China's Growth Opportunities and Offshore Investing
Chinese Consumer - Better & Healthier
Consumer products:
Growth driven by premiumization
and industry consolidation
L
Medical Equipment:
Benefitting from government investment
in related segments
CMO/CRO:
Structural outsourcing trends benefiting
consolidators
China Pharmaceutical R&D outsourcing
market size (Rmb bn)
Condiments market size in China
Healthcare Expenditure as % of GDP in
China
300
(Rmb bn)
■Soy Sauces
Monosodium Glutamate
■■Oyster Sauces
7.0
6.0
Vinegar
Other
Pickled Products
5.0
600
4.0
500
400
3.0
300
200
100
2012
Stock highlights:
Foshan Haitian
Chongqing Brewery
2013
2014
2015
2016
2017
2018
2019
2020
2021E
2022E
2023E
2010
2012
2014
2016
2018
2020
2022E
2024E
2026E
2028E
250
200
CAGR 2020-
2025E: 26%
150
100
CAGR 2016-
2020: 26%
CAGR
Total healthcare expenditure
50
2012-2028E
11.6%
2017-2022E
2022-2028E
Stock highlights:
Shenzhen Mindray
Qingdao Haier Biomedical
12.0%
O
9.0%
2016
2020
2025E
Stock highlights:
Wuxi Biologics
Hangzhou Tigermed
Source: Frost & Sullivan. Company data. J.P. Morgan Asset Management. Data as of July 2022. For illustrative purposes only.
*
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