Table of Contents
Investment summary 3
Top picks in the sector 4
Valuation 5
Intact long-term growth, recovery from shortterm
hiccups 8
Revitalisation – from fragmentation to
concentration 12
Re-rating – driven by sustainable earnings
growth and higher PE multiple 17
An overview of China’s pharmaceutical industry 19
China Pharmaceut ical 26
China Shineway 28
Guangzhou Pharmaceut ical 30
Hua Han Bio-pharmaceut ical 32
Mingyuan Medicare 34
Sino Biopharmaceut ical 36
Tong Ren Tang 38
Golden Medit ech 40
Lijun Internat ional Pharm 41
Shandong Weigao 42
United Laboratories 43
Wuyi Internat ional Pharm 44
Company Snapshot s - China 45