【看新股】瑞派宠物港股IPO：宠物医疗龙头企业，快速扩张导致18亿高商誉

Core Viewpoint - Ruipai Pet has submitted its IPO application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, indicating its intention to expand its business and capitalize on the growing pet healthcare market in China [1]. Financial Performance - Ruipai Pet's revenue has shown steady growth, increasing from 1.45 billion RMB in 2022 to 1.76 billion RMB in 2024, despite experiencing net losses during the same period [4][5]. - In the first half of 2025, the company reported a revenue of 943.13 million RMB, reflecting an 8.5% year-on-year growth, with a net profit of 15.54 million RMB [4][5]. - The company's gross profit margin improved from 21.0% in 2023 to 24.8% in the first half of 2025, with the gross margin for beauty services significantly increasing from 12.1% in 2022 to 39.0% in the first half of 2025 [5][6]. Business Structure - Ruipai Pet operates as a national chain of pet medical institutions, focusing on integrated services that include medical treatment, product sales, and grooming services [2]. - The core business is divided into basic and specialized medical services, with specialized services covering 16 fields. As of June 30, 2025, medical services accounted for 91.3% of total revenue [2][4]. - The company has established a three-tier medical collaboration system consisting of city center hospitals, regional center hospitals, and community hospitals, with regional center hospitals contributing 43.9% to revenue in the first half of 2025 [2]. Shareholding Structure - The largest shareholder of Ruipai Pet is Li Shoujun, who controls 26.91% of the shares, while other significant investors include Mars China with 23.33% and Broad Street with 6.79% [7][10]. Use of IPO Proceeds - The funds raised from the IPO will be primarily used for strategic acquisitions and new hospital constructions, enhancing pet health management services, developing IT infrastructure, brand building, and general operational purposes [8].