HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Xiamen Yan Palace Bioengineering / Equity Capital Markets

<ul>
<li>From 2020 to 2022, Yan Palace has spent RMB831 million on advertising and promotion, while total net profit of the Company during the same period was only about RMB500 million.</li>
<li>OneNest is the main product with the highest gross margin, which is driven by price increase strategy.However, raising price may not work. Revenue growth in 2023H2/2024 could further slow down.</li>
<li>The question is are investors really satisfied with such low-margin business for a company with strong consumption attributes? Valuation of Yan Palace should be lower than <a href="https://www.smartkarma.com/entities/dong-e-e-jiaoco-ltd-a" target="_blank" data-smartkarma-citation="entities:8470:1" rel="noopener">Dong E E Jiao</a>.</li>
</ul>


From 2020 to 2022, Yan Palace has spent RMB831 million on advertising and promotion, while total net profit of the Company during the same period was only about RMB500 million.
OneNest is the main product with the highest gross margin, which is driven by price increase strategy.However, raising price may not work. Revenue growth in 2023H2/2024 could further slow down.
The question is are investors really satisfied with such low-margin business for a company with strong consumption attributes? Valuation of Yan Palace should be lower than Dong E E Jiao.


Pre-IPO Xiamen Yan Palace Bioengineering (PHIP Updates) - Some Points Worth the Attention

JBM Healthcare Ltd / Equity Capital Markets

<p>In 2020Q3, <a href="https://www.smartkarma.com/entities/jbm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:31085:1" rel="noopener">JBM Healthcare Ltd (1817825D HK)</a> applied to the Hong Kong Stock Exchange for a main board listing. JBM is a healthcare company headquartered in Hong Kong and a subsidiary of <a href="https://www.smartkarma.com/entities/jacobson-pharma" target="_blank" data-smartkarma-citation="entities:23579:1" rel="noopener">Jacobson Pharma (2633 HK)</a>. It is worth mentioning that another similar company, Tycoon Group (3390 HK) went public in 2020/1H. An indirect wholly-owned subsidiary of Jacobson participated in the HK$80m share subscription as a cornerstone investor. However, both Jacobson, which went public in 2016, and Tycoon Group, which went public in 2020, showed a volatile downward trend in the share price and didn’t perform well. This may be related to the limited growth potential in the industry, the lack of attractiveness, and the mediocre companies’ fundamentals. So could JBM break the ice?</p>

In 2020Q3, JBM Healthcare Ltd (1817825D HK) applied to the Hong Kong Stock Exchange for a main board listing. JBM is a healthcare company headquartered in Hong Kong and a subsidiary of Jacobson Pharma (2633 HK). It is worth mentioning that another similar company, Tycoon Group (3390 HK) went public in 2020/1H. An indirect wholly-owned subsidiary of Jacobson participated in the HK$80m share subscription as a cornerstone investor. However, both Jacobson, which went public in 2016, and Tycoon Group, which went public in 2020, showed a volatile downward trend in the share price and didn’t perform well. This may be related to the limited growth potential in the industry, the lack of attractiveness, and the mediocre companies’ fundamentals. So could JBM break the ice?

Pre-IPO JBM Healthcare Ltd. - Could JBM Break the Ice?

Hong Kong

JBM (Healthcare) Limited provides health care testing services. The Company serves customers in the Cayman Islands.

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

JBM Healthcare Ltd (1817825D HK)

Pre-IPO Xiamen Yan Palace Bioengineering (PHIP Updates) - Some Points Worth the Attention

As Yan palace's revenue growth further declines, effectiveness of marketing activities has already decrease. Huge selling expenses erode profit...

Xinyao (Criss) Wang

Pre-IPO JBM Healthcare Ltd. - Could JBM Break the Ice?

This article analyzed JBM Healthcare from the prospective of market potential, supplier concentration, and financial position, and summarized the...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)