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.

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

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

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

Wuxi Biologics Placement (2269 HK) - Things Are No Longer Easy When the Magic of CXO Wears Off

Ascentage Pharma (6855.HK) - May Not Survive "This Winter"

Aier Eye Hospital Group (300015.CH) - The Truth Behind the Mirage

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

Equity Capital Markets

New Horizon Health  / Equity Capital Markets

<ul>
<li>New Horizon Health (NHH) is different from when it was just listed. We also recognize the progress of NHH's financial performance. Obviously, NHH is one step closer to achieving breakeven. </li>
<li>Theoretically, the market space is very broad, but the actual market penetration rate depends on customer cognition/acceptance. If the market education isn’t well done, NHH would soon reach growth bottleneck.</li>
<li>It seems entering NRDL is inevitable in the future. We hope NHH would not make the high growth difficult to sustain, which largely determines the upper limit of its valuation.</li>
</ul>


New Horizon Health (NHH) is different from when it was just listed. We also recognize the progress of NHH's financial performance. Obviously, NHH is one step closer to achieving breakeven. 
Theoretically, the market space is very broad, but the actual market penetration rate depends on customer cognition/acceptance. If the market education isn’t well done, NHH would soon reach growth bottleneck.
It seems entering NRDL is inevitable in the future. We hope NHH would not make the high growth difficult to sustain, which largely determines the upper limit of its valuation.


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