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 Shenzhen Forms Syntron Information (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Shenzhen Kinwong Electronic (PHIP Updates) - Some Points Worth the Attention

SHEIN Global Holdings (625 HK) - The Decline in Valuation May Not Have Ended Yet

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Pre-IPO JD Property - About the Business Model and the Outlook

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Equity Capital Markets

Jiangsu BBL Home Technology / Equity Capital Markets

<ul>
<li>BBL's business model mainly relies on ODM and also incorporates OBM as a secondary approach. If exchange loss is excluded, actual net profit growth in 2025 might have been impressive.</li>
<li>BBL relies on overseas major clients' customization/flexible manufacturing as its core advantages. However, heavy reliance on a single market and customer structure constitutes the core factor causing the valuation discount.</li>
<li>Average P/E for the industrial and manufacturing sectors in Hong Kong stock market is about 7-10x. Based on our 2026 forecast, a comfortable range could be P/E of 6-9x.</li>
</ul>


BBL's business model mainly relies on ODM and also incorporates OBM as a secondary approach. If exchange loss is excluded, actual net profit growth in 2025 might have been impressive.
BBL relies on overseas major clients' customization/flexible manufacturing as its core advantages. However, heavy reliance on a single market and customer structure constitutes the core factor causing the valuation discount.
Average P/E for the industrial and manufacturing sectors in Hong Kong stock market is about 7-10x. Based on our 2026 forecast, a comfortable range could be P/E of 6-9x.


Pre-IPO Jiangsu BBL Home Technology - About the Business Model and the Outlook