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 Ringpai Veterinary Hospital Management - The Business Model, the Risks, and the Outlook

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Hangzhou Tongshifu Cultural and Creative Group - Potential for Future Growth Is Questionable

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Equity Capital Markets

Hangzhou Tongshifu Cultural and Creative Group / Equity Capital Markets

Hangzhou Tongshifu Cultural and Creative Group (TSF HK)

Hangzhou Tongshifu Cultural and Creative Group

<ul>
<li>The core logic of TONGSHIFU is not to sell "copper", but to address the problems of "non-standard, high price, and limited distribution channels" in traditional handicrafts through industrialization methods.</li>
<li>TONGSHIFU’s development will be constrained by the inherent boundaries of a niche market. The rising copper price due to inflation will continue to put profit margin under pressure. </li>
<li>Valuation is expected to be lower than peers. We think a P/E ratio of 10-20x would be a comfortable range, which also provides investors sufficient margin of safety.</li>
</ul>


The core logic of TONGSHIFU is not to sell "copper", but to address the problems of "non-standard, high price, and limited distribution channels" in traditional handicrafts through industrialization methods.
TONGSHIFU’s development will be constrained by the inherent boundaries of a niche market. The rising copper price due to inflation will continue to put profit margin under pressure. 
Valuation is expected to be lower than peers. We think a P/E ratio of 10-20x would be a comfortable range, which also provides investors sufficient margin of safety.


Pre-IPO Hangzhou Tongshifu Cultural and Creative Group (PHIP Update)-Some Points Worth the Attention