IPO雷达｜明基医院再冲港股！去年业绩明显下滑 医疗纠纷成“硬伤”

Core Viewpoint - Ming Kee Hospital Group has submitted a listing application to the Hong Kong Stock Exchange, facing challenges in its IPO process and declining financial performance [1][2]. Group 1: Company Overview - Ming Kee Hospital is a private for-profit comprehensive hospital group in mainland China, operating two hospitals: Nanjing Ming Kee Hospital and Suzhou Ming Kee Hospital [1]. - As of 2023, Ming Kee Hospital is the largest private for-profit comprehensive hospital group in East China, holding a market share of 1.1% in the region and ranking seventh nationally with a market share of 0.4% [1]. Group 2: Financial Performance - The company has been profitable over the past three years, but in 2024, it reported a revenue of 2.659 billion yuan, a year-on-year decline of 1.07%, and a net profit of 109 million yuan, down 34.95% [1][2]. - The gross margin increased from 16.4% in 2022 to 18.9% in 2023, but decreased to 18.1% in 2024 due to increased employee welfare expenses from hiring more medical professionals [2]. Group 3: Patient Statistics - For the two months ending February 28, 2025, Nanjing Ming Kee Hospital recorded 8,600 inpatient visits, an increase from 8,300 in the same period of 2024, while outpatient visits decreased to 226,300 from 241,400 [2]. - Suzhou Ming Kee Hospital saw a decrease in inpatient visits to 4,800 from 5,300 and outpatient visits to 103,300 from 122,600 during the same period [3]. Group 4: Challenges and Risks - The company faces challenges from the DRG payment system, which has negatively impacted profits due to reduced total payments from medical insurance [3]. - Ming Kee Hospital has encountered 231 medical disputes, with 60 unresolved cases that may lead to financial compensation, including 23 cases with claims exceeding 300,000 yuan [4].