美股新股前瞻|签约医生数量位居行业第六，石榴云医（POM.US）为何能享受高估值溢价？

Core Viewpoint - After a three-year hiatus, Shiliu Cloud Medical's IPO in the U.S. is progressing, with plans to raise $25 million by issuing 5 million American Depositary Shares at a price range of $4 to $6, potentially valuing the company at $592 million [1][13]. Company Overview - Shiliu Cloud Medical submitted its initial confidential prospectus to the SEC on September 30, 2021, aiming for a Nasdaq listing, but faced delays due to regulatory changes and approval processes [1]. - The company focuses on chronic disease management and has established a one-stop medical service platform connecting patients, doctors, and pharmaceutical products [2]. Business Performance - As of December 31, 2024, Shiliu Cloud Medical had over 212,800 contracted doctors, covering all provincial administrative regions in China, with a retention rate of 99.4% for mature doctors [2]. - The company reported a revenue increase of 12.37% to 343 million RMB in 2024, driven by both internet hospital services and pharmaceutical supply chain revenues [4][5]. Revenue Structure - The revenue composition for 2024 shows that pharmaceutical supply chain income accounted for 74% of total revenue, while internet hospital income made up 26% [3][4]. - The gross profit margin for the internet hospital segment improved to 42.7% in 2024, while the pharmaceutical supply chain segment's gross margin was only 3.8% [7][6]. Market Growth - The digital chronic disease management market in China is expected to grow significantly, with a compound annual growth rate (CAGR) of 23.7% projected from 2022 to 2027, reaching a market size of 778.6 billion RMB [8]. - Shiliu Cloud Medical ranks sixth in the Chinese internet hospital market based on the number of contracted doctors, with 212,000 doctors as of 2022 [9]. Challenges - The company faces intense competition from larger players like Alibaba Health, which have advantages in traffic and supply chain capabilities [10]. - Shiliu Cloud Medical's business model is not yet profitable, with a net loss of 37.36 million RMB in 2024, primarily due to high sales and marketing expenses [4][10]. - The company has a high debt level, with total liabilities of 546 million RMB compared to total assets of only 46.23 million RMB as of December 31, 2024 [10][13].