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 SKG Health Technologies - The Industry, the Business and the Concerns

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

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Equity Capital Markets

Shanghai Fullhan Microelec-A / Equity Capital Markets

<ul>
<li>Fullhan adopts the mainstream Fabless business model in the integrated circuit design industry, but the hidden costs of the Fabless model are significantly amplified during the performance downturn cycle</li>
<li>Fullhan is attempting to drive growth through emerging business such as Smart Mobility through business restructuring, but it is difficult to reverse the overall downward trend in the short term.</li>
<li>2025 might represent the bottom in terms of fundamentals. Valuation of Fullhan would be lower than peers, and a comfortable P/E ratio range for Fullhan could be 45-50x.</li>
</ul>


Fullhan adopts the mainstream Fabless business model in the integrated circuit design industry, but the hidden costs of the Fabless model are significantly amplified during the performance downturn cycle
Fullhan is attempting to drive growth through emerging business such as Smart Mobility through business restructuring, but it is difficult to reverse the overall downward trend in the short term.
2025 might represent the bottom in terms of fundamentals. Valuation of Fullhan would be lower than peers, and a comfortable P/E ratio range for Fullhan could be 45-50x.


Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected