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 Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation

Pre-IPO Mech-Mind Robotics Technologies (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

Pre-IPO Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

Equity Capital Markets

<ul>
<li>The value of SmartMore’s business model is based on IndustryGPT, combined with sensors and robots, it achieves a leap from "single-point AI" to "system-level AI", effectively solving industry pain points.</li>
<li>The "software and hardware integration" approach leads to a “heavy” business model, with higher demands for supply chain, hardware manufacturing, after-sales maintenance, and may result in lower asset turnover rates.</li>
<li>As an industry leader with faster growth, SmartMore can enjoy a certain premium. If based on 2026 forecast, market value could be about RMB9.1 billion – RMB12.2 billion.</li>
</ul>


The value of SmartMore’s business model is based on IndustryGPT, combined with sensors and robots, it achieves a leap from "single-point AI" to "system-level AI", effectively solving industry pain points.
The "software and hardware integration" approach leads to a “heavy” business model, with higher demands for supply chain, hardware manufacturing, after-sales maintenance, and may result in lower asset turnover rates.
As an industry leader with faster growth, SmartMore can enjoy a certain premium. If based on 2026 forecast, market value could be about RMB9.1 billion – RMB12.2 billion.


Pre-IPO SmartMore - Valuation Premium Is Expected

SmartMore Inc

Pre-IPO SmartMore - Valuation Premium Is Expected