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.

WuXi XDC (2268 HK) To Acquire BioDlink (1875 HK) - A Done Deal; A New ADC Overlord Will Emerge

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

MiniMax Group (100 HK) - There Is "Bubble" In Valuation

Pop Mart (9992 HK) 25Q3 - The Decline in Stock Prices May Not Have Ended Yet

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

Pre-IPO Eastroc Beverage Group - The Outlook Is Not Optimistic, with More Valuation Decline Ahead

Pre-IPO Jingze Biopharmaceutical (Hefei) - The Concerns and the Outlook

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is facing the dilemma of sluggish growth as previous strong incentive policy dividends have vanished. It’s difficult to return to a high growth of 20+% in short term (2025-2026).</li>
<li>The domestic business recovery would be more obvious in 2026. In the medium and long term, it is expected to achieve a growth rate of nearly 20% through successful internationalization</li>
<li>As YoY revenue growth would decrease from 20+% in previous years to around 15%, valuation of about 25-30x PE is reasonable. 20-25x PE will offer a higher margin of safety.</li>
</ul>


Mindray is facing the dilemma of sluggish growth as previous strong incentive policy dividends have vanished. It’s difficult to return to a high growth of 20+% in short term (2025-2026).
The domestic business recovery would be more obvious in 2026. In the medium and long term, it is expected to achieve a growth rate of nearly 20% through successful internationalization
As YoY revenue growth would decrease from 20+% in previous years to around 15%, valuation of about 25-30x PE is reasonable. 20-25x PE will offer a higher margin of safety.


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