【看新股】新荷花转赴港股IPO：中药饮片头部企业 2024年增收不增利

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. (referred to as "Xinhehua") has submitted an application for an IPO on the Hong Kong Stock Exchange, with Guangfa Securities (Hong Kong) and Agricultural Bank of China International as sponsors. The company aims to raise funds to expand its production capacity and explore overseas markets [1][10]. Group 1: Company Overview - Xinhehua specializes in the research, production, and sales of traditional Chinese medicine pieces, ranking second in China based on revenue from traditional Chinese medicine products in 2023 [2][3]. - The company has attempted to list on the A-share market multiple times but has not succeeded [2][10]. Group 2: Financial Performance - Xinhehua's revenue for the years 2022, 2023, and 2024 was 780.4 million RMB, 1.146 billion RMB, and 1.249 billion RMB, respectively, with net profits of 77.4 million RMB, 104.6 million RMB, and 89.1 million RMB [3][4]. - The gross profit margin has been declining, with total gross margins of 21.1%, 18.5%, and 17.1% for the years 2022, 2023, and 2024 [5][6]. Group 3: Product and Market Dynamics - A significant portion of Xinhehua's revenue comes from a limited range of products, with the top five products accounting for 26.5% of total annual revenue in 2024 [5]. - The gross profit margin for toxic traditional Chinese medicine pieces decreased from 29.7% in 2022 to 19.1% in 2024, while the margin for ordinary pieces fell from 19.6% to 16.7% during the same period [5][6]. Group 4: Future Plans and Use of Proceeds - The funds raised from the IPO will be used for expanding production capacity, upgrading digital production systems, enhancing sales and marketing activities, establishing overseas sales channels in Vietnam and Malaysia, and strategic investments and potential acquisitions [10].