HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Anhui Huaheng Biotechnology / Equity Capital Markets

<ul>
<li>The "tryptophan + valine" combination solution launched by Huaheng can replace 10%-15% of soybean meal usage, which will help open up a market space of hundreds of billions of yuan </li>
<li>The decline in ASP and cost pressure make the recovery of gross margin uncertain in short term. Our forecast is revenue to up 20% YoY in 2025 to reach RMB2.6bn.</li>
<li>Valuation of Huaheng should be higher than <a href="https://www.smartkarma.com/entities/meihua-holdings-group-co-a" target="_blank" data-smartkarma-citation="entities:13317:1" rel="noopener">Meihua</a>, but could be lower than leading synthetic biology companies such as <a href="https://www.smartkarma.com/entities/cathay-biotech-inc" target="_blank" data-smartkarma-citation="entities:32184:1" rel="noopener">Cathay </a>and Bloomage due to uncertainties on its future growth outlook.</li>
</ul>


The "tryptophan + valine" combination solution launched by Huaheng can replace 10%-15% of soybean meal usage, which will help open up a market space of hundreds of billions of yuan 
The decline in ASP and cost pressure make the recovery of gross margin uncertain in short term. Our forecast is revenue to up 20% YoY in 2025 to reach RMB2.6bn.
Valuation of Huaheng should be higher than Meihua, but could be lower than leading synthetic biology companies such as Cathay and Bloomage due to uncertainties on its future growth outlook.


Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

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<ul><li>In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13</li><li>Ten years after motorcycle enthusiast Li Xiaoli (not his real name) spent nearly 200,000 yuan ($29,614) to import a Triumph Scrambler 900, the British-built retro road bike had already been condemned to the scrapheap.</li><li>At least according to Chinese law.</li></ul>

In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13Ten years after motorcycle enthusiast Li Xiaoli (not his real name) spent nearly 200,000 yuan ($29,614) to import a Triumph Scrambler 900, the British-built retro road bike had already been condemned to the scrapheap.At least according to Chinese law.

CX Daily: China’s Motorcycles Have Outrun Law That Scraps Them at 13 

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Anhui Huaheng Biotechnology (AHB HK)

Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

Huaheng's innovative solution opens up a market worth billions.Short-term margin is uncertain due to ASP decline. Valuation may be lower than top...

Xinyao (Criss) Wang

CX Daily: China’s Motorcycles Have Outrun Law That Scraps Them at 13

TOP STORIES In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13 Ten years after motorcycle enthusiast Li Xiaoli (not his real...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

​Huaheng's innovative solution opens up a market worth billions.Short-term margin is uncertain due to ASP decline. Valuation may be lower than top...

Xinyao (Criss) Wang

CX Daily: China’s Motorcycles Have Outrun Law That Scraps Them at 13

TOP STORIES In Depth: China’s Motorcycles Have Outrun Law That Scraps Them at 13 Ten years after motorcycle enthusiast Li Xiaoli (not his real...

Caixin Global

Huaheng's innovative solution opens up a market worth billions.Short-term margin is uncertain due to ASP decline. Valuation may be lower than top...