看一次病花1185元，被中产“捧红”的卓正医疗三战港交所

Core Viewpoint - Zhuozheng Medical is making a third attempt to go public in Hong Kong to avoid risks associated with a redemption agreement expiring at the end of 2026, following two failed IPO attempts in 2024 and 2025 [1][2]. Financial Performance - As of August 31, 2025, Zhuozheng Medical reported a net profit of 0.83 billion RMB, with operating profit reaching 0.13 billion RMB after excluding the impact of the fair value changes of convertible redeemable preferred shares [13]. - The company achieved revenue growth from 6.15 billion RMB for the eight months ending August 31, 2024, to 6.96 billion RMB for the same period in 2025, driven by increased patient visits in various specialties [13]. - Zhuozheng Medical's operating losses narrowed over four years, with figures of -2.51 billion RMB, -2.22 billion RMB, -3.53 billion RMB, and a profit of 0.8 billion RMB in 2024 [10][11]. Debt Situation - Zhuozheng Medical has a high debt burden, with total liabilities reaching 2.325 billion RMB as of August 31, 2025, and an asset-liability ratio exceeding 200% for four consecutive years [5][6]. - The company holds 2.326 billion RMB in convertible redeemable preferred shares, which significantly contribute to its high leverage and liquidity risks [4][8]. - The structure of the debt is concerning, with over 90% of liabilities being current, primarily due to the convertible redeemable preferred shares [6][8]. IPO Strategy - The upcoming IPO is seen as a critical move to convert preferred shares into common equity, thereby alleviating the debt burden and improving the company's financial structure [9]. - The funds raised from the IPO are intended for upgrading existing medical facilities, relocating a facility in Shenzhen, and establishing new locations in Hangzhou and Shanghai [14]. Market Position and Challenges - Zhuozheng Medical is positioned as the third-largest private mid-to-high-end comprehensive medical service provider in China, with a market share of 2.0% as of 2024 [1]. - The average cost per visit for offline medical services is 1,185 RMB, which is significantly higher than public and many private institutions, potentially limiting market expansion due to price sensitivity among patients [15]. - The company aims to transition from a high-end hospital model to a more integrated family healthcare service model, addressing the growing demand for chronic disease management and family healthcare [10].