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 Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) - The Offer Price Is Not Attractive

Pop Mart (9992 HK) 25Q3 - The Decline in Stock Prices May Not Have Ended Yet

Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO LXJ International Holdings - The Pain Points and the Outlook

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Banu International Holding / Equity Capital Markets

<ul>
<li>Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands</li>
<li>The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.</li>
<li>The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao </a>but higher than <a href="https://www.smartkarma.com/entities/xiabuxiabu-catering-mgt-chn-hldgs-co-ltd" target="_blank" data-smartkarma-citation="entities:76:1" rel="noopener">Xiabuxiabu Catering</a>.</li>
</ul>


Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands
The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.
The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than Haidilao but higher than Xiabuxiabu Catering.


Pre-IPO Banu International Holding - The Pain Points and the Outlook