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 three years, Shiliu Cloud Medical's path to a U.S. IPO is progressing, with the company planning to issue 5 million American Depositary Shares (ADS) at a price range of $4 to $6, aiming to raise $25 million and achieve a market valuation of $592 million [1][2][13]. Company Overview - Shiliu Cloud Medical submitted its initial confidential prospectus to the SEC on September 30, 2021, but faced delays due to regulatory changes and incomplete filing processes, only receiving approval in January 2025 [1]. - The company focuses on chronic disease management and has established a comprehensive medical service platform connecting patients, doctors, and pharmaceutical products since launching its mobile platform in 2015 [3][4]. Financial Performance - In 2024, Shiliu Cloud Medical reported a revenue increase of 12.37% to 343 million RMB, driven by growth in both internet hospital and pharmaceutical supply chain revenues [5][6]. - The internet hospital revenue grew by 25.4% to 89 million RMB, while pharmaceutical supply chain revenue increased by 8.4% to 254 million RMB [5][6]. - Despite revenue growth, the company recorded a net loss of 37.36 million RMB in 2024, attributed to a 29% rise in sales and marketing expenses [6][7]. Market Position - Shiliu Cloud Medical ranks sixth among Chinese internet hospitals by the number of contracted doctors, with over 212,800 doctors as of 2022 [2][11]. - The internet hospital sector in China has seen explosive growth, with the number of internet hospitals increasing from fewer than 100 in 2018 to 3,340 by 2024, providing over 100 million online consultations annually [3][9]. Industry Growth - The digital chronic disease management market in China is expected to grow significantly, with a compound annual growth rate (CAGR) of 44.6% from 2018 to 2022, projected to reach 778.6 billion RMB by 2027 [9][11]. - The overall healthcare market in China has expanded from approximately 2.83 trillion RMB in 2016 to 6.24 trillion RMB in 2022, with an expected market size of 10.32 trillion RMB by 2027 [9]. Challenges - Shiliu Cloud Medical faces intense competition from larger players like Alibaba Health, which have advantages in traffic and supply chain capabilities [12]. - The company's profitability model remains unproven, with a significant portion of revenue coming from low-margin pharmaceutical supply chain operations, complicating efforts to improve profitability [12][13]. - As of December 31, 2024, Shiliu Cloud Medical's total liabilities reached 546 million RMB, significantly exceeding its total assets of 46.23 million RMB, indicating financial distress [13].