【招商证券】China Pharmaceutical & Healthcare - Expecting global funding recovery in the coming quarters.pdf

Optimized CoR guidance beat expectations

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

FY22 net margins better than expected

China Property Sector–NBS Aug data in-line, expect better recovery in Sep-Oct but sustainability is uncertain

Operation Aspides, or the Peril of Low Expectations in Yemen

China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening

Expecting a solid 1H23

1Q25 results below expectations due to delay of product delivery; Expect recovery in 2Q25E

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market