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 Puxiang Healthcare Holding - Weak Profitability Is the Major Concern

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

Pre-IPO Yangtuo Technology - The Business Model And Strategic Adjustments Will Not Work

Ping An Healthcare and Technology (1833 HK) 25Q1 Results - Concerns Behind and the Valuation Outlook

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

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

Equity Capital Markets

Dermavon Holdings / Equity Capital Markets

<ul>
<li>The big gap between the revenue proportion of the two business lines indicates that there's little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.</li>
<li>The weakness in R&amp;D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&amp;D.</li>
<li>The business model of Dermavon is sales-driven rather than R&amp;D-driven. There are concerns on the Company’s pipeline quality. <a href="https://www.smartkarma.com/entities/dermavon-holdings" target="_blank" data-smartkarma-citation="entities:45114:1" rel="noopener">Dermavon </a>has not proved its sustainable profitability. Valuation should be lower peers.</li>
</ul>


The big gap between the revenue proportion of the two business lines indicates that there's little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.
The weakness in R&amp;D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&amp;D.
The business model of Dermavon is sales-driven rather than R&amp;D-driven. There are concerns on the Company’s pipeline quality. Dermavon has not proved its sustainable profitability. Valuation should be lower peers.


Yunnan Botanee Bio-Technology (300957 CH)

Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook