HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Numans Health Food Holdings / Equity Capital Markets

<ul>
<li>Numans values light asset model, which helps reduce cost/expenditures, and thereby increase profits. However, such business model has flaws – no R&amp;D/production, only terminal sales/brand operation, no control over upstream.</li>
<li>Revenue growth of core business Algal oil DHA products declined.Numans attempts to change its monotonous product line and enter milk powder industry, but the results weren’t ideal. Numans suffered losses. </li>
<li>If Numans only plays the role of a "porter" of finished products from abroad and lacks core competitiveness/technological content, it will face multiple challenges to achieve sustained high performance growth.</li>
</ul>


Numans values light asset model, which helps reduce cost/expenditures, and thereby increase profits. However, such business model has flaws – no R&amp;D/production, only terminal sales/brand operation, no control over upstream.
Revenue growth of core business Algal oil DHA products declined.Numans attempts to change its monotonous product line and enter milk powder industry, but the results weren’t ideal. Numans suffered losses. 
If Numans only plays the role of a "porter" of finished products from abroad and lacks core competitiveness/technological content, it will face multiple challenges to achieve sustained high performance growth.


Pre-IPO Numans Health Food Holdings - Due to Flawed Business Model, Future Growth Is Uncertain

Numans Health Food Holdings (NHF HK)

Pre-IPO Numans Health Food Holdings - Due to Flawed Business Model, Future Growth Is Uncertain

Numans started a different business model, but in essence, it only plays the role of a "porter" and lacks core competitiveness. Faced with a...

Xinyao (Criss) Wang