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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cofoe Medical Technology (CFMT HK)

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...