铲官养不活宠物医院

Core Viewpoint - Ruipai Pet is set to become the "first stock in China's pet medical industry" as it submits its IPO application to the Hong Kong Stock Exchange, following the failed IPO attempt of its competitor, New Ruipeng, which withdrew its application in 2024 due to ongoing operational challenges and market conditions [1][2]. Industry Overview - The domestic pet medical industry is characterized by a fragmented competitive landscape, with a chain rate of only 22% and a CR5 of 15.4% in 2024, indicating low market concentration [1][2]. - The market for chain pet medical services is projected to grow from 11 billion yuan in 2024 to 22.6 billion yuan by 2030, with a CAGR of approximately 12.6%, and is expected to double to 49.4 billion yuan by 2035, with a slightly accelerated CAGR of 17% [1]. Company Performance - Ruipai Pet's financial performance is stronger than that of New Ruipeng, which reported a cumulative net loss of 4 billion yuan from 2019 to 2022. In contrast, Ruipai Pet achieved profitability in most years from 2022 to the first half of 2025, with adjusted net profit margins ranging from 3.9% to 7.7% [2][3]. - The company's gross margin is reported to be between 21% and 25%, with its core diagnostic services accounting for over 90% of revenue but only achieving a maximum gross margin of 22.7% [3]. Business Model Differences - Ruipai Pet employs a VDP model for acquisitions, retaining 40% of the original team's equity, which helps maintain operational stability and reduces talent loss, unlike New Ruipeng's aggressive full acquisition strategy [5][6]. - The operational efficiency of Ruipai Pet is enhanced by a three-tier medical collaboration system, which allows for better resource allocation and service quality control, contrasting with New Ruipeng's less efficient operational model [6][7]. Challenges and Risks - Ruipai Pet faces potential goodwill risks due to its acquisition strategy, with goodwill accounting for 68.4% of non-current assets and 51% of total assets as of the first half of 2025 [9]. - The overall profitability of the pet medical industry remains weak, with leading companies either operating at a loss or with thin margins, indicating a low ceiling for growth in the sector [10].