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

Pre-IPO Mech-Mind Robotics Technologies (PHIP Updates) - Some Points Worth the Attention

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

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Pre-IPO SKG Health Technologies - The Industry, the Business and the Concerns

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

Equity Capital Markets

<ul>
<li>GEM has established a three-in-one closed-loop model of "critical metal recycling-battery recycling-new energy materials". GEM is superior to competitors in terms of integration/cost optimization in a single manufacturing process.</li>
<li>The slowdown in downstream new energy vehicle and European/American demand growth or subsidy reduction will impact the demand for ternary materials, which may affect the achievement of 2026-2027 growth targets.</li>
<li>There could be a discount of 25%-35% compared to the A-shares. Conservative scenario is P/E of 12-13x. Neutral scenario is P/E of 14-15x. Optimistic scenario is P/E of 16-17x.</li>
</ul>


GEM has established a three-in-one closed-loop model of "critical metal recycling-battery recycling-new energy materials". GEM is superior to competitors in terms of integration/cost optimization in a single manufacturing process.
The slowdown in downstream new energy vehicle and European/American demand growth or subsidy reduction will impact the demand for ternary materials, which may affect the achievement of 2026-2027 growth targets.
There could be a discount of 25%-35% compared to the A-shares. Conservative scenario is P/E of 12-13x. Neutral scenario is P/E of 14-15x. Optimistic scenario is P/E of 16-17x.


Pre-IPO Gem Co Ltd (A/H Listing) - The Strengths Are Obvious, but Challenges Are Inevitable

Gem Co Ltd A

Pre-IPO Gem Co Ltd (A/H Listing) - The Strengths Are Obvious, but Challenges Are Inevitable