HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.</li>
<li>Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.</li>
<li>Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  </li>
</ul>


The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.
Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.
Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  


QingSong Health Corporation - Pain Points of the Business Model and the Outlook

Shanghai MediTrust Health Technology Group / Equity Capital Markets

Shanghai MediTrust Health Technology Group

<ul>
<li>The essence of MediTrust’s business model is building an ecosystem of "Internet/AI + drugs + medical services + insurance". The core competitiveness lies in the network effect of medical payments.</li>
<li>Smart Pharma Solution overly relies on pharmaceutical companies' promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.</li>
<li>Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Good Doctor</a>
</li>
</ul>


The essence of MediTrust’s business model is building an ecosystem of "Internet/AI + drugs + medical services + insurance". The core competitiveness lies in the network effect of medical payments.
Smart Pharma Solution overly relies on pharmaceutical companies' promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor



Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

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QingSong Health (QSH HK)

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

By connecting different stakeholders, QingSong can monetize user base. As revenue structure has undergone big changes, it may be hard to generate...

Xinyao (Criss) Wang

Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

MediTrust's business model focuses on building an ecosystem with core competitiveness in the network effect of medical payments.But the business...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

By connecting different stakeholders, QingSong can monetize user base. As revenue structure has undergone big changes, it may be hard to generate...

Xinyao (Criss) Wang

Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

​MediTrust's business model focuses on building an ecosystem with core competitiveness in the network effect of medical payments.But the business...

Xinyao (Criss) Wang

MediTrust's business model focuses on building an ecosystem with core competitiveness in the network effect of medical payments.But the business...