China Healthcare 2-day Chengdu tour takeaways: Rising innovation, partnerships and global execution

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China Healthcare 2-day Chengdu tour takeaways: Rising innovation, partnerships and global execution

J P M O R G A N Asia Pacific Equity Research

16 July 2026

China Healthcare

2-day Chengdu tour takeaways: Rising innovation,

partnerships and global execution

Our two-day Chengdu healthcare tour on 14–15 July was well attended by both Healthcare

ACgeneralist and specialist investors and covered a broad range of biotech/pharma, Yang Huang

CRO and medtech companies (in total 9 companies: Kelun Pharma, Kelun (852) 2800 3812

Biotech, Hinova, Haisco Pharma, Baili Pharma, Zenitar, Keymed, Hitgen, and yang.huang@jpmorgan.com

HxMedbot). One of the clearest takeaways was the broad push to adopt AI: many J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

biotech companies are already applying it across drug discovery and development,

Derek Choi

while others are investing heavily to embed it into their R&D workflows. More (852) 2800-8744

broadly, the company meetings reinforced our constructive view on China derek.c.choi@jpmorgan.com

healthcare innovation, with leading companies translating stronger R&D J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

platforms into clinical validation and global development opportunities, while

recent policy tightening on drug sales representatives has not seen much impact in Eric Zhao, CFA

(86-21) 6106 6256

2Q26. We continue to like biotech and CXO subsectors the most. In biotech, we eric.zhao@jpmorgan.com

like Kelun Biotech and Innovent. In CXO, we like WuXi Apptec and WuXi Bio. SAC Registration Number: S1730524050001

In addition, we also like Medbot. J.P. Morgan Securities (China) Company Limited

• AI application is improving R&D efficiency, but proprietary data and