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.

Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?

China TCM (570.HK) - About the Profit Warning and the Valuation Outlook

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

China Healthcare Weekly (Dec.8) - TCM VBP Update, GLP-1's Good Story Broke, China TCM's Sudden Rally

Equity Capital Markets

Anjoy Foods Group   / Equity Capital Markets

<ul>
<li>From the characteristics of quick-frozen food industry, companies usually have low pricing power. Since barriers to entry and exit are low, in the long run, the profits will be meager.</li>
<li>Anjoy’s core business model is to develop the sinking market through distributors who have been operating for many years. Revenue growth shows an upward trend, but growth momentum is decreasing.</li>
<li>Anjoy is facing performance growth pressure in China market, as well as uncertainties in terms of internationalization. High valuation becomes sustainable only when Anjoy successfully enters international markets.</li>
</ul>


From the characteristics of quick-frozen food industry, companies usually have low pricing power. Since barriers to entry and exit are low, in the long run, the profits will be meager.
Anjoy’s core business model is to develop the sinking market through distributors who have been operating for many years. Revenue growth shows an upward trend, but growth momentum is decreasing.
Anjoy is facing performance growth pressure in China market, as well as uncertainties in terms of internationalization. High valuation becomes sustainable only when Anjoy successfully enters international markets.


Pre-IPO Anjoy Foods Group - Only Successful Internationalization Can Support High Valuation