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

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

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

Pre-IPO Guming Holdings - The Current Market Position Is Not Secure

Pre-IPO Guming Holdings - Thoughts on Valuation

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

Equity Capital Markets

<ul>
<li>MIXUE invited experts to conduct calculations based on population data. The result is a maximum of 45,000 stores can be opened. So, MIXUE has reached the growth ceiling in China.</li>
<li>The pain point is since MIXUE’s growth depends significantly on its ability to expand store network, once the growth of franchised stores slows down, a performance decline would be inevitable.</li>
<li>Due to larger scale effect/stronger supply chains/higher net profit margin, MIXUE’s valuation should be higher than peers. Higher valuation depends on whether MIXUE is able to make breakthrough in internationalization.</li>
</ul>


MIXUE invited experts to conduct calculations based on population data. The result is a maximum of 45,000 stores can be opened. So, MIXUE has reached the growth ceiling in China.
The pain point is since MIXUE’s growth depends significantly on its ability to expand store network, once the growth of franchised stores slows down, a performance decline would be inevitable.
Due to larger scale effect/stronger supply chains/higher net profit margin, MIXUE’s valuation should be higher than peers. Higher valuation depends on whether MIXUE is able to make breakthrough in internationalization.


Sichuan Baicha Baidao Industrial (2555 HK)

Auntea Jenny (Shanghai) Industrial (AJI HK)

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

Mixue Group

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