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.

China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

Pre-IPO MIXUE Group (2097.HK) - The IPO Is Attractively Priced

Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

Pre-IPO Guming Holdings - Thoughts on Valuation

Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

Pre-IPO Guming Holdings (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

<ul>
<li>MIXUE’s supply chain advantages and economies of scale remain ahead of peers. This creates a unique barrier. When peers engage in price wars, MIXUE can still gain greater cost advantages.</li>
<li>MIXUE’s performance growth depends significantly on its ability to expand franchised store network. But MIXUE may have reached the growth ceiling in China market based on its current expansion speed.</li>
<li>The market prefers the franchise models. Despite declining growth rate in the whole industry, MIXUE’s valuation should still be higher than peers - e.g. P/E of 17-20x is comfortable range.</li>
</ul>


MIXUE’s supply chain advantages and economies of scale remain ahead of peers. This creates a unique barrier. When peers engage in price wars, MIXUE can still gain greater cost advantages.
MIXUE’s performance growth depends significantly on its ability to expand franchised store network. But MIXUE may have reached the growth ceiling in China market based on its current expansion speed.
The market prefers the franchise models. Despite declining growth rate in the whole industry, MIXUE’s valuation should still be higher than peers - e.g. P/E of 17-20x is comfortable range.


Sichuan Baicha Baidao Industrial (2555 HK)

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

Mixue Group

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