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 Heartflow (HTFL US - Thoughts on the Business and Valuation Outlook

HeartFlow Inc. (HTFL): Revenue Growth, Strong Margin Profile Highlights IPO Bull Case

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

Pre-IPO Butong Group - The Current High Growth May Not Be Sustainable

Pre-IPO We Doctor Holdings - The Good Story of AI May Not Turn Things Around

China TCM (570.HK) - Updates on Performance Forecast and Valuation Outlook Based on 2024 Results

Equity Capital Markets

Sichuan Neautus Traditional Chinese Medicine / Equity Capital Markets

Sichuan Neautus Traditional Chinese Medicine (NTCM HK)

Sichuan Neautus Traditional Chinese Medicine

<ul>
<li>Neautus is facing performance headwinds. Revenue growth rate is declining and profit margin is in downward trend. Net profit growth is lower than the revenue growth, indicating the weak profitability</li>
<li>VBP, increasing competition and raw materials cost are the challenges. Because of financial fraud, Neautus once failed its A-share IPO. So, there is corporate governance issue in the Company.</li>
<li>We’re conservative about the outlook of Neautus. It is already good for valuation to reach the industry average.Our forecast in 2025 is revenue to reach RMB1.4-1.5 billion (up 12-15% YoY).</li>
</ul>


Neautus is facing performance headwinds. Revenue growth rate is declining and profit margin is in downward trend. Net profit growth is lower than the revenue growth, indicating the weak profitability
VBP, increasing competition and raw materials cost are the challenges. Because of financial fraud, Neautus once failed its A-share IPO. So, there is corporate governance issue in the Company.
We’re conservative about the outlook of Neautus. It is already good for valuation to reach the industry average.Our forecast in 2025 is revenue to reach RMB1.4-1.5 billion (up 12-15% YoY).


Pre-IPO Sichuan Neautus Traditional Chinese Medicine - The Outlook Is Not Optimistic