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 Cali Biosciences - The Industry, the Business and the Concerns

China Healthcare Weekly (Aug.5) - HK IPO, Innovent, BeiGene, the Largest IVD Centralized Procurement

Will the Approval of Genuine Biotech's COVID-19 Oral Drug Change China's Zero-COVID Policy?

Pre-IPO Best Wellness Innovation Group - Here Are the Concerns

2022H2 China Healthcare Investment Strategy and Top Picks

Pre-IPO Lepu Medical Technology - Lepu Is in a Difficult Position and Turning It Around Takes Time

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

Equity Capital Markets

Shanghai Chicmax Cosmetic / Equity Capital Markets

<ul>
<li>Although adopting a multi-brand strategy, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Shanghai Chicmax Cosmetic (CMC HK)</a>’s revenue mainly came from three brands, namely KANS, One Leaf and Baby Elephant, with no blockbuster brands afterwards. </li>
<li>Chicmax emphasizes marketing/promotion over R&amp;D, which has dragged down net profit margin despite solid revenues and gross profit margins. Product quality problem is also a concern.</li>
<li>We hope that Chicmax can increase R&amp;D investment and strengthen product innovation and quality control, so as to gain more consumer loyalty and trust, especially in high-end market. </li>
</ul>


Although adopting a multi-brand strategy, Shanghai Chicmax Cosmetic (CMC HK)’s revenue mainly came from three brands, namely KANS, One Leaf and Baby Elephant, with no blockbuster brands afterwards. 
Chicmax emphasizes marketing/promotion over R&amp;D, which has dragged down net profit margin despite solid revenues and gross profit margins. Product quality problem is also a concern.
We hope that Chicmax can increase R&amp;D investment and strengthen product innovation and quality control, so as to gain more consumer loyalty and trust, especially in high-end market. 


Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. (600436 CH)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

Guangzhou Baiyunshan Pharmaceu (600332 CH)

Guangdong Marubi Biotechnology (603983 CH)

Pre-IPO Shanghai Chicmax Cosmetic - The Current Development Strategy Will Not Go Far