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 Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Equity Capital Markets

Guangzhou Ruoyuchen Technology / Equity Capital Markets

<ul>
<li>In recent years, Ruoyuchen's strategy has transformed from an e-commerce agency service provider into a three-wheel drive model of "agency operation + brand management + self-owned brand".Such strategy works well.</li>
<li>High selling and marketing expenses dragged down net profit margin. In the absence of large-scale cash flow from revenue, expansion of debt scale directly exacerbates the pressure on capital chain.</li>
<li>In terms of valuation, peers include Lily &amp; Beauty, Qingmu. Since Ruoyuchen has higher performance growth than these two companies, we think valuation of Ruoyuchen would be higher than them. </li>
</ul>


In recent years, Ruoyuchen's strategy has transformed from an e-commerce agency service provider into a three-wheel drive model of "agency operation + brand management + self-owned brand".Such strategy works well.
High selling and marketing expenses dragged down net profit margin. In the absence of large-scale cash flow from revenue, expansion of debt scale directly exacerbates the pressure on capital chain.
In terms of valuation, peers include Lily &amp; Beauty, Qingmu. Since Ruoyuchen has higher performance growth than these two companies, we think valuation of Ruoyuchen would be higher than them. 


IPO前の広州若玉塵科技 - ビジネスモデルとその背後にある懸念