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.

2026 High Conviction Update: Innovent (1801.HK) - The Cooperation with Lilly and the Concerns Behind

Pre-IPO Wuxi Lead Intelligent Equipment (A/H Listing) - The Core Strength and Thoughts on Valuation

Wuxi Lead Intelligent Equipment - The Concerns On Fundamentals and the Valuation Outlook

Pre-IPO Eastroc Beverage Group (A/H Listing) PHIP Updates - Some Points Worth the Attention

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

Pre-IPO Ridge Outdoor International - The OEM/ODM Model Has Become a Burden

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Equity Capital Markets

Ridge Outdoor International / Equity Capital Markets

<ul>
<li>Ridge’s recovery momentum is not yet stable.OBM gross margin is far lower than the level of industry-leading brands, reflecting the weak position of Ridge's business model in the value chain.</li>
<li>Ridge's short-term growth depends on the revival of OEM/ODM business. In the long term, its prospects hinge on the success of its own brand Solar and the high-growth Asian market.</li>
<li>The IPO pricing is HK$11.25-12.25/share, with market value of HK$1.44bn-1.57bn. Based on 2025, 2026, 2027 forecast, P/E is 18.3-20x, 15-16.4x, 12.8-14x respectively.We think the IPO valuation is in reasonable range. </li>
</ul>


Ridge’s recovery momentum is not yet stable.OBM gross margin is far lower than the level of industry-leading brands, reflecting the weak position of Ridge's business model in the value chain.
Ridge's short-term growth depends on the revival of OEM/ODM business. In the long term, its prospects hinge on the success of its own brand Solar and the high-growth Asian market.
The IPO pricing is HK$11.25-12.25/share, with market value of HK$1.44bn-1.57bn. Based on 2025, 2026, 2027 forecast, P/E is 18.3-20x, 15-16.4x, 12.8-14x respectively.We think the IPO valuation is in reasonable range. 


Pre-IPO Pre-IPO Ridge Outdoor International (PHIP Updates) - Some Points Worth the Attention