Bernstein China Conference: Take-aways from company meetings

Bernstein hosted its China Conference and summarized take-aways from company meetings in China healthcare. Innovent guides to CNY35-40 Bn revenue by 2030E plus a 22%-25% net profit margin; mazdutide's upcoming NRDL pricing benchmarks TZP post-NRDL, and 2027 will be important as MAZ grows in hospitals and in diabetics rather than only online and in weight loss. Innovent adopts a hybrid globalization model of continued licensing plus a self-built US R&D center. Kelun Biotech sees key sac-TMT catalysts, with potential 1L HR+/HER2- BC approval next year and 1L NSCLC readouts by 2028; sac-TMT is now manufactured in-house for China and CDMO outsourcing is planned to restart in 2027. Hengrui explained the weak 1H26, as four oncology products lagged but still accounted for one third of innovative drug sales, with recovery in sight led by HER2 ADC and CDK4/6, and aims for RMB19.2 Bn innovative drug sales under its equity incentive scheme. Asymchem remains confident in 19-22% topline growth this