1H26 Earnings Preview: BD Outlook Outshining Transient Domestic Disruption

研报英文原文证据摘录

1H26 Earnings Preview: BD Outlook Outshining Transient Domestic Disruption

Idea

July 21, 2026 08:00 AM GMT

Morgan Stanley Asia Limited+MChina Pharmaceuticals | Asia Pacific Alexis Yan, CFA

Equity Analyst

1H26 Earnings Preview: BD Alexis.Yan@morganstanley.com +852 2239-7953

Outlook Outshining Transient

Domestic Disruption China Healthcare

Asia Pacific

Valuation remains well supported by robust business Industry View Attractive

development (BD) outlook and manageable domestic policy What’s Changed

3SBio (1530.HK) From To

impact, in our view. We preview 1H26 earnings, partner execution Price Target HK$34.00 HK$30.50

progress of announced BD deals and new deal outlook, key Nanjing Leads Biolabs Co Ltd

clinical readouts, and other major catalysts into 2H26. (9887.HK)Price Target FromHK$62.00 ToHK$79.00

China Medical System

Key Takeaways (0867.HK) From To

Price Target HK$15.20 HK$14.60

Execution and partner upfront payments for announced BD deals remained

smooth. We see this further easing geopolitical concerns about Chinese

biopharma BD.

We list key upcoming readouts by company expected at major academic

conferences, which may also generate new BD interest around more pipeline

assets.

In China, the new sales rep guidelines announced in early May have had transient

impacts industry-wide on academic events and sales, along with SG&A savings.

Innovative drug sales stayed resilient in general, while legacy proprietary drugs in

mature life cycle stages and generic drugs faced heavier impacts.

Robust BD outlook and manageable domestic policy impact keep group valuation

well supported, in our view. Reiterate Hengrui-H as Top Pick, Hansoh as key OW.

With this report, Alexis Yan assumes primary coverage of Nanjing Leads Biolab

(9887.HK) and China Medical System (0867.HK).