HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Ziyond Pharmaceutical / Equity Capital Markets

<ul>
<li>The core characteristics of Ziyond’s business model is "wide product coverage, online channelization, marketing-driven growth".But the market size of specific segment where the core product is located is not large</li>
<li>Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&amp;D investment, and intensified market competition. Ziyond's profitability has not yet stabilized.</li>
<li>Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.</li>
</ul>


The core characteristics of Ziyond’s business model is "wide product coverage, online channelization, marketing-driven growth".But the market size of specific segment where the core product is located is not large
Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&amp;D investment, and intensified market competition. Ziyond's profitability has not yet stabilized.
Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.


Pre-IPO Ziyond Pharmaceutical - Profitability Has Not yet Stabilized

Hong Kong

Ziyond Pharmaceutical Co., Ltd. is a specialized topical dermatology pharmaceutical company in China, offering category-leading products across multiple therapeutic areas. The company is seeking a primary listing on HKEX to fund the expansion of its product portfolio, manufacturing, and market influence.

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Ziyond Pharmaceutical (ZYND HK)

Pre-IPO Ziyond Pharmaceutical - Profitability Has Not yet Stabilized

Ziyond's business model focus on wide product coverage and online growth, but face challenges due to market size and profitability concerns.Based...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Ziyond Pharmaceutical - Profitability Has Not yet Stabilized

​Ziyond's business model focus on wide product coverage and online growth, but face challenges due to market size and profitability concerns.Based...

Xinyao (Criss) Wang

Ziyond's business model focus on wide product coverage and online growth, but face challenges due to market size and profitability concerns.Based...