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

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

Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

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

Equity Capital Markets

Nanjing Healthnice Pharmaceutical Technology / Equity Capital Markets

Nanjing Healthnice Pharmaceutical Technology (NHN HK)

Nanjing Healthnice Pharmaceutical Technology

<ul>
<li>Healthnice has established a business model of "CXO+MAH", with R&amp;D mainly focusing on chemical generic drugs and differentiated business of "independent product selection + project initiation/R&amp;D + result transfer".</li>
<li>However, the underlying logic of this model is facing severe challenges. VBP has significantly compressed the profit margins of generic drugs, thus casting shadow on the growth outlook of Healthnice</li>
<li>Peers include Beijing Sun-Novo Pharmaceutical Research, Bio-Sincerity Pharma-Tech. Due to smaller revenue scale as well as the weaker differentiation advantage, valuation of Healthnice would be lower than these two companies.</li>
</ul>


Healthnice has established a business model of "CXO+MAH", with R&amp;D mainly focusing on chemical generic drugs and differentiated business of "independent product selection + project initiation/R&amp;D + result transfer".
However, the underlying logic of this model is facing severe challenges. VBP has significantly compressed the profit margins of generic drugs, thus casting shadow on the growth outlook of Healthnice
Peers include Beijing Sun-Novo Pharmaceutical Research, Bio-Sincerity Pharma-Tech. Due to smaller revenue scale as well as the weaker differentiation advantage, valuation of Healthnice would be lower than these two companies.


Pre-IPO Nanjing Healthnice Pharmaceutical Technology - Future Growth Momentum Is Insufficient