Figure 3 Fujian province s top 20 best selling medicines from hospital s controlled procurement by sales value in November 2017 Trade name Drug name (

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Sector Research China Healthcare CSPC, Luye & Sinobiopharm shined in Fujian Recently, Fujian s controlled procurement website for drugs ( 福建省药品联合限价阳光采购网药品 ) issued its top 20 best selling hospital

40) and Kaifen of Sinobiopharm (1177.HK, NR) have hit the top 20 positions. Pfizer s Lipitor stayed as top-selling drugs in Fujian procurement.

We believe that Fujian s current drug tender biddings have already referenced to (1) the grouping of drug type and format; (2) reduced government reimbursement amount; and (3) Two Invoice System for

1 Sector Research China Healthcare CSPC, Luye & Sinobiopharm shined in Fujian Recently, Fujian s controlled procurement website for drugs ( 福建省药品联合限价阳光采购网药品 ) issued its top 20 best selling hospital medicines by sales value from Sept to Nov Pfizer s Lipitor has been ranked #1 in Fujian procurement during the period. NBP of CSPC (1093.HK, NR), Beixi of Luye Pharm (2186.HK, BUY, TP:HKD5.40) and Kaifen of Sinobiopharm (1177.HK, NR) have hit the top 20 positions. Pfizer s Lipitor stayed as top-selling drugs in Fujian procurement. Recently, Fujian s controlled procurement website for drugs ( 福建省药品联合限价阳光采购网药品 ) published its top 20 best selling medicines by hospital sales value from Sept to Nov We believe that Fujian s current drug tender biddings have already referenced to (1) the grouping of drug type and format; (2) reduced government reimbursement amount; and (3) Two Invoice System for distributors. We do not aware too big of the drug price cut on the existing list. Its #1 best selling drug has been to Pfizer s Lipitor 立普妥 (Atorvastatin) for three consecutive months, which is a well-known statin based cholesterol-lowering medicine. In 2017, Lipitor s tender price in Jiangsu province for 40mg pack stands at RMB15.6, about 38% premium to two packs of 20mg tablet format of the same ingredient from Beijing Jialin Pharma ( 北京嘉林药业 ) of Ah Le ( 阿乐 ) (RMB5.6/20mg). Pfizer s antibiotics ranked at least top #3. Note that, in 2016, Fujian provincial drug sales of RMB34.5bn made up 1.9% f the country s total, which was ranked #18 in China. Sales of another medicine from Pfizer called Cefoperazone Sodium and Sulbactam Sodium for Injection ( 注射用头孢哌酮钠舒巴坦钠 ) was also ranked either top #2 and #3 position during the period. It is a mix of cephalosporin and beta-lactam based antibiotics. The tender price of this antibiotics in Guizhou at RMB67.2/ 1.5g is as much as 593% premium to that of CSPC s (1093.HK, NR) generic version of the same format, whose package contains 3.0g of the drug content at RMB19.4 each in Jiangsu Province. Key drugs from CSPC, Luye and Sinobiopharm in Fujian league table. Only three HK listed drug-makers medicines could hit the top 20 position in this Fujian procurement, namely (1) CSPC s NBP 恩必普 (Butylphthalide Soft Capsule 丁苯酞软胶囊 ); (2) Luye Pharm s (2186.HK, BUY, TP:HKD5.40) Beixi 贝希 (Acarbose soft capsule 阿卡波糖胶囊 ); and (3) Sinobiopharm s (1177.HK, NR) Kaifen 凯纷 (Flurbiprofen Axetil Injection 氟比洛芬酯注射液 ). NBP, a heart & brain medicine (to treat acute ischemic stroke) from CSPC, had over 38% and 33% y-o-y sales growth in 2016 and 9M17 respectively, at HKD2.7bn and HKD2.6bn. NBP sales made up 21%-23%/55% of CSPC s total revenue and total innovative drug sales respectively during both 2016 and 9M17. Luye s Beixi sales heading to 41%/30% y-o-y in FY17F-18F. On our forecast, Luye s Beixi as a diabetic cure, which will make up 20%/22% of FY17F-18F Luye s revenue, is seen to jump 41%/30% y-o-y in this and next year (FY16: 30%). Beixi stunning sales growth has been exemplified in 1H17 at 41% y-o-y. On the other hand, Kaifen injections from Sinobiopharm as an anti-inflammatory and analgesic medicine in respiratory area, had already booked 24%/17% y-o-y sales growth in FY Moreover, as we flagged in our 23 November 2017 report, Fujian province had sent out a consultation paper, that it will join hands with Shanghai, Jiangsu, Anhui and Zhenjiang provinces for centralized and vast procurement of medicines on multi-provincial basis. We see this may led to lower drug tender prices than the usual level. China / Healthcare 12 December 2017 Figure 1 Photograph courtesy of a hospital s pharmacy Source:Sohu Figure 2 Share price performance of CSPC, Luye and Sinobiopharm (Equal Weighted Index) versus HIS. 40, , , , , , , , Dec14 Dec15 Dec16 Dec17 HSI Source: Bloomberg data and Guosen Securities (HK) Research Jason Siu PhD SFC CE No.: AVV jason.siu@guosen.com.hk EqualWeightedIndex See the last page of this report for important disclosures 1

2 Figure 3 Fujian province s top 20 best selling medicines from hospital s controlled procurement by sales value in November 2017 Trade name Drug name (Chinese) Drug name (English) Drug package Format Format Drug-maker Lipitor 阿托伐他汀钙片 Atorvastatin calcium tablets Film-coated tablets 20mg 7 tablets/box Pfizer Pulmicort N/A Norvasc 吸入用布地奈德混悬液注射用头孢哌酮钠舒巴坦钠苯磺酸氨氯地平片 Budesonide Suspension for Inhalation Inhalant 2ml:1mg 5 vials/box Astra Zeneca Pty Ltd Cefoperazone Sodium and Sulbactam Sodium for Injection Powder injection 1.5g 1 vial/box Pfizer Amlodipine Besylate Tablets Tablets 5mg 7 tablets/box Pfizer Tablets Film-coated tablets 25mg 20 tablets/box Another listed drug-maker Fortaz and Tazicef 注射用头孢他啶 Ceftazidime for Injection Powder injection 1g 1 vial/vials Antibióticos do Brasil Ltda (Brazil) Tablets Film-coated tablets 75mg 7 tablets/box Sanofi Winthrop Industries Lantus 甘精胰岛素注射液 Glargin insulin Injection Small volume injection 3ml:300iu 1 vial/box Sanofi-Aventis Adalat CC 硝苯地平控释片 Nifedipine Controlled released Tablets Controlled release tablets 30mg 7 tablets/box Bayer Pharma AG 恩必普 (NBP) 丁苯酞软胶囊 dl-3-n-butylphthalide Soft capsule (capsule) 0.1g 24 capsules/vials CSPC (1093.HK, NR) 优力平阿托伐他汀钙片 Atorvastatin calcium tablets Film-coated tablets 10mg 14 tablets/box Neo-Dankong Pharma ( 浙江新东港药业 ) Toprol-XL 琥珀酸美托洛尔缓释片 Metoprolol succinate Sustained Release Tablets 47.5mg 7 tablets/box AstraZeneca AB 凯纷 Kaifen 氟比洛芬酯注射液 Flurbiprofen Axetil Injection Small volume injection 5ml:50mg 5 vials/box Sino Biopharm (1177.HK, NR) 贝希 Beixi 阿卡波糖胶囊 Acarbose soft capsule Capsules 50mg 15 capsules/box Luye Pharm (2186.HK, BUY, TP:HKD5.40) Mucosolvan 盐酸氨溴索注射液 Ambroxol Hydrochloride and Glucose Injection Small volume injection 2ml:15mg 5 vials/box Boehringer Ingelheim Espana,S,A. Taxol 紫杉醇注射液 Pacliaxel injection Small volume injection 5ml:30mg 1 vial/vials Hospira Australia Pty Ltd N/A 盐酸莫西沙星注射液 Moxifloxacin Hydrochloride Small volume injection 20ml:0.4g 1 vial/vials Chengdu Tiantaishan Pharma Co. ( 成都天台山制药 ) Valsartan 缬沙坦胶囊 Trochisci Levamisole Hydrochloride Capsules 80mg 7 capsules/box Beijing Novartis Pharma ( 北京诺华制药 ) Avelox 盐酸莫西沙星氯化钠注射液 Moxifloxacin Hydrochloride and Sodium Chloride Injection Large-capacity injection 250ml:0.4g 1 vial/vials Bayer Pharma AG 凯福隆 Claforan 注射用头孢噻肟钠 Cefotaxime Sodium for Injection Source: 福建省药品联合限价阳光采购网 ; and sorted by Guosen Securities (HK) Research Solvent crystalline powder injection 1g 1 vial/vials 华北制药河北华民药业 Guosen Securities (HK) 2

3 Figure 4 Fujian province s top 20 best selling medicines from hospital s controlled procurement by sales value in October 2017 Trade name Drug name (Chinese) Drug name (English) Drug package Format Format Drug-maker Lipitor 阿托伐他汀钙片 Atorvastatin calcium tablets Film-coated tablets 20mg 7 tablets/box Pfizer N/A Norvasc 注射用头孢哌酮钠舒巴坦钠苯磺酸氨氯地平片 Cefoperazone Sodium and Sulbactam Sodium for Injection Powder injection 1.5g 1 vial/box Pfizer Amlodipine Besylate Tablets Tablets 5mg 7 tablets/box Pfizer Fortaz and Tazicef 注射用头孢他啶 Ceftazidime for Injection Powder injection 1g 1 vial/vials Antibióticos do Brasil Ltda (Brazil) Pulmicort Adalat CC 吸入用布地奈德混悬液硝苯地平控释片 Budesonide Suspension for Inhalation Inhalant 2ml:1mg 5 vials/box Astra Zeneca Pty Ltd Tablets Film-coated tablets 25mg 20 tablets/box Another listed drug-maker Nifedipine Controlled released Tablets Controlled release tablets 30mg 7 tablets/box Bayer Pharma AG Tablets Film-coated tablets 75mg 7 tablets/box Sanofi Winthrop Industries 恩必普 (NBP) 丁苯酞软胶囊 dl-3-n-butylphthalide Soft capsule (capsule) 0.1g 24 capsules/vials CSPC (1093.HK, NR) Toprol-XL 琥珀酸美托洛尔缓释片 Metoprolol succinate Sustained Release Tablets 47.5mg 7 tablets/box AstraZeneca AB Lantus 甘精胰岛素注射液 Glargin insulin Injection Small volume injection 3ml:300iu 1 vial/box Sanofi-Aventis 贝希 Beixi 阿卡波糖胶囊 Acarbose soft capsule Capsules 50mg 15 capsules/box Luye Pharm (2186.HK, BUY, TP:HKD5.40) 莱美舒埃索美拉唑肠溶胶囊 Esomeprazole entericcoated capsules Enteric-coated capsules 20mg 7 tablets/box Another listed drug-maker Taxol 紫杉醇注射液 Pacliaxel injection Small volume injection 5ml:30mg 1 vial/vials Hospira Australia Pty Ltd 优力平阿托伐他汀钙片 Atorvastatin calcium tablets Film-coated tablets 10mg 14 tablets/box Neo-Dankong Pharma ( 浙江新东港药业 ) 拜唐苹阿卡波糖片 Acarbose tablet Tablets 0.1g 30 tablets/ box Bayer Pharma Valsartan 缬沙坦胶囊 Trochisci Levamisole Hydrochloride Capsules 80mg 7 capsules/box Beijing Novartis Pharma ( 北京诺华制药 ) 奥一明注射用艾司奥美拉唑钠 Esomeprazole Sodium for Injection Freeze-dried powder 40mg 10 vials/ box Jiangsu Aosaikang Pharma ( 江苏奥赛康药业 ) 益保世灵注射用头孢唑肟钠 Ceftizoxime sodium for injection Powder injection 0.5g 10 vials/ box Another listed drug-maker 博路定恩替卡韦片 Entecavir tablets Film-coated tablets 0.5mg 7 tablets/box Bristol-Myers Squibb Source: 福建省药品联合限价阳光采购网 ; and sorted by Guosen Securities (HK) Research Guosen Securities (HK) 3

4 Figure 5 Fujian province s top 20 best selling medicines from hospital s controlled procurement by sales value in September 2017 Trade name Drug name (Chinese) Drug name (English) Drug package Format Format Drug-maker Lipitor 阿托伐他汀钙片 Atorvastatin calcium tablets Film-coated tablets 20mg 7 tablets/box Pfizer N/A 注射用头孢哌酮钠舒巴坦钠 Cefoperazone Sodium and Sulbactam Sodium for Injection Powder injection 1.5g 1 vial/box Pfizer Tablets Film-coated tablets 75mg 7 tablets/box Sanofi Winthrop Industries Norvasc 苯磺酸氨氯地平片 Amlodipine Besylate Tablets Tablets 5mg 7 tablets/box Pfizer Fortaz and Tazicef 注射用头孢他啶 Ceftazidime for Injection Powder injection 1g 1 vial/vials Antibióticos do Brasil Ltda (Brazil) Pulmicort 吸入用布地奈德混悬液 Budesonide Suspension for Inhalation Inhalant 2ml:1mg 5 vials/box Astra Zeneca Pty Ltd Lantus 甘精胰岛素注射液 Glargin insulin Injection Small volume injection 3ml:300iu 1 vial/box Sanofi-Aventis Adalat CC 硝苯地平控释片 Tablets Film-coated tablets 25mg 20 tablets/box Another listed drug-maker Nifedipine Controlled released Tablets Controlled release tablets 30mg 7 tablets/box Bayer Pharma AG 恩必普 (NBP) 丁苯酞软胶囊 dl-3-n-butylphthalide Soft capsule (capsule) 0.1g 24 capsules/vials CSPC (1093.HK, NR) 优力平阿托伐他汀钙片 Atorvastatin calcium tablets Film-coated tablets 10mg 14 tablets/box Neo-Dankong Pharma ( 浙江新东港药业 ) 贝希 Beixi 阿卡波糖胶囊 Acarbose soft capsule Capsules 50mg 15 capsules/box Luye Pharm (2186.HK, BUY, TP:HKD5.40) N/A 盐酸莫西沙星注射液 Moxifloxacin Hydrochloride Small volume injection 20ml:0.4g 1 vial/vials Chengdu Tiantaishan Pharma Co. ( 成都天台山制药 ) Toprol-XL 琥珀酸美托洛尔缓释片 Metoprolol succinate Sustained Release Tablets 47.5mg 7 tablets/box AstraZeneca AB Taxol 紫杉醇注射液 Pacliaxel injection Small volume injection 5ml:30mg 1 vial/vials Hospira Australia Pty Ltd Avelox 益保世灵盐酸莫西沙星氯化钠注射液注射用头孢唑肟钠 Moxifloxacin Hydrochloride and Sodium Chloride Injection Large-capacity injection 250ml:0.4g 1 vial/vials Bayer Pharma AG Ceftizoxime sodium for injection Powder injection 0.5g 10 vials/ box Another listed drug-maker 莱美舒 Valsartan 埃索美拉唑肠溶胶囊缬沙坦胶囊 Source: 福建省药品联合限价阳光采购网 ; and sorted by Guosen Securities (HK) Research Esomeprazole entericcoated capsules Enteric-coated capsules 20mg 7 tablets/box Another listed drug-maker Trochisci Levamisole Hydrochloride Capsules 80mg 7 capsules/box 美平注射用美罗培南 Meropenem Powder injection 0.5g 10 vials/ box Beijing Novartis Pharma ( 北京诺华制药 ) Dainippon Sumitomo Pharma ( 日本住友制药株式会社 ) Guosen Securities (HK) 4

5 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclo sable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guo sen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securitie s (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rath er than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/s elling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek inve stment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the p articular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advise d to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This r eport is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such infor mation and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any juris diction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guose n Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction. Guosen Securities (HK) 5

6 信息披露公司评级行业评级及相关定义公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上利益披露声明报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益本报告中, 国信证券 ( 香港 ) 经纪有限公司及其所属关联机构 ( 合称国信证券 ( 香港 )) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动本公司员工均非该上市公司的雇员免责条款证券价格有时可能非常波动证券价格可升可跌, 甚至变成毫无价值买卖证券未必一定能够赚取利润, 反而可能会招致损失本研究报告内容既不代表国信证券 ( 香港 ) 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约国信证券 ( 香港 ) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理牵头经办人保荐人包销商或从事自营投资于该股票 ) 国信证券 ( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性公正性及完整性不做任何保证本报告没有考虑到个别客户特殊的投资目标财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况本报告并不存在招揽或邀约购买或出售任何证券的企图本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用转载以及向第三方传播, 否则可能将承担法律责任研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知在一些管辖区域内, 针对或意图向该等区域内的市民居民个人或实体发布公布供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 ( 香港 ) 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民居民或身处该范围内的任何人或实体 Guosen Securities (HK) 6

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February 21, 2012 Company Report Haier Electronics(1169.HK) 3 rd /4 th -tier channels the key BUY Price Target:HK$ 11.2 Upside:+13% Key Data Price(HK$) 9.89 Shares Outstanding 2,351 Market Cap. (HK$ m)