最新目标价1.2港元，公募组团下调明星医药股！发生了啥？

Core Viewpoint - Multiple large public funds have announced further reductions in the valuation of Hong Kong-listed company Nohow Health, indicating a loss of confidence among fund managers due to rising accounts receivable and delayed financial disclosures [1][2][3]. Valuation Adjustments - From June 27 to June 30, several public funds, including Penghua Fund, Chuangjin Hexin Fund, and Yinhua Fund, announced valuation adjustments for Nohow Health, with the lowest valuation set at 1.20 HKD per share, down from approximately 3 HKD per share at the end of May [2][3]. - Yinhua Fund disclosed a valuation of 1.20 HKD per share effective June 30, 2025, while other funds like Southern Fund and Chuangjin Hexin Fund set valuations at 1.24 HKD and 1.30 HKD per share, respectively [4]. - Some funds, such as Penghua Fund and Bosera Fund, maintained relatively higher valuations of 2.52 HKD and 3.33 HKD per share, respectively, indicating a divergence in valuation perspectives among funds [4]. Company Background and Financial Concerns - Nohow Health, known as a leading company in cancer early screening, was once a star stock in the Hong Kong pharmaceutical sector, with a market capitalization reaching around 40 billion HKD [5][6]. - The company reported a revenue of 765 million CNY in 2022, but accounts receivable surged by 336.8% to 584 million CNY, raising concerns among fund managers about potential financial instability [6]. - By mid-2023, revenue increased to 821 million CNY, but accounts receivable soared to 1.017 billion CNY, further heightening investor anxiety [6]. Impact of Suspension and Management Changes - Nohow Health has been suspended since March 2024 due to allegations of financial fraud, leading to multiple valuation downgrades from 14.14 HKD per share to as low as 1.20 HKD per share [7][8]. - The resignation of the company's founder and CEO, Zhu Yeqing, due to health reasons has also contributed to a loss of trust among fund managers [8]. - The inability to timely disclose financial reports has exacerbated the situation, with the company facing potential delisting risks if suspended for 18 months [8]. Investment Strategy Insights - The issues surrounding Nohow Health highlight a shift in public funds' investment strategies in the Hong Kong market, emphasizing the importance of cash flow and financial stability [9]. - Fund managers are advised to focus on companies with strong cash flows and reasonable valuations, avoiding those that may present "pseudo-growth" opportunities [9].