科郦港股IPO，在中国分销妈咪爱等药品，2024年业绩下滑

Core Viewpoint - The increasing consumer willingness to invest in health-related products, such as probiotics, is driving interest in companies like 科郦有限公司, which is preparing for an IPO in Hong Kong [1] Company Overview - 科郦 is the exclusive distributor of妈咪爱 and 易坦静 in China's outpatient market and is recognized as the largest pediatric pharmaceutical marketing, promotion, and sales service provider in China [1][5] - The company has maintained a long-term partnership with 韩美集团 since 2007, relying heavily on them for product supply [5][13] - As of 2024, the company expects to generate approximately $282 million (about 1.98 billion RMB) in revenue with a gross margin exceeding 53% [1] Revenue Breakdown - During the reporting period from 2022 to the first half of 2025, over 86% of the company's revenue came from pharmaceutical marketing, promotion, and sales, while maternal and nutritional supplements accounted for about 7% [5][6] - The revenue from pharmaceutical marketing, promotion, and sales for 2022, 2023, 2024, and the first half of 2025 was approximately $322 million, $350 million, $282 million, and $143 million, respectively [15][16] Market Position - The company is positioned as the eighth largest pharmaceutical marketing and sales service provider in China, holding a market share of 1.8%, and is the largest in pediatric pharmaceutical marketing with a 15.9% market share [19] - The Chinese probiotics supplement market is projected to grow from 24.6 billion RMB in 2024 to 40 billion RMB by 2029, with a compound annual growth rate of 10.2% [17] Financial Performance - The company's gross profit margins have shown an upward trend, increasing from 43.6% in 2022 to 56% in 2025, driven by reduced procurement costs and improved pricing negotiations with suppliers [17] - However, the company experienced a revenue decline in 2024 due to a post-pandemic market slowdown and strategic refocusing on core business areas [15][17] Competitive Landscape - The pharmaceutical distribution market in China is highly competitive, with major players including 华润医药, 上海医药, and 复星医药 [19] - The government has been expanding centralized procurement plans, which has led to price reductions and intensified competition, potentially impacting the company's pricing strategies and profit margins [19] Company Structure and Leadership - 科郦 was established in Hong Kong in 2009 and has a workforce of 1,014 employees, with a significant portion in sales and marketing [21][23] - The company is led by 林钟润, who holds a 76.2% stake, and 韩星俊, the CEO, who has extensive experience in the pharmaceutical and healthcare sectors [21][24] IPO Plans - The funds raised from the IPO will be used to expand the sales network and product portfolio, enhance production capacity, and improve brand value for its two main brands,妈咪爱 and COREE [24]