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 Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

Pre-IPO Shenzhen Longsys Electronics (A/H Listing) - Sustainability of the Upward Trend Is Uncertain

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Pre-IPO Acrobiosystems (A/H Listing) - The Business and the Outlook

Pop Mart (9992 HK) 2025 Results - More Downside Ahead?

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Guangzhou Tinci Materials Technlgy / Equity Capital Markets

Guangzhou Tinci Materials Technlgy (002709 CH)

<ul>
<li>Tinci is the only enterprise in the world that has achieved full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain.This deep integration ensures supply chain security and reduces production costs. </li>
<li>Tinci enjoys an absolute cost advantage, which is the deepest moat. During the industry downturn, Tinci remained profitable. During the price increase cycle, profit elasticity far exceeded that of peers.</li>
<li>Reasonable valuation of Tinci could be lower than the average valuation of comparable A-share companies, but slightly higher than that of some lithium battery material enterprises lacking integrated capabilities.</li>
</ul>


Tinci is the only enterprise in the world that has achieved full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain.This deep integration ensures supply chain security and reduces production costs. 
Tinci enjoys an absolute cost advantage, which is the deepest moat. During the industry downturn, Tinci remained profitable. During the price increase cycle, profit elasticity far exceeded that of peers.
Reasonable valuation of Tinci could be lower than the average valuation of comparable A-share companies, but slightly higher than that of some lithium battery material enterprises lacking integrated capabilities.


Shanghai Putailai New Energy T (603659 CH)

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle