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 (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement - Thoughts The Pipeline and Valuation Outlook

Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

China Healthcare Weekly (Jan.26) - Key Takeaways from the Failure of Henlius Privatization, TCM M&As

Shanghai Henlius Biotech (2696 HK) - About the Deal Break and the Valuation Outlook

Equity Capital Markets

Newtrend Technology / Equity Capital Markets

<ul>
<li>Newtrend’s revenue growth/profit margin showed a downward trend, mainly due to the sluggish export sales, Sucralose Price War and oversupply issue. Newtrend is currently in a period of performance recovery.</li>
<li>As product development is more inclined towards sugar free and healthy directions, the biggest challenge for Newtrend is the changes in customers’ demand/market trend, which will make business outlook uncertain.</li>
<li>Our forecast for 2025 performance is revenue could be RMB683 million, up 20% YoY, and net profit could be RMB54.3 million, up 25% YoY. Valuation would be lower than peers.  </li>
</ul>


Newtrend’s revenue growth/profit margin showed a downward trend, mainly due to the sluggish export sales, Sucralose Price War and oversupply issue. Newtrend is currently in a period of performance recovery.
As product development is more inclined towards sugar free and healthy directions, the biggest challenge for Newtrend is the changes in customers’ demand/market trend, which will make business outlook uncertain.
Our forecast for 2025 performance is revenue could be RMB683 million, up 20% YoY, and net profit could be RMB54.3 million, up 25% YoY. Valuation would be lower than peers.  


Pre-IPO Newtrend Technology - Changes in Market Trends Make the Performance Recovery Uncertain