Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$15.68, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 1x in the Biotechs industry in Hong Kong. Total returns to shareholders of 118% over the past three years. Reported Earnings • May 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥3.51 (up from CN¥0.86 in FY 2024). Revenue: CN¥17.7b (up 94% from FY 2024). Net income: CN¥8.48b (up 306% from FY 2024). Profit margin: 48% (up from 23% in FY 2024). The increase in margin was driven by higher revenue. Products in clinical trials Phase I: 9 Phase II: 3 Phase III: 5 Post-clinical trial products Pre-registration: 3 Approved (during full year): 3 Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Hong Kong are expected to grow by 22%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
3SBio Inc. Resolves to Declare Final Dividend for the Year Ended 31 December 2025, Payable on or Around 4 August 2026 The Board of 3SBio Inc. resolved to declare a final dividend of 25 HK cents per share for the year ended 31 December 2025 (2024: 25 HK cents) to those shareholders whose names appeared on the register of members of the Company on 27 July 2026, which will be paid out of the Company's share premium account. Subject to the approval of shareholders of the Company at the forthcoming annual general meeting ("AGM"), the final dividend will be paid in cash on or around 4 August 2026. Declared Dividend • Apr 01
Dividend of HK$0.25 announced Shareholders will receive a dividend of HK$0.25. Ex-date: 21st July 2026 Payment date: 4th August 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.3%. Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥3.51 (up from CN¥0.86 in FY 2024). Revenue: CN¥17.7b (up 94% from FY 2024). Net income: CN¥8.48b (up 306% from FY 2024). Profit margin: 48% (up from 23% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is expected to decline by 21% p.a. on average during the next 2 years, while revenues in the Biotechs industry in Hong Kong are expected to grow by 25%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Mar 31
3SBio Inc., Annual General Meeting, Jun 25, 2026 3SBio Inc., Annual General Meeting, Jun 25, 2026. Announcement • Mar 17
3SBio Inc. to Report Fiscal Year 2025 Results on Mar 30, 2026 3SBio Inc. announced that they will report fiscal year 2025 results on Mar 30, 2026 Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$28.14, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 37x in the Biotechs industry in Hong Kong. Total returns to shareholders of 248% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$53.14 per share. Announcement • Dec 10
3SBio Inc. has completed a Follow-on Equity Offering in the amount of HKD 3.115121 billion. 3SBio Inc. has completed a Follow-on Equity Offering in the amount of HKD 3.115121 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 105,169,500
Price\Range: HKD 29.62
Transaction Features: Subsequent Direct Listing Announcement • Dec 03
3SBio Inc. has filed a Follow-on Equity Offering in the amount of HKD 3.115121 billion. 3SBio Inc. has filed a Follow-on Equity Offering in the amount of HKD 3.115121 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 105,169,500
Price\Range: HKD 29.62
Transaction Features: Subsequent Direct Listing New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$34.38, the stock trades at a forward P/E ratio of 12x. Average trailing P/E is 39x in the Biotechs industry in Hong Kong. Total returns to shareholders of 431% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$52.05 per share. Reported Earnings • Oct 01
First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2025 results: EPS: CN¥0.57 (up from CN¥0.45 in 1H 2024). Revenue: CN¥4.36b (flat on 1H 2024). Net income: CN¥1.36b (up 25% from 1H 2024). Profit margin: 31% (up from 25% in 1H 2024). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 9.8%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Sep 08
Now 21% undervalued Over the last 90 days, the stock has risen 46% to HK$34.98. The fair value is estimated to be HK$44.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 7.6%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$35.66, the stock trades at a forward P/E ratio of 13x. Average trailing P/E is 46x in the Biotechs industry in Hong Kong. Total returns to shareholders of 564% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$45.82 per share. New Risk • Sep 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 31
First half 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2025 results: EPS: CN¥0.57 (up from CN¥0.45 in 1H 2024). Revenue: CN¥4.36b (flat on 1H 2024). Net income: CN¥1.36b (up 25% from 1H 2024). Profit margin: 31% (up from 25% in 1H 2024). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 9.8%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 42% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Aug 19
3SBio Inc. to Report First Half, 2025 Results on Aug 29, 2025 3SBio Inc. announced that they will report first half, 2025 results on Aug 29, 2025 Major Estimate Revision • Aug 01
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥2.36 to CN¥2.79. Revenue forecast unchanged at CN¥15.9b. Net income forecast to grow 217% next year vs 7.6% growth forecast for Biotechs industry in Hong Kong. Consensus price target up from HK$22.98 to HK$29.68. Share price rose 6.2% to HK$30.20 over the past week. Announcement • Aug 01
3SBio Inc. has completed a Follow-on Equity Offering in the amount of HKD 784.962284 million. 3SBio Inc. has completed a Follow-on Equity Offering in the amount of HKD 784.962284 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 31,142,500
Price\Range: HKD 25.2055 Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$33.55, the stock trades at a forward P/E ratio of 13x. Average trailing P/E is 42x in the Biotechs industry in Hong Kong. Total returns to shareholders of 623% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$31.06 per share. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$28.60, the stock trades at a forward P/E ratio of 11x. Average trailing P/E is 32x in the Biotechs industry in Hong Kong. Total returns to shareholders of 428% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$31.06 per share. Upcoming Dividend • Jul 14
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Hong Kong dividend payers (7.0%). Lower than average of industry peers (1.6%). Major Estimate Revision • Jul 09
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥14.3b to CN¥15.0b. EPS estimate increased from CN¥2.10 to CN¥2.36 per share. Net income forecast to grow 172% next year vs 5.1% growth forecast for Biotechs industry in Hong Kong. Consensus price target up from HK$20.26 to HK$21.89. Share price rose 2.3% to HK$24.80 over the past week. Buy Or Sell Opportunity • Jul 07
Now 21% undervalued Over the last 90 days, the stock has risen 119% to HK$24.55. The fair value is estimated to be HK$31.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 3.5%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 2.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$21.85, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 34x in the Biotechs industry in Hong Kong. Total returns to shareholders of 281% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$30.82 per share. Major Estimate Revision • May 20
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥10.1b to CN¥10.9b. EPS estimate increased from CN¥0.985 to CN¥1.21 per share. Net income forecast to grow 49% next year vs 2.9% growth forecast for Biotechs industry in Hong Kong. Consensus price target up from HK$13.53 to HK$15.78. Share price rose 67% to HK$19.18 over the past week. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$11.22, the stock trades at a forward P/E ratio of 11x. Average trailing P/E is 30x in the Biotechs industry in Hong Kong. Total returns to shareholders of 122% over the past three years. Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥0.86 (up from CN¥0.64 in FY 2023). Revenue: CN¥9.11b (up 17% from FY 2023). Net income: CN¥2.09b (up 35% from FY 2023). Profit margin: 23% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Products in clinical trials Phase I: 9 Phase II: 5 Phase III: 10 Post-clinical trial products Pre-registration: 4 Approved (during full year): 3 Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • May 01
Non-Executive Director recently sold HK$1.4m worth of stock On the 24th of April, Jiaoe Zhang sold around 108k shares on-market at roughly HK$13.35 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth HK$5.7m. Insiders have been net sellers, collectively disposing of HK$6.1m more than they bought in the last 12 months. Recent Insider Transactions • Apr 19
Non-Executive Director recently sold HK$5.7m worth of stock On the 11th of April, Jiaoe Zhang sold around 460k shares on-market at roughly HK$12.42 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$4.5m more than they bought in the last 12 months. Announcement • Apr 17
3SBio Inc. Receives Breakthrough Therapy Designation by China's National Medical Products Administration 3SBio Inc. on a voluntary basis. On 17 April, 2025, the anti-VEGF/PD-1 bispecific antibody (R&D code: 707 Injection), independently developed by 3SBio, was granted a Breakthrough Therapy Designation ("BTD") by China's National Medical Products Administration (" NMPA"). The designated indication is the first-line treatment of PD-L1 positive locally advanced or metastatic non-small cell lung cancer ("NSCLC"). 707 Injection is a bispecific antibody targeting VEGF/PD-1, independently developed by 3SBio based on its proprietary CLF2 platform. It is currently undergoing multiple clinical studies in China, including a phase III clinical study for the first-line treatment ofPD-1 positive locally advanced and metastatic NSCLC already approved by the Center for Drug Evaluation ("CDE") of the NMPA. Additionally, 707 Injection is undergoing several phase II studies in China, including combination therapy with chemotherapy for the first-line treatment of advanced NSCLC, metastatic colorectal cancer, and advanced gynecological tumours. It has also received approval from the U.S. Food and Drug Administration in relation to its Investigational New Drug application. The CDE will provide policy support for drugs that have been granted BTDs, prioritize resource allocation for communication, enhance guidance, and accelerate drug development. When submitting a New Drug Application, if it is evaluated to meet the relevant conditions, the qualification for priority review and approval may be granted, expediting the market launch process. There is no assurance that the product will eventually be commercialized successfully. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to HK$13.06, the stock trades at a forward P/E ratio of 12x. Average trailing P/E is 30x in the Biotechs industry in Hong Kong. Total returns to shareholders of 114% over the past three years. Declared Dividend • Mar 27
Dividend of HK$0.25 announced Shareholders will receive a dividend of HK$0.25. Ex-date: 21st July 2025 Payment date: 15th August 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 23% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥0.86 (up from CN¥0.64 in FY 2023). Revenue: CN¥9.11b (up 17% from FY 2023). Net income: CN¥2.09b (up 35% from FY 2023). Profit margin: 23% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 25
3SBio Inc., Annual General Meeting, Jun 25, 2025 3SBio Inc., Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$8.52, the stock trades at a forward P/E ratio of 9x. Average trailing P/E is 22x in the Biotechs industry in Hong Kong. Total returns to shareholders of 93% over the past three years. Announcement • Mar 07
3SBio Inc. to Report Fiscal Year 2024 Results on Mar 25, 2025 3SBio Inc. announced that they will report fiscal year 2024 results on Mar 25, 2025 Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$6.50, the stock trades at a forward P/E ratio of 7x. Average trailing P/E is 12x in the Biotechs industry in Hong Kong. Total loss to shareholders of 4.6% over the past three years. Reported Earnings • Oct 02
First half 2024 earnings: EPS and revenues exceed analyst expectations First half 2024 results: EPS: CN¥0.45 (up from CN¥0.40 in 1H 2023). Revenue: CN¥4.39b (up 16% from 1H 2023). Net income: CN¥1.09b (up 11% from 1H 2023). Profit margin: 25% (down from 26% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$6.87, the stock trades at a forward P/E ratio of 7x. Average trailing P/E is 12x in the Biotechs industry in Hong Kong. Total returns to shareholders of 1.4% over the past three years. Recent Insider Transactions • Aug 28
Co-Founder recently bought HK$1.5m worth of stock On the 23rd of August, Jing Lou bought around 260k shares on-market at roughly HK$5.78 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jing's only on-market trade for the last 12 months. Reported Earnings • Aug 25
First half 2024 earnings: EPS and revenues exceed analyst expectations First half 2024 results: EPS: CN¥0.45 (up from CN¥0.40 in 1H 2023). Revenue: CN¥4.39b (up 16% from 1H 2023). Net income: CN¥1.09b (up 11% from 1H 2023). Profit margin: 25% (down from 26% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 12
3SBio Inc. to Report First Half, 2024 Results on Aug 22, 2024 3SBio Inc. announced that they will report first half, 2024 results on Aug 22, 2024 Upcoming Dividend • Jul 15
Upcoming dividend of HK$0.25 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 05 August 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (1.1%). Announcement • Apr 23
3Sbio Inc. Announces Management Changes 3SBio Inc. announced that in accordance with the articles of association of the Company, Dr. ZHANG Dan ("Dr. Zhang"), an independent non-executive Director, will retire by rotation at the forthcoming annual general meeting (the "AGM") of the Company which is to be held on 25 June 2024. He will not seek for re-election due to his other business commitments. His retirement will take effect upon the conclusion of the AGM and, accordingly, he will cease to be a member of the remuneration committee of the Board ("Remuneration Committee") at the conclusion of the AGM. The Board further announces that Mr. NG, Joo Yeow Gerry, an independent non-executive Director, has been appointed by the Board as a member of the Remuneration Committee with effect immediately after the conclusion of the 2023 AGM to be held on 25 June 2024. New Risk • Apr 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Mar 06
3SBio Inc. to Report Fiscal Year 2023 Results on Mar 20, 2024 3SBio Inc. announced that they will report fiscal year 2023 results on Mar 20, 2024 Announcement • Jan 09
Mandi Foam of 3SBio Inc. Approves for Market Launch 3SBio Inc. announced that the application for market launch of Mandi (5% minoxidil) Foam as an over-the-counter drug for the treatment of androgenetic alopecia and alopecia areata by its subsidiary, Zhejiang Wansheng Pharmaceutical Co. Ltd., to the National Medical Products Administration (NMPA) of the PRC has been approved. Mandi Foam is the new-generation anti-hair loss and hair growth product of 3SBio group based on Minoxidil Tincture (trade name: Mandi), which is also the first domestic minoxidil foam approved for market launch. Previously, the result of such product in "a multi-centered, double-blind, randomized controlled clinical trial to assess the efficacy of Mandi Foam and ROGAINE® (5% Minoxidil Foam) on patients with androgenetic alopecia in terms of their equivalence, safety and tolerability" reached the preset statistical end point, indicating that the efficacy of Mandi Foam is equivalent to that of the controlled medicine, ROGAINE®. Minoxidil is currently a first-line topical drug for the clinical treatment of androgenetic alopecia. Mandi Foam has better transdermal speed and scalp accumulation rate, with milder scalp tolerance, rendering it a better choice for alopecia users. Reported Earnings • Sep 30
First half 2023 earnings: EPS and revenues exceed analyst expectations First half 2023 results: EPS: CN¥0.40 (up from CN¥0.40 in 1H 2022). Revenue: CN¥3.78b (up 22% from 1H 2022). Net income: CN¥980.6m (up 1.4% from 1H 2022). Profit margin: 26% (down from 31% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 33% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: CN¥0.40 (vs CN¥0.39 in 1H 2022) First half 2023 results: EPS: CN¥0.40 (up from CN¥0.39 in 1H 2022). Revenue: CN¥3.78b (up 22% from 1H 2022). Net income: CN¥980.6m (up 2.7% from 1H 2022). Profit margin: 26% (down from 31% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 35% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 12
3SBio Inc. to Report First Half, 2023 Results on Aug 24, 2023 3SBio Inc. announced that they will report first half, 2023 results on Aug 24, 2023 Announcement • Jul 29
3Sbio Inc. Announces Appointment of He Xiang as Chief Financial Officer 3SBio Inc. announced that with effect from 3 July 2023, Mr. HE Xiang ("Mr. He") has been appointed as the new chief financial officer of the Company. Mr. He will be responsible for investment and finance activities, as well as investor relations management of the Group. The biographical details of Mr. He are as follows: Mr. He graduated from the Guanghua School of Management of Peking University with a master degree in Finance. He has served Citigroup and J.P. Morgan investment banking in Beijing, Shanghai, New York and Hong Kong, and has 15 years of experience in investments, financings, and capital markets. He is a registered sponsor principal with the Securities and Futures Commission of Hong Kong. During his tenure in J.P. Morgan, he held different roles including Head of Corporated Finance and Head of Financial Institutions for China, and gained extensive experiences in equity private placements, initial public offerings, follow-on offerings and mergers and acquisitions for various corporates across pharmaceutical, healthcare as well as other sectors. Announcement • Jul 06
3SBio Inc. Announces Narfuraphine Hydrochloride Orally Disintegrating Tablets Co-Developed by 3Sbio Inc. and Toray in Japan Approved for Launch in the Market 3SBio Inc. announced that the new drug application of narfuraphine hydrochloride orally disintegrating tablets submitted to the National Medical Products Administration of China (NMPA) being approved for launch in the market. This is a voluntary announcement made by the Company. There is no assurance that the Company will eventually successfully launch and/or commercialize the product. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. 3SBio Inc. announced that The new drug application of narfurphine hydrochloride orally disintegrated tablets (Li Mei Zhi®?, trade name in Japan; " remitsuchiODDING 2.5ug") submitted To the National Medical Products Administration ofChina (NMPA) has been approved (Guoyaozhunzi No. HJ20230091) for the improvement of pruritus in hemodialysis patients (only in cases where the efficacy of existing treatments is not satisfactory). This is the first and only selective k (kappa)-opioid receptor agonist approved by the NMPA to treat hemodialysis patients with refractory pruritus. In addition, the clinical trial application for this product to improve pruritus in patients with chronic liver disease (only in cases where the effectiveness of existing treatments is not satisfactory) was approved in May this year (Notice No.: 2023LP00912). Hemodialysis patients are often accompanied by various complications such as anemia, hypertension, abnormal calcium and phosphorus metabolism, hyperthyroidism, and pruritus. Currently, there is still no recognized effective treatment for pruritus in most of the patients, which causes great mental and physical pain to the patients and significantly reduces their quality of life. Upcoming Dividend • Jun 20
Upcoming dividend of HK$0.10 per share at 1.3% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 11 July 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 22
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: CN¥0.78 (up from CN¥0.65 in FY 2021). Revenue: CN¥6.86b (up 7.5% from FY 2021). Net income: CN¥1.91b (up 16% from FY 2021). Profit margin: 28% (up from 26% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 36% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Jan 30
Now 22% undervalued Over the last 90 days, the stock is up 51%. The fair value is estimated to be HK$11.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings is also forecast to grow by 1.6% per annum over the same time period. Announcement • Jan 04
3SBio Inc. Announces Resignation of Tang Ke as Non-Executive Director 3SBio Inc. provided supplemental information on the resignation of Mr. Tang Ke. Mr. Tang tendered his resignation as a non-executive Director as he needs to devote more time to his personal commitments and there are no other matters in respect of his resignation that need to be brought to the attention of the Shareholders or the Stock Exchange. 
