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 Healthcare Weekly (Jun.22) - CNPGC to Acquire Shuanglin, Thoughts on Zhou Liu Fu's IPO Pricing

China Healthcare Weekly (Jun.29) - Biotech Valuation Bubble Is About to Burst, Innovent's Placement

China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma's Merger with Sunshine Lake Pharma

Pre-IPO Anjoy Foods Group - Only Successful Internationalization Can Support High Valuation

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

China Healthcare Weekly (Jun.15) - Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed's Placement

Pre-IPO Foshan Haitian Flavouring & Food Company - Thoughts on the IPO Pricing

Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>With the outbreak of the Middle East war, Anjoy would face rising costs due to hyperinflation. Together with the sluggish consumption, 2025 performance growth of Anjoy would be under pressure.</li>
<li>The price war caused by overcapacity and increasing competition in the industry has forced companies to increase their promotional efforts, resulting in downward pressure on profit margin.</li>
<li>We shared our forecast for next three years. Valuation of Anjoy could be lower than <a href="https://www.smartkarma.com/entities/yihai-international-holding" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai (1579 HK)</a> and <a href="https://www.smartkarma.com/entities/zhengzhou-qianweiyangchu-food" target="_blank" data-smartkarma-citation="entities:34155:1" rel="noopener">Qianweiyangchu Food (001215 CH),</a> but could be higher than the industry average. </li>
</ul>


With the outbreak of the Middle East war, Anjoy would face rising costs due to hyperinflation. Together with the sluggish consumption, 2025 performance growth of Anjoy would be under pressure.
The price war caused by overcapacity and increasing competition in the industry has forced companies to increase their promotional efforts, resulting in downward pressure on profit margin.
We shared our forecast for next three years. Valuation of Anjoy could be lower than Yihai (1579 HK) and Qianweiyangchu Food (001215 CH), but could be higher than the industry average. 


Zhengzhou Qianweiyangchu Food (001215 CH)

Pre-IPO Anjoy Foods Group (PHIP Updates) - Thoughts on Performance Forecast and IPO Valuation