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 Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Pre-IPO Sichuan Teway Food Group (A/H Listing) - Business Model, Risks and Thoughts on Valuation

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

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

Pre-IPO MegaRobo Technologies - The Business and the Concerns

Equity Capital Markets

<ul>
<li>Whether in terms of revenue scale or profitability, Suplay is lower than Kayou. This difference is responsible for the disparity in cost-sharing capabilities and scale effects between the two companies.</li>
<li>Suplay cannot “spread out” the costs of outsourcing and IP. Both will reduce the overall profit, which is difficult to reverse. The trap of relying on external IP is intensifying.</li>
<li>Since Pop Mart has rich proprietary IPs, it possesses strong incubation and operation capabilities.Valuation of Suplay should be lower than Pop Mart, who has higher certainties in business model/growth outlook</li>
</ul>


Whether in terms of revenue scale or profitability, Suplay is lower than Kayou. This difference is responsible for the disparity in cost-sharing capabilities and scale effects between the two companies.
Suplay cannot “spread out” the costs of outsourcing and IP. Both will reduce the overall profit, which is difficult to reverse. The trap of relying on external IP is intensifying.
Since Pop Mart has rich proprietary IPs, it possesses strong incubation and operation capabilities.Valuation of Suplay should be lower than Pop Mart, who has higher certainties in business model/growth outlook


Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook