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.

Topsports International (6110.HK) - Has the Potential to Turn Things Around Despite the Headwinds

Topsports International: CCP's ZERO COVID Policy Has a Bigger Whopper Impact than Cheap Valuations

Policy Interpretation of 2022 National Medical Insurance (NRDL) Negotiation

Industry Report – Insights on China Surgical Robots Industry

China Healthcare Weekly (July.8)- CXO Outlook, 2022 NRDL Adjustment, Logic of Influenza Vaccine

Akeso Biopharma Placement (9926.HK) - The Concerns Behind and the Outlook

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

Equity Bottom-Up

Shanghai MicroPort MedBot Group / Equity Bottom-Up

Shanghai MicroPort MedBot Group (2252 HK)

<ul>
<li>To achieve massive sales expansion, surgical robots and consumables have to reduce price largely to enter NRDL reimbursement. This is at odds with expectations that they will generate high profits.</li>
<li>The actual market share gained and revenue generated by Medbot may fall far short of expectations, resulting in an inability to cover years of rapid growth in R&amp;D/selling/administrative expenses.</li>
<li>Due to uncertainties on commercialization and profitability outlook, Medbot lacks an “anchor” for valuation.The large fluctuation in share price would continue. Surgical robots are not a good business for now.</li>
</ul>


To achieve massive sales expansion, surgical robots and consumables have to reduce price largely to enter NRDL reimbursement. This is at odds with expectations that they will generate high profits.
The actual market share gained and revenue generated by Medbot may fall far short of expectations, resulting in an inability to cover years of rapid growth in R&amp;D/selling/administrative expenses.
Due to uncertainties on commercialization and profitability outlook, Medbot lacks an “anchor” for valuation.The large fluctuation in share price would continue. Surgical robots are not a good business for now.


MicroPort MedBot (2252.HK)- Lack an “anchor” for Valuation Due to Uncertainties in Commercialization