HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>TCMTech’s business model is directly targeted at industry pain points.The innovation point lies in using AI technology and offline clinics to break the time/space limitations of traditional TCM business model. </li>
<li>The current revenue scale is small. We have already seen a sharp decline of YoY revenue growth in 24Q1-Q3, thus raising questions about the sustainability of future growth momentum.</li>
<li>Considering Gushengtang's scale, business model, and the control of core renowned physician resources have been validated by the market, we think that TCMTech’s reasonable valuation should be lower than Gushengtang.</li>
</ul>


TCMTech’s business model is directly targeted at industry pain points.The innovation point lies in using AI technology and offline clinics to break the time/space limitations of traditional TCM business model. 
The current revenue scale is small. We have already seen a sharp decline of YoY revenue growth in 24Q1-Q3, thus raising questions about the sustainability of future growth momentum.
Considering Gushengtang's scale, business model, and the control of core renowned physician resources have been validated by the market, we think that TCMTech’s reasonable valuation should be lower than Gushengtang.


Pre-IPO TCMTech - The Business Model and the Outlook

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TCMTech (TCM HK)

Pre-IPO TCMTech - The Business Model and the Outlook

TCMTech’s business model and TCM Brain have advantages. However, we doubt whether TCMTech can still maintain such high revenue in the long run....

Xinyao (Criss) Wang

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