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 Ziyond Pharmaceutical - Profitability Has Not yet Stabilized

Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

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

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

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

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Compared to open-loop platforms, LALATECH’s closed-loop model has stronger bilateral network effects.The downward trend in monetization rate is not a short-term phenomenon, but a structural trend under regulatory constraints/fierce competition</li>
<li>If monetization rate drops to 8% and cannot recover, the efficiency of converting GTV into revenue will continue to decline.Even if GTV maintains growth, the incremental revenue will be eroded.</li>
<li>Based on 2026 forecast, we think a conservative valuation range could be 18-22x P/E. A neutral valuation range could be 20-24x P/E. An optimistic valuation range could be 25-30x P/E. </li>
</ul>


Compared to open-loop platforms, LALATECH’s closed-loop model has stronger bilateral network effects.The downward trend in monetization rate is not a short-term phenomenon, but a structural trend under regulatory constraints/fierce competition
If monetization rate drops to 8% and cannot recover, the efficiency of converting GTV into revenue will continue to decline.Even if GTV maintains growth, the incremental revenue will be eroded.
Based on 2026 forecast, we think a conservative valuation range could be 18-22x P/E. A neutral valuation range could be 20-24x P/E. An optimistic valuation range could be 25-30x P/E. 


Pre-IPO Lalatech Holdings - Profit Growth Is Under Pressure Due To Declining Monetization Rate