HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.</li>
<li>Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.</li>
<li>The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than <a href="https://www.smartkarma.com/entities/winner-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:35839:1" rel="noopener">Winner Medical</a>.</li>
</ul>


The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.
Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.
The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than Winner Medical.


Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

China

Cofoe Medical Technology Co.,Ltd. manufactures and distributes medical equipment. The Company produces health monitoring equipment, rehabilitation aid equipment, medical care equipment, medicine physiotherapy equipment, respiratory support equipment, and others. Cofoe Medical Technology also produces daily necessities, electronics, hygiene products, cosmetics, and other products.

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Cofoe Medical Technology Lt (301087 CH)

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

​Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...