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.

Fu Shou Yuan (1448.HK) - The Business Model Has "Flaws"

Fu Shou Yuan (1448.HK) - Investment Strategy May Need to Be Adjusted

Fu Shou Yuan (1448 HK) - The Special Dividend Beat Expectations, but Concerns Remain

Equity Bottom-Up

<ul>
<li>Fu Shou Yuan had a sharp decline in performance in 2024. The performance in recent years has often missed management guidance, which makes us question the integrity of management.</li>
<li>The “crisis” of Fu Shou Yuan has evolved from a short-term headwind to the failure of its long-term business model. Good dividends cannot conceal the problem of gloomy outlook.</li>
<li>Valuation logic is undergoing a transformation - from a leading company with "high growth/stable cash flow" to a struggling company with "weak growth/questionable profit model". 2025 performance may remain lower-than-expected.</li>
</ul>


Fu Shou Yuan had a sharp decline in performance in 2024. The performance in recent years has often missed management guidance, which makes us question the integrity of management.
The “crisis” of Fu Shou Yuan has evolved from a short-term headwind to the failure of its long-term business model. Good dividends cannot conceal the problem of gloomy outlook.
Valuation logic is undergoing a transformation - from a leading company with "high growth/stable cash flow" to a struggling company with "weak growth/questionable profit model". 2025 performance may remain lower-than-expected.


Fu Shou Yuan (1448.HK) - 2025 Outlook May Remain Sluggish Despite the Ugly 2024 Results