HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Qdama International Holding / Equity Capital Markets

<ul>
<li>Qdama’s stepped discount strategy voluntarily gives up the premium space for the products. This low-profit model is difficult to be transformed into a sales advantage through scale expansion.</li>
<li>What the capital market is more concerned about is not the expansion speed, but the sustainability of the model, which will directly affect the valuation logic of Qdama after IPO.</li>
<li>Valuation of Qdama should be lower than MIXUE. Given its leading position but with growth facing limitations due to "flaws" in business model, P/E multiple may not be too high. </li>
</ul>


Qdama’s stepped discount strategy voluntarily gives up the premium space for the products. This low-profit model is difficult to be transformed into a sales advantage through scale expansion.
What the capital market is more concerned about is not the expansion speed, but the sustainability of the model, which will directly affect the valuation logic of Qdama after IPO.
Valuation of Qdama should be lower than MIXUE. Given its leading position but with growth facing limitations due to "flaws" in business model, P/E multiple may not be too high. 


Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

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Qdama International Holding (QIH HK)

Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

Qdama has faced a growth bottleneck. Its discount strategy/low-profit model won't be transformed into a sales advantage through scale expansion....

Xinyao (Criss) Wang

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52-week Range

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Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

​Qdama has faced a growth bottleneck. Its discount strategy/low-profit model won't be transformed into a sales advantage through scale expansion....

Xinyao (Criss) Wang

Qdama has faced a growth bottleneck. Its discount strategy/low-profit model won't be transformed into a sales advantage through scale expansion....