新荷花递表港交所：中国最大中药饮片供应商之一 业绩增长亮眼

Core Viewpoint - Traditional Chinese medicine (TCM) has unique advantages in meeting the growing global health demands, and Sichuan Xinhehua Chinese Medicine Decoction Pieces Co., Ltd. is a leading player in the TCM sector, having officially submitted its application for listing on the Hong Kong Stock Exchange on October 17 [1] Business Model and Growth - Xinhehua ranks second in the Chinese market for TCM decoction pieces by revenue as of 2023 and is one of the fastest-growing participants among the top five companies, with a compound annual growth rate (CAGR) of approximately 27% from 2022 to 2024 [2] - The company has established a "dual pillar" strategic layout focused on consolidating its core business while expanding into emerging markets, balancing stability and growth [2] - In the B2B market, Xinhehua serves over 1,000 hospitals, medical institutions, and large chain pharmacies through a nationwide offline service network, while also expanding non-insurance business through its digital platforms "Jinfang Caotang" and "Jinfang Cloud," which serve over 86,000 TCM clinics and outpatient departments [2] - In the B2C market, the company focuses on consumer health management needs, creating a diversified TCM product system and extending TCM products into daily health consumption scenarios, while also pursuing international expansion in Southeast Asia and other high-potential markets [2] Manufacturing and Quality Management - Xinhehua has established a vertically integrated system from raw materials to end products, ensuring traceability and quality control throughout the entire process, supported by GAP-certified planting bases, automated production lines, and digital traceability systems [3] - The company has received multiple authoritative certifications for its CNAS laboratory, which meets international regulatory standards, showcasing its commitment to modernizing TCM decoction piece production [3] - In 2025, Xinhehua was recognized as a "Digital Workshop of Chengdu for 2024" and as a "2025 Advanced Intelligent Factory of Sichuan Province," marking it as the only TCM decoction piece enterprise to receive such recognition in the province [3] Industry Standardization and Profitability - As one of the first TCM decoction piece companies to obtain Good Manufacturing Practice (GMP) certification, Xinhehua has been dedicated to promoting industry standardization and modernization [4] - The company has introduced molecular biology technology into TCM quality control and developed DNA barcode identification technology, which has been included in the Chinese and British Pharmacopoeias as an industry-recognized quality testing standard [4] - Xinhehua has led or participated in the formulation of 31 national processing standards for TCM decoction pieces and 7 standards for medicinal materials, establishing a scientific and unified quality management system [4] - In the first half of 2025, the company achieved approximately RMB 634 million in revenue, a year-on-year increase of about 5.8%, and a net profit of approximately RMB 51.24 million, a year-on-year increase of about 19.9% [4] Overall Assessment - Xinhehua has established a solid advantage in the TCM decoction piece industry through its leading market position, comprehensive product system, strict quality control, and continuous technological innovation [5] - The upcoming listing in Hong Kong is expected to enhance the company's capital strength, accelerate its internationalization efforts, and support the global transmission and innovative development of the TCM industry [5]