Stock.Logging
@stock_logging
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▶️ Quality GARP investor. ▶️ Looking for (potential) high-margin & capital-light compounders. ▶️ Aiming for 15-20 % portfolio return pa. ▶️ Based in 🇩🇪
Joined June 2025
One of the most interesting stocks I’ve found in months. ➢ Chinese online insurance broker & tech platform.➢ Recent Nasdaq IPO.➢ Ex-NetEase C-suite.➢ 104% rev CAGR (3y), 43% Q1/25 rev growth.➢ 95% GM | 28.6% OM | 47% ROCE.➢ 2025 fwd P/E: 7.8. 📌 A thread on Yuanbao $YB 🧵
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$KRYS.Sold my position today. Very disappointing management commentary on the call. Declining patient compliance makes growth impossible to predict. Sales have also been on a kind of plateau for several quarters now. IMO analyst expectations for the next years seem too high,
$KRYS.Strong study results for Krystal Biotech and its subsidiary Jeune Aesthetics. In a randomized, double-blind and placebo-controlled Phase 1 study, pipeline candidate KB301 showed significant improvements in severe wrinkles in the décolleté area over 1–3 months – as assessed
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➡️ Holdings (part 2/2):. ▪️ $NURS.V.▪️ $5621.T.▪️ $4374.T.▪️ $KRYS.▪️ $ALLIX.PA.▪️ $YB.▪️ $5134.T.▪️ $4377.T.▪️ $ETON. Note: I made a few portfolio changes this month. → Reduced the number of holdings from 28 to 24. Might consolidate further by 1–2 positions next month. →.
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Portfolio Update July 2025. 📊 Performance July (measured as TTWROR in EUR): 10.54 %. 📊 Performance YTD (measured as TTWROR in EUR): 37.99%. ➡️ Holdings (part 1/2):. ▪️ $INT.ST.▪️ $NXSN.TA.▪️ $SLYG.DE.▪️ $CRMD.▪️ $ARYT.TA.▪️ $7378.T.▪️ $NU.▪️ $247A.T.▪️ $6562.T.▪️ $KURN.SW.▪️
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$ARYT $ARYT.TA .Aryt has been on a tear lately, already up 32% since my post 2 weeks ago and +47% since I bought around 3 weeks ago. Forward P/E for 2025 should now be around 20, assuming about 90% backlog conversion and slightly improving margins (as per scenario 2 in my post).
This defense company is a market leader in electronic fuzes for ammunition - yet it remains completely overlooked by most investors. The recent track record: a 154% revenue CAGR and 203% EPS CAGR over the past 3 years. Investment highlights:. ▪️ Revenue growth of over 200% is.
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$NURS.V.Started a position in Hydreight Technologies today. Still early in the research, but pretty clear to me that this might be the most asymmetric R/R since Intellego's first Likang deal. Below I’m linking a few sources I found helpful for your own research.
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That concludes my deep dive on $YB Yuanbao Inc. - thanks for reading 🤝🏻.
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8. Conclusion. ▪️ For investors willing to invest in Chinese equities, Yuanbao is, in my view, one of the most attractive options currently available. ▪️ Yuanbao essentially combines everything I look for in my investment strategy: an extremely asset-light business model, high.
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7. Risks. ▪️ VIE risk:.As it is typical with Chinese ADS, investors in Yuanbao are investing in the Cayman Island holding company, not directly in the operating entity in China. There is a risk that China could ban this VIE structure, and US exchanges could delist Chinese.
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6. Outlook and valuation. ▪️ In Q1/25, Yuanbao reported diluted earnings per ADS of 6.46 CNY (0.89 USD). If we simply annualize the 0.89 USD without assuming any QoQ growth (which seems highly unlikely given historical growth trends), this implies earnings per ADS of 3.56 USD for.
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5. Key figures & balance sheet. ▪️ Yuanbao is a textbook example of an asset-light compounder – financials and balance sheet look absolutely fantastic. Snapshot of key metrics (LTM incl. Q1/25) below. Figures and chart by:. ➡️ Gross margin: 95.2 %.➡️ Operating margin: 28.6 %.➡️
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4. Market analysis & growth plans. 4A. Size of the market. ▪️ The IPO prospectus includes several interesting charts from Frost & Sullivan on the market in which Yuanbao operates. ▪️ Chart 1: The first chart shows that the insurance penetration rate (total insurance premiums /
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3. Moat & competition. ◾ I wouldn’t go as far as calling Yuanbao a company with an extremely deep moat, but in my view it does have certain competitive advantages. ◾ A key advantage is the regulatory environment and the resulting entry barriers. ➢ Broker and agency licenses
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2. Business model. ◾Yuanbao operates a digital insurance distribution platform, accessible via web, app or WeChat-integration, through which individual customers can purchase medical insurance, critical illness insurance (both short-term), and life insurance (long-term).
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1. Background & management. ◾ Yuanbao Inc. is a relatively young company, founded in 2019 by Fang Rui. After launching in 2020, it managed to reach several million users in less than a year (important: Yuanbao’s customers are the insurance companies themselves, not the end users
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