain, which depends on if Henlius is able to achieve high growth to offset the negative impact of VBP.


Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Shanghai Fosun Pharmaceutical (2196.HK/600196.CH) 25H1 - The Performance Has Not Truly Improved