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.

Pre-IPO Mao Geping Cosmetics - Potential Risks Behind High Gross Margins

Pre-IPO Mokingran Jewellery Group - Disappointing Profit Margin and Potential Risk in Business Model

Pre-IPO Midea Group H Share - Even in the Face of Challenges, There Is Still Investment Value

China Funeral Industry - Investment Opportunity with Both Alpha and Beta Superposition

WuXi AppTec (2359.HK/603259.CH) 2023 Results - Time to Prepare for the Worst

Fu Shou Yuan (1448.HK) - Magic Is About to Disappear, but Is Still Undervalued

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

Escalation of Israel-Hamas War - Here's How Investors Should Position Themselves in Dramatic Changes

Equity Bottom-Up

<ul>
<li>Fu Shou Yuan’s 2023 performance was indeed not good, with negative growth in 23H2.Shanghai alone has limited market capacity.No matter how strong it is, it cannot drive the national market.</li>
<li>Fu Shou Yuan has encountered difficulties in external expansion and M&amp;A, so it chooses to increase dividends. However, this means the Company may have to say goodbye to high growth.</li>
<li>The founder's “past bad record” and uncertain business outlook hinder the upward potential of valuation, which requires a high margin of safety.It’s better bought at low price to collect dividends.</li>
</ul>


Fu Shou Yuan’s 2023 performance was indeed not good, with negative growth in 23H2.Shanghai alone has limited market capacity.No matter how strong it is, it cannot drive the national market.
Fu Shou Yuan has encountered difficulties in external expansion and M&amp;A, so it chooses to increase dividends. However, this means the Company may have to say goodbye to high growth.
The founder's “past bad record” and uncertain business outlook hinder the upward potential of valuation, which requires a high margin of safety.It’s better bought at low price to collect dividends.


Fu Shou Yuan (1448.HK) - Due to the Pain Points, Investment Logic Changes