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Fathom China
Fathom China Team
Apr 01st 2019
Shenzhen Goodix Technology
Shenzhen Goodix Technology (“Goodix”) is a world-leading supplier of touchscreen and fingerprint identification solutions for Android phones and tablets.
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Fathom China
Fathom China Team
Apr 01st 2019
Yunnan Baiyao Group
Yunnan Baiyao Group (“Baiyao”) earns most of its revenue selling prescription drugs for other firms. Yet it is best known for an herbal blood coagulant dating to the Qing Dynasty, and a popular toothpaste.
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Fathom China
Fathom China Team
Apr 01st 2019
Zhejiang Sanhua Intelligent Controls
Zhejiang Sanhua Intelligent Controls (“Sanhua”) makes small temperature-control components such as valves, pumps and frequency inverters that are installed in home appliances and air conditioners.
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Fathom China
Fathom China Team
Mar 29th 2019
China’s Memory Challenges, “Fab Frenzy” Warnings
In this issue • Executive change at Tsinghua Unigroup. The latest executive change could indicate trouble for Chairman Zhao Weiguo, and suggests that Beijing wants to keep a close eye on the company’s chip projects. • Setbacks at GigaDevice. China’s last remaining DRAM program looks shaky as its key technology contributor faces a series of setbacks. • Warnings of a chip-fab “frenzy.” Two leading tech commentators say local governments are...
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Fathom China
Fathom China Team
Mar 11th 2019
Court-Drama Crackdown, Trouble At Youku, Politics In Wandering Earth
In this issue • Crackdown on imperial dramas spreads to VOD • Signs of trouble at Youku • Wandering Earth hits all the right political notes • iQiyi losses grow • Alibaba confirms stake in Bilibili • Alibaba celebrates Green Book.
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Fathom China
Fathom China Team
Mar 08th 2019
Huawei’s New Chip, Saving Jinhua, DRAM Doubts
In this issue • Huawei’s base station chipset received government support • Beijing’s strategy to save Jinhua • Innotron and GigaDevice extend cooperation, terms unclear • Rumor: Ericsson to face antitrust probe. • Yangtze Memory Technologies to start mass production. • Key venture moves from Guizhou to Chengdu.
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Fathom China
Fathom China Team
Mar 07th 2019
JD Logistics: Great Service At Great Expense
China’s second-biggest e-commerce company, JD.com (“JD”), in 2016 launched a new business—it opened its logistics services to non-JD merchants. JD had long been known for its vertically integrated warehousing and deliveries, in contrast with industry leader Alibaba Group Holdings (“Alibaba”), which outsources both. JD tried to turn a cost center into a profit center in 2017 by creating JD Logistics (“JDL”). JDL will deliver pretty much anything...
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Fathom China
Fathom China Team
Mar 01st 2019
Asymchem Laboratories (Tianjin)
Asymchem Laboratories (Tianjin) (“Asymchem”) is a leader in outsourced drug making and research. Most of its customers are foreign firms
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Fathom China
Fathom China Team
Mar 01st 2019
Contemporary Amperex Technology
Contemporary Amperex Technology (“CATL”) is the world’s largest maker of lithiumion batteries for electric vehicles (“EVs”). Its clients are mostly car makers in China.
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Fathom China
Fathom China Team
Mar 01st 2019
HefeiMeyer Optoelectronic Technology
Hefei Meyer Optoelectronic Technology (“Meyer”) is China’s biggest maker of optical sorters, which detect substandard agricultural products by their color. It also makes dental scanners and industrial detectors.
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Fathom China
Fathom China Team
Mar 01st 2019
Hangzhou Robam Appliances
Hangzhou Robam Appliances (“Robam”) is the leader in China’s kitchen appliance market. Its top products are range hoods (also known as exhaust fans) and gas stoves. It is moving into new products such as dishwashers, dish sterilizers and steam ovens.
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Fathom China
Fathom China Team
Feb 19th 2019
New VOD Censorship, Douyin Promotes CCTV, And More
In this issue • New censorship regime for VOD programs • Edicts from above, evasions from below • Douyin shows its usefulness for propaganda
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Fathom China
Fathom China Team
Feb 02nd 2019
Suofeiya Home Collection
Suofeiya Home Collection (“Suofeiya”) is the second-biggest maker of custom furniture in a country where most new homes have no closets, cabinets or other fixed hardware. The company targets mid- to high-end homeowners and sells across China.
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Fathom China
Fathom China Team
Feb 01st 2019
Luzhou Laojiao
Luzhou Laojiao is China’s 4th largest maker and seller of baijiu, the Chinese liquor distilled from sorghum. It sells to distributors and direct to consumers.
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Fathom China
Fathom China Team
Feb 01st 2019
Toly Bread
This Quick A report is password protected and can only be opened by subscribers. To request access please contact info@gkfathomchina.com
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Fathom China
Fathom China Team
Jan 30th 2019
Xi Jinping Demands Media Integration
The Communist Party has elevated its theme of “media integration” to the highest possible level: top leader Xi Jinping himself. Xi led the party’s ruling body, the 25-member Politburo, to the offices of People’s Daily on January 25 to drive home his demand that struggling state media adopt the practices of the country’s rising digital media giants. Although top-down calls for media integration have so far had little effect on VOD companies, in...
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Fathom China
Fathom China Team
Jan 11th 2019
Changes In Ratings, Bytedance Wants Long Video, And More
In this issue Big changes in ratings collection Rumor: Bytedance makes offer for Youku China VOD’s global influence New short video regulations New iQiyi vice president for short video iQiyi wins lawsuit against Bytedance
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Fathom China
Fathom China Team
Jan 01st 2019
Berry Genomics
Berry Genomics provides genetics testing equipment, reagents, and testing services to medical institutions. Its products and services mostly detect problem embryos and cancer. The company owns one production base and operates eight clinical laboratories in China and Hong Kong.
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Fathom China
Fathom China Team
Jan 01st 2019
Centre Testing International Group
Centre Testing International Group (“CTI”) provides independent testing services for product quality, safety and performance, on everything from toy cars to real cars.
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Fathom China
Fathom China Team
Jan 01st 2019
Zhejiang Dahua Technology
Dahua is the world’s second biggest seller of video surveillance products and services. Products include cameras, switches and servers. Services include “intelligent solutions” based on AI, video data analytics and cloud computing.
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Fathom China
Fathom China Team
Jan 01st 2019
Winning Health Technology Group
Winning Health provides software and hardware to medical institutions, which pay licensing and support fees. Its products share patient information among hospitals, insurance firms and others. It recently moved into cloud-based health services.
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Fathom China
Fathom China Team
Dec 18th 2018
Yirendai: Strategic Retreat
Yirendai ranks among China’s top companies in the troubled industry of online peer-to-peer lending, or P2P. Its platform puts together individual borrowers and lenders, and charges high fees. To protect consumers from usurious interest rates and Ponzi schemes, Beijing has passed a spate of regulations that are driving smaller firms out of business. Yirendai will likely rank among the survivors but with limited room for growth. The company’s...
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Fathom China
Fathom China Team
Dec 01st 2018
Focus Media Information Technology
Focus Media provides public screens for advertising
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Fathom China
Fathom China Team
Dec 01st 2018
Lens Technology
Lens make glass covers for electronic devices, mostly mobile phones. It sells to makers like Apple and Samsung, and to OEMs like Foxconn. It has 95,000 employees.
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Fathom China
Fathom China Team
Dec 01st 2018
Hangzhou Tigermed Consulting
Tigermed tests drugs for pharmaceutical companies. This includes pre-clinical tests in laboratories, and clinical tests on humans. It also provides consulting and administrative services to help clients apply for approvals to test new drugs.
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Fathom China
Fathom China Team
Nov 14th 2018
Tencent Games: Culture Industry Under Pressure
The Chinese government in March 2018 stopped approving new online games. The cessation hurts Tencent Holdings (“Tencent”), which earns 37% of its revenue from games. A government restructuring that has clogged the approval pipeline is widely misunderstood. It is part of the Communist Party’s tightening grip on the audio-visual industry, including games. Game approvals will resume when the current phase of grip-tightening is complete, which is...
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Fathom China
Fathom China Team
Nov 01st 2018
BGI Genomics
Berry Genomics provides genetics testing equipment, reagents, and testing services to medical institutions. Its products and services mostly detect problem embryos and cancer. The company owns one production base and operates eight clinical laboratories in China and Hong Kong.
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Fathom China
Fathom China Team
Nov 01st 2018
NavInfo
Strong government ties are good for contracts, bad for nimbleness
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Fathom China
Fathom China Team
Nov 01st 2018
S.F. Holding
China’s largest express delivery service provider by revenue
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Fathom China
Fathom China Team
Nov 01st 2018
Wuliangye Yibin
China’s number-two spirits company
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Fathom China
Fathom China Team
Oct 05th 2018
Autobio: Solid Reputation, Tight Executive Group
Autobio Diagnostics is poised to benefit from China’s booming healthcare services industry. The company has a good reputation but a few odd points. It has escaped controversy in an industry that is beset by scandal, although Fathom China thinks it should do a better job of explaining why its reported gross margins are so high.
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Fathom China
Fathom China Team
Aug 20th 2018
Dali Foods: Consumers Want More
Dali Foods Group (“Dali Foods”) is a large family-controlled maker of snack foods and drinks. It is known as a copycat that develops inexpensive me-too products, promotes them with celebrity-based marketing campaigns, and distributes them to lower-income consumers across vast swathes of China. Yet Dali Foods’ target demographic is shrinking as incomes rise, and even lower-end consumers are now looking for higher-quality fresh and healthy foods....
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Fathom China
Fathom China Team
Jun 29th 2018
Huayi Bros: Refocusing On Film
Privately run Huayi Brothers Media (“Huayi Bros”) was established in the 1990s by two brothers and still ranks among China’s most creative and successful moviemakers. The rise of China’s film industry over the past decade has forced changes in company strategy. Huayi Bros once enjoyed very close ties with China’s most creative directors and actors. As that talent increasingly sought work elsewhere, Huayi Bros responded by buying companies owned...
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Fathom China
Fathom China Team
Jun 01st 2018
Shenzhen Rapoo Technology
Rapoo’smouse and keyboard business appears promising, and growth will come in the booming e-sports industry.
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Fathom China
Fathom China Team
Jun 01st 2018
Shenzhen Inovance Technology
Inovance is expanding well in new industries but faces tough competition
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Fathom China
Fathom China Team
May 24th 2018
58.com: Strong Position In Online Listings
Attached is our report on China’s leading online listings business, 58.com, sometimes called the Craigslist of China. The company is in a strong position. It faces no major competitors in its two main business lines: real estate and blue-collar recruitment. Management looks steady. A series of restructurings raised concerns but 58.com seems to have come through well. This is one of Fathom China’s more upbeat reports.
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Fathom China
Fathom China Team
May 01st 2018
Zhejiang Supor
Supor is a household name. Supor is known for good quality and reliability. It competes in the mid to high-end market
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Fathom China
Fathom China Team
Apr 27th 2018
YY: Contending With Short Video
Attached is our report on China’s pioneering livestreaming company, YY, which faces new challenges. The biggest is the quick rise of popular apps that share short videos and compete for eyeballs among YY’s user demographic. At the same time, more livestreaming competitors force YY to share more revenue with its hosts. Oddly, government crackdowns on livestreaming and short videos work to YY’s advantage by forcing its more adventurous competitors...
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Fathom China
Fathom China Team
Mar 29th 2018
BYD: New Subsidy Regime, New Battery Challenger
The world’s biggest maker of battery-powered vehicles, BYD, faces a tricky transition. Markets for the private company’s electric vehicles, or EVs, have long been driven by government subsidies for buyers. Beijing is curtailing subsidies for buyers in favor of incentives to boost supply. If Beijing’s scheme succeeds, BYD will almost certainly benefit. If not, then BYD will face a setback just as pressure from other EV makers grows. Meanwhile,...
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Fathom China
Fathom China Team
Jan 31st 2018
Beijing Enterprises Water Group: Local Finance Faces Freeze
Beijing Enterprises Water Group (“BEWG”) is China’s biggest water treatment company. The state-owned firm builds facilities to clean the water that flows into homes and factories, and to treat the sewage that flows out. It has also moved into restoring waterways that suffered heavy pollution during China’s 40-year industrial boom. Although state-owned, BEWG’s leaders come from an entrepreneurial private company acquired in 2008. Key to BEWG’s...
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Fathom China
Fathom China Team
Jan 03rd 2018
Hollysys: Beset By Challenges
Hollysys Automation Technologies (“Hollysys”) makes systems that control industrial processes such as power plants, rail lines and petrochemicals. The former state-owned firm was privatized and taken public through a reverse merger. Hollysys faces stiff challenges. It earns much of its revenue from small to mid-sized coal-fired power plants that are under pressure to close, and its railway systems face strong competitive pressure. The company is...
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Fathom China
Fathom China Team
Nov 10th 2017
CITS: Ringing The Register At Duty Free
China International Travel Service (“CITS”) is China’s biggest operator of duty-free stores. It is the listed arm of state-owned China National Travel Service Group (“CNTS Group”), which recently merged with a state-owned competitor. CITS entered duty-free in 1984, then in 2014 expanded the segment.
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Fathom China
Fathom China Team
Oct 13th 2017
Kweichow Moutai: New Markets Replace Old
State-owned Kweichow Moutai (“Moutai”) is China’s top maker of premium baijiu, the world’s most-consumed spirit. Moutai’s phenomenal brand is linked with quality, success and the Communist Party. And its fiery drink, also called Moutai, confers more status than any other China-made product. Moutai faced a crisis in 2012 when a crackdown on corruption and official extravagance hurt revenue. Through price cuts and broader distribution, Moutai...
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Fathom China
Fathom China Team
Aug 31st 2017
China Dairy: Mengniu Turns Sour, Yili Looks Creamy
China’s dairy industry is dominated by two giants who together control 33% of the market: China Mengniu Dairy (“Mengniu”) and Inner Mongolia Yili Industrial Group (“Yili”). Both face the twin problems of low milk prices and slow milk-consumption growth. The two seem to be converging from very different backgrounds. Mengniu started as a freewheeling private firm but was brought under government control; Yili started as a state-owned company but...
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Fathom China
Fathom China Team
Aug 22nd 2017
Baidu: Dumping Its On-Demand Business
Rumors say Baidu will sell off its on-demand services, ending its forays into offline business.
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Fathom China
Fathom China Team
Aug 08th 2017
Online Lottery: Hoping The Ban Lifts
China’s online lottery is forbidden fruit—juicy and banned. Selling online lottery products, including sports gambling, will almost certainly enable whatever companies receive a license to hit the revenue jackpot. The consensus opinion of people who profess to know the government’s thinking is that the 2015 ban will end, but when is anybody’s guess. Few expected it to last this long. Two companies will likely stand at the front of the line for...
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Fathom China
Fathom China Team
Jul 27th 2017
Dong-E E-Jiao: China’s Fad For Pricey Donkey Skins
Dong-E-E-Jiao (“Dong-E”) is China’s leading maker of ejiao, a traditional Chinese blood-strengthening medicine made from gelatinized donkey skins. The product is consumed mostly by women, who eat it in sweet little pieces or mixed into tea. Dong-E has been riding a boom in the traditional medicine market as increasingly wealthy Chinese people seek healthy lifestyles. The company has successfully targeted the premium market, enabling it to raise...
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Fathom China
Fathom China Team
Jul 07th 2017
Chinese Accounting Firms: Take That Grain Of Salt
China’s stock market watchdog recently punished two of China’s biggest auditing firms for helping clients cook their books, and the problem doubtless runs much deeper.
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Fathom China
Fathom China Team
Jun 30th 2017
Zhejiang Supor: Business Is Cooking
Zhejiang Supor (“Supor”) makes kitchen products. It is China’s biggest maker of cookware like pots, woks and pressure cookers, and is also a leading maker of appliances like rice cookers and soy-milk makers. Supor is controlled by French giant Groupe SEB (“SEB”), and is key to SEB’s strategy of collecting international brands and moving factories to China. Supor is SEB’s outsourced manufacturer, with about a third of production going to exports...
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Fathom China
Fathom China Team
Jun 26th 2017
LotSynergy: Clinging To A Contract
The main business of China LotSynergy Holdings until 2015 was to supply video lottery terminals – basically slot machines – to China’s lottery. Then LotSynergy lost its exclusive supply contract amid a corruption scandal in which top lottery officials vanished into detention. LotSynergy says it has the right of first refusal when the contract opens up for tender but Fathom China is skeptical.
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