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 Frontera Therapeutics - The Promising Gene Therapy Pipeline and the Concerns Behind

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

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

Equity Capital Markets

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>The core of Tuopu's business model lies in "platformization" and "deep binding". The unique Tier 0.5" model helps increase per-vehicle component value to several times that of the traditional model.</li>
<li>2026 will be a year of performance reversal, with profit growth significantly higher than revenue growth, driven by the turnaround of overseas factories and the expansion of high-margin products. </li>
<li>Considering the valuation discount for the manufacturing sector, reasonable valuation range could be HK$50bn-HK$60bn.This not only reflects the growth value of Tuopu but also leaves room for the secondary market.</li>
</ul>


The core of Tuopu's business model lies in "platformization" and "deep binding". The unique Tier 0.5" model helps increase per-vehicle component value to several times that of the traditional model.
2026 will be a year of performance reversal, with profit growth significantly higher than revenue growth, driven by the turnaround of overseas factories and the expansion of high-margin products. 
Considering the valuation discount for the manufacturing sector, reasonable valuation range could be HK$50bn-HK$60bn.This not only reflects the growth value of Tuopu but also leaves room for the secondary market.


Shenzhen Zhaowei Machinery & Electronics (2692 HK)

Pre-IPO Ningbo Tuopu Group (A/H Listing) - About the Business and Thoughts on Valuation