Core Viewpoint - The recent IPO application by Ruipai Pet Hospital signifies a potential new listing in the capital market and provides insight into a rapidly growing yet fragmented industry, where scaling, standardization, and specialization are becoming key development paths influencing valuation logic in the capital market [1][2]. Industry Overview - The Chinese pet medical industry is characterized by a "large industry, small enterprises" model, with approximately 304,000 pet hospitals expected by the end of 2024, and a chain rate of 21.8%. Over 70% of services are provided by individual or small chain institutions [1]. - Research indicates that 65.8% of pet owners prefer chain pet medical service providers due to considerations of professional teams, standardized processes, and brand reputation [1]. Company Insights - Ruipai, as the second-largest pet medical service provider in China, holds about 1.8% of the total number of hospitals and a market share of approximately 4.8% as of June 30, 2025 [1]. - The company employs a three-tier structure of "headquarters - management company - pet hospitals" to implement centralized procurement, standardized treatment protocols, and cross-regional management, aiming for cost optimization and operational synergy [1]. - In the first half of 2025, Ruipai achieved profitability among national large chains (over 500 hospitals) with a gross margin of 24.8% [1]. Financial Performance - Ruipai reported an adjusted net profit of 72 million yuan in the first half of 2025, showing continuous growth [2]. - The revenue contribution from urban center hospitals increased from 25.9% in 2022 to 31.5% in the first half of 2025, indicating a shift in business structure [2]. Challenges and Solutions - A common challenge in the Chinese pet medical industry is the shortage of licensed veterinarians. Ruipai has 2,137 licensed veterinarians and utilizes an internal training system for talent development [2]. - The company has 22 hospitals certified with the "five-star certification" from the Chinese Veterinary Association, accounting for about 25% of the total number of such certifications in the country [2]. Industry Trends - The IPO of Ruipai occurs at a time when the pet medical industry is accelerating its chain and capitalization processes, which may provide a reference for market valuation, offer a scalable and profitable model for peers, enhance the attraction of professional talent, and set a standard for compliance and service quality [2]. - According to forecasts, the Chinese pet medical market is expected to grow from 36.6 billion yuan in 2024 to 139.2 billion yuan by 2035, with a compound annual growth rate of approximately 14.8% [3]. - As the market develops, the focus of competition may shift from the expansion of store numbers to the enhancement of operational efficiency, professional capabilities, and brand trust [3].
瑞派宠物医院赴港上市 行业集中度有望提升
Quan Jing Wang·2026-01-07 13:41