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 Changzhou Xingyu Automotive Lighting Systems (A/H Listing) - The Business and the Outlook

RoboTechnik (300757.SZ): The H-Share Is Cheap. The Company Is Not.

Pre-IPO RoboTechnik Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Pre-IPO Pharmeyes Cayman Holding - The Technical Barriers Are Not High

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

Equity Capital Markets

Robotechnik Intelligent Te-A / Equity Capital Markets

<ul>
<li>RoboTechnik is currently at a strategic turning point, with a sharp scissors gap formed between the drag of traditional photovoltaic business and the rapid expansion of the SiPh new business. </li>
<li>The profit trough period is likely to occur from 2024 to 2026. After 2027, with the large-scale delivery of SiPh equipment orders, profits are expected to experience explosive growth. </li>
<li>2025 was a loss-making year, and 2026 is still likely to be a low-profit year. We think that the A/H discount may reach 40-60%.</li>
</ul>


RoboTechnik is currently at a strategic turning point, with a sharp scissors gap formed between the drag of traditional photovoltaic business and the rapid expansion of the SiPh new business. 
The profit trough period is likely to occur from 2024 to 2026. After 2027, with the large-scale delivery of SiPh equipment orders, profits are expected to experience explosive growth. 
2025 was a loss-making year, and 2026 is still likely to be a low-profit year. We think that the A/H discount may reach 40-60%.


Pre-IPO RoboTechnik Intelligent Technology (A/H Listing)- It Will Take Time to Get Out of the Trough