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.

China Healthcare Weekly (Oct.19)-Bubble of HK Biotech Is Bursting, Ping An Good Doctor Is Overvalued

China Healthcare Weekly (Oct.26) - Turning Point of Medical Device, Innovent-Takeda Deal Makes Sense

China Healthcare Weekly (Nov.2) - 11th National VBP, More BD Deal to Come, WuXi AppTec 25Q3 Results

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

Pre-IPO Liuliu Orchard - Hard to Achieve High Growth Due to the Lack of Product Competitiveness

QingSong Health Corporation - Pain Points of the Business Model and the Outlook

Pre-IPO Fujian Lemo IoT Technology - The Outlook for Growth and Profit Margins Is Not Optimistic

Equity Capital Markets

Shanghai MediTrust Health Technology Group / Equity Capital Markets

Shanghai MediTrust Health Technology Group (SMTHT HK)

Shanghai MediTrust Health Technology Group

<ul>
<li>The essence of MediTrust’s business model is building an ecosystem of "Internet/AI + drugs + medical services + insurance". The core competitiveness lies in the network effect of medical payments.</li>
<li>Smart Pharma Solution overly relies on pharmaceutical companies' promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.</li>
<li>Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Good Doctor</a>
</li>
</ul>


The essence of MediTrust’s business model is building an ecosystem of "Internet/AI + drugs + medical services + insurance". The core competitiveness lies in the network effect of medical payments.
Smart Pharma Solution overly relies on pharmaceutical companies' promotion budgets and is susceptible to the impact of industry policies. Smart Insurance Solution is facing the industry dilemma of poor profitability.
Post-Money valuation after Series C+ financing is RMB11.68bn. Based on 2024 revenue of RMB2.035bn, P/S is 5.7x. We think valuation of MediTrust should be lower than Ping An Good Doctor



Ping An Healthcare and Technology (1833 HK)

Neusoft Xikang Healthcare Technology Co Ltd (0600187D CH)

Neusoft Xikang Healthcare Technology Co Ltd

Shanghai MediTrust Technology Co Ltd (2408621D CH)

Pre-IPO Shanghai MediTrust Health Technology Group - The Business Model and the Concerns Behind