reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OV...
All the healthcare stocks under our coverage exhibited a positive performance from 16-30 July. Due to expectations of strong results for 1H25, CRDMO companies were the top performers, with share prices surging by 22-34%. Supported by major BD/M&A deals, MicroPort, Sino Biopharm and Hengui Medicines also saw their stock prices rise significantly by 65.3%, 16.8% and 13.0%, respectively.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 1H25: Results beat; benefitting from growing CR...
Beating market estimates, WuXi AppTec’s total revenue and adjusted earnings expanded by 20.6% yoy and 44.4% yoy respectively in 1H25. Driven by the strong expansion of the TIDES business, WuXi AppTec raised its revenue growth target to 13- 17% yoy in 2025. We believe surging investment in the biopharmaceutical segment will boost CRDMO service demand for WuXi AppTec in the next few years. Upgrade to BUY with a higher target price of HK$146.00 to reflect a stronger earnings growth outlook.
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
Greater China Daily: Wednesday, July 30, 2025
KEY HIGHLIGHTS Sector Internet WAIC 2025 was held in Shanghai on 26-28 July under the theme "Intelligent Horizons, Shared Future". The focus of WAIC this year shifted from LLM to the next frontier – AI applications and AI agents. As AI capabilities extend from the cloud to edge devices, a transformative evolution in human-AI interaction is underway, characterised by more tangible, embodied forms and empathetic voice interfaces. Maintain MARKET WEIGHT. Results WuXi AppTec (2359 HK/BUY/HK$111....
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-weekly: Gaining strength on robust earnings outloo...
The performance of China's biotechnology sector has remained strong as the market expects biopharmas and CRDMO companies to report robust earnings growth in 1H25, supported by the continued strengthening of the biopharmaceutical pipeline and increasing BD and M&A activities. Moreover, the commercial insurance policy will further support the sector’s rally. Maintain OVERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Entering a new phase of accelerated growth. Upgrade ...
China's biotechnology sector has entered an accelerated growth phase, with firms expanding their innovative commercial product portfolios, achieving significant outlicensing deals and enjoying unexpected profitability. With an unprecedented showing of 74 oral presentations at ASCO 2025, the sector highlighted its robust pipeline and expanding role in global innovation. Sustained policy support and globalisation efforts will further support this expansion. Upgrade to OVERWEIGHT with Innovent, Han...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
06160 WUXI BIOLOGICS (CAYMAN) INC.
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Drug Innovators Continue To Drive Market Growth
Drug innovators beat consensus with strong 2024/1Q25 results. Biopharma is set to outperform in 2025 with robust innovative pipelines and effective globalisation strategies. Internet healthcare players will maintain solid revenue growth and improve profitability in 2025/FY26. Medical devices and leading hospital players should recover steadily in 2025, while ICL and TCM companies may face continued policy uncertainties. Geopolitical risks remain a threat to CRDMO majors. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 1Q25: Results beat; maintains 10-15% yoy growth...
Beating market estimates, WuXi AppTec’s total revenue and adjusted earnings expanded by 21.0% yoy and 40.0% yoy respectively in 1Q25. Amid significant external uncertainties, WuXi AppTec is maintaining its revenue growth target of 10-15% yoy for continuing operations and strives to achieve highly efficient production and operations in 2025. Maintain HOLD, with a higher target price of HK$70.00 to reflect the improving net margins.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Prefer leading drug innovators and internet healthca...
Most domestic biopharmaceutical companies expect the US-China trade tensions to have limited impact in the short term, while the long-term impact remains uncertain. We prefer drug innovators focusing on domestic operations and internet healthcare players. The out-licensing business model is unlikely impacted by the trade tensions, while CRDMO players could face considerable geopolitical risks. Maintain UNDERWEIGHT. Our top picks are Innovent, Hansoh Pharma, Ali Health and PAGD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 2024: Results satisfactory; targets continued o...
Despite a considerably challenging business environment, WuXi AppTec’s total revenue and adjusted net profit edged down 2.7% yoy and 2.5% yoy respectively. The results are satisfactory. The company saw strong backlog growth of 47% yoy in 2024, and expects continued operations to achieve accelerated revenue growth of 10-15% yoy in 2025. Additionally, we expect margin improvements to drive a robust earnings CAGR of 12.6% in 2024-27. Maintain BUY with a higher target price of HK$90.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 19, 2025
KEY HIGHLIGHTS Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90) 2024 results missed forecasts. However, CR Beer’s ytd performance and management’s tone for 2025 seem positive. With the ongoing consumption recovery, especially in the restaurant channel, a potentially better peak season, a much heathier inventory level and innovative products and partnerships, management expects a single-digit beer volume growth in 2025, with profit expanding much faster than revenue. Dividend...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Stay focused, stay innovative.
Biopharmaceutical companies are embracing the new year with new product approvals and out-licensing deals, while leading CRDMO companies are divesting their overseas businesses. We expect the biopharmaceutical segment to continue recovering, supported by a lower capital cost and constant innovative product launches in China and overseas. The considerable geopolitical risks, however, may continue to cloud the CRDMO segment’s growth outlook. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Striving for growth in 2025.
Geopolitical tensions and weak economic conditions may cloud 2025’s growth outlook of the CRDMO, medical devices and services segments. However, the biopharma segment will see continued recovery, supported by a lower cost of capital and constant innovative product launches in China and even overseas. Leading internet healthcare players, with stabilising business models, also expect robust revenue growth and improving profitability. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 9M24: Results in line; biosecure concerns remai...
WuXi AppTec’s reported 9M24 revenue and adjusted net profit declined 6.2% yoy and 10.1% yoy respectively. The results are in line with our estimates. The company sees strong backlog growth of 35.2% yoy in 9M24, and maintains its revenue guidance of Rmb38.3b-40.5b for 2024. We remain cautious on the company’s long-term growth outlook given its significant exposure to geopolitical risks. Maintain SELL and target price of HK$40.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, October 30, 2024
KEY HIGHLIGHTS Initiate Coverage VSTECS Holdings (856 HK/BUY/HK$4.46/Target: HK$5.47) VSTECS is the eighth-largest IT distributor globally with an established presence in SEA and China. We forecast a three-year net profit CAGR of 9.2% in 2024-26, fuelled by the rising adoption of AI, refresh cycles for consumer electronics and diversifying cloud services. We like VSTECS’ operating efficiency and cash conversion. We expect a dividend yield of 4.4%/5.1% in 2024-25 on solid cash flow generation...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Improving funding environment and potential fiscal e...
We expect the continuous interest rate cuts to lower R&D costs and accelerate innovative product launches for biopharmaceutical producers. This will support a continuous recovery of the healthcare industry for the next few years. Moreover, the highly-expected fiscal easing package may also be a potential catalyst for medical service and medical equipment players. Maintain MARKET WEIGHT on China’s healthcare sector.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Mixed growth outlook. MARKET WEIGHT
Most biopharmaceutical companies under our coverage posted robust 1H24 results, while others reported moderate growth or missed market estimates. We believe leading drug innovators will outperform, supported by continued new product launches, while weak economic conditions and policy uncertainties may continue to cloud the growth outlook for medical service providers and medical device players. Geopolitical risks remain a threat to CDMO majors. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 1H24: Results below expectations; draft bill re...
WuXi AppTec’s reported 1H24 revenue and adjusted net profit declined 8.6% yoy and 14.2% yoy respectively. The results are lower than our estimates. The company saw strong backlog growth of 33% yoy in 1H24, and maintains its revenue guidance of Rmb38.3b-40.5b for 2024. However, we are concerned that the potential legislation of a US draft bill could led to a significant decrease in the number of new projects in the next few years. Maintain SELL and target price of HK$22.00.
- Carol Dou Xiao Qin
- Greater China Research Team
- Kate Luang
- Sunny Chen
- Xiaowei Wu
Greater China Daily: Wednesday, July 31, 2024
KEY HIGHLIGHTS Results WuXi AppTec (2359 HK/SELL/HK$29.85/Target: HK$22.00) WuXi AppTec’s reported 1H24 revenue and adjusted net profit declined 8.6% yoy and 14.2% yoy respectively. The results are lower than our estimates. The company saw strong backlog growth of 33% yoy in 1H24, and maintains its revenue guidance of Rmb38.3b-40.5b for 2024. However, we are concerned that the potential legislation of a US draft bill could led to a significant decrease in the number of new projects in the ne...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: CRDMO industry -- The cold winter could last longer ...
Chinese CRDMO companies still face tremendous challenges in 2H24. Our industry check indicates that domestic CRDMO players are striving to survive in the cold winter via streamlining of their organisations and continued cost control. Moreover, the recent progress of the Biosecure Act further weakens the growth prospects for WuXi Bio and WuXi AppTec. Maintain MARKET WEIGHT on China’s healthcare sector.
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