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Contents page
Summary and investment case 3
Industry analysis 8
Industry risks 22
Valuation and comparables 24
Company pages 33
— Shandong Dong-E E-Jiao.....................................................................................34
— Investment case.............................................................................................35
— Company risks ...............................................................................................42
— Financials .......................................................................................................43
— Price target derivation ....................................................................................47
— Company background....................................................................................48
— Guangzhou Pharmaceutical .................................................................................51
— Investment case.............................................................................................52
— Company risks ...............................................................................................59
— Financials .......................................................................................................60
— Price target derivation ....................................................................................65
— Company background....................................................................................66
— Guangzhou Pharmaceutical - A ...........................................................................69
— Investment case.............................................................................................70
— Company risks ...............................................................................................77
— Financials .......................................................................................................78
— Price target derivation ....................................................................................83
— Company background....................................................................................84
— Tianjin Tasly Pharmaceuticals (G) .......................................................................87
— Beijing Tongrentang (G) .......................................................................................94
— Tong Ren Tang Technologies ............................................................................100
— Yunnan Baiyao Group (G) ..................................................................................106
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