HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Eyebright Medical Technology / Equity Bottom-Up

<ul>
<li>At the current stage, the price of IOL that won the bidding in centralized procurement was above Eyebright’s ex-factory price, which means that the profits are still guaranteed. </li>
<li>If two core products (IOL &amp; OK lens) are both included in the centralized procurement in the future, Eyebright needs to broaden the product category and find new growth points.</li>
<li>We analyze the valuation from a different angle.We could not say that the current market value of Eyebright is at the bottom, but is more reasonable compared with last June. </li>
</ul>


At the current stage, the price of IOL that won the bidding in centralized procurement was above Eyebright’s ex-factory price, which means that the profits are still guaranteed. 
If two core products (IOL &amp; OK lens) are both included in the centralized procurement in the future, Eyebright needs to broaden the product category and find new growth points.
We analyze the valuation from a different angle.We could not say that the current market value of Eyebright is at the bottom, but is more reasonable compared with last June. 


Eyebright Medical Technology Beijing (688050.CH) - Some Points Worth the Attention

Huadong Medicine Co Ltd A / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huadong-medicine-co-ltd-a" target="_blank" data-smartkarma-citation="entities:18522:1" rel="noopener">Huadong Medicine (000963 CH)</a>’s traditional core businesses are facing great pressure due to VBP and medical insurance negotiation, which is difficult for Huadong to establish its long-term core competitiveness.</li>
<li>Despite the fierce competition in medical cosmetology industry, the entry of medical cosmetology equipment field is a wise step, helping Huadong form the most complete layout among competitors.</li>
<li>In terms of whether Huangdong could achieve business transformation successfully, the future performance of medical cosmetology business is the key breakthrough point.</li>
</ul>



Huadong Medicine (000963 CH)’s traditional core businesses are facing great pressure due to VBP and medical insurance negotiation, which is difficult for Huadong to establish its long-term core competitiveness.
Despite the fierce competition in medical cosmetology industry, the entry of medical cosmetology equipment field is a wise step, helping Huadong form the most complete layout among competitors.
In terms of whether Huangdong could achieve business transformation successfully, the future performance of medical cosmetology business is the key breakthrough point.


Huadong Medicine Co Ltd (000963.CH) - The Medical Cosmetology Business Is the Key Breakthrough Point

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A/H premium on 134 stocks over the last week. </li>
<li>Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. </li>
<li>Industrial sectors are near 52 week high for A/H premium. Top three stocks for the WoW A/H increases are Jingcheng Machinery, Shanghai Haohai, and Dynagreen.</li>
</ul>


We analyse the changes of A/H premium on 134 stocks over the last week. 
Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. 
Industrial sectors are near 52 week high for A/H premium. Top three stocks for the WoW A/H increases are Jingcheng Machinery, Shanghai Haohai, and Dynagreen.


A/H Premium Weekly: Industrial Sector at 52 Week High

<ul>
<li>We analyzed the centralized procurement of IOL and the potential impact on <a href="https://www.smartkarma.com/entities/eyebright-medical-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:33455:1" rel="noopener">Eyebright Medical Technology Beijing (688050 CH)</a>.</li>
<li>The OK lens and cosmetic contact lenses have strong consumption attribute, indicating "immune" to centralized procurement policy.</li>
<li>We are optimistic about the outlook for Eyebright and there could still be upside potential of its stock price.</li>
</ul>


We analyzed the centralized procurement of IOL and the potential impact on Eyebright Medical Technology Beijing (688050 CH).
The OK lens and cosmetic contact lenses have strong consumption attribute, indicating "immune" to centralized procurement policy.
We are optimistic about the outlook for Eyebright and there could still be upside potential of its stock price.


Eyebright Medical Technology (688050.CH) -The Impact Of Centralized Procurement and Business Outlook

Equity Capital Markets

Imeik Technology Development C / Equity Capital Markets

<p>On July 29, 2021, <a href="https://www.smartkarma.com/entities/imeik-technology-development-co-ltd" target="_blank" data-smartkarma-citation="entities:32170:1" rel="noopener">Imeik Technology Development (300896 CH)</a>, which has been listed in A shares, submitted its prospectus to the HKEX and is expected to become the first company in medical aesthetic industry with "A+H" shares listing. Meanwhile, Imeik also released its 2021/1H financial results recently. The revenue was RMB633 million, up 161.87% YoY, and the net profit was RMB425 million, up 195.42% YoY, maintaining high growth momentum. This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company. </p>

On July 29, 2021, Imeik Technology Development (300896 CH), which has been listed in A shares, submitted its prospectus to the HKEX and is expected to become the first company in medical aesthetic industry with "A+H" shares listing. Meanwhile, Imeik also released its 2021/1H financial results recently. The revenue was RMB633 million, up 161.87% YoY, and the net profit was RMB425 million, up 195.42% YoY, maintaining high growth momentum. This insight mainly analyzed the industry characteristics, the business, the financial position and the concerns of the Company. 

Pre-IPO Imeik Technology Development (300896 CH) - Is High Profitability Sustainable?

China

Shanghai Haohai Biological Technology Co., Ltd. manufactures absorbable biomedical materials. The Company manufactures and sells intraocular lens, medical sodium hyaluronate, medical chitosan, medical collage sponge, and other products. Shanghai Haohai Biological Technology markets its products worldwide.

Shanghai Haohai Biological Tec (688366 CH)

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Shanghai Haohai Biological Tec (688366 CH)

Eyebright Medical Technology Beijing (688050.CH) - Some Points Worth the Attention

For centralized procurement of IOL and OK lens, Eyebright is "safe" in short term but not long term.If see the valuation from a different angle, we...

Xinyao (Criss) Wang

Huadong Medicine Co Ltd (000963.CH) - The Medical Cosmetology Business Is the Key Breakthrough Point

We analyzed the logic of performance decline in terms of Huadong's core business.But the entry of medical cosmetology equipment field is a wise...

Xinyao (Criss) Wang

A/H Premium Weekly: Industrial Sector at 52 Week High

Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. We also highlight top three stocks for A/H increase:...

Ke Yan, CFA, FRM

Eyebright Medical Technology (688050.CH) -The Impact Of Centralized Procurement and Business Outlook

This article mainly analyzed Eyebright Medical Technology in terms of the centralized procurement of IOL and potential impact, as well as the OK...

Xinyao (Criss) Wang

Pre-IPO Imeik Technology Development (300896 CH) - Is High Profitability Sustainable?

The article analyzed Imeik in terms of the medical aesthetic industry characteristics, the business, the financial position and the concerns on...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)