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.