Core Viewpoint - Puxiang Healthcare Holding Limited has submitted its initial public offering (IPO) application to the Hong Kong Stock Exchange, aiming to expand its business in both domestic and international markets, enhance integrated medical and elderly care services, and digitize its operations [1][2]. Company Overview - Founded in June 2004 and headquartered in Beijing, Puxiang Healthcare is a provider of integrated medical and elderly care services in North China, ranking second in the region by revenue as of 2024 [2][3]. - The company operates a network of 13 medical institutions, primarily located in densely populated and aging areas of Beijing, including 6 self-operated, 5 managed, and 2 invested medical institutions [2][3]. Financial Performance - Puxiang Healthcare's revenue for 2022, 2023, and 2024 was approximately CNY 255 million, CNY 422 million, and CNY 500 million, respectively, with net profits of CNY 38.84 million, CNY 39.23 million, and CNY 43.88 million [5][6]. - The company's gross profit margins were 25.7%, 22.5%, and 23.5% for the same years, indicating a slight fluctuation in profitability [6]. Revenue Sources - The majority of Puxiang Healthcare's revenue comes from its integrated medical and elderly care services, which accounted for 96.4% of total revenue in 2024, while medical equipment and supplies contributed only 3.6% [4][5]. - The three flagship hospitals—Puxiang Tumor Hospital, Puxiang Traditional Chinese Medicine Hospital, and Dahuangzhuang Hospital—contributed over 70% of the company's revenue in recent years, highlighting a significant reliance on these institutions [9]. Market Potential - The integrated medical and elderly care service market in China is projected to grow from CNY 263.8 billion in 2024 to CNY 695.1 billion by 2034, with a compound annual growth rate (CAGR) of 10.2% [3]. - In North China, the market size for integrated medical and elderly care services is expected to increase from CNY 27.1 billion in 2024 to CNY 80 billion by 2034, with a CAGR of 11.5% [3]. Customer and Supplier Dynamics - Puxiang Healthcare's customer base includes patients receiving services at its own medical institutions and those at managed facilities, with a relatively low concentration of revenue from the top five customers [8]. - However, the company has a higher concentration of procurement from suppliers, with the top five suppliers accounting for over 42% of total procurement in recent years [8].
普祥健康递表港交所:医养结合服务去年贡献96%营收,旗下3家医院撑起逾70%收入
Mei Ri Jing Ji Xin Wen·2025-06-30 08:48