HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Angelalign Technology  / Equity Bottom-Up

The IPO of <a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (6699 HK)</a> was obviously very successful, with the share price hitting an all-time high of HK$490/share in June 2021. However, in the following months, Angelalign’s share price continued to fall and was closed at HK$318.8/share on Oct. 25, down about 35%. On the other hand, Angelalign released it 2021 interim report. The revenue in 2021/1H was RMB571 million, up 85.0% YoY, and the net profit was RMB95.7 million, up 55.8% YoY, indicating good growth momentum. This insight mainly analyzed some points about the business and the concerns that worth investors’ attention.

The IPO of Angelalign Technology (6699 HK) was obviously very successful, with the share price hitting an all-time high of HK$490/share in June 2021. However, in the following months, Angelalign’s share price continued to fall and was closed at HK$318.8/share on Oct. 25, down about 35%. On the other hand, Angelalign released it 2021 interim report. The revenue in 2021/1H was RMB571 million, up 85.0% YoY, and the net profit was RMB95.7 million, up 55.8% YoY, indicating good growth momentum. This insight mainly analyzed some points about the business and the concerns that worth investors’ attention.

Angelalign Technology (6699.HK) - Some Points Worth the Attention

Aier Eye Hospital Group / Equity Bottom-Up

In August, <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group (300015 CH)</a> released its 2021 interim report. The revenue was RMB7.348 billion, up 76.47% YoY. Net profit attributed to shareholders was RMB1.116 billion, up 65.03% YoY. Net profit after deducting non-recurring gains and losses was RMB1.227 billion, up 111.92% YoY. The Company maintained high growth momentum. However, Aier’s share price was closed at RMB51.88/share on September 24, which was down about 28% from its all-time high of RMB72/share in February this year. This insight mainly analyzed the performance in 2021/1H and the concerns of the Company.

In August, Aier Eye Hospital Group (300015 CH) released its 2021 interim report. The revenue was RMB7.348 billion, up 76.47% YoY. Net profit attributed to shareholders was RMB1.116 billion, up 65.03% YoY. Net profit after deducting non-recurring gains and losses was RMB1.227 billion, up 111.92% YoY. The Company maintained high growth momentum. However, Aier’s share price was closed at RMB51.88/share on September 24, which was down about 28% from its all-time high of RMB72/share in February this year. This insight mainly analyzed the performance in 2021/1H and the concerns of the Company.

Aier Eye Hospital Group (300015.CH) - The Concerns Behind the High Growth Momentum

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The recent centralized procurement on spring coil in Hebei province could be a warning to the relevant enterprises.</li>
<li>The NHSA pointed out that it will explore feasible ways to include dental items into the payment scope of commercial insurance.</li>
<li>We expect to see AI deeply integrated into the new drug development process and revolutionize the industry in the future.</li>
</ul>Company news:News about the updated progress on new drugs and cooperation agreement of <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> and <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>. Market review:Last week, stock price for healthcare sector in A share increased 3.74%, while CSI 300 decreased 0.37% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The recent centralized procurement on spring coil in Hebei province could be a warning to the relevant enterprises.
The NHSA pointed out that it will explore feasible ways to include dental items into the payment scope of commercial insurance.
We expect to see AI deeply integrated into the new drug development process and revolutionize the industry in the future.
Company news:News about the updated progress on new drugs and cooperation agreement of Akeso Biopharma Inc (9926 HK), CSPC Pharmaceutical Group (1093 HK) and Everest Medicines (1952 HK). Market review:Last week, stock price for healthcare sector in A share increased 3.74%, while CSI 300 decreased 0.37% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly (Sep.24) - VBP on Neuro-Intervention, Payment System Changes, AI in Drug R&D

Equity Capital Markets

In recent years, with the steady improvement of residents' consumption level, people's attention to dental care is also increasing, which promotes the rapid development of private dental clinics in China. On July 1, 2021, <a href="https://www.smartkarma.com/entities/arrail-group-limited" target="_blank" data-smartkarma-citation="entities:33794:1" rel="noopener">Arrail Group (ARR HK)</a>, the largest premium private dental services provider in China, formally submitted its IPO prospectus to the HKEX, aiming to list on the main board. However, if look closely, Arrail is actually facing many challenges, and its outlook may not be optimistic. This insight mainly analyzed the concerns of the Company that worth the investors’ attention.

In recent years, with the steady improvement of residents' consumption level, people's attention to dental care is also increasing, which promotes the rapid development of private dental clinics in China. On July 1, 2021, Arrail Group (ARR HK), the largest premium private dental services provider in China, formally submitted its IPO prospectus to the HKEX, aiming to list on the main board. However, if look closely, Arrail is actually facing many challenges, and its outlook may not be optimistic. This insight mainly analyzed the concerns of the Company that worth the investors’ attention. 

Pre-IPO Arrail Group - The Outlook May Not Be Optimistic

Hygeia Healthcare Group / Equity Bottom-Up

Recently, <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 HK)</a> released its 2021/1H financial report. The revenue increased by 47.4% to RMB931.7 million, and the net profit increased by 8,450.0% to RMB205.2 million. The non-IFRS adjusted net profit increased by 53.1% to RMB205.2 million. It can be seen that, as the number of patient visits and the average spending per outpatient and inpatient visit continued to increase, Hygeia maintained its strong growth momentum. This insight mainly analyzed the business, doctor resources and outlook of the Company.

Recently, Hygeia Healthcare Group (6078 HK) released its 2021/1H financial report. The revenue increased by 47.4% to RMB931.7 million, and the net profit increased by 8,450.0% to RMB205.2 million. The non-IFRS adjusted net profit increased by 53.1% to RMB205.2 million. It can be seen that, as the number of patient visits and the average spending per outpatient and inpatient visit continued to increase, Hygeia maintained its strong growth momentum. This insight mainly analyzed the business, doctor resources and outlook of the Company.

Hygeia Healthcare (6078.HK) 2021H1 - Efficient Expansion and Management Support the Positive Outlook

China

Topchoice Medical Investment Corporation provides dental and oral health care services.

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Topchoice Medical (600763 CH)

Angelalign Technology (6699.HK) - Some Points Worth the Attention

This article analyzed Angelalign in terms of some points about business and concerns, such as fierce competition, product positioning,...

Xinyao (Criss) Wang

Aier Eye Hospital Group (300015.CH) - The Concerns Behind the High Growth Momentum

The article mainly analyzed Aier Eye Hospital in terms of its performance in 2021/1H and the concerns such as high acquisition premium, high...

Xinyao (Criss) Wang

China Healthcare Weekly (Sep.24) - VBP on Neuro-Intervention, Payment System Changes, AI in Drug R&D

This article analyzed the centralized procurement on spring coil in Hebei province, commercial insurance coverage for dental items, AI in new drug...

Xinyao (Criss) Wang

Pre-IPO Arrail Group - The Outlook May Not Be Optimistic

The article mainly analyzed Arrail in terms of the concerns on margins, liquidity, talent system, valuation adjustment mechanism, expansion...

Xinyao (Criss) Wang

Hygeia Healthcare (6078.HK) 2021H1 - Efficient Expansion and Management Support the Positive Outlook

This article analyzed Hygeia in terms of its 2021/1H financial result, the management mode, talent cultivation, new policy on professional title...

Xinyao (Criss) Wang

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