FY21 net loss Rmb48m, better than consensus of Rmb66m.
FY21 revenue grows 101%, in-line with market expectations.
Two catalysts in 2022: (1) Expect overseas sales to grow by 130% on the back of key product being included in the medical insurance of several European countries in 2021; (2) US FDA approval of core product expected in 2H22.
Limited downside due to higher-than-industry net cash % in market cap: 55% vs 18%.
