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 Megatronix Inc. - Far from Achieving the Ecosystem Synergy

Pre-IPO POCO Holding (A/H Listing) - The Strength and the Concerns

Pre-IPO Zhejiang Taotao Vehicles (A/H Listing) - The Concerns Behind the High Growth

Equity Capital Markets

Direct Drive Tech / Equity Capital Markets

<ul>
<li>Direct Drive Tech happened to catch the purchasing wave for large-scale adoption of direct-drive technology in consumer robot categories.But the entire embodied intelligence industry is in a critical transition period.</li>
<li>Consumer-Grade direct-drive actuator modules is highly competitive in specific vertical segments, and faces constraints such as fluctuations in downstream customer demands and limited growth boundaries of a single market segment.</li>
<li>Post-Money valuation is 3.185bn yuan. Based on 2025 revenue, P/S is 11.3x.If based on the logic of consumer electronics components, P/S is usually 5x-10x. So, 11.3x is already not cheap.  </li>
</ul>


Direct Drive Tech happened to catch the purchasing wave for large-scale adoption of direct-drive technology in consumer robot categories.But the entire embodied intelligence industry is in a critical transition period.
Consumer-Grade direct-drive actuator modules is highly competitive in specific vertical segments, and faces constraints such as fluctuations in downstream customer demands and limited growth boundaries of a single market segment.
Post-Money valuation is 3.185bn yuan. Based on 2025 revenue, P/S is 11.3x.If based on the logic of consumer electronics components, P/S is usually 5x-10x. So, 11.3x is already not cheap.  


Leader Harmonious Drive System (688017 CH)

Pre-IPO Direct Drive Tech (PHIP Updates) - The Valuation Is Already Expensive