CICC(SH:601995) Zheng Quan Shi Bao Wang·2025-04-11 00:45Group 1 - The core viewpoint of the news is that Mingji Hospital has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and Citibank as joint sponsors [1] - Mingji Hospital is the largest private profit-making general hospital group in East China by total revenue in 2023, holding a market share of 1.1% in the region and ranking seventh nationally among private general hospital groups with a market share of 0.4% [1] - The number of private general hospitals in China increased from 12,572 in 2019 to 13,848 in 2023, with a compound annual growth rate (CAGR) of 2.4%, and is expected to reach 15,302 by 2027, reflecting a CAGR of 2.5% from 2023 to 2027 [1] Group 2 - As of December 31, 2024, Mingji Hospital operates two hospitals with a total construction area of approximately 400,000 square meters and 1,850 registered beds, supported by a team of over 1,000 experienced doctors, including 39 experts from Taiwan and overseas [2] - The gross profit margin increased from 16.4% in 2022 to 18.9% in 2023 due to revenue growth outpacing operating cost increases, although it is projected to decrease to 18.1% in 2024 due to higher employee welfare expenses from recruiting more medical professionals [2] - The company is affected by the DRG payment system, which has negatively impacted the profits of most hospitals due to a reduction in total medical insurance payments [2]