HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Jinxin Eldercare Industry Group Limited / Equity Capital Markets

Jinxin Eldercare Industry Group Limited (JIE HK)

<ul>
<li>The upper limit of payments is mainly "pension + children's support". Although the industry ceiling is high, the profit ceiling is thin. The consistency of management/services is more difficult to guarantee.</li>
<li>Private hospitals usually achieve at least 10-15% net profit margin if their management and operation capabilities are good. However, Jinxin’s profit margin is low, which is a pain point.</li>
<li>Since Jinxin’s 20+% revenue growth for the next three years is still promising, we think valuation of Jinxin would be higher than Hygeia but lower than Aier.</li>
</ul>


The upper limit of payments is mainly "pension + children's support". Although the industry ceiling is high, the profit ceiling is thin. The consistency of management/services is more difficult to guarantee.
Private hospitals usually achieve at least 10-15% net profit margin if their management and operation capabilities are good. However, Jinxin’s profit margin is low, which is a pain point.
Since Jinxin’s 20+% revenue growth for the next three years is still promising, we think valuation of Jinxin would be higher than Hygeia but lower than Aier.


Pre-IPO Jinxin Eldercare Industry Group - The Business, the Concerns and the Outlook

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Pre-IPO Jinxin Eldercare Industry Group - The Business, the Concerns and the Outlook

Jinxin Eldercare faces profit margin challenges due to its asset-heavy model and upper limit of payments despite promising revenue growth,...

Xinyao (Criss) Wang