HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hangzhou Tongshifu Cultural and Creative Group / Equity Capital Markets

Hangzhou Tongshifu Cultural and Creative Group

<ul>
<li>Despite TONGSHIFU’s leading position through vertically integrated business model, the inherent limitations of the industry are obstacles for further expansion. Performance growth is clearly constrained by the overall market capacity.</li>
<li>The "double attack" market pattern makes it more difficult for TONGSHIFU to achieve breakthrough growth within the existing market. Outside of copper-based products, TONGSHIFU hasn’t found a second growth curve.</li>
<li>TONGSHIFU’s valuation should be lower than <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart</a>/<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold</a>/Bloks due to the big gap in growth potential/profitability/cashability. However, valuation could be higher than industry average due to leading market position.  </li>
</ul>


Despite TONGSHIFU’s leading position through vertically integrated business model, the inherent limitations of the industry are obstacles for further expansion. Performance growth is clearly constrained by the overall market capacity.
The "double attack" market pattern makes it more difficult for TONGSHIFU to achieve breakthrough growth within the existing market. Outside of copper-based products, TONGSHIFU hasn’t found a second growth curve.
TONGSHIFU’s valuation should be lower than Pop Mart/Laopu Gold/Bloks due to the big gap in growth potential/profitability/cashability. However, valuation could be higher than industry average due to leading market position.  


Pre-IPO Hangzhou Tongshifu Cultural and Creative Group - Potential for Future Growth Is Questionable

China

Hangzhou Tongshifu Cultural and Creative Group (TSF HK)

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Pre-IPO Hangzhou Tongshifu Cultural and Creative Group - Potential for Future Growth Is Questionable

​Despite TONGSHIFU's leading market position, market capacity constraints hinder further expansion. The lack of second growth curve makes future...

Xinyao (Criss) Wang

Despite TONGSHIFU's leading market position, market capacity constraints hinder further expansion. The lack of second growth curve makes future...