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.

Sino Biopharmaceutical (1177.HK) 24H1 - The Concerns Behind the Performance Turnaround

Fu Shou Yuan (1448.HK) - The Business Model Has "Flaws"

Sino Biopharm (1177.HK) To Acquire Hob Biotech (688656.CH)- Time to Buy Hob and Sell Sino Biopharm?

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

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

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

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>According to the management, the performance of 24H1 should be better than that of 21H1, but Fu Shou Yuan's performance in 2024 full year may still fall short of expectations.</li>
<li>In the future, the development strategy of Fu Shou Yuan would rely more on endogenous growth. Without aggressive M&amp;A, long-term revenue growth rate could fall to single digit.</li>
<li>Special dividends will continue in the future. However, one major risk for Fu Shou Yuan is policy risk. The bottom line is the demand for the funeral industry always exists.</li>
</ul>


According to the management, the performance of 24H1 should be better than that of 21H1, but Fu Shou Yuan's performance in 2024 full year may still fall short of expectations.
In the future, the development strategy of Fu Shou Yuan would rely more on endogenous growth. Without aggressive M&amp;A, long-term revenue growth rate could fall to single digit.
Special dividends will continue in the future. However, one major risk for Fu Shou Yuan is policy risk. The bottom line is the demand for the funeral industry always exists.


Fu Shou Yuan (1448.HK) - Negative Growth in 24H1 Seems Inevitable