T Man Pharmaceutical PCL vs Sichuan Kelun Pharmaceutical: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

T Man Pharmaceutical PCL (TMAN.BK)

Q3 202622 Jul – 8 Oct 2026

▲3

TMAN bets on longevity, Propoliz exports and hospital push for 4bn baht

Longevity New S-Curve and 4bn baht target TMAN set a goal of 4 billion baht revenue in 3-5 years (from 2.5 billion in 2025), adding a longevity supplement business with 15-20 new products a year and a new own brand. This gives investors a bigger growth story, which supports the share price.
It is the main new strategic plan that reframes TMAN's growth outlook.
Propoliz pushed to regional and global brand TMAN is expanding Propoliz beyond 7 countries to 10+, with South Korea and Indonesia distributor deals and first Korea shipment in October, plus a celebrity 'Friends of Propoliz' campaign. More export markets and marketing mean more sales, lifting profit expectations.
Export expansion and marketing are concrete new demand drivers for the key brand.
Hospital channel and OEM growth TMAN plans to raise hospital channel revenue share to 15-20% from 10%, and its OEM contract manufacturing has grown over 100%, recently adding a major customer. Higher-margin channels and bigger OEM orders support revenue and profit recovery.
It shows where near-term growth is coming from beyond the pharmacy slump.
Weak first-half profit but recovery expected First-half net profit fell 7.2% to 212 million baht on higher marketing and tax costs, even as revenue rose 8.2%. Management and brokers still expect a strong second-half recovery, so the weak result is a real counterweight but seen as temporary.
It is the key negative fact readers must weigh against the growth plans.

August 202622 Jul – 8 Oct 2026

▲3

TMAN bets on longevity, Propoliz exports and hospital push for 4bn baht

Longevity New S-Curve and 4bn baht target TMAN set a goal of 4 billion baht revenue in 3-5 years (from 2.5 billion in 2025), adding a longevity supplement business with 15-20 new products a year and a new own brand. This gives investors a bigger growth story, which supports the share price.
It is the main new strategic plan that reframes TMAN's growth outlook.
Propoliz pushed to regional and global brand TMAN is expanding Propoliz beyond 7 countries to 10+, with South Korea and Indonesia distributor deals and first Korea shipment in October, plus a celebrity 'Friends of Propoliz' campaign. More export markets and marketing mean more sales, lifting profit expectations.
Export expansion and marketing are concrete new demand drivers for the key brand.
Hospital channel and OEM growth TMAN plans to raise hospital channel revenue share to 15-20% from 10%, and its OEM contract manufacturing has grown over 100%, recently adding a major customer. Higher-margin channels and bigger OEM orders support revenue and profit recovery.
It shows where near-term growth is coming from beyond the pharmacy slump.
Weak first-half profit but recovery expected First-half net profit fell 7.2% to 212 million baht on higher marketing and tax costs, even as revenue rose 8.2%. Management and brokers still expect a strong second-half recovery, so the weak result is a real counterweight but seen as temporary.
It is the key negative fact readers must weigh against the growth plans.

Latest22 Jul – 8 Oct 2026

▲3

TMAN bets on longevity, Propoliz exports and hospital push for 4bn baht

Longevity New S-Curve and 4bn baht target TMAN set a goal of 4 billion baht revenue in 3-5 years (from 2.5 billion in 2025), adding a longevity supplement business with 15-20 new products a year and a new own brand. This gives investors a bigger growth story, which supports the share price.
It is the main new strategic plan that reframes TMAN's growth outlook.
Propoliz pushed to regional and global brand TMAN is expanding Propoliz beyond 7 countries to 10+, with South Korea and Indonesia distributor deals and first Korea shipment in October, plus a celebrity 'Friends of Propoliz' campaign. More export markets and marketing mean more sales, lifting profit expectations.
Export expansion and marketing are concrete new demand drivers for the key brand.
Hospital channel and OEM growth TMAN plans to raise hospital channel revenue share to 15-20% from 10%, and its OEM contract manufacturing has grown over 100%, recently adding a major customer. Higher-margin channels and bigger OEM orders support revenue and profit recovery.
It shows where near-term growth is coming from beyond the pharmacy slump.
Weak first-half profit but recovery expected First-half net profit fell 7.2% to 212 million baht on higher marketing and tax costs, even as revenue rose 8.2%. Management and brokers still expect a strong second-half recovery, so the weak result is a real counterweight but seen as temporary.
It is the key negative fact readers must weigh against the growth plans.

Sichuan Kelun Pharmaceutical Co Ltd (002422.CS)

Q3 202627 Jul – 8 Oct 2026

▲3▼1

Kelun's profit rises on drug wins and buybacks, but bribery claim and pledges weigh

New ADC drug enters clinical trials A Kelun subsidiary won Chinese approval to start human testing of SKB565, a new dual-payload ADC for advanced solid tumors. It is the first of its kind from Kelun Biotech, and success could add a valuable future growth engine, though it is years from sales.
Shows pipeline progress that can lift long-term growth expectations for the stock.
National procurement wins boost sales outlook Kelun and its units won tentative selection for more than ten products in China's 12th national bulk-buy drug round, including heart and cancer medicines. Winning means guaranteed hospital sales volumes, supporting revenue even if prices are lower.
Directly increases expected product demand and market share, a core earnings driver.
Profit grows and dividend plus buyback support stock First-half net profit rose 12.7% to 1.128 billion yuan, with second-quarter profit up 48% from the prior quarter, despite slightly lower revenue. The company also plans a cash dividend and has been buying back shares, signaling confidence and returning cash to holders.
Earnings growth and shareholder returns are the main fundamental supports for the share price.
Bribery claim and owner pledges create risk A whistleblower letter alleged commercial bribery tied to a key Kelun drug; the subsidiary denies it and threatens legal action. Separately, controlling shareholder Liu Gexin added to pledged shares for personal funding. Both raise uncertainty and could pressure the stock if they worsen.
These are the main counterweights that could hurt sentiment and valuation.

September 202627 Jul – 8 Oct 2026

▲3▼1

Kelun's profit rises on drug wins and buybacks, but bribery claim and pledges weigh

New ADC drug enters clinical trials A Kelun subsidiary won Chinese approval to start human testing of SKB565, a new dual-payload ADC for advanced solid tumors. It is the first of its kind from Kelun Biotech, and success could add a valuable future growth engine, though it is years from sales.
Shows pipeline progress that can lift long-term growth expectations for the stock.
National procurement wins boost sales outlook Kelun and its units won tentative selection for more than ten products in China's 12th national bulk-buy drug round, including heart and cancer medicines. Winning means guaranteed hospital sales volumes, supporting revenue even if prices are lower.
Directly increases expected product demand and market share, a core earnings driver.
Profit grows and dividend plus buyback support stock First-half net profit rose 12.7% to 1.128 billion yuan, with second-quarter profit up 48% from the prior quarter, despite slightly lower revenue. The company also plans a cash dividend and has been buying back shares, signaling confidence and returning cash to holders.
Earnings growth and shareholder returns are the main fundamental supports for the share price.
Bribery claim and owner pledges create risk A whistleblower letter alleged commercial bribery tied to a key Kelun drug; the subsidiary denies it and threatens legal action. Separately, controlling shareholder Liu Gexin added to pledged shares for personal funding. Both raise uncertainty and could pressure the stock if they worsen.
These are the main counterweights that could hurt sentiment and valuation.

Latest27 Jul – 8 Oct 2026

▲3▼1

Kelun's profit rises on drug wins and buybacks, but bribery claim and pledges weigh

New ADC drug enters clinical trials A Kelun subsidiary won Chinese approval to start human testing of SKB565, a new dual-payload ADC for advanced solid tumors. It is the first of its kind from Kelun Biotech, and success could add a valuable future growth engine, though it is years from sales.
Shows pipeline progress that can lift long-term growth expectations for the stock.
National procurement wins boost sales outlook Kelun and its units won tentative selection for more than ten products in China's 12th national bulk-buy drug round, including heart and cancer medicines. Winning means guaranteed hospital sales volumes, supporting revenue even if prices are lower.
Directly increases expected product demand and market share, a core earnings driver.
Profit grows and dividend plus buyback support stock First-half net profit rose 12.7% to 1.128 billion yuan, with second-quarter profit up 48% from the prior quarter, despite slightly lower revenue. The company also plans a cash dividend and has been buying back shares, signaling confidence and returning cash to holders.
Earnings growth and shareholder returns are the main fundamental supports for the share price.
Bribery claim and owner pledges create risk A whistleblower letter alleged commercial bribery tied to a key Kelun drug; the subsidiary denies it and threatens legal action. Separately, controlling shareholder Liu Gexin added to pledged shares for personal funding. Both raise uncertainty and could pressure the stock if they worsen.
These are the main counterweights that could hurt sentiment and valuation.