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 Chagee Holdings - Some Points Worth the Attention

China Healthcare (Apr.13) - Trump's Tariffs on Pharmaceuticals, NSCEB's Report, RemeGen's Pain Point

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

China Healthcare Weekly (Mar.9) - 11th VBP, PD-1/VEGF BsAb Outlook, MIXUE's Stunning IPO Debut

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

Equity Bottom-Up

<ul>
<li>Revenue growth of MIXUE in 2024 was the lowest in recent three year but is still higher than competitors.Together with higher profit margin, MIXUE’s valuation should be higher than peers. </li>
<li>Based on 2024 results, we adjusted our forecast for the next three years. Declining performance growth is inevitable, but successful internationalization helps reassure its high growth outlook in the future</li>
<li>Due to concerns, investors need to pay attention to the performance verification.If 2025H1 net profit growth is significantly lower than 30% YoY, investors should be alert to a potential correction.</li>
</ul>


Revenue growth of MIXUE in 2024 was the lowest in recent three year but is still higher than competitors.Together with higher profit margin, MIXUE’s valuation should be higher than peers. 
Based on 2024 results, we adjusted our forecast for the next three years. Declining performance growth is inevitable, but successful internationalization helps reassure its high growth outlook in the future
Due to concerns, investors need to pay attention to the performance verification.If 2025H1 net profit growth is significantly lower than 30% YoY, investors should be alert to a potential correction.


Sichuan Baicha Baidao Industrial (2555 HK)

Mixue Group (2097 HK) - Updates on Valuation Outlook and Growth Forecast Based on 2024 Results