HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Beijing Yuanxin Technology Group - Conservative About the Outlook

Pre IPO Shukun Technology - Obvious Strength in Technology/Products but Commercialization Is the Key

Beijing Airdoc Technology (2251.HK) - Here Are the Concerns

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Equity Bottom-Up

Beijing Airdoc Technology / Equity Bottom-Up

<ul>
<li>Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.</li>
<li>Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc's revenue growth and margin could be significantly reduced in the coming years. </li>
<li>The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable. </li>
</ul>


Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.
Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc's revenue growth and margin could be significantly reduced in the coming years. 
The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable. 


Beijing Airdoc Technology (2251.HK) - Not Optimistic About Turning Loss into Profit