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 Elpiscience Biopharmaceuticals - Will Investors Still Buy in These Stories?

Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

Pre-IPO TYK Medicines (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Mao Geping Cosmetics - Potential Risks Behind High Gross Margins

Hygeia Healthcare Group (6078.HK) - High Growth in 2024 Is Not Guaranteed

Hygeia Healthcare Group (6078.HK) - The Crack in the Egg

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

Akeso Biopharma Placement (9926.HK) - Would Investors Be Willing to Take a Gamble?

Equity Capital Markets

Bayzed Health Group / Equity Capital Markets

<ul>
<li>Bayzed's business model is similar to that of Hygeia and Inkon Life Technology. However, Bayzed’s profit margin is largely lagging behind peers. This makes us concerned about its future profitability.</li>
<li>The nationwide expansion of oncology hospitals is very challenging. Bayzed’s expansion pace may not be as fast as expected if it hopes to control the quality of expansion.</li>
<li>Due to “heavy asset” model, Bayzed would continue to face capital pressure.The latest valuation of Bayzed in 2023 is RMB2.625 billion. We think Bayzed’s valuation should be lower than peers.</li>
</ul>


Bayzed's business model is similar to that of Hygeia and Inkon Life Technology. However, Bayzed’s profit margin is largely lagging behind peers. This makes us concerned about its future profitability.
The nationwide expansion of oncology hospitals is very challenging. Bayzed’s expansion pace may not be as fast as expected if it hopes to control the quality of expansion.
Due to “heavy asset” model, Bayzed would continue to face capital pressure.The latest valuation of Bayzed in 2023 is RMB2.625 billion. We think Bayzed’s valuation should be lower than peers.


Pre-IPO Bayzed Health Group - Here Are the Concerns and Potential Risks