HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 13 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Sino Biopharmaceutical (1177.HK) - The Positives and the Negatives

Pre-IPO Shanghai Chicmax Cosmetic - The Current Development Strategy Will Not Go Far

Pre-IPO Shanghai Chicmax Cosmetic - PHIP Updates: Declining Performance and Challenging Outlook

Gravity Works As WeWork Doesn't; Now Plan B

Hangzhou Tigermed Consulting (3347.HK/300347.CH) 2022H1 - The Time Bomb Is Ticking

Shenzhen Mindray Bio-Medical Electronics (300760.CH) 2022H1 - Waiting for the Next Jump in Valuation

Equity Bottom-Up

Shanghai Chicmax Cosmetic / Equity Bottom-Up

<ul>
<li>Chicmax’s 2022 performance was ugly, which was mainly due to the weak sales growth in online channels. Without obvious improvement in sales channels, Chicmax would easily reach a growth bottleneck.</li>
<li>If Chicmax cannot transform from a marketing-driven low-end brand to a brand with growth potential that adheres to long-term principles,emphasizes equally on R&amp;D and marketing, it would lose investment value.</li>
<li>Chicmax is overvalued. Its valuation should be lower than that of Bloomage and Botanee. If things go badly in the future, its valuation could be lower than <a href="https://www.smartkarma.com/entities/shanghai-jahwa-united-co-a" target="_blank" data-smartkarma-citation="entities:4266:1" rel="noopener">Shanghai Jahwa</a>.</li>
</ul>


Chicmax’s 2022 performance was ugly, which was mainly due to the weak sales growth in online channels. Without obvious improvement in sales channels, Chicmax would easily reach a growth bottleneck.
If Chicmax cannot transform from a marketing-driven low-end brand to a brand with growth potential that adheres to long-term principles,emphasizes equally on R&amp;D and marketing, it would lose investment value.
Chicmax is overvalued. Its valuation should be lower than that of Bloomage and Botanee. If things go badly in the future, its valuation could be lower than Shanghai Jahwa.


Yunnan Botanee Bio-Technology (300957 CH)

Shanghai Chicmax Cosmetic (2145.HK) - Start to Enter a Vicious Cycle