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.

China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

Pre-IPO Green Tea Group - Thoughts on IPO Pricing and Valuation Outlook

Goldlion Holdings (533 HK) Privatization - About the Deal Break and the Valuation Outlook

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Fujian Lemo IoT Technology - The Outlook for Growth and Profit Margins Is Not Optimistic

Equity Capital Markets

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>Hengrui's high growth in 2024/25Q1 mainly relies on the realization of BD cooperation. The short-term performance improvement cannot conceal the long-term pressure. The turning point of endogenous growth hasn't arrived.</li>
<li>Hengrui would continue to be affected by VBP. The generic drug business is “outdated”, whose valuation contribution is negligible. The BD model will lead to significant fluctuations in performance.</li>
<li>Our forecast is net profit YoY growth in 2025-2027 would fall back to 15-20%. Hengrui’s valuation should be lower than that of BeiGene and Hansoh in Hong Kong stock market.</li>
</ul>


Hengrui's high growth in 2024/25Q1 mainly relies on the realization of BD cooperation. The short-term performance improvement cannot conceal the long-term pressure. The turning point of endogenous growth hasn't arrived.
Hengrui would continue to be affected by VBP. The generic drug business is “outdated”, whose valuation contribution is negligible. The BD model will lead to significant fluctuations in performance.
Our forecast is net profit YoY growth in 2025-2027 would fall back to 15-20%. Hengrui’s valuation should be lower than that of BeiGene and Hansoh in Hong Kong stock market.


Jiangsu Hengrui Pharmaceuticals (1276 HK)

IPO前の江蘇省恒瑞医薬H株上場（PHIP最新情報） - 注目すべき点