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.

Will China TCM (570.HK) Be Incorporated into Taiji Group (600129.CH)? –If Yes, Valuation Will Double

Karuna Therapeutics Inc (KRTX.US) - This Company Is Worth Bristol Myers Squibb Paying a High Premium

China Healthcare Week (Mar.8) - GLP-1s, “Crowding Out Effect” in Healthcare, Microport's Trouble

Pfizer Inc (PFE US) - Continue to Lose Its Way in the Post-Pandemic Era

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China Healthcare Weekly (Dec.31)-New Medical Device Policy, AstraZeneca to Acquire Gracell, PD-1+ADC

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

Escalation of Israel-Hamas War - Here's How Investors Should Position Themselves in Dramatic Changes

Equity Capital Markets

Numans Health Food Holdings / Equity Capital Markets

<ul>
<li>Numans values light asset model, which helps reduce cost/expenditures, and thereby increase profits. However, such business model has flaws – no R&amp;D/production, only terminal sales/brand operation, no control over upstream.</li>
<li>Revenue growth of core business Algal oil DHA products declined.Numans attempts to change its monotonous product line and enter milk powder industry, but the results weren’t ideal. Numans suffered losses. </li>
<li>If Numans only plays the role of a "porter" of finished products from abroad and lacks core competitiveness/technological content, it will face multiple challenges to achieve sustained high performance growth.</li>
</ul>


Numans values light asset model, which helps reduce cost/expenditures, and thereby increase profits. However, such business model has flaws – no R&amp;D/production, only terminal sales/brand operation, no control over upstream.
Revenue growth of core business Algal oil DHA products declined.Numans attempts to change its monotonous product line and enter milk powder industry, but the results weren’t ideal. Numans suffered losses. 
If Numans only plays the role of a "porter" of finished products from abroad and lacks core competitiveness/technological content, it will face multiple challenges to achieve sustained high performance growth.


Pre-IPO Numans Health Food Holdings - Due to Flawed Business Model, Future Growth Is Uncertain