Botanee Biotech：Headwinds endure

 Botanee made a pronounced come-back year-to-date, reviving Tmall GMV from  -59.8% YoY to -6.9% YoY between Jan and Oct, and accelerating its quarterly  sales growth from 7% in 1Q to 26% in 3Q. Year-to-date shares performance has  gone against this trend and, in our view, the free-fall is running ahead of  consensus estimates which still looked rather reserved in pricing-in the ongoing  dilemma that Botanee is facing.









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