宠物医疗告别连锁红利期？

Core Viewpoint - The New Ruipeng Pet Hospital Group is undergoing significant changes, including leadership shifts and a strategic pivot from aggressive expansion to refined operations, amid challenges in profitability and operational costs [3][4][5][6]. Group 1: Company Changes - In August 2025, New Ruipeng's co-chairman Li Liang emphasized the need to abandon low-quality expansion models, coinciding with the absence of founder Peng Yonghe, which raised questions about the company's direction [3]. - Peng Yonghe has stepped down as the legal representative, with Wei Shanwei taking over, while Peng remains as chairman and general manager [3][4]. - The operational control of New Ruipeng has been handed over to representatives from Hillhouse Capital, indicating a shift in management focus [3][4]. Group 2: Financial Performance - New Ruipeng's revenue grew from 4.784 billion yuan in 2021 to 5.74 billion yuan in 2022, but net losses increased from 1.311 billion yuan to 1.417 billion yuan during the same period [4]. - The company's labor costs have surged from 22% of total revenue in 2015 to 52% in 2022, significantly impacting profit margins [6]. Group 3: Industry Context - The pet medical industry is experiencing a collective anxiety, with a saturation of stores leading to a shift towards standardization and regulation since 2022 [7]. - Consumers report high costs for pet medical services, while companies struggle with profitability due to rising operational costs and reliance on imported medical supplies [7]. - Recent financial reports from listed pet industry companies show revenue growth but declining net profits, indicating a challenging competitive landscape [7]. Group 4: Strategic Adjustments - New Ruipeng is transitioning from aggressive expansion to refined operations, with plans to reduce the number of stores from a peak of around 1,900 to approximately 1,600 [6]. - The company is focusing on specialization and digital transformation, establishing 15 specialized pet medical departments to enhance service quality [8]. - New Ruipeng is also exploring a network layout of "1+P+C" (one central hospital, specialized hospitals, and community clinics) to optimize resource allocation [8].