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.

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

Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis

Pre-IPO Anjoy Foods Group (PHIP Updates) - Thoughts on Performance Forecast and IPO Valuation

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

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

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

Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

Equity Capital Markets

Zhou Liu Fu Jewellery Co., Ltd. / Equity Capital Markets

Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH)

<ul>
<li>The performance slowdown and decrease in number of newly opened stores from 2023 to 2024 was due to the rapid surge in gold prices,which would put franchise model at risk.</li>
<li>Future performance of Zhou Liu Fu may not be benefit from the high gold prices, but could be under pressure due to rising raw material costs and reduced customer demand.</li>
<li>Valuation of Zhou Liu Fu could be lower than peers and the industry average. A comfortable P/E range could be 10-15x if based on 2025 net profit.</li>
</ul>


The performance slowdown and decrease in number of newly opened stores from 2023 to 2024 was due to the rapid surge in gold prices,which would put franchise model at risk.
Future performance of Zhou Liu Fu may not be benefit from the high gold prices, but could be under pressure due to rising raw material costs and reduced customer demand.
Valuation of Zhou Liu Fu could be lower than peers and the industry average. A comfortable P/E range could be 10-15x if based on 2025 net profit.


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