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 Healthcare Weekly (May.6)-FDA’s CRL on Junshi/HCM, Biotech Globalization, Significance of DRGs

Raffles Medical (RFMD SP) - Doubts About the Outlook Weigh on Bullish Sentiment

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

Pre-IPO Yunkang Group - Lack of New Growth Point

Pre-IPO Betters Medical Investment Holdings - The Industry, the Business and the Concerns

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

Equity Bottom-Up

Health And Happiness (H&H) / Equity Bottom-Up

<ul>
<li>H&amp;H is faced with multiple challenges. Internally, the performance is under pressure, with stagnating revenue, decreasing profits, cash flow shortage and bankruptcy risk.It's difficult for H&amp;H to turn things around.</li>
<li>Externally, factors such as the declining birth rate, lower demand, fierce competition in the infant formulas market, rising costs due to inflation, and economic slowdown worsen the Company's prospects.</li>
<li>Based on our 2022 forecast (14% or lower adjusted EBITDA margin,1%-2% or flat revenue growth), we do not think H&amp;H is a good investment. We are conservative about its outlook.</li>
</ul>


H&amp;H is faced with multiple challenges. Internally, the performance is under pressure, with stagnating revenue, decreasing profits, cash flow shortage and bankruptcy risk.It's difficult for H&amp;H to turn things around.
Externally, factors such as the declining birth rate, lower demand, fierce competition in the infant formulas market, rising costs due to inflation, and economic slowdown worsen the Company's prospects.
Based on our 2022 forecast (14% or lower adjusted EBITDA margin,1%-2% or flat revenue growth), we do not think H&amp;H is a good investment. We are conservative about its outlook.


Health And Happiness (H&H) (1112.HK) - High Bankruptcy Risk Together with Gloomy Prospects