reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: CRDMOs -- New Modalities To Drive Accelerated Growth
Falling interest rates are expected to significantly benefit the biopharma and CRDMO segments. With lower capital costs, biopharma companies can secure R&D funding more easily. CROs and CDMOs are projected to increase their pharmaceutical R&D market share from 51.9% in 2024 to over 65% by 2034. In response to rising demand for new and complex modalities, WuXi Bio and WuXi AppTec are enhancing their service capabilities to seize growth opportunities from this new wave of innovation.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
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
300244 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 26, 2025
Greater China Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led, while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa, and Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significant...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
02238 WEICHAI POWER CO. LTD. CLASS H
YNS GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB YINSON HOLDINGS BHD
ECW MAH SING GROUP BHD
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
HCM SUNWAY BHD
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
UEMS SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 UEM SUNRISE BHD
1772 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 GANFENG LITHIUM CO. LTD. CLASS H
603259 CSPC PHARMACEUTICAL GROUP LTD
300750 WUXI APPTEC CO. LTD. CLASS A
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
MPM FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 MARCO POLO MARINE LTD
3692 WUXI BIOLOGICS (CAYMAN) INC.
MCH HANSOH PHARMACEUTICAL GROUP
06160 MATRIX CONCEPTS HOLDINGS BHD
002920 BEIGENE LTD.
300765 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
STM WUXI APPTEC CO. LTD. CLASS H
IOIPG CSPC INNOVATION PHARMACEUTICAL CO L
02015 SEATRIUM LTD
09868 IOI PROPERTIES GROUP BHD
300244 LI AUTO INC
LAGENDA XPENG INC
600699 DIAN DIAGNOSTICS GROUP CO
002050 CH LAGENDA PROPERTIES BHD
ONC@US@ JOYSON ELECTRONICS CORP
TUL ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
BEONE MEDICINE INC
TULLA RESOURCES PL
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Bi-Weekly: Affected By Geopolitical Headwinds
The China healthcare stocks under our coverage exhibited a mixed performance during 1-15 Sep 25. Internet healthcare majors like Ali Health and JD Health outperformed, with share prices rising 18.8% and 8.6% respectively, thanks to strong revenue growth prospects and potential policy support. Investors took profits on major biopharmas amid concerns over possible in-licensing restrictions from the US. The trend of innovation and globalisation among Chinese biopharmas remains strong, driven by rob...
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
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, September 09, 2025
Greater China Economics | Trade China’s export momentum softened in August as front-loaded US demand has faded, exposing the vulnerability of shipments to the US market. While the trade diversion supported flows to ASEAN and the EU, overall growth moderated. Imports also weakened amid subdued agricultural demand, despite firmer commodity-related inflows. Pro...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
GGRM PT GUDANG GARAM TBK
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
01177 SINO BIOPHARMACEUTICAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
X2S SINOPHARM GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
DBB DUOPHARMA BIOTECH BHD
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.
OXMU PRIME US REIT
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
09888 BAIDU INC
BBNI WUXI APPTEC CO. LTD. CLASS H
300765 BANK NEGARA INDONESIA PERSER
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
HUTCHMED (China) (13 HK): 1H25: Divestment of non-core asset boosts ea...
1H25 revenue missed forecasts, but its robust earnings of US$455.6m beat market estimates. It targets lower oncology revenue of US$270m-350m on delays in milestone income and setbacks in Sovleplenib’s review progress, and expects domestic sales to recover from 2H25. Seeing smooth R&D progress and market approvals in major oncology products, HUTCHMED will likely see a new wave of market approvals to fuel growth in the years ahead. Maintain BUY with a lower target price of HK$32.50.
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jieqi Liu
- John Cheong Ming Chern
- Jonathan Koh
- Ken Lee
- Lester Siew
- Paula Ruth
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, August 8, 2025
GREATER CHINA Economics Trade: July’s data beats expectations, further near-term strength likely. Sector Automobile: Weekly: YOY PV sales growth remains negative for three straight weeks. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Initiate Coverage Zhejiang Sanhua Intelligent Controls Co (002050 CH/BUY/Rmb27.37/Target: Rmb36.50): Innovative Thermal management leader driving sustainable growth. Initiate coverage with BUY. Target price: Rmb36.50 for A-share, HK$40.00 fo...
D05 DBS GROUP HOLDINGS LTD
KTB KRUNG THAI BANK PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
G13 GENTING SINGAPORE LIMITED
HCM HUTCHISON CHINA MEDITECH LIMITED
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Ken Lee
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, August 8, 2025
Economics Trade July exports grew 7.2% yoy (+1.4ppts), with continued strength in exports to the ASEAN and EU markets. Import growth improved to 4.1% yoy (+3ppt), likely due to a lower base, and support from strong imports of integrated circuits and agricultural products. However, imports of some key commodities saw sharp declines. The Sino-US agreement on another 90-day trade truce may continue to support near-term trade activities. Sector Automobile China’s PV insurance registrations reboun...
- 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
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Greater China Research Team
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, July 31, 2025
GREATER CHINA Sector Healthcare Bi-Weekly: Expecting strong 1H25 results. Maintain OVERWEIGHT. Results Contemporary Amperex Technology (300750 CH/BUY/Rmb277.09 /Target: Rmb390.00) 2Q25: Earnings in line, with margins hitting record-high levels. Maintain A-share at BUY. Downgrade H-share to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$44.37/Target: US$55.00) ...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
5168 HARTALEGA HOLDINGS BHD.
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
COM7 COM7
SCC SIAM CEMENT PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
KREIT HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 KEPPEL REIT
DLG THE UNITED LABORATORIES INTE
2877 DIALOG GROUP BHD
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
300750 CSPC PHARMACEUTICAL GROUP LTD
2269 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
BTG WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
OTEK BETAGRO PUBLIC COMPANY LIMITED
ASSA IJ DIAN DIAGNOSTICS GROUP CO
OILTEK INTERNATIONAL (OTEK SP)
ADI SARANA ARMADA TBK PT (ASSA IJ)
- 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
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jieqi Liu
- John Cheong Ming Chern
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, July 16, 2025
GREATER CHINA Economics Economic Activity Resilient 1H25 growth of 5.3% yoy belies rising downside pressure. Sector Healthcare Weekly: Gaining strength on robust earnings outlook and pipeline growth. Maintain OVERWEIGHT. Property Property sales and prices weakened further in J...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
558 UMS HOLDINGS LIMITED
7160 PENTAMASTER CORP. BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
0097 VITROX
X2S SINOPHARM GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
SKP SKP RESOURCES BHD
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
GREATEC GREATECH TECHNOLOGY BHD
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
300765 WUXI APPTEC CO. LTD. CLASS H
ITMAX CSPC INNOVATION PHARMACEUTICAL CO L
NATGATE ITMAX SYSTEM BHD
300244 NATIONGATE HOLDINGS BHD
NE DIAN DIAGNOSTICS GROUP CO
NORTHEAST GROUP BHD (NE MK)
- 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: Entering a new phase of accelerated growth. Upgraded...
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. Moreover, Chinese biotech firms had an unprecedented showing at ASCO 2025, with 74 oral presentations highlighting their robust pipelines and the sector's strong growth trajectory. Sustained policy support and globalisation efforts will further support this expansion. Upgrade to O...
- 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
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
HUTCHMED (China) (13 HK): 2024: Became self-sustainable; Fruquintinib ...
HUTCHMED reported slightly lower-than-expected 2024 revenue of US$630.2m but it delivered positive earnings of US$37.7m, beating consensus estimates of a net loss for 2024. The company continues to see R&D and commercial potential in the oncology business. With new market approvals for Fruquintinib in both China and overseas, HUTCHMED targets oncology revenue to reach US$350m-450m and accelerated earnings growth in 2025. Maintain BUY and target price of HK$30.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 20, 2025
KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80) Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market sha...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, March 20, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
AAON AAON INC.
00683 KERRY PROPERTIES LIMITED
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
HCM HUTCHISON CHINA MEDITECH LIMITED
DBB DUOPHARMA BIOTECH BHD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Outperformers empowered by AI revolution.
AI revolution is a key trend of the healthcare industry for the long term. It will drive innovation, improve efficiency and enhance patient outcomes. AI technologies hold transformative potential in various areas. By leveraging genomic, clinical and molecular data, it is changing medical diagnosis, drug R&D and delivery of precision medical care, ultimately leading to better medical outcomes. The internet healthcare and ICL segments are the most direct beneficiaries in the short term.
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
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
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