新股前瞻|执着港股上市，行业头部品牌卓正医疗三次递表

Core Viewpoint - Zhuozheng Medical is undergoing its third submission for an IPO on the Hong Kong Stock Exchange, showing steady revenue growth and a turnaround to profitability, raising questions about its potential for successful listing [1][7]. Financial Performance - The company has demonstrated a compound annual growth rate (CAGR) of 42.4% in revenue from 2022 to 2024, with a 13.2% revenue increase in the first eight months of 2025 [1]. - Gross profit margin has improved from 9.3% to 24%, and net profit is expected to turn positive in 2024, with a 59.6% increase in net profit in the first eight months of 2025, leading to a net profit margin of 12% [1][4]. - Cash and cash equivalents were only 88 million yuan as of September 2025, with total current assets at 147 million yuan, indicating limited cash flow [1]. Business Operations - Zhuozheng Medical operates 19 medical service institutions in China, including 17 clinics and 2 hospitals, and has expanded to Singapore and Malaysia [2]. - The majority of revenue comes from clinics (84.6%), while hospital revenue has increased to 15.4% [2]. - The company offers a membership plan that has significantly increased patient retention, with 52.43 million visits attributed to members in the first eight months of 2025 [4]. Market Position - Zhuozheng Medical ranks third in total revenue among private high-end comprehensive medical service providers in China and first in terms of city coverage [1][6]. - The company is concentrated in first-tier cities, with significant revenue contributions from Shenzhen, Beijing, Guangzhou, Chengdu, and Wuhan, accounting for 76.7% of total revenue [6]. Industry Outlook - The private high-end comprehensive medical service sector in China is expected to grow from 48.5 billion yuan in 2024 to 96.5 billion yuan by 2029, with a CAGR of 14.8% [4]. - The market is highly fragmented, with Zhuozheng Medical ranking second in patient visits, closely trailing the leader [6]. Challenges - The company faces challenges related to its convertible preferred shares, which significantly impact profit volatility, with 2.326 billion yuan in convertible preferred shares constituting 86% of current liabilities [4]. - The need for capital to support further expansion into new cities is critical, given the current cash constraints [6].