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 UISEE Technologies (PHIP Updates) - The Business, the Concerns and the Outlook

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

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

Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Manycore Tech - (PHIP Updates) - The Business Model, the Concerns and the Outlook

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

Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook

Equity Capital Markets

Cofoe Medical Technology  Lt / Equity Capital Markets

<ul>
<li>Cofoe’s heavy reliance on marketing-driven growth models, continuous shrinking R&amp;D investment, impairment of goodwill, and related-party transactions remain the core issues for investors, thus leading to worrying long-term growth prospects.</li>
<li>Cofoe’s overseas revenue increased by 405% YoY, but this was mainly due to the consolidation effect brought about by the acquisitions of Shanghai Huazhou and Humana, rather than organic growth.</li>
<li>Considering the cautious attitude of HK investors towards "heavy marketing, light R&amp;D" model, we think reasonable P/E range could be 18-25x. Based on 2026 forecast, market value is RMB8.28-11.5 billion.  </li>
</ul>


Cofoe’s heavy reliance on marketing-driven growth models, continuous shrinking R&amp;D investment, impairment of goodwill, and related-party transactions remain the core issues for investors, thus leading to worrying long-term growth prospects.
Cofoe’s overseas revenue increased by 405% YoY, but this was mainly due to the consolidation effect brought about by the acquisitions of Shanghai Huazhou and Humana, rather than organic growth.
Considering the cautious attitude of HK investors towards "heavy marketing, light R&amp;D" model, we think reasonable P/E range could be 18-25x. Based on 2026 forecast, market value is RMB8.28-11.5 billion.  


Jiangsu Yuyue Medical Equipment & Supply A (002223 CH)

Jiangsu Yuyue Medical Equipment & Supply A

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention