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 Softcare (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

China Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) - The Offer Price Is Not Attractive

Zijin Gold (2259 HK) IPO Debut - Some Points Worth the Attention

Pre-IPO Tong Ren Tang Healthcare Investment - Profitability and Growth Sustainability Are Worrying

Pre-IPO Videotimes Technology Holdings - Expected to See Performance Decline Due to Tariff War

Pre-IPO Zijin Gold (PHIP Updates) - Thoughts on the Business, the Forecast and Valuation Outlook

Equity Capital Markets

Beijing Tong Ren Tang Healthcare Investment / Equity Capital Markets

Beijing Tong Ren Tang Healthcare Investment (TRT HK)

Beijing Tong Ren Tang Healthcare Investment

<ul>
<li>Tong Ren Tang’s performance growth is mainly driven by M&amp;As, or “purchase revenue externally” to expand scale. As the pace of acquisition/integration slows down, overall growth will also decline accordingly.</li>
<li>Although Tong Ren Tang has turned losses into profits, the Company is still in expansion period and profits are unstable.So, we think it’s more appropriate to use P/S for valuation.</li>
<li>Tong Ren Tang is inferior to Gushengtang in terms of profitability and capital operation model for expansion. So, Tong Ren Tang’s valuation should be lower than Gushengtang and industry average.</li>
</ul>


Tong Ren Tang’s performance growth is mainly driven by M&amp;As, or “purchase revenue externally” to expand scale. As the pace of acquisition/integration slows down, overall growth will also decline accordingly.
Although Tong Ren Tang has turned losses into profits, the Company is still in expansion period and profits are unstable.So, we think it’s more appropriate to use P/S for valuation.
Tong Ren Tang is inferior to Gushengtang in terms of profitability and capital operation model for expansion. So, Tong Ren Tang’s valuation should be lower than Gushengtang and industry average.


Pre-IPO Tong Ren Tang Healthcare Investment (PHIP Updates) - Some Points Worth the Attention