HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Nanjing Perlove Medical Equipment / Equity Capital Markets

Nanjing Perlove Medical Equipment (PME HK)

<ul>
<li>Perlove’s strategy is high cost effectiveness to compete for market share. Although Perlove has achieved localization of some core components, detectors and algorithms of high-end equipment still rely on imports</li>
<li>Due to the lack of high-end product line layout, the positioning of mid-to-low end products makes it difficult for Perlove to obtain brand premium, thereby affecting profit margin performance. </li>
<li>Under the logic of import substitution, United Imaging and Wandong will benefit more than Perlove. Valuation of Perlove should be lower than United Imaging and Wandong. </li>
</ul>


Perlove’s strategy is high cost effectiveness to compete for market share. Although Perlove has achieved localization of some core components, detectors and algorithms of high-end equipment still rely on imports
Due to the lack of high-end product line layout, the positioning of mid-to-low end products makes it difficult for Perlove to obtain brand premium, thereby affecting profit margin performance. 
Under the logic of import substitution, United Imaging and Wandong will benefit more than Perlove. Valuation of Perlove should be lower than United Imaging and Wandong. 


Pre-IPO Nanjing Perlove Medical Equipment - Valuation Should Be Lower than Peers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.</li>
<li>Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.</li>
<li>I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.</li>
</ul>


Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.
Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.
I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.


Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Our United Corporation / Equity Capital Markets

<ul>
<li>OUR United’s business model is “high-end equipment sales + solution services”. The training system for domestically produced equipment is not yet fully mature, which limits large-scale promotion in hospitals.</li>
<li>OUR United’s products haven’t been widely recognized.Hospitals generally hold a cautious attitude towards domestic equipment, especially when it comes to complex cases, relying more on technological maturity of imported equipment. </li>
<li>After the final round of financing, the valuation of OUR United was RMB5.135 billion, which is expensive due to the slow revenue growth and the uncertainties in commercialization outlook.</li>
</ul>


OUR United’s business model is “high-end equipment sales + solution services”. The training system for domestically produced equipment is not yet fully mature, which limits large-scale promotion in hospitals.
OUR United’s products haven’t been widely recognized.Hospitals generally hold a cautious attitude towards domestic equipment, especially when it comes to complex cases, relying more on technological maturity of imported equipment. 
After the final round of financing, the valuation of OUR United was RMB5.135 billion, which is expensive due to the slow revenue growth and the uncertainties in commercialization outlook.


Pre-IPO Our United Corporation - The Business and the Concerns Behind

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bestechnic (Shanghai), Csi Solar, Biwin Storage Technology, Transsion, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bestechnic (Shanghai), Csi Solar, Biwin Storage Technology, Transsion, Xinjiang Daqo.


STAR50 Index Earning Revision (Jun): Bestechnic, Csi Solar, Biwin Storage Technology

<ul>
<li>Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  </li>
<li>The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.</li>
<li>Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  </li>
</ul>


Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  
The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  


Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

Shanghai United Imaging Health (688271 CH)

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Shanghai United Imaging Health (688271 CH)

Pre-IPO Nanjing Perlove Medical Equipment - Valuation Should Be Lower than Peers

Perlove focuses on cost effectiveness but struggles with high-end product R&D, impacting brand premium/profit margins compared to peers, who will...

Xinyao (Criss) Wang

Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

Andrei Zakharov

Pre-IPO Our United Corporation - The Business and the Concerns Behind

OUR United faces challenges in promoting its equipment sales due to the lack of mature training system/recognition.Pre-IPO valuation is expensive...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Jun): Bestechnic, Csi Solar, Biwin Storage Technology

We analyzed STAR50's consensus for Jun 2025 and highlighted changes of EPS in Bestechnic (Shanghai), Csi Solar, Biwin Storage Technology,...

Ke Yan, CFA, FRM

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Saint Bella is ready to complete its IPO in Hong Kong. In my insight, I discuss valuation scenarios, comps groups and key highlights of the Global...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Nanjing Perlove Medical Equipment - Valuation Should Be Lower than Peers

​Perlove focuses on cost effectiveness but struggles with high-end product R&D, impacting brand premium/profit margins compared to peers, who will...

Xinyao (Criss) Wang

Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

​Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

Andrei Zakharov

Pre-IPO Our United Corporation - The Business and the Concerns Behind

​OUR United faces challenges in promoting its equipment sales due to the lack of mature training system/recognition.Pre-IPO valuation is expensive...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Jun): Bestechnic, Csi Solar, Biwin Storage Technology

We analyzed STAR50's consensus for Jun 2025 and highlighted changes of EPS in Bestechnic (Shanghai), Csi Solar, Biwin Storage Technology,...

Ke Yan, CFA, FRM

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Saint Bella is ready to complete its IPO in Hong Kong. In my insight, I discuss valuation scenarios, comps groups and key highlights of the Global...

Andrei Zakharov

Perlove focuses on cost effectiveness but struggles with high-end product R&D, impacting brand premium/profit margins compared to peers, who will...

Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

OUR United faces challenges in promoting its equipment sales due to the lack of mature training system/recognition.Pre-IPO valuation is expensive...