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 Shanghai Seer Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains

Pre-IPO Acrobiosystems (A/H Listing) - The Business and the Outlook

Pop Mart (9992 HK) 2025 Results - More Downside Ahead?

Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook

Equity Capital Markets

New Hope Dairy Co Ltd / Equity Capital Markets

<ul>
<li>The business model of New Hope Dairy (NHD) can be summarized as a three-part combination of "M&amp;A integration + regional deepening + focus on low-temperature products". </li>
<li>In 2025, NHD’s revenue reached a new historical high and profit growth significantly exceeded revenue growth. Low-temperature category is the core driving force for profit improvement. The outlook remains optimistic.</li>
<li>In a neutral scenario, P/E could be 15.6-17.6x. If based on our 2026 net profit forecast, market value is RMB15.9 billion – 17.7 billion.</li>
</ul>


The business model of New Hope Dairy (NHD) can be summarized as a three-part combination of "M&amp;A integration + regional deepening + focus on low-temperature products". 
In 2025, NHD’s revenue reached a new historical high and profit growth significantly exceeded revenue growth. Low-temperature category is the core driving force for profit improvement. The outlook remains optimistic.
In a neutral scenario, P/E could be 15.6-17.6x. If based on our 2026 net profit forecast, market value is RMB15.9 billion – 17.7 billion.


Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position