中药饮片龙头新荷花递表港交所 近三年收入复合年增长率达27%

Core Viewpoint - Traditional Chinese medicine (TCM) is recognized as a national treasure and plays a unique role in health care, with a stable market demand and broad foundation [1] - The recent policy support aims to accelerate the transformation and upgrading of the TCM industry, encouraging companies to expand globally and enter capital markets [1][2] Industry Overview - The TCM decoction pieces market reached RMB 278.8 billion in 2023, marking it as the fastest-growing segment in the pharmaceutical industry with a revenue growth of 14.6% and profit growth of 22.9% [2] - The global recognition of TCM's preventive health value has led to a surge in demand for herbal exports [2] Company Profile: Xin He Hua - Xin He Hua is a leading company in the TCM decoction pieces sector, ranking second in domestic revenue and achieving the fastest growth among the top five players, with a compound annual growth rate (CAGR) of 27% from 2022 to 2024 [2][3] - The company employs a dual pillar strategy focusing on maintaining leadership in the core TCM market while innovating for modern consumers [3] Business Strategy - The dual pillar strategy includes serving over 1,000 hospitals and large chain pharmacies through offline channels and providing consumer-oriented health products via digital platforms [3][4] - Xin He Hua has established a vertical integration system ensuring reliable quality control and traceability from farm to patient [3][5] Market Position and Growth - Xin He Hua has a solid business foundation, serving over 1,000 hospitals across more than 30 provinces in China, with a projected revenue CAGR of 28.4% from 2022 to 2024 [5] - The company has developed an online B2B platform and plans to launch additional online services to penetrate underserved market segments [6] Global Expansion - Xin He Hua is expanding internationally, with operations in regions with strong demand for TCM, such as Hong Kong, Taiwan, Vietnam, and Malaysia [7][8] - The company has seen revenue from overseas markets grow from RMB 26.1 million in 2022 to RMB 56.2 million in 2024 [8] Financial Performance - Xin He Hua's revenue was approximately RMB 780 million in 2022, RMB 1.146 billion in 2023, and RMB 1.249 billion in 2024, with a CAGR of 26.5% [8] - Adjusted net profit for the same years was around RMB 77.4 million, RMB 104 million, and RMB 100 million, with a CAGR of 13.8% [8] Future Outlook - The company's IPO in Hong Kong is aligned with its global expansion strategy, expected to enhance its financing channels and brand recognition [8]