瑞派宠物医院递表港交所，冲刺“中国宠物医院第一股”

Core Viewpoint - Ruipai Veterinary Hospital Management Holdings Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing pet healthcare market in China, where it is the second-largest provider of pet medical services [1][11]. Group 1: Company Overview - Ruipai was established in 2012 and focuses on pet medical services, which are divided into basic and specialized medical care [2]. - The company operates 548 pet hospitals, including 120 self-built and 428 acquired hospitals, covering 70 cities across 28 provinces in China [4]. - Ruipai's market share in the Chinese pet medical industry is 4.8%, with a higher share of 6.3% in high-tier cities [1]. Group 2: Financial Performance - Ruipai's total revenue has shown consistent growth, with figures of 1.455 billion RMB, 1.585 billion RMB, 1.758 billion RMB, 869 million RMB, and 943 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively [3]. - The company transitioned from a loss to a profit in the first half of 2025, reporting a net profit of 15.28 million RMB, after previous losses in 2022, 2023, and 2024 [3]. - The overall gross margin improved from 21.0% in 2023 to 24.8% in the first half of 2025, with significant growth in the gross margin of grooming services [3]. Group 3: Business Model and Expansion - Ruipai employs a Veterinary Development Partners (VDP) model for hospital acquisitions, typically acquiring 60% ownership while allowing original teams to retain 40% to ensure service quality [4]. - The company has a high goodwill of 1.792 billion RMB, which constitutes 68.4% of its non-current assets, primarily due to extensive acquisitions [4]. - The revenue distribution in the first half of 2025 shows that regional center hospitals contributed 43.9%, city center hospitals 31.5%, and community hospitals 24.4% [5]. Group 4: Market Position and Competitive Landscape - Ruipai is the only profitable chain pet hospital in China, contrasting with its main competitor, New Ruipeng, which has reported significant losses in recent years [5][11]. - The IPO proceeds will be used to expand the hospital network, enhance pet health management services, develop IT infrastructure, and strengthen brand recognition [11]. - The competitive landscape is characterized by a "dual dominance" with New Ruipeng leading the market with over 1,900 stores, while Ruipai follows closely with 548 stores [11].