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 (Sep.15) - Anti-Corruption Turnaround? Vaccine Policy Changes, Kangtai Bio

China Healthcare Weekly (Sep.22) - Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

China Healthcare Weekly (Sep.29) - Be Rational About Biotech Investment, R&D Team Layoffs, Huadong

Pre-IPO Neusoft Xikang Holdings - The Business Model and the Concerns

Pre IPO Neusoft Xikang Healthcare Technology - Some Points Worth the Attention

Acotec Scientific (6669.HK) - Growth Is Expected to Continue, But Risks Behind Can't Be Ignored

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

Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd / Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd (0600187D CH)

Neusoft Xikang Healthcare Technology Co Ltd

<ul>
<li>Either from business model or investment logic, the key is to increase the revenue proportion of cloud hospital platform services. However, many restrictions have led to difficulties in nationwide expansion.</li>
<li>Overreliance on government projects and public hospitals makes it difficult to generate high profits. Xikang may continue to suffer loss in the future, and its profitability is worrying. </li>
<li>Based on our analysis, it could be difficult for Xikang to achieve good valuation performance in the future. we think its valuation should be lower than that of ClouDr.</li>
</ul>


Either from business model or investment logic, the key is to increase the revenue proportion of cloud hospital platform services. However, many restrictions have led to difficulties in nationwide expansion.
Overreliance on government projects and public hospitals makes it difficult to generate high profits. Xikang may continue to suffer loss in the future, and its profitability is worrying. 
Based on our analysis, it could be difficult for Xikang to achieve good valuation performance in the future. we think its valuation should be lower than that of ClouDr.


Ping An Healthcare and Technology (1833 HK)

Pre-IPO Neusoft Xikang (PHIP Updates) - Business Expansion and Profitability Remain in Doubt