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 Bama Tea (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Oct.19)-Bubble of HK Biotech Is Bursting, Ping An Good Doctor Is Overvalued

China Healthcare Weekly (Oct.26) - Turning Point of Medical Device, Innovent-Takeda Deal Makes Sense

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

Pre-IPO Our United Corporation - The Business and the Concerns Behind

Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

Equity Capital Markets

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.</li>
<li>Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.</li>
<li>The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than <a href="https://www.smartkarma.com/entities/winner-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:35839:1" rel="noopener">Winner Medical</a>.</li>
</ul>


The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.
Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.
The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than Winner Medical.


Jiangsu Yuyue Medical Equipment & Supply A (002223 CH)

Jiangsu Yuyue Medical Equipment & Supply A

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind