BLTE // Belite Bio Inc

Health Care • Biotechnology: Pharmaceutical Preparations

$153.67 ▼ -1.07 (-0.69%)

MKT CAP: $6.23B • VOL: 114.9K

52W L $102 52W H $200

PIOTROSKI

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BLTE // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

BLTE // Belite Bio Inc

GROSS MARGIN

—

OP MARGIN

—

ROIC %

-15.9%

MKT CAP

$6.23B

UPSTREAM INPUTS ──► BLTE OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
BLTE ★	Belite Bio Inc	$153.67	$6.23B	—	—	-15.9%	—	—	SUBJECT ISSUER
LLY	Eli Lilly and Company	$1,417.54	$1.33T	83.6%	40.2%	32.4%	36.4x	+45.5%	BLTE VS LLY <GO>
JNJ	Johnson & Johnson	$273.20	$657.68B	67.9%	34.7%	25.5%	18.5x	+6.0%	BLTE VS JNJ <GO>
ABBV	AbbVie Inc.	$294.89	$521.11B	70.2%	24.6%	29.0%	33.3x	+8.6%	BLTE VS ABBV <GO>
MRK	Merck & Company Inc.	$149.52	$368.89B	74.8%	34.3%	20.7%	15.3x	+1.3%	BLTE VS MRK <GO>
UNH	UnitedHealth Group Incorporated	$406.97	$365.29B	88.6%	4.8%	11.5%	16.5x	+6.5%	BLTE VS UNH <GO>