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.

3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

Zijin Gold (2259 HK) Vs Laopu Gold (6181 HK) Vs Gold Commodity- The Investment Logic and the Outlook

Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK - Thoughts on The "Implied" IPO Price

Pre-IPO Guangdong CHJ Industry - The Business Model, the Concerns and the Outlook

Equity Capital Markets

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<li>Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. </li>
<li>The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.</li>
<li>An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.</li>
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Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. 
The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.


The United Laboratories International Holdings Limited (3933 HK)

The United Laboratories International Holdings Limited

Pre-IPO Mandi Inc. - The Business Model, the Concerns and the Valuation