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.

Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Pre-IPO Lalatech Holdings - Profit Growth Is Under Pressure Due To Declining Monetization Rate

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Equity Capital Markets

Ziyond Pharmaceutical / Equity Capital Markets

<ul>
<li>The core characteristics of Ziyond’s business model is "wide product coverage, online channelization, marketing-driven growth".But the market size of specific segment where the core product is located is not large</li>
<li>Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&amp;D investment, and intensified market competition. Ziyond's profitability has not yet stabilized.</li>
<li>Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.</li>
</ul>


The core characteristics of Ziyond’s business model is "wide product coverage, online channelization, marketing-driven growth".But the market size of specific segment where the core product is located is not large
Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&amp;D investment, and intensified market competition. Ziyond's profitability has not yet stabilized.
Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.


Pre-IPO Ziyond Pharmaceutical - Profitability Has Not yet Stabilized