从奶粉巨头到特医新兵，张亮低调推进圣桐特医IPO，递表前大额分红

Industry Overview - The special medical purpose formula food (special medical food) market is emerging as a new blue ocean in the food industry, driven by increasing health awareness [1] - The market size in China is projected to grow from approximately RMB 7.3 billion in 2019 to RMB 23.2 billion by 2024, with a compound annual growth rate (CAGR) of 26.1%. It is expected to reach RMB 53.1 billion by 2029, with a CAGR of 18% [1] Company Background - Saintong Special Medical (Qingdao) Nutrition and Health Technology Co., Ltd. (referred to as "Saintong Special Medical") submitted its IPO prospectus to the Hong Kong Stock Exchange on May 30, aiming for a main board listing, with CITIC Securities as the sole sponsor [1] - The company was established in 2019 but traces its roots back to 2005 as a special medical food division of Shengyuan Group, founded by dairy tycoon Zhang Liang [3][8] - Saintong Special Medical has received backing from notable institutions such as Hillhouse Capital and Innovation Works, and has a unique business model and growth potential [1][11] Financial Performance - The company has shown strong financial performance, with revenues of RMB 491.2 million, RMB 654.2 million, and RMB 834.1 million for the years 2022, 2023, and 2024, respectively, representing a CAGR of 30.3% [14] - Gross profit for the same years was RMB 352.5 million, RMB 464.4 million, and RMB 592.4 million, maintaining a stable gross margin around 71% [14][15] - The company’s net profit for the same period was approximately RMB 83.9 million, RMB 170.4 million, and RMB 94.1 million, with adjusted net profits of RMB 120.7 million, RMB 175 million, and RMB 199.4 million [14][15] Product Dependency - Saintong Special Medical relies heavily on a single product category, with allergy prevention products contributing approximately 85.5%, 88.2%, and 90.3% of total revenue in 2022, 2023, and 2024, respectively [17][18] - The company has launched 14 main special medical food products, with 16 additional products in development [17] Market Position - In the domestic special medical food market, Saintong Special Medical ranks fourth with a market share of 6.3% and a retail sales figure of RMB 1.5 billion in 2024 [21] - The top three competitors in the market are foreign brands, with the leading brand holding a market share of 44.2% [20][21] Financial Challenges - Despite strong revenue growth, the company faces increasing financial pressure, with total deficits rising from approximately RMB 62.6 million in 2022 to RMB 318 million in 2024 [22] - The company has declared significant dividends totaling approximately RMB 467 million over the past three years, raising concerns about its financial strategy amid growing debt [23][24] Future Outlook - The special medical food market in China has significant growth potential, with a penetration rate of only 3%, compared to 40% in more mature markets like the U.S. [26] - To succeed, Saintong Special Medical needs to diversify its product offerings and optimize its financial strategies to compete against established international brands [26]