A 5%+ dividend yield looks attractive despite sluggish growth FY22 largely in-line; Gradual recovery on track Mid-teen top-line growth and 90% dividend payout sustain the valuation premium over peers An ensuring 2022; and we remain positive for 2023 A solid start into 2023E 2022年年报点评：NBV正增长同业领跑，夯实基础价值为纲 创新药收入占比过半，“自研＋BD”双轮驱动成长 疫情影响业绩承压 流量回升复苏可期 营收维持高增，主品牌可复美持续发力 泉峰控股年报点评：OPE增长远超行业，被严重低估的优质白马