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 Zijin Gold (PHIP Updates) - Thoughts on the Business, the Forecast and Valuation Outlook

Laopu Gold (6181.HK) - Gold Stocks Are Different from Gold Commodities

Pre-IPO Busy Ming Group - Concerns Behind the High Growth

Pre-IPO Butong Group (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Fujian Wanchen Biotechnology Group / Equity Capital Markets

Fujian Wanchen Biotechnology Group (FWBG HK)

<ul>
<li>The core of WANCHEN’s business model is to build a virtuous cycle system based on economies of scale. However, the pain point is large scale but low profit margin.</li>
<li>WANCHEN would maintain high-speed growth throughout 2025, but the growth rate will gradually slow down. Our forecast is revenue YoY growth from 2025 to 2027 is 80%, 40%, 25%, respectively.</li>
<li>WANCHEN’s peer is BUSY MING, but they have different investment logic and growth story. Which company has a higher valuation largely depends on which narrative logic the capital market favors.  </li>
</ul>


The core of WANCHEN’s business model is to build a virtuous cycle system based on economies of scale. However, the pain point is large scale but low profit margin.
WANCHEN would maintain high-speed growth throughout 2025, but the growth rate will gradually slow down. Our forecast is revenue YoY growth from 2025 to 2027 is 80%, 40%, 25%, respectively.
WANCHEN’s peer is BUSY MING, but they have different investment logic and growth story. Which company has a higher valuation largely depends on which narrative logic the capital market favors.  


Pre-IPO Fujian Wanchen Biotechnology Group - The Business Model, Peer Comparison, and the Outlook