HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Shineway Pharmaceutical (2877HK)-Shineway Is Undervalued, but Downside Risk Is Hard to Control

Medlive Technology (2192.HK) 22H1- The Growth Logic/Business Model Is More Scrutinized by the Market

Pre-IPO MedSci Healthcare Holdings - The Investment Logic, the Business Analysis and the Risks

Beijing Tongrentang (600085.CH)- Neither Brand Nor Angong Niuhuang Pills Can Secure Future Prospects

China Traditional Chinese Medicine (570.HK) - Short-Term Performance Pressure Is Hard to Avoid

Zhangzhou Pientzehuang Pharmaceutical (600436CH) 22H1- 2022 Is Stressful but Shares Will Bounce Back

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Beijing Tong Ren Tang Chinese Medicine / Equity Bottom-Up

Beijing Tong Ren Tang Chinese Medicine (3613 HK)

<ul>
<li>Tong Ren Tang Chinese Medicine’s performance declined in 22H1 due to the pandemic, which led to the short supply of the core products and a serious setback of production/operation.</li>
<li>The recovery of the Company’s performance in 2022H2 depends not only on the alleviation of the pandemic, but also on the sustainability of the demand for non-rigid medical products.</li>
<li>In the long run, whether the overseas sales except those in Hong Kong and the Mainland can have breakthrough is the main supporting logic for raising the valuation.</li>
</ul>


Tong Ren Tang Chinese Medicine’s performance declined in 22H1 due to the pandemic, which led to the short supply of the core products and a serious setback of production/operation.
The recovery of the Company’s performance in 2022H2 depends not only on the alleviation of the pandemic, but also on the sustainability of the demand for non-rigid medical products.
In the long run, whether the overseas sales except those in Hong Kong and the Mainland can have breakthrough is the main supporting logic for raising the valuation.


Tong Ren Tang Technologies Co, Ltd. (1666 HK)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. (600436 CH)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

Beijing Tong Ren Tang Chinese Medicine (3613.HK) 22H1 - Performance Recovery in 22H2 Is Uncertain