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.

CARSgen Therapeutics (2171.HK) - Pain Points Have Not Been Effectively Resolved

Pre-IPO Shanghai Cell Therapy Group - Commercialization Prospects and Profitability Are Pessimistic

Pre-IPO Jiangxi Rimag Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Cutia Therapeutics (CUT HK) - Outlook Is Uncertain Due to Unique Pipeline Characteristics

New Horizon Health (6606.HK) - Far from Complete Reversal

New Horizon Health Placement (6606.HK) - Things Start to Get on Track, but There Are Still Concerns

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

Equity Bottom-Up

<ul>
<li>New Horizon Health (NHH) achieved high performance growth last year. However, we recommend investors take a calm and objective view of NHH's current high growth rate if they see the real story.</li>
<li>NHH’s dual attributes of medical+consumption means large growth potential/strong profitability. Thus, the real expectation for NHH is not just about achieving breakeven, but more about how to achieve high profitablity.</li>
<li>If market education level falls short of expectations in the future, it’s difficult for NHH to achieve expected scale/profit margin. There would be greater valuation downward risk at that time.</li>
</ul>


New Horizon Health (NHH) achieved high performance growth last year. However, we recommend investors take a calm and objective view of NHH's current high growth rate if they see the real story.
NHH’s dual attributes of medical+consumption means large growth potential/strong profitability. Thus, the real expectation for NHH is not just about achieving breakeven, but more about how to achieve high profitablity.
If market education level falls short of expectations in the future, it’s difficult for NHH to achieve expected scale/profit margin. There would be greater valuation downward risk at that time.


New Horizon Health (6606.HK) - What Makes a Really Good Story? Definitely Not Just Breakeven