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.

Micro-Tech Nanjing (688029.CH) - Potential for Reversals Despite Short-Term Pressure on Performance

China Healthcare Weekly (July.29)-Subsidy for VBP, Unpredictable NMPA, Ways for Internationalization

Sinopharm Group (1099.HK) - Industry Trends Hardly Support High Valuation Expectations

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

Pre-IPO Best Wellness Innovation Group - Here Are the Concerns

2022H2 China Healthcare Investment Strategy and Top Picks

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

Equity Bottom-Up

China Resources Medical / Equity Bottom-Up

<ul>
<li>China Resources Medical has more advantages than ordinary private medical institutions in terms of its State-owned Key Enterprises background, delicacy management, cost reduction and efficiency increase, resources/talents, industrial chain layout.</li>
<li>However, due to the policy environment, China Resources Medical just represents “a small area of relatively little risk in a large area that is clearly risky”. </li>
<li>General hospitals have poor business model and profitability. Despite its strength, we are conservative about the outlook of China Resources Medical, which is difficult to achieve a higher valuation.</li>
</ul>


China Resources Medical has more advantages than ordinary private medical institutions in terms of its State-owned Key Enterprises background, delicacy management, cost reduction and efficiency increase, resources/talents, industrial chain layout.
However, due to the policy environment, China Resources Medical just represents “a small area of relatively little risk in a large area that is clearly risky”. 
General hospitals have poor business model and profitability. Despite its strength, we are conservative about the outlook of China Resources Medical, which is difficult to achieve a higher valuation.


China Resources Medical - Hard to Earn High Profits Due to Poor Business Model and Policy Risk