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 Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

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

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Equity Capital Markets

<ul>
<li>MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.</li>
<li>Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.</li>
<li>Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.</li>
</ul>


MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.
Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.
Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.


Wens Foodstuff Group Co., Ltd. (300498 CH)

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects