瑞派宠物医院，递表港交所

Core Viewpoint - Ruipai Pet Hospital has submitted its listing application to the Hong Kong Stock Exchange, aiming to expand its national chain of pet medical services and enhance its operational capabilities [1][4]. Group 1: Company Overview - Ruipai Pet Hospital is a national chain of pet medical institutions, focusing on diagnostic services, which include basic and specialized medical care [2][4]. - The company was established in 2012 and is recognized as the first pet medical service provider in China to achieve nationwide chain operations, with a goal of creating a standardized and replicable pet health management service system [4]. - As of June 30, 2025, Ruipai Pet Hospital is the second-largest pet medical service provider in China, operating in approximately 70 cities across 28 provinces [4]. Group 2: Financial Performance - The company's revenue is primarily derived from diagnostic services, with supplementary income from pet product sales, grooming services, and other offerings. The revenue figures for 2022, 2023, 2024, and the first half of 2025 are 1.455 billion, 1.585 billion, 1.758 billion, and 943 million yuan, respectively [5]. - The net profit figures for the same periods are -62.237 million, -251 million, -58.713 million, and 15.54 million yuan, indicating significant fluctuations in profitability [2][5]. - The company plans to use the net proceeds from the listing to expand its hospital network, enhance health management services, develop IT infrastructure, and for brand marketing and general corporate purposes [5]. Group 3: Supplier Relationships - Ruipai Pet Hospital's primary customers are individual pet owners, with approximately 1.216 million, 1.360 million, 1.430 million, and 865,400 pet owners served in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - The largest supplier, Ruipu Bio, accounted for 22.5% of the company's total procurement as of the first half of 2025, with total procurement from the top five suppliers representing 32.9% of the total [3][6].