HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Yangzhou Nanopore Innovative Materials Technology / Equity Capital Markets

Yangzhou Nanopore Innovative Materials Technology (NPIM HK)

Yangzhou Nanopore Innovative Materials Technology

<ul>
<li>The core of Nanopore’s business model is a dual-drive approach of "technology licensing + material supply"- directly selling finished current collectors to battery/vehicle manufacturers, while providing process verification/technical solution support.</li>
<li>Current loss is because the business is in early stage of commercialization and production capacity utilization is relatively low.Nanopore still needs to achieve cost optimization to reach positive gross margin.</li>
<li>A conservative valuation range could be P/S of 3.5-4x. A neutral valuation range could be P/S of 5-7x. An optimistic valuation range could be P/S of 7-9x.</li>
</ul>


The core of Nanopore’s business model is a dual-drive approach of "technology licensing + material supply"- directly selling finished current collectors to battery/vehicle manufacturers, while providing process verification/technical solution support.
Current loss is because the business is in early stage of commercialization and production capacity utilization is relatively low.Nanopore still needs to achieve cost optimization to reach positive gross margin.
A conservative valuation range could be P/S of 3.5-4x. A neutral valuation range could be P/S of 5-7x. An optimistic valuation range could be P/S of 7-9x.


Pre-IPO Yangzhou Nanopore Innovative Materials Technology - About the Business Model and the Outlook

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology Co., Ltd. is a global leading material company that specializes in new energy materials and advanced materials, providing comprehensive lithium-ion battery materials, daily chemicals, and specialty chemicals solutions worldwide. The company is currently listed on the Shenzhen Stock Exchange and is seeking a new listing on the Hong Kong Stock Exchange.

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>26H1 profit increase has a one-off nature. Once the price of lithium hexafluorophosphate drops below 80,000 yuan per ton, the profit elasticity will rapidly reverse. This is the biggest challenge.</li>
<li>Against the backdrop of the rapid elimination of tail-end production capacity in the lithium battery industry, the cathode material production lines lacking cost advantages may become a long-term burden.</li>
<li>Due to its larger size/stronger cyclical nature, the valuation of Tinci would be lower than that of<a href="https://www.smartkarma.com/entities/shenzhen-capchem-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:11149:1" rel="noopener"> Capchem Technology</a>. Based on 2026 profit forecast, comfortable valuation could be 8-10x P/E</li>
</ul>


26H1 profit increase has a one-off nature. Once the price of lithium hexafluorophosphate drops below 80,000 yuan per ton, the profit elasticity will rapidly reverse. This is the biggest challenge.
Against the backdrop of the rapid elimination of tail-end production capacity in the lithium battery industry, the cathode material production lines lacking cost advantages may become a long-term burden.
Due to its larger size/stronger cyclical nature, the valuation of Tinci would be lower than that of Capchem Technology. Based on 2026 profit forecast, comfortable valuation could be 8-10x P/E


Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

<ul>
<li>WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. </li>
<li>Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.</li>
<li>Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value</li>
</ul>


WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. 
Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.
Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value


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

DST Sustainable Technology Shenzhen Co Ltd / Equity Capital Markets

DST Sustainable Technology (Shenzhen) Co., Ltd. conducts vehicle rental businesses. The Company offers truck rental, refrigerated truck rental, and other services. DST Sustainable Technology (Shenzhen) also provides car repairing and maintenance services.

DST Sustainable Technology Shenzhen Co Ltd (2659720D HK)

DST Sustainable Technology Shenzhen Co Ltd

<ul>
<li>DST's moat is primarily built on its unique scale effect that is difficult to replicate. Deep integration with industrial chain upstream is also a key factor for DST’s differentiated competitiveness.</li>
<li>DST’s story is not only about how many vehicles it manages,but also about whether it can break free from heavy-asset trap and find sustainable path of light-asset with high returns.</li>
<li>DST needs to prove its FMaaS model has SaaS characteristics and high repeat purchases.For high value-added EV management services, comfortable P/S is 4-6x.For EV leasing/EV sales, comfortable P/S is 1.5-2.5x.</li>
</ul>


DST's moat is primarily built on its unique scale effect that is difficult to replicate. Deep integration with industrial chain upstream is also a key factor for DST’s differentiated competitiveness.
DST’s story is not only about how many vehicles it manages,but also about whether it can break free from heavy-asset trap and find sustainable path of light-asset with high returns.
DST needs to prove its FMaaS model has SaaS characteristics and high repeat purchases.For high value-added EV management services, comfortable P/S is 4-6x.For EV leasing/EV sales, comfortable P/S is 1.5-2.5x.


Pre-IPO DST Sustainable Technology-Valuation Premium Depends on Successful Validation of FMaaS Model

Equity Bottom-Up

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

<ul>
<li>The significance of Stock Incentive Plan lies in the signal transmission:the management believes MiniMax is severely undervalued and is willing to use equity rather than cash to bind the team</li>
<li>Based on US$1bn 2026 ARR and 9x P/ARR, US$9bn seems to be valuation bottom-line.However, due to concerns on fundamentals and volatile macro, MiniMax’s valuation may still need to be lowered.</li>
<li>Even though current stock price has reflected most of the pessimistic expectations, we still do not recommend investors to buy based on "bottom fishing" logic.Short-term trading is a safer option</li>
</ul>


The significance of Stock Incentive Plan lies in the signal transmission:the management believes MiniMax is severely undervalued and is willing to use equity rather than cash to bind the team
Based on US$1bn 2026 ARR and 9x P/ARR, US$9bn seems to be valuation bottom-line.However, due to concerns on fundamentals and volatile macro, MiniMax’s valuation may still need to be lowered.
Even though current stock price has reflected most of the pessimistic expectations, we still do not recommend investors to buy based on "bottom fishing" logic.Short-term trading is a safer option


Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Xinyao (Criss) Wang
HK/China Healthcare Analyst (ex-Fosun Pharma)

Pre-IPO Yangzhou Nanopore Innovative Materials Technology - About the Business Model and the Outlook

Nanopore's business model focus on technology licensing/material supply to manufacturers. Nanopore still needs to achieve cost optimization to...

Xinyao (Criss) Wang

Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Once lithium hexafluorophosphate price drops below RMB80,000/ton,Tinci's profit elasticity will rapidly reverse.Due to overcapacity, sustainability...

Xinyao (Criss) Wang

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

After WuXi Bio's shares experienced significant surge this year, valuation may have partially overdrawn the future growth expectations. The...

Xinyao (Criss) Wang

Pre-IPO DST Sustainable Technology-Valuation Premium Depends on Successful Validation of FMaaS Model

DST's competitive edge lies in scale effect/deep integration with industrial chain, but success hinges on transitioning to high-return light-asset...

Xinyao (Criss) Wang

MiniMax (100 HK) - Still Not Optimistic

US$9 billion seems to be the valuation bottom line. However, if core model's competitiveness cannot be demonstrated in the next iteration,...

Xinyao (Criss) Wang

Pre-IPO Yangzhou Nanopore Innovative Materials Technology - About the Business Model and the Outlook

​Nanopore's business model focus on technology licensing/material supply to manufacturers. Nanopore still needs to achieve cost optimization to...

Xinyao (Criss) Wang

Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Once lithium hexafluorophosphate price drops below RMB80,000/ton,Tinci's profit elasticity will rapidly reverse.Due to overcapacity, sustainability...

Xinyao (Criss) Wang

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

After WuXi Bio's shares experienced significant surge this year, valuation may have partially overdrawn the future growth expectations. The...

Xinyao (Criss) Wang

Pre-IPO DST Sustainable Technology-Valuation Premium Depends on Successful Validation of FMaaS Model

​DST's competitive edge lies in scale effect/deep integration with industrial chain, but success hinges on transitioning to high-return light-asset...

Xinyao (Criss) Wang

MiniMax (100 HK) - Still Not Optimistic

US$9 billion seems to be the valuation bottom line. However, if core model's competitiveness cannot be demonstrated in the next iteration,...

Xinyao (Criss) Wang

Nanopore's business model focus on technology licensing/material supply to manufacturers. Nanopore still needs to achieve cost optimization to...

DST's competitive edge lies in scale effect/deep integration with industrial chain, but success hinges on transitioning to high-return light-asset...