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

Pre-IPO Busy Ming Group - Concerns Behind the High Growth

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Foshan Haitian Flavouring & Food Company (3288 HK) - The Dull Post-IPO Share Price and the Outlook

Equity Capital Markets

Shanghai Jin Jiang International Hotels / Equity Capital Markets

Shanghai Jin Jiang International Hotels (SJJ HK)

<ul>
<li>In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.</li>
<li>The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.</li>
<li>Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.</li>
</ul>


In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.


Shanghai Jinjiang Internationa (600754 CH)

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook