$凯莱英(06821)$ 

⬇ $Asymchem Laboratories Tianjin(06821)$ - Results of 9th national VBP were tragic. Hengrui hasn't escaped. CXO's industry prosperity has continued downward pressure. Asymchem still follows the entire CXO sector unless large order is received Continue reading on Smartkarma:- https://www.smartkarma.com/insights/china-healthcare-weekly-nov-10-9th-national-vbp-cyclicity-of-cxo-sector-asymchem-hengrui?utm_source=tiger_community By Xinyao (Criss) Wang, Insight Provider on Smartkarma:- https://www.smartkarma.com/profiles/xinyao-criss-wang?utm_source=tiger_community On Asymchem Laboratories Tianjin (06821):- https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-a1849e5d-20a3-4d82-9736-05113c954b78?utm_source=tiger_community

⬇ $Asymchem Laboratories(06821)$ - The different business nature of CRO and CDMO leads to different investment logic/outlook for Pharmaron and Asymchem. So, the current performance/valuation divergence between the two is only temporary Continue reading on Smartkarma:- https://www.smartkarma.com/insights/asymchem-laboratories-6821-hk-vs-pharmaron-beijing-3759-hk-deep-dive-the-logic-and-the-outlook?utm_source=tiger_community By Xinyao (Criss) Wang, Insight Provider on Smartkarma:- https://www.smartkarma.com/profiles/xinyao-criss-wang?utm_source=tiger_community On Asymchem Laboratories (06821):- https://www.smartkarma.com/entities/asymchem-laboratories?utm_source=tiger_community

Despite COVID-19 drug orders, Asymchem's performance could decline afterwards. In essence, it mainly relies on cost advantage of large-scale capacity. Without high moat, its LT outlook is uncertain. The three large orders for COVID-19 small molecule drugs are mostly one-off revenues, and after 2022, Asymchem Laboratories (6821 HK)'s performance could decline from a high base. In essence, Asymchem mainly relies on cost advantage of large-scale capacity to obtain orders.Without core leading technology in frontier of medicine, Asymchem is difficult to enjoy sustainable industry development dividend. Overall, Asymchem’s moat is not strong enough, and the certainty of the Company's long-term performance growth is also not high. It could be a short-term trade rather than long-term hold. By