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 Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind

China Healthcare Weekly (Oct.19)-Bubble of HK Biotech Is Bursting, Ping An Good Doctor Is Overvalued

China Healthcare Weekly (Oct.26) - Turning Point of Medical Device, Innovent-Takeda Deal Makes Sense

Chagee Holdings - Thoughts on the IPO Debut and the Valuation Outlook

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO LXJ International Holdings - The Pain Points and the Outlook

Equity Capital Markets

Liuliu Orchard Group / Equity Capital Markets

<ul>
<li>Liuliu adopts a light asset model for cost control. Through OEM production model, Liuliu has avoided the risk of heavy asset investment, so its gross margin is higher than peers. </li>
<li>In the context of fierce competition, how to keep high performance growth while maintain profit margin is not easy.We’re not optimistic about Liuliu’s  "single product category + marketing/promotion driven" business model.</li>
<li>Sequoia ceased to be Liuliu’s Shareholder in 2025, right before this IPO, which is not a good signal. In our view, valuation of Liuliu should be lower than peers.</li>
</ul>


Liuliu adopts a light asset model for cost control. Through OEM production model, Liuliu has avoided the risk of heavy asset investment, so its gross margin is higher than peers. 
In the context of fierce competition, how to keep high performance growth while maintain profit margin is not easy.We’re not optimistic about Liuliu’s  "single product category + marketing/promotion driven" business model.
Sequoia ceased to be Liuliu’s Shareholder in 2025, right before this IPO, which is not a good signal. In our view, valuation of Liuliu should be lower than peers.


Pre-IPO Liuliu Orchard - Hard to Achieve High Growth Due to the Lack of Product Competitiveness