HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>HealthyWay cannot rely on drug/product sales to achieve rapid expansion of revenue scale because it hasn't huge user base accumulated on e-commerce platforms like Taobao/JD.com, leading to different business model.</li>
<li>Relying on Baidu's search engine to guide traffic could be worthless, because B-end users would not pay for the traffic that cannot provide added value.HealthyWay hasn't a strong cornerstone business. </li>
<li>HealthyWay’s valuation should be lower than that of ClouDr. Due to the lack of imagination space in business model, it would to some extent suppress the valuation growth of HealthyWay.</li>
</ul>


HealthyWay cannot rely on drug/product sales to achieve rapid expansion of revenue scale because it hasn't huge user base accumulated on e-commerce platforms like Taobao/JD.com, leading to different business model.
Relying on Baidu's search engine to guide traffic could be worthless, because B-end users would not pay for the traffic that cannot provide added value.HealthyWay hasn't a strong cornerstone business. 
HealthyWay’s valuation should be lower than that of ClouDr. Due to the lack of imagination space in business model, it would to some extent suppress the valuation growth of HealthyWay.


Pre-IPO HealthyWay - The Business Model Lacks Core Competitiveness

China

HealthyWay is an investment holding company operating a digital health and medical service platform in China. It provides corporate and digital marketing services, including content and IT services, alongside health and medical services such as medical support and pharmaceutical sales. The company was founded in 2001 and is headquartered in Fuzhou, China.

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HealthyWay (2587 HK)

Pre-IPO HealthyWay - The Business Model Lacks Core Competitiveness

HealthyWay's model is essentially an intermediary business.The seemingly abundant resources may not necessarily transform into substantial revenue...

Xinyao (Criss) Wang

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