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With RMB44bn market size in 2017, the thrombosis market enjoyed a
CAGR13-17of 13% vs. 11% for the CVD market, and 9% for the entire drug
market. Driven byincreasing incidences, recent NRDL inclusion of key
thrombosis drugs, as well asunmet medical needs, the thrombosis market
is likely to grow at 10% CAGR17-22vs. 5% for the entire drug market,
reaching RMB72bn in 2022 by DBe. We believedomestic bellwethers, such as
Sino Biopharm and CSPC, are well positioned tocapture the growth with an
abundant pipeline of antiplatelets and anticoagulantgenerics.

We hosted JD.com and Vipshop and Baozun at our conference in Beijing
todiscuss e-commerce landscape outlook.


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    De-brief conference call: Friday, January 12, 10AM EST/11PM HKT.

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Christian Grobbelaar, a young director from South Africa and a
participant of the Looking China Project.

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    We plan to host a conference de-brief investor call. Conference ID:


[Photo provided to China Daily]


  1. Dialin:800-309-8606 (US); 020-3107-0289 (UK); 800-8700-169
    (China); 3011-4522(Hong Kong); 6622-1010 (Singapore). Please contact
    your DB representative forlocal dial in.


Annual Looking China Youth Film Project has invited filmmakers from
around the world to create short documentaries about Chinese culture.
Fang Aiqing reports.

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    JD.com (Not covered, last close: USD46.1).

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A group of young foreign filmmakers are taking an in-depth look at China
through their camera lenses. Among them is Christian Grobbelaar, a young
director from South Africa, whose short documentary Watch People unveils
a remarkable tale of craftsmanship and redemption.


    We felt JD spent more time focusing on the mid-term picture than the
short term,highlighting apparel and FMCG/fresh food segment as area of
growth in 2018.


By repairing watches, Li Xin not only managed to fix the problems that
lie behind the face of a wristwatch, but he’s also fixed many of the
problems in his own life as well.

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    4Q17 could mark the worst season for apparel in their view. Organic
recovery ofapparel merchant appears to be a gradual process and we
received impressionthat company expected progress in 2H18 than in 1H.
For FMCG, JD felt it was onmore equal footing with key online
competitors and that its strength in logisticsand partnership with
Yonghui would add to its core competency in gaining sharein FMCG
segment. On margins, JD aimed for 2%~4% non-GAAP net margin on1P and
1%~2% of GMV for 3P in the long-term.

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With an array of delicate tools laid out on a blank sheet of paper on
his table, the 25-year-old watch repairman begins to demonstrate the
process of disassembly, cleaning, oiling and reassembly an art that few
people master now while telling the story of the many twists and turns
in his life.


    Vipshop (Not covered, last close: USD13.6).


After experiencing his parents’ divorce, the once well-behaved student
fell into bad company and rebelliously turned to a life of smoking,
drinking and fighting.

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    Timing-wise, Vipshop felt the partnership between Tencent/JD/Vipshop
wasformed now as the differing parties were able to reach a consensus on
the needto cooperate with one another. As part of that, Vipshop believed
it would be in aposition to reap meaningful portion of the benefits
accruing from the partnershipas traffic is directed its way. Cost wise,
Vipshop plans to reduce its user acquisitioncost by lowering allocation
to existing channels and use the incremental to giveto JD as its share
of GMV for channeling traffic. Traffic acquisition had runup to RMB100
from 50-60 historically; while acquisition cost may not
declineimmediately, company expected to see benefits to user acquisition
cost over themid term. Overall aim was to maintain blended margins in


During one particularly fierce fight 10 years ago, Li was stabbed twice.
One blow pierced his lung while the other permanently damaged his
central nervous system. As a result, he ended up crippled, and was
forced to rely on crutches for the rest of his life.


  1. In a separatesession by Questmobile on its research into D12
    promotions, we noted QM datashowed the lowest conversion rate from
    product page to order page for Vipshopamong e-commerce players.

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Idling at home for several years, Li’s life seemed to be doomed until he
found a job at the time-honored Sheng Chang Watch Shop in Xiamen, East
China’s Fujian province, where traditional watch repair skills are
passed on to the disabled.

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    Rapid rise of social commerce.


“When it comes to fixing a watch, you will be faced with a variety of
problems. The hardest ones to tackle are the problems you cannot see
with your eyes, because they hid very deep. But we still always manage
to find a way to fix them,” Li says.


    An area of active discussion was the rise of social commerce,
particularly in 2H17,with Pinduoduo (ranked #3 e-commerce player in MAU
terms by Questmobile) highlighted as the success case in tapping into
rising e-commerce demandby lower-tier city consumers and doing so
successfully through social mediachannels such as WeChat mini-program.
Average basket size is believed to bemeaningfully low as of now and none
of the existing larger e-commerce playerssaw the social e-commerce
players as meaningfully threatening as of yet.


Grobbelaar’s short documentary applies montage techniques and uses puns
in both the title of the work and throughout the story.

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    Baozun (Hold).

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As the story “unfolds in an artistic way and combines craftsmanship with
humanity”, the work was awarded first prize and best artistic
presentation at the fourth Golden Lenses awards held recently by Beijing
Normal University.


    Baozun overall sounded very confident for 4Q17 sales growth despite
ecommerceindustry seasonal slow-down. Blended take rate has been
increasingfor both existing brands and new brands within the same
category and samebusiness model. GMV mix, however, should continue to
shift towards lowertake rate category in 2018, given smartphone brands
are growing very fast(e.g. Huawei). The company maintained 2018 GMV
growth guidance of 50%+. New brands in the pipeline focuses on high take
rate category (e.g. appareland cosmetics), and will likely see 10-20
brands addition each year. Baozunreiterated its IT capability and
warehousing are two advantages over peers,enabling a one-stop solution
to brand partners. International brands, who havemultiple e-commerce
platform stores, therefore face high switching cost. Baozunacknowledged
that some small brands have terminated contract in the past andswitched
to cheaper Taobao partners, yet total GMV contribution is less than1%.
The company expects some margin improvement in the future driven bythe
operating leverage, and is dedicated to continue to improve the model
mix,category mix and to create value-added services.

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The award aims to reward excellent works from BNU’s Looking China Youth
Film Project, which annually invites young filmmakers from around the
globe to China to experience Chinese culture and, with one-on-one help
from a Chinese volunteer, create a 10-minute short documentary about
Chinese culture.

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Christian Grobbelaar shooting traditional root carving works in Wulong
county in Chongqing during the 2018 Looking China Project.

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[Photo provided to China Daily]



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Grobbelaar shooting his documentary for the project at the Fairy Maiden
Mountain in Chongqing.



[Photo provided to China Daily]

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Since its launch in 2011, 405 young filmmakers from 49 countries and
regions including the United States, United Kingdom, France, Canada and
Israel have participated in the project.



By 2017, they had produced 404 short documentaries based on their visits
to more than 20 provinces of China and had garnered more than 90 awards
in China and abroad, according to Huang Huilin, a professor at BNU who
founded the Looking China Project and is director of the Academy for
International Communication of Chinese Culture.

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In 2017, the focus of the Looking China Project turned to craftsmanship.
Foreign participants were asked to shoot documentaries that demonstrated
their understanding of Chinese craftsmanship, and to highlight the
cultural inheritance and innovation imbued in it.


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The Sheng Chang Watch Shop was founded in 1928 and Li’s boss, Zhang
Xiangjie, 45, is the third generation of owners, who is famous locally
for his sense of public spirit.

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Zhang’s innovative approach to combing business with the public interest
has been widely reported in the media, and his desire to pass on his
skills to disadvantaged groups rather than keep them in the family.


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Several works in the 2017 Looking China Project focused on the types of
traditional Chinese craftsmanship that are so familiar that many people
take them for granted, while some others looked at the craft traditions
that are rapidly vanishing in China’s fast-paced society.


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By telling these stories from the unique perspective of a young foreign
filmmaker, these documentaries are helping to connect Chinese
craftsmanship with more universal themes.

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One example is the short documentary The Bridge Between Us by Serbian
filmmaker Akos K. Kovacs. The film examines the father-son relationship
bridged by the traditional Chinese musical instrument of the erhu as its
techniques are passed down through the generations.



Immersed in a solo piece of music, the son breaks into a spontaneous
smile as he expresses his feelings while playing the erhu.

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Yet there was a time in the young man’s childhood when he found learning
the erhu to be an unbearably tortuous experience.



To escape the laborious process, the son used to record himself playing
erhu and often played back the recordings to pretend he was practicing
for hours on end. However, his father eventually discovered his trick,
and ended up severely punishing him.



The father, who had been working in an erhu factory for 37 years, hoped
his son would follow in his footsteps and was not impressed by his son’s
reluctance to practice.

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图片 35 姥姥姥爷家
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※    ※    ※

But it was only after becoming an erhu teacher himself, the son finally
realized the importance of cultivating a child’s persistence. “Without
my father, I wouldn’t be the man I am today,” he finally admits at the
end of the documentary.



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Grobbelaar shooting artists creating root carving works in Wulong county
during the project.



[Photo provided to China Daily]

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Adele Lengyel shooting the making of steamed buns.

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[Photo provided to China Daily]


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Among the other works, there is a documentary about the revival of
traditional carpentry in modern woodwork presented in an accessible
format, a warm story about a family that has been making spices for
generations and a film covering the extraordinary life of 91-year-old
actor Lan Tianye from the Beijing People’s Art Theatre.



As Francesco Cardinali, one of the foreign advisers of the Looking China
Project and a professor at the University of Macerata in Italy, said
during the opening ceremony of the 2018 Looking China Project in April,
the project is “not only giving an incredible opportunity to
international students, but also, in a broad perspective, the best way
to build a strong and healthy relationship between people and

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Adele Lengyel, a student from the Budapest Metropolitan University in
Hungary, participated in the 2017 project. An avid food lover, the theme
for her documentary was in never in any doubt local food, and the making
of steamed buns, in particular.


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She remembered the first time she stepped into a traditional Chinese
market, where culture shock soon turned into real shock.

姥姥姥爷家 图片 46

She was shooting a sequence where fish were being poured into a huge
tank where they were held until they were sold.


“I was filming the process when a live fish jumped out of the tank and
started writhing on my leg. I screamed because I’d never seen a fish
this big, and it was on my leg. Everyone in the market erupted into
laughter. What could I do? The fish wanted to be the star of the film,”
she says.


That day, she was surprised by the large variety of vegetables and
strange appearance of the bullfrogs and soft-shelled turtles on offer,
and astonished by the sophisticated skills of the fish sellers and
encouraged by the smiles on the faces of everyone in the market who
clearly enjoyed being on camera.

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In Huang’s opinion, the Looking China Project is also about
intercultural communication.


“There are times when the foreigners and the Chinese volunteers are
excited and curious to be working together, and other times they become
perplexed and unable to agree on anything. Yet their friendship
continues to grow as they learn to cooperate and tolerate each other
with the best of intentions,” says Huang.

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“We discussed the documentary frequently via email before he came to
China. Thanks to his detailed shooting plan, things worked out very
smoothly,” says Huang Xianliang, Grobbelaar’s Chinese volunteer.


During the topic discussion on the first day of the project, she wrote a
note to Grobbelaar after his presentation, saying “You are the best”.
Grobbelaar changed the word “you” to “we” and sent it back to her.

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According to Huang Huilin, this year’s Looking China Project, which is
already underway, will involve 100 young foreign filmmakers from 35
countries and regions on a filming relay around 10 provinces and
autonomous regions including Guangdong, Hubei, Liaoning, Guizhou,
Qinghai and Inner Mongolia. The focus of this year’s project is
ecological civilization.


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Lengyel shooting at a traditional market in Shanghai.


[Photo provided to China Daily]

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