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.

Pop Mart (9992 HK) 2025 Results - More Downside Ahead?

Pre-IPO Huaqin (A/H Listing) - Low Profit Margin Is a Pain Point Due to Flaws in Business Model

Pre-IPO Sigenergy Technology (PHIP Updates) - The Strength and the Concerns

Pre-IPO Three Squirrels - Pain Points of the Business Model and the Performance Outlook

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

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

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

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

Equity Capital Markets

<ul>
<li>Jintan has taken the lead in niche market with "IP+ snacks" model, achieving strong short-term growth.However, it has been constrained by external IP reliance, rising customer concentration, cash flow pressure.</li>
<li>With seasonal adjustments in 25H2, the revenue growth rate could be 10%YoY in 2025 full year. With the diversification of IP/channels expansion, revenue growth could be 15%YoY/12%YoY in 2026/2027.</li>
<li>Jintan's characteristic is high growth but high external IP dependency risk, so a reasonable valuation should be lower than Pop Mart but higher than other traditional snack enterprises.</li>
</ul>


Jintan has taken the lead in niche market with "IP+ snacks" model, achieving strong short-term growth.However, it has been constrained by external IP reliance, rising customer concentration, cash flow pressure.
With seasonal adjustments in 25H2, the revenue growth rate could be 10%YoY in 2025 full year. With the diversification of IP/channels expansion, revenue growth could be 15%YoY/12%YoY in 2026/2027.
Jintan's characteristic is high growth but high external IP dependency risk, so a reasonable valuation should be lower than Pop Mart but higher than other traditional snack enterprises.


Fujian Wanchen Biotechnology Group (300972 CH)

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