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 Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

Pre-IPO Anhui Huaheng Biotechnology (A/H Listing) - The Business, Outlook, and Thoughts on Valuation

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Equity Capital Markets

Jiangxi Qiyunshan Food / Equity Capital Markets

<ul>
<li>The core of Qiyunshan's business model is relying on specific production resources, focusing on a single core product, and achieving growth through deep binding to rapidly rising offline mass-sales channels.</li>
<li>The core logic of mass market channels is to achieve low-priced sales through large-scale procurement/streamlined circulation, which directly leads to the dilemma of supply chain price suppression for brand merchants.</li>
<li>Reasonable valuation range would be approximately RMB590 million-RMB735 million if based on FY25 net profit and 12-15x P/E. Considering big fluctuations in performance, investors may need more safety margin</li>
</ul>


The core of Qiyunshan's business model is relying on specific production resources, focusing on a single core product, and achieving growth through deep binding to rapidly rising offline mass-sales channels.
The core logic of mass market channels is to achieve low-priced sales through large-scale procurement/streamlined circulation, which directly leads to the dilemma of supply chain price suppression for brand merchants.
Reasonable valuation range would be approximately RMB590 million-RMB735 million if based on FY25 net profit and 12-15x P/E. Considering big fluctuations in performance, investors may need more safety margin


Fujian Wanchen Biotechnology Group (300972 CH)

Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation