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 Fangzhou Group - The Business and the Concerns

China Healthcare Weekly (Feb.24) - No. 1 Central Document, 8th National VBP, TCM Formula Granules

The Belt and Road Initiative – Investment Opportunities in China Healthcare

Jinxin Fertility Co Ltd (1951.HK) - The Outlook Is Not Optimistic Even with Policy Support

Aier Eye Hospital Group (300015.CH) - The Truth Behind the Mirage

Topchoice Medical (600763.CH) - The Logic Changes

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

Equity Bottom-Up

<ul>
<li>It’s necessary for investors to understand the “true secret” of Topchoice’s success, which is impossible to copy. This is also the core reason why we’re not optimistic about the company. </li>
<li>The profit margin decline of dental implant and orthodontics businesses is inevitable, not only due to centralized procurement, but also the fierce competition of private dental hospitals in price war.</li>
<li>Topchoice is now paying for its ambition to deviate from its main business. The overall performance in 2022 may not be optimistic. We think Topchoice’s good times are over.</li>
</ul>


It’s necessary for investors to understand the “true secret” of Topchoice’s success, which is impossible to copy. This is also the core reason why we’re not optimistic about the company. 
The profit margin decline of dental implant and orthodontics businesses is inevitable, not only due to centralized procurement, but also the fierce competition of private dental hospitals in price war.
Topchoice is now paying for its ambition to deviate from its main business. The overall performance in 2022 may not be optimistic. We think Topchoice’s good times are over.


Topchoice Medical (600763.CH) - The “True Secret” of Success and the Lost Luck