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.

China Healthcare Weekly (Mar.9) - 11th VBP, PD-1/VEGF BsAb Outlook, MIXUE's Stunning IPO Debut

China Healtchare Weely (Mar.16) - 2025 VBP Instructions, GLP-1s Cooling Down, Zai Lab's Headwinds

MIXUE Group (2097.HK) - Updates on Performance Forecast and Valuation Outlook

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

Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

Pre-IPO Guming Holdings - Thoughts on Valuation

Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

Equity Capital Markets

<ul>
<li>MIXUE’s valuation should be higher than peers such as Guming and <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Baicha Baidao Industrial</a>. A comfortable valuation range is 18-20 P/E, higher than peers. So, the IPO pricing is attractive.</li>
<li>2024 full-year net profit is HK$4.8 billion.Net profit could reach HK$5.7 billion (up 19% YoY), HK$6.6 billion (up 16% YoY), HK$7.6 billion (up 15% YoY) in 2025, 2026, 2027, respectively. </li>
<li>Since Nongfu Spring’s revenue scale/net profit margin is higher than MIXUE, MIXUE’s valuation should be lower than Nongfu Spring. Investors need to be alert to the post-IPO performance growth pressure.</li>
</ul>


MIXUE’s valuation should be higher than peers such as Guming and Baicha Baidao Industrial. A comfortable valuation range is 18-20 P/E, higher than peers. So, the IPO pricing is attractive.
2024 full-year net profit is HK$4.8 billion.Net profit could reach HK$5.7 billion (up 19% YoY), HK$6.6 billion (up 16% YoY), HK$7.6 billion (up 15% YoY) in 2025, 2026, 2027, respectively. 
Since Nongfu Spring’s revenue scale/net profit margin is higher than MIXUE, MIXUE’s valuation should be lower than Nongfu Spring. Investors need to be alert to the post-IPO performance growth pressure.


Sichuan Baicha Baidao Industrial (2555 HK)

Pre-IPO MIXUE Group (2097.HK) - The IPO Is Attractively Priced