Healthcare – 2Q20 Sector Overview

21 ratings


Entering the second quarter of 2020, China has generally recovered from the initial COVID-19 outbreak in terms of day to day operations relative to the rest of the globe. The number of COVID-19 patients has remained under 1,000 cases since the end of April, though there has been a continuous flow of new imported cases and the occasional clustered occurrence or small-scale outbreak in a few cities.

To assist other countries in the fight against the pandemic, China has become the largest supplier of masks in the world. Aside from masks, the country is also exporting other medical-related equipment, such as protective suits, testing kits, and ventilators. Additionally, Chinese technology and internet medical companies are sharing medical knowledge and experience regarding combatting COVID-19 to the rest of the world.

In the meantime, to minimize the spread of COVID-19, Chinese research institutes and pharmaceutical companies have devoted R&D to developing vaccines and drugs against the virus. Among them, five vaccines for the coronavirus entered phase II testing stages in June while three are launching phase III clinical trials in July in foreign countries. Moreover, R&D for COVID-19 antibody treatment is also in progress, with one entering its clinical trial stage.

Though the pandemic has dragged down the global economy, pharmaceutical and biotechnology stocks have grown in capital markets, and the industry overall has seen significant growth in the mainland stock market. Domestic companies in the sector are also actively seeking IPOs in A-share, H-share, and foreign stock markets while startups and listed firms are looking into fundraising and refinancing.


National Health Commission (NHC) – The ministry under the State Council is responsible for policies related to the health in the country, the formulation of the national essential drugs system, the supervision and management of the public health, medical services and health emergency, measures to deal with the aging population, etc.

National Healthcare Security Administration (NHSA) – The bureau under the State Council takes charge of the basic medical insurance for both urban and rural residents, maternity insurance, drug catalog for the basic medical insurance, medicine procurement, and others.

National Medical Products Administration (NMPA) – The administration is under the management of State Administration for Market Regulation (SAMR). NMPA is responsible for the supervision and management of the standards, registration, security, and quality of drugs, medical devices, and cosmetics, as well as the pharmacist license.

National Administration of Traditional Chinese Medicine (NATCM) – NATCM is now under the charge of NHC. Its responsibilities include formulating strategies, plans, policies and relevant standards for the development of TCM; participating in the planning and implementation of the nation’s major TCM projects; supervising and managing TCM medical treatment, prevention, healthcare, rehabilitation and clinical medication; coordinating the integration of Chinese and western medicine in medical and research institutions; etc.


*Unfavorable/Neutral/Favorable/Mixed from an investor's perspective

Chinese pharmaceutical firms and research institutes have been dedicated to developing COVID-19 vaccines and drugs, with five vaccines entering phase II clinical trials - Neutral


After the outbreak of COVID-19 this January in Wuhan, the capital of Hubei province, the Chinese government has arranged research institutes to investigate vaccines through five different technical routes. In the meantime, Chinese pharmaceutical and biotech companies have also been engaged in the development, alone or in collaborations with research institutes and other drug makers. As of June, there were five vaccine candidates entering into phase II of the clinical trial stage in China, the most across the world, including one adenovirus vectored vaccine and four inactivated vaccines. These candidates are expected to complete their phase II clinical trials in July. Before final marketing, human clinical trials of vaccines include three phases.

The third stage will take roughly three to five months even under current urgent circumstances. Moreover, there is still the remaining uncertainty of whether a vaccine candidate will be successful.

Recombinant Vectored Vaccine

The recombinant adenovirus vectored COVID-19 vaccine, Ad5-nCoV, was co-developed by Chen Wei’s research team from the Academy of Military Medical Science (AMMS) of the People’s Liberation Army (PLA) and CanSino Biologics [6185:HK]. The vaccine first begain clinical trials on humans worldwide. It completed its phase I in March and phase II in June. CanSino tests showed that all participants who received the vaccination in its phase II trials showed a high humoral immunity and cellular immunity response level.

In view of this, the Health Bureau of the Logistic Support Department of the Central Military Commission (CMC) approved the company to offer the COVID-19 vaccine to the Chinese army, while limiting use to only the army at present. To further check the effectiveness of the vaccine, in May, CanSino received approval from Health Canada to conduct clinical trials in Canada, paving the way for phase III testing.

Inactivated Vaccine

In June, state-owned enterprise Sinopharm’s (China National Pharmaceutical Group) subsidiaries disclosed their phase I/II testing results of inactivated COVID-19 vaccine candidates, with a test group size of over 2,200. All participants who received the vaccination generated high levels of antibodies. Thus, Sinopharm’s anticipated annual production capacity of vaccines will reach more than 200m doses. Moreover, the state-owned pharmaceutical group commenced phase III clinical trials in the United Arab Emirates (UAE), marking the first international phase III testing of COVID-19 vaccines all over the world.

Besides CanSino and Sinopharm, in mid-June, Beijing Sinovac Biotech [SVA:US] inked a contract with Brazil to conduct phase III clinical trials of its COVID-19 vaccine in the country from July, planning to recruit 9,000 volunteers. Meanwhile, the firm disclosed its phase I/II trial results, showing safety immunogenicity of the vaccine with a test sample of 743 participants. Later, on June 20, the Chinese Academy of Medical Sciences (CAMS) announced that its inactivated vaccine started phase II clinical trials in Yunnan province, and its production facility for the COVID-19 vaccine in Kunming is expected to be put into use in 2H20.

At the end of June, Yunnan Walvax Biotechnology [300142:CH] also obtained clinical trial approval for its vaccine, as China’s first mRNA COVID-19 vaccine entering the stage. At the World Health Assembly (WHA) on May 18, President Xi Jinping promised that after completing the R&D of a COVID-19 vaccine and putting it into use, China will offer it to the globe. Based on the progress of COVID-19 vaccine development in the Chinese Mainland at present, it is expected that there will be one COVID-19 vaccine available for emergency use as early as the end of this year or the beginning of 2021.

Halt of Antiviral Drug Remdesivir

Compared with vaccines, the R&D progress of special drugs to the novel coronavirus is slow. As the spread of COVID-19 has significantly slowed in Mainland China, with less than 2,000 patients since April 15, US pharmaceutical company Gilead Sciences [GILD:US] halted clinical trials of its antiviral drug, Remdesivir in early April. Testing outcomes indicated no outstanding effectiveness of Remdesivir on either severe or mild patients in Wuhan. In the US, UK and other regions, the results showed the drug could shorten the recovery time of mild patients but there was no significant impact on declining mortality.

Antibody R&D and Discovery

Meanwhile, Chinese institutes and companies have been dedicated to the R&D of COVID-19 antibodies. Antibodies can preemptively bind to the coronavirus, thereby blocking the virus from entering human host cells and replicating.

Shanghai Junshi Biosciences [1877:HK] announced on May 4 that the company reached an agreement with US drug maker Eli Lilly and Company [LLY:US] to collaborate on the development and commercialization of a neutralizing antibody to the coronavirus, namely JS016, while Lilly will be granted the exclusive rights regarding the R&D, production, and sales of the drug outside Greater China. In early June, Junshi Biosciences received approval to conduct phase I clinical trials of the JS016 injection, which is also in collaborations with the Institute of Microbiology of the Chinese Academy of Sciences (CAS). This is also the first neutralizing antibody to the coronavirus that started clinical trials in healthy test subjects globally and entered the human testing stage in Mainland China. The clinical trials included research on prevention for healthy individuals and treatment for patients, and the phase I result is expected to come out by the end of July.

In May, a Chinese research team published a paper in the academic journal, Science, that they have identified two monoclonal antibodies (McAb) from a cured patient, which could effectively block the coronavirus infection. The team includes Capital Medical University, the Institute of Microbiology, the Tianjin Institute of Industrial Biotechnology of the CAS, and more. Suzhou-based Alphamab Oncology [9966:HK] announced it would team up with the Institut Pasteur of Shanghai (IPS) under the CAS in R&D, production and commercialization of COVID-19 neutralizing antibodies on June 9. Most recently, in addition to developing the vaccine with CanSino, the AMMS research team on June 22 published findings for the first highly effective neutralizing McAb targeting the N-terminal domain of a spike protein. This could then provide new targets for the design of therapeutic antibodies and other drugs against the novel coronavirus.

China has become the largest supplier of masks with Chinese companies sharing medical resources worldwide - Neutral


Since COVID-19 is an infectious respiratory disease, masks have becomes the most important protective tool for individuals to use amid the pandemic. Before the outbreak, China was already the largest producer and exporter of masks across the world, accounting for around 50% of global mask production capacity annually. In 2019, mask output in the Chinese Mainland exceeded 5bn pieces, of which 54% were medical masks that could be used for filtering viruses, citing data from the Ministry of Industry and Information Technology (MIIT).

Even so, the COVID-19 outbreak initially caused a shortage of masks in the country, and consequently, China needed to purchase masks and accept donations from overseas. China’s General Administration of Customs (GACC) revealed that from January 24 to February 29, the country imported 2.46bn units of epidemic-control materials, worth RMB8.21bn, including 2.02bn masks and 25.38m protective suits.

Thus, to meet huge domestic demand, Chinese companies have been expanding their mask manufacturing capacity, as well as that of protective suits, and other epidemic-control products since late January. By February 29, China’s total daily mask production capacity and output had reached 110m and 116m pieces, including 1.96m and 1.66m medical N95 masks. In comparison, the daily capacity and output of masks in early February were about 20m and 10m. By then, China started exporting masks to assist other nations in combatting the coronavirus. World Health Organization (WHO) once estimated on March 4 that the globe would need 89m medical masks per month. The “Fighting COVID-19: China in Action” white paper, released under the State Council Information Office on June 7, disclosed that from March 1 to May 31, China exported epidemic-control products to 200 countries and regions, including 70.6bn masks, 340m protective suits, 225m test kits, and 40.29m infrared thermometers. Specifically, the exports recorded in May alone amount to nearly twice of that from March to April.

Notably, Chinese automaker BYD [1211:HK] became the world’s largest mask producer with its subsidiary BYD Precision Manufacture setting up mask production lines and launching mass production on February 17. According to the company in May, its output of masks reached 50m pieces per day and it expected that the total export of masks in May would surpass 1bn units. In April, BYD inked a deal with California to supply 300m N95 respirators and 100m surgical masks to the state in May and June, worth USD1bn in total. Although the Chinese company had to delay the shipment of N95 masks due to documentation issues regarding certification application from the US National Institute for Occupational Safety and Health (NIOSH), the California government did not cancel the contract but extended the expiration date twice for BYD. The state government also added an order of 100m more surgical masks. BYD then passed NIOSH’s second review and inspection in early June and started delivering N95 masks. In addition to California, since May, Softbank [9984:JP] also announced on April 11 to purchase 300m masks from BYD each month for Japan. Orders consisted of 100m N95 respirators and 200m surgical masks.

Two Chinese state-owned petroleum enterprises, Sinopec [0386:HK] and PetroChina [PTR:US], also have engaged in the production of masks, as well as melt-blown non-woven fabrics, the most important material in manufacturing filtering masks. By early May, Sinopec became the world’s largest mask material production base with a capacity of 37 tons per day and 13,500 tons each year, which can be used to make 13.5bn masks annually. A few days later, PetroChina announced the completion of the last one of its mask production lines on May 15, while by May 13, the giant had produced over 51m masks during the past two months with its highest daily output exceeding 1.2m units.

Online medical services

Aside from protective materials, Chinese technology companies are providing internet information and services regarding the COVID-19 pandemic to the globe as well. Tencent [0700:HK] on April 1 launched its international COVID-19 Symptoms Self-checker for global users to obtain guidelines on personal protection. Ping An Healthcare and Technology (AKA Ping An Good Doctor) [1833:HK] also released a medical consultation platform of the COVID-19 globally in early April, offering online medical services via an international team of doctors contracted with the company.

Alibaba’s [BABA:US] cloud computing arm, Alibaba Cloud, opened its AI-powered diagnosis technology to hospitals worldwide for free in late March. The service assists global doctors in speeding up the diagnosis of COVID-19 patients and optimizes treatment plans for each patient. At the same time, Alibaba’s philanthropic organization, Alibaba Foundations, has been sharing COVID-19 related knowledge, experiences, and data with medical institutions globally, such as a digital handbook of COVID-19 Prevention and Treatment in multiple languages.

Biotech and pharmaceutical companies see growth during this period and are actively seeking IPOs – Favorable

The pandemic has severely affected the global economy in the first half of 2020, while recovery in the Chinese Mainland and Hong Kong has been for the most part attributed to strict controlling measures after the outbreak. The biopharmaceutical industry has also made a strong comeback in the stock market in 1H20. Calculated by the weighted average method of circulation market value, 17 industries saw increases in 1H20, and the pharmaceutical and biological sector rose 42.88%, ranking first in the list, citing data from Wind.

Chinese pharmaceutical and biotech companies are actively seeking IPOs and fundraisings in both A-share and H-share markets. As of June 30, 14 biopharmaceutical companies filed for Hong Kong IPOs in the first half of this year, among which six firms successfully debuted on the HKEX [0388:HK] with five raising over HKD2bn in their IPOs. Moreover, these companies booked a large over-subscription rate in their Hong Kong public offering, such as Kintor Pharmaceutical’s [9939:HK] at 550.32 times, Peijia Medical’s [9996:HK] at 1,184.41 times, and Akeso Biopharma’s [9926:HK] at 639 times, implying capital’s favor of these companies.

SSE STAR Market, which has eased listing requirements for pre-revenue and non-profitable companies in the pharmaceutical and biotech industry, similar to the HKEX, is also popular among such companies. By June 7, the trading board has accepted listing applications of over ten firms in the medical-field and related industries, while eight more companies in those sectors have submitted IPO applications. Specifically, Hong Kong-listed CanSino Biologics and Junshi Biosciences also filed for a secondary listing on the STAR Market.


SAMR issues administration measures on drug registration and production supervision

The State Administration for Market Regulation (SAMR) on March 30 released revised versions of the Measures for the Administration of Drug Registration and for the Supervision and Administration of Pharmaceutical Production. The four main aspects of the revisions this time include fully implementing the system of drug marketing license holders, optimizing the medicine review and approval process, conducting the full life-cycle management of drugs, and cracking down on illegal practices. As for the drug marketing license holders system, the applicant must be an enterprise or drug R&D institution that can undertake responsibilities, such as setting up a drug quality assurance system. The two regulations took effect on July 1, 2020.

Short-Term Impact: As already disclosed last October, the drug registration measures add four fast approval channels for urgent clinical use, children, rare and serious infectious diseases, as well as vaccines for urgent disease prevention and control and innovative vaccines. With the four priority approval channels, the Chinese government’s target is to shorten the administrative process and raise the registration efficiency of new drugs, bringing more drugs to the domestic market. These changes would be conducive to both pharmaceutical companies and individuals.

Long-Term Impact: China started its reform of drug review and approval systems from 2015 to improve the domestic medical market. The two supporting regulations were established over ten years ago and the modification followed requirements from the Vaccine Administration Law and the revised Drug Administration Law approved by the Standing Committee of the National People’s Congress (NPCSC) in June and August 2019. Through the revisions, the country aims at a strict drug safety supervision system that oversees R&D, registration, post-marketing, and the strengthening of drug quality control. The reform also includes evaluating consistency of generic drug quality and continues to enhance medicine safety and push drug makers to produce quality generic drugs.

Shanghai issues guidance to improve its epidemic prevention and control measures

Shanghai Municipal Government issued improvement guidelines on April 8 on epidemic prevention and control and its public health emergency management system. The city will integrate public health emergency management with the municipal unified administration network, push for the application of big data in the public health sector, develop internet medical services, and more. Moreover, Shanghai will launch a biosafety science and technology plan and promote the establishment of a national innovation platform, accelerating clinical applications of R&D outcomes in the public health sector. In addition, the city will build a public health surveillance and early warning system, targeting emerging infectious diseases and diseases of unknown causes.

Short-Term Impact: The guidelines come in response to the COVID-19 outbreak and President Xi Jinping’s proposal to improve prevention, control, and treatment systems for major epidemics. Following Shanghai, other provinces and cities in the country are expected to release similar regulations soon.

Long-Term Impact: Before the pandemic, China also experienced the SARS epidemic in 2003, and in addition to this year’s epidemic, many believe there will be similar viruses that could affect the population in the future. To preemptively optimize the country’s healthcare systems to withstand the next potential epidemic, President Xi Jinping has expressed intentions to strengthen legislation for epidemic prevention, and control and include biological safety in the national security system. Thus, formulation of a biosecurity law could be possible in the near future.

MCA releases revised elderly care institution administration rules for opinions

The Ministry of Civil Affairs (MCA) released a revised Measures for the Administration of Elderly Care Institutions draft in April with some of the following measures:

  • Improves responding measures when elderly care institutions find seniors with confirmed or suspected infections

  • Only requires registration with related government departments, instead of acquiring regulatory approval when setting up new elderly care institutions

  • Establishes an admission evaluation system for an elderly individual’s physical condition, in order to determine the needed level of care based on assessment results

Short-Term Impact: In light of the COVID-19 outbreak in the first quarter of this year, NHSA made improvements to epidemic prevention and control under the Measures for the Administration of Elderly Care Institutions. This is consistent with the Chinese government’s efforts during the pandemic to treat senior patients vulnerable to the coronavirus. This is also part of efforts to develop the country’s epidemic prevention and control systems.

Long-Term Impact: The revision of the Measures for the Administration of Elderly Care Institutions that took effect in July 2013, aimed to adapt to new situations such as economic development and an increasingly aging population. Moreover, it tried to correct issues encountered in the past. The registration-based and recording system of elderly care institutions lowers the threshold to some extent, in order to encourage private capital to invest in the sector and provide more services for seniors. However, it increases the requirements for operating such institutions under a departmental supervision system.

NHSA pushes new implementation regarding basic medical insurance in 2020

NHSA, Ministry of Finance (MoF), and State Taxation Administration (STA) released a notice in June regarding changes to basic medical insurance for urban and rural residents proposed by the 2020 Government Work Report which includes some of the following measures:

  • Raises the financing base for basic medical insurance, including individual payments and fiscal subsidy standards

  • Continues implementation of an increase in the reimbursement proportion for major diseases from 60% in 2019 to 70% this year; lowers and unifies reimbursement of medical fees to 50% of the per capita disposable income last year

  • Adds supporting policies to lower-income parts of the population, such as further halving the reimbursement threshold, lifting the reimbursement rate by five percentage points, and canceling the reimbursement ceiling

Short-Term Impact: The adjustment increases the reimbursement level and range of national basic medical insurance, with a focus on the poor population. The targets are not only to help the population in poverty to receive necessary medical treatment, but also reduce the general public’s financial burden. Notably, the adjustment also takes patients with chronic diseases into consideration, including drugs for treating high blood pressure, diabetes, and other chronic diseases to the NRDL.

Long-Term Impact: In general, the Chinese government has been unifying the basic medical insurance system across the country for some time now. This started from the new version of the NRDL, which officially took effect in January 2020. Moreover, the importance of developing internet medical services, as well as launching a remote medical insurance settlement system, emerged during the pandemic. This also required a nationally unified medical insurance fund management system in the Chinese Mainland. In response to this, NHSA propose to reform medical insurance fund payment methods.


Chinese biotech companies are launching novel medical devices and technologies, most notably in oncology

Cancer therapies have always been a focus in the medical industry. NMPA has approved several products for diagnosis and treatment of cancer in the past several months, including US company Novocure’s [NVCR:US] cancer treatment device Optune and Chinese medical device maker Sonoscape Medical’s [300633:CH] electronic bronchoscopy for the early detection and diagnosis of lung cancer. Medicine e-commerce company 111 Inc [YI:US] also announced its online cancer diagnosis and treatment platform, teaming up with the government of Wenjiang district in Chengdu and Wenjiang People’s Hospital.

Previously, NHC released an implementation plan for cancer prevention and treatment for 2019 to 2022 last September, pointing out a push for the early screening, diagnosis, and treatment of cancer. Thus, it is expected that Chinese medical bureaus will introduce more related products and services into the country, while Chinese biotech companies will engage in the development of antitumor products leveraging advanced technologies.

The COVID-19 pandemic has bolstered more development of internet hospitals and online medical services

The pandemic accelerated the popularity of online medical services, as the general population was asked to isolate at home with the aim of cutting the spread of the coronavirus. Online medicine delivery platforms, such as those under Alibaba [BABA:US] and [JD:US], assisted the population in acquiring vital drugs during that period, especially patients with chronic diseases. Many online platforms also provided services for such needs, including consulting services and medical knowledge in order to reduce the burden off of physical hospitals which were devoted to treating COVID-19 patients. As one of the largest online medical platforms in the country, Ping An Good Doctor received access to an online medical insurance fund reimbursement in Hubei province on March 31. It was the first internet platform to receive the permit.

With Hubei province as the start of growing acceptance towards internet medical services after adopting an online settlement of medical insurance fund, more and more local governments as well as enterprises will begin implementation of such services. In addition, Chinese telecom device giant Huawei also partnered with traditional Chinese medicine (TCM) company Tong Ren Tang [600085:CH] to build an intelligent TCM cloud service platform.


To provide a better understanding of the industry's overall market ecosystem in China, below are market maps that provide a sense of traditional, and up and coming players in the space.

By drug sales in public hospitals in 2019, the top ten pharmaceutical companies in the Chinese Mainland are AstraZeneca [AZN:US], Pfizer [PFE:US], Yangtze River Pharmaceutical Group, Jiangsu Hengrui Medicine [600276:CH], Roche [ROG:SW], Bayer [BAYN:GR], Sanofi [SNY:US], Sino Biopharmaceutical’s [1177:HK] subsidiary Chia Tai Tianqing Pharmaceutical, CSPC Pharmaceutical Group [1093:HK], and Fosun Pharmaceutical [2196:HK]. In terms of sales of prescription drugs (Rx drugs), four Chinese companies are listed as the global top 50 pharmaceutical firms in 2020 by US magazine Pharm Exec. These companies are Yunnan Baiyao Group [000538:CH], Sino Biopharmaceutical, Jiangsu Hengrui Medicine, and Shanghai Pharmaceuticals Holding [2607:HK].

During the pandemic, BGI Genomics’ [300676:CH] coronavirus test kits were exported to a number of countries, such as EU countries, the US, Japan, Australia, Singapore and Canada. The company said that it had distributed over 35m test kits overseas, according to its 2020 semi-annual earnings forecast released on July 13.

In addition to the traditional medicine industry, large technology companies are expanding their presence in online medical services via subsidiaries and investments, including Alibaba’s Alibaba Health [0241:HK], Ping An Insurance Group’s [2318:HK] Ping An Good Doctor,’s [JD:US] JD Health, and Tencent-backed WeDoctor.


*Revenue, growth YoY, and profit margin in 1Q20 of five largest publicly traded companies by market cap


Jiangsu Hengrui Medicine [600276:CH]

Total Revenue: RMB5.53bn, +11.28% YoY

Net Income: RMB1.32bn, +10.30% YoY

Profit Margin: 23.80%

Sino Biopharmaceutical [1177:HK]

Total Revenue: RMB6.22bn, +0.22% YoY

Net Income: RMB862.02m, +0.62% YoY

Profit Margin: 13.85%

Yunnan Baiyao Group [000538:CH]

Total Revenue: RMB7.74bn, +10.53% YoY

Net Income: RMB1.28bn, -34.48% YoY

Profit Margin: 16.56%

Shanghai Fosun Pharmaceutical [2196:HK]

Total Revenue: RMB5.88bn, -12.62% YoY

Net Income: RMB577.20m, -18.97% YoY

Profit Margin: 9.82%

Guangzhou Baiyunshan Pharmaceutical [0874:HK]

Total Revenue: RMB16.98bn, +5.93% YoY

Net Income: RMB1.18bn, +15.85% YoY

Profit Margin: 6.97%

Traditional Chinese medicine

Yunnan Baiyao Group [000538:CH]

Total Revenue: RMB7.74bn, +10.53% YoY

Net Income: RMB1.28bn, -34.48% YoY

Profit Margin: 16.56%

Zhangzhou Pientzehuang Pharmaceutical [600436:CH]

Total Revenue: RMB1.71bn, +15.51% YoY

Net Income: RMB467.81m, +15.69% YoY

Profit Margin: 27.29%

Guangzhou Baiyunshan Pharmaceutical [0874:HK]

Total Revenue: RMB16.98bn, +5.93% YoY

Net Income: RMB1.18bn, +15.85% YoY

Profit Margin: 6.97%

Beijing Tongrentang [600085:CH]

Total Revenue: RMB3.03bn, -22.53% YoY

Net Income: RMB238.98m, -31.55% YoY

Profit Margin: 7.89%

China Resources Sanjiu Medical & Pharmaceutical [000999:CH]

Total Revenue: RMB3.14bn, -9.91% YoY

Net Income: RMB533.31m, -54.29% YoY

Profit Margin: 17.00%

Biologic Products

Chongqing Zhifei Biological Product [300122:CH]

Total Revenue: RMB2.63bn, +14.87% YoY

Net Income: RMB516.36m, +2.85% YoY

Profit Margin: 19.60%

Wuxi Biologics [2269:HK]*

Total Revenue: RMB3.98bn, +57.18% YoY

Net Income: RMB1.01bn, +60.77% YoY

Profit Margin: 25.45%

*data for 2019

Changchun High & New Tech Industry [000661:CH]

Total Revenue: RMB1.66bn, -6.43% YoY

Net Income: RMB542.48m, +48.59% YoY

Profit Margin: 32.66%

Shenzhen Kangtai Biological Products [300601:CH]

Total Revenue: RMB177.20m, -48.12% YoY

Net Income: RMB2.42m, -97.57% YoY

Profit Margin: 1.37%

Shanghai Fosun Pharmaceutical [2196:HK]

Total Revenue: RMB5.88bn, -12.62% YoY

Net Income: RMB577.20m, -18.97% YoY

Profit Margin: 9.82%

Medical Devices

Shenzhen Mindray Medical International [300760:CH]

Total Revenue: RMB4.74bn, +21.39% YoY

Net Income: RMB1.31bn, +30.58% YoY

Profit Margin: 27.70%

Lepu Medical Technology (Beijing) [300003:CH]

Total Revenue: RMB1.67bn, -11.26% YoY

Net Income: RMB383.86m, -34.13% YoY

Profit Margin: 23.03%

Autobio Diagnostics [603658:CH]

Total Revenue: RMB550.38m, +0.44% YoY

Net Income: RMB93.12m, -23.08% YoY

Profit Margin: 16.92%

Jafron Biomedical [300529:CH]

Total Revenue: RMB378.88m, +28.36% YoY

Net Income: RMB184.43m, +42.32% YoY

Profit Margin: 48.68%

Jiangsu Yuyue Medical Equipment & Supply [002223:CH]

Total Revenue: RMB1.39bn, +15.80% YoY

Net Income: RMB382.63m, +55.16% YoY

Profit Margin: 27.51%

Healthcare Services

WuXi AppTec [2359:HK]

Total Revenue: RMB3.19bn, +15.09% YoY

Net Income: RMB303.04m, -21.59% YoY

Profit Margin: 9.51%

Aier Eye Hospital Group [300015:CH]

Total Revenue: RMB1.64bn, -26.86% YoY

Net Income: RMB79.36m, -73.41% YoY

Profit Margin: 4.83%

Alibaba Health [0241:HK]*

Total Revenue: RMB9.60bn, +88.3% YoY

Net Income: negative RMB6.59m, -92.0% YoY

Profit Margin: -0.07%

*data for FY2020 ended March 31

Ping An Good Doctor [1833:HK]*

Total Revenue: RMB5.07bn, +51.8% YoY

Net Income: negative RM733.86m, -19.50% YoY

Profit Margin: -14.49%

*data for 2019

Hangzhou Tigermed [300347:CH]

Total Revenue: RMB650.11m, +6.77% YoY

Net Income: RMB254.96m, +75.22% YoY

Profit Margin: 39.22%

Medicine Distribution

Sinopharm Holding [1099:HK]*

Total Revenue: RMB425.27bn, +23.44% YoY

Net Income: RMB6.25bn, +7.14% YoY

Profit Margin: 1.47%

*data for 2019

Shanghai Pharmaceuticals [2607:HK]

Total Revenue: RMB40.45bn, -12.08% YoY

Net Income: RMB1.04bn, -7.84% YoY

Profit Margin: 2.57%

Dashenlin Pharmacy [603233:CH]

Total Revenue: RMB3.36bn, +30.39% YoY

Net Income: RMB280.27m, +52.28% YoY

Profit Margin: 8.34%

Yifeng Pharmacy [603939:CH]

Total Revenue: RMB3.05bn, +23.43% YoY

Net Income: RMB190.85m, +29.68% YoY

Profit Margin: 6.26%

Beijing Tongrentang [600085:CH]

Total Revenue: RMB3.03bn, -22.53% YoY

Net Income: RMB238.98m, -31.55% YoY

Profit Margin: 7.89%


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