镁信健康拟赴港上市，药险“链接者”是如何实现一年20亿营收的？

Core Viewpoint - Shanghai Magnesium Health Technology Group Co., Ltd. (referred to as "Magnesium Health") has submitted its prospectus to the Hong Kong Stock Exchange, aiming to leverage its position as China's largest pharmaceutical multi-payment platform to enhance accessibility to innovative medicines and health insurance solutions [2][3]. Business Overview - Magnesium Health was established in 2017 and is incubated by Shanghai Pharmaceutical Holdings. The company operates two main business segments: Intelligent Drug Solutions and Intelligent Insurance Solutions, providing comprehensive commercialization services and health insurance innovations [2]. - The company has developed a one-stop service platform called "Yima Zhifu," integrating resources from pharmaceuticals, medical services, and insurance to facilitate direct payments for healthcare [2]. Financial Performance - As of December 31, 2024, Magnesium Health has served approximately 393 million insurance policies and collaborated with over 140 pharmaceutical companies and 90 insurance companies [3]. - Revenue from Intelligent Drug Solutions, Intelligent Insurance Solutions, and consumer services for 2024 is projected to be RMB 1.207 billion, RMB 731 million, and RMB 98 million, respectively, accounting for 59.3%, 35.9%, and 4.8% of total revenue [3]. - The company's revenue has shown significant growth, with figures of RMB 1.068 billion in 2022, RMB 1.254 billion in 2023, and an expected RMB 2.035 billion in 2024, reflecting a compound annual growth rate of 38% [7]. Shareholding Structure - Magnesium Health has a diverse shareholder base with over 30 shareholders. The largest shareholder, founder Zhang Xiaodong, holds approximately 26.22% of the company, followed by Ant Group and Shanghai Pharmaceutical Holdings with 10.63% and 9.73%, respectively [8].