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.

JD Health (6618.HK) 2022H1 - A Second Growth Point Is Needed to Reassure Investment Logic

Pre-IPO Dingdang Health Technology - The Future Looks Challenging

Ping An Good Doctor (1833.HK) - A Vicious Cycle?

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

Equity Bottom-Up

Dingdang Health Technology Gro / Equity Bottom-Up

<ul>
<li>Dingdang has formed a system integrating front-end consultation, self-built pharmacies and back-end distribution. The “heavy asset model” leads to large liabilities, negative equity balance, cash flow pressure and poor profitability.</li>
<li>Dingdang lacks core competitiveness in introducing customer flow or rapidly expanding user base. Together with fierce competition, the gap between the Company and JD Health/Alibaba Health will become bigger.</li>
<li>It’s difficult to achieve high profits based on the business model when break-even is barely achieved. Dingdang has it hard to successfully run through its ecosystem.We’re bearish on the outlook.</li>
</ul>


Dingdang has formed a system integrating front-end consultation, self-built pharmacies and back-end distribution. The “heavy asset model” leads to large liabilities, negative equity balance, cash flow pressure and poor profitability.
Dingdang lacks core competitiveness in introducing customer flow or rapidly expanding user base. Together with fierce competition, the gap between the Company and JD Health/Alibaba Health will become bigger.
It’s difficult to achieve high profits based on the business model when break-even is barely achieved. Dingdang has it hard to successfully run through its ecosystem.We’re bearish on the outlook.


Ping An Healthcare and Technology (1833 HK)

Yixintang Pharmaceutical Group (002727 CH)

DaShenLin Pharmaceutical Group (603233 CH)

Dingdang Health Technology (9886HK)-Business Model Face Test; Hard to Run the Ecosystem Successfully