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 Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

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

Pre-IPO Viewtrix Technology (PHIP Updates) - Some Points Worth the Attention

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

Equity Capital Markets

<ul>
<li>The revenue growth in FY2023-FY2025 was 50% CAGR. However, YoY growth dropped from 84.7% in FY2024 to 21.8% in FY2025, indicating that a turning point for high-speed growth has emerged.</li>
<li>Lung Fung has formed an absolute SKU leading advantage in the industry. However, as consumer spending in Hong Kong is approaching saturation, where will the next growth point lie?</li>
<li>Considering that Lung Fung’s growth rate is higher than industry average, but accompanied by a decline in growth/high financial leverage, valuation would be above industry average but with limited premium.</li>
</ul>


The revenue growth in FY2023-FY2025 was 50% CAGR. However, YoY growth dropped from 84.7% in FY2024 to 21.8% in FY2025, indicating that a turning point for high-speed growth has emerged.
Lung Fung has formed an absolute SKU leading advantage in the industry. However, as consumer spending in Hong Kong is approaching saturation, where will the next growth point lie?
Considering that Lung Fung’s growth rate is higher than industry average, but accompanied by a decline in growth/high financial leverage, valuation would be above industry average but with limited premium.


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