HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.</li>
<li>The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.</li>
<li>Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax.</a>
</li>
</ul>


Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.
The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.
Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as Mao Geping, Chicmax.



Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

Global Healthcare Analyst

Tina Banerjee

Forest Cabin Cosmetics / Equity Capital Markets

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Chando Global Holding / Equity Capital Markets

<ul>
<li>Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.</li>
<li>Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity</li>
<li>Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene</a>, <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax </a>in Hong Kong market. </li>
</ul>


Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.
Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity
Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as Giant Biogene, Mao Geping, Chicmax in Hong Kong market. 


Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping Cosmetics (1318 HK)</a> raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.


Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

<ul>
<li>FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.</li>
<li>Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.</li>
<li>Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.</li>
</ul>


FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.
Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.
Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.


Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

China

Guangdong Marubi Biotechnology Co., Ltd. manufactures cosmetics products. The Company produces water creams, clean creams, masks, eye creams, and other products. Guangdong Marubi Biotechnology markets its products throughout China.

Guangdong Marubi Biotechnology (603983 CH)

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Guangdong Marubi Biotechnology (603983 CH)

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

Forest Cabin's leading position in camellia oil market could be challenged by high operating costs and potential economic downturn, impacting...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

​PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

​Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Pre-IPO Chando Global Holding - Low Growth and Profitability Are Pain Points

​CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Xinyao (Criss) Wang

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

​Forest Cabin's leading position in camellia oil market could be challenged by high operating costs and potential economic downturn, impacting...

Xinyao (Criss) Wang

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

CHANDO's slow revenue growth and low profit margin suggest lower valuation compared to peers in the Hong Kong market. CHANDO’s profit model is not...

Forest Cabin's leading position in camellia oil market could be challenged by high operating costs and potential economic downturn, impacting...