TRT(SH:600085) Zhong Guo Zheng Quan Bao·2025-08-11 21:05Core Viewpoint - Tongrentang Medical Investment Co., Ltd. is making a third attempt to submit its prospectus for an IPO in Hong Kong, with CICC as the sole sponsor, which could lead to the establishment of the fourth listed company under the Tongrentang Group [1] Group 1: Company Performance - In 2022, 2023, and 2024, Tongrentang Medical achieved revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan, with adjusted net profits of -9.233 million yuan, 47.869 million yuan, and 61.732 million yuan respectively [2] - The acquisition of Sanxi Tang contributed significantly to the performance of Tongrentang Medical, with revenues from Sanxi Tang in 2022, 2023, and 2024 being 199 million yuan, 360 million yuan, and 374 million yuan, accounting for 21.9%, 31.2%, and 31.8% of total revenue [2] Group 2: Market Position - Tongrentang Medical has become the largest private traditional Chinese medicine hospital group in China, with a market share of 1.7% based on total outpatient and inpatient visits in 2024 [1] Group 3: Strategic Acquisitions - The acquisition of Sanxi Tang by Tongrentang Medical in 2022 has been a key driver for its revenue, with Sanxi Tang contributing over 40% to the total gross profit of Tongrentang Medical [1][2] - Following multiple changes in shareholding, as of March 2024, Tongrentang Medical holds a 75% stake in Sanxi Tang, with the original controlling shareholders also becoming shareholders of Tongrentang Medical [3] Group 4: Product Sales and Margins - The sales of the flagship product, An Gong Niu Huang Wan, generated revenue of 73.149 million yuan for Tongrentang Medical in 2024, with Sanxi Tang's wholesale revenue from this product amounting to 51.6 million yuan, representing 31% of the sales revenue from health products [5][6] - The gross margin for health products has been declining, with rates of 39.6%, 20.2%, and 17.9% for 2022, 2023, and 2024 respectively, attributed to reduced wholesale volumes of high-margin products [6] Group 5: Related Party Transactions - In 2024, Tongrentang Medical significantly increased its procurement from the Tongrentang Group, with procurement amounts projected to reach approximately 70 million yuan and 95 million yuan in 2025 and 2026 respectively [6] - The Tongrentang Group and its subsidiaries contributed 20.252 million yuan in revenue to Tongrentang Medical in 2024, indicating a dual role as both supplier and customer [6]