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.

China Healtchare Weely (Mar.16) - 2025 VBP Instructions, GLP-1s Cooling Down, Zai Lab's Headwinds

Pre-IPO Chagee Holdings - The Business Model, the Concerns Behind and Valuation Outlook

Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO MIXUE Group (2097.HK) - The IPO Is Attractively Priced

Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

Equity Capital Markets

<ul>
<li>MIXUE's IPO debut was stellar. the IPO pricing of HK$202.5/share was indeed conservative. MIXUE is able to obtain more valuation premium space after IPO from a relatively low IPO pricing.</li>
<li>However, concerns on future performance growth remains. Investors need to pay attention to the performance verification. Market sentiment is becoming “overheated”, and the pressure for short-term stock price corrections increases.</li>
<li>We updated our forecast for 2025-2027. If based on P/E of 20-25x, market value is HK$109.4-136.8 billion, HK$122.5-153.2 billion, HK$134.8-168.5 billion based on 2025, 2026 and 2027 net profit, respectively.  </li>
</ul>


MIXUE's IPO debut was stellar. the IPO pricing of HK$202.5/share was indeed conservative. MIXUE is able to obtain more valuation premium space after IPO from a relatively low IPO pricing.
However, concerns on future performance growth remains. Investors need to pay attention to the performance verification. Market sentiment is becoming “overheated”, and the pressure for short-term stock price corrections increases.
We updated our forecast for 2025-2027. If based on P/E of 20-25x, market value is HK$109.4-136.8 billion, HK$122.5-153.2 billion, HK$134.8-168.5 billion based on 2025, 2026 and 2027 net profit, respectively.  


Sichuan Baicha Baidao Industrial (2555 HK)

MIXUE Group (2097.HK) - Updates on Performance Forecast and Valuation Outlook