HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sainte Nutritional / Equity Capital Markets

<ul>
<li>Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it's not enough to offset the decline in demand caused by the decrease in newborns.</li>
<li>Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.</li>
<li>Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.</li>
</ul>


Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it's not enough to offset the decline in demand caused by the decrease in newborns.
Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.
Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.


Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

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Sainte Nutritional (SN HK)

Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

The decline in newborns is impacting the demand for allergy prevention products. Non-infant FSMP market is challenging due to lack of...

Xinyao (Criss) Wang

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