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 Zhou Liu Fu Jewellery (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Jun.15) - Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed's Placement

Pre-IPO Foshan Haitian Flavouring & Food Company - Thoughts on the IPO Pricing

Pre-IPO Foshan Haitian Flavouring & Food Company - The Challenges Ahead and the Outlook

Pre-IPO MIXUE Group (2097.HK) - The IPO Is Attractively Priced

Pre-IPO Zhou Liu Fu Jewellery - The Potential Risks and Concerns Brought by the Business Model

Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Zhou Liu Fu Jewellery / Equity Capital Markets

<ul>
<li>Zhou Liu Fu's fundamentals would not significantly improve due to the surge in gold prices, but would deteriorate instead due to rising raw material costs and reduced customer demand.</li>
<li>The franchise model and declining profit margins have always been the issues. Zhou Liu Fu also has faced dual competition from traditional jewelry companies and emerging jewelry brands.</li>
<li>We are not optimistic about Zhou Liu Fu’s performance outlook. Valuation of Zhou Liu Fu could be lower than peers and the industry average.</li>
</ul>


Zhou Liu Fu's fundamentals would not significantly improve due to the surge in gold prices, but would deteriorate instead due to rising raw material costs and reduced customer demand.
The franchise model and declining profit margins have always been the issues. Zhou Liu Fu also has faced dual competition from traditional jewelry companies and emerging jewelry brands.
We are not optimistic about Zhou Liu Fu’s performance outlook. Valuation of Zhou Liu Fu could be lower than peers and the industry average.


Pre-IPO Zhou Liu Fu Jewellery - It Is Hard to Capitalise on the Soaring Gold Price