从“兽药第一股”到“宠物医院第一股” 李守军再画饼资本市场

Core Viewpoint - The company Ruipai Pet, founded by Li Shoujun, aims to become the first publicly listed pet hospital in China, having recently submitted its IPO application to the Hong Kong Stock Exchange. After years of losses, the company reported a net profit of 15.54 million yuan in the first half of 2025, marking its first profitable period [1][4]. Company Overview - Ruipai Pet operates 548 pet hospitals across 28 provinces and approximately 70 cities in mainland China and Hong Kong, making it the second-largest pet medical service provider in China by hospital count [1]. - The company has expanded through a combination of building new hospitals and acquiring existing ones, with 120 self-built and 428 acquired hospitals [1]. Market Potential - The pet ownership market in China is substantial, with over 120 million pets and 76.89 million pet owners as of 2024. This growing demographic is expected to drive demand for diversified pet services, including medical care [2]. - The Chinese pet industry market size is projected to reach 362.6 billion yuan in 2025, indicating significant growth potential for pet medical services [2]. Financial Performance - Ruipai Pet's revenue for the years 2022 to 2025 is reported as follows: 1.455 billion yuan (2022), 1.585 billion yuan (2023), 1.758 billion yuan (2024), and 943.13 million yuan for the first half of 2025. The gross profit margins for these periods were 22.4%, 21%, 22.2%, and 24.8% respectively [6]. - The company faced losses of approximately 61.86 million yuan in 2022, 249.75 million yuan in 2023, and 6.99 million yuan in 2024, before achieving a profit of 15.54 million yuan in the first half of 2025 [6][12]. Challenges in the Industry - The pet hospital industry faces structural challenges, including high labor costs, expensive medical equipment, and low penetration of pet insurance, which limits customers' willingness to pay [6][7]. - Despite the high costs of pet healthcare, many pet owners express concerns about the affordability of services, leading to a perception of "expensive care" [3]. Strategic Initiatives - The IPO proceeds are intended to expand the hospital network, enhance health management services, improve infrastructure, and strengthen brand marketing efforts [13]. - Ruipai Pet's focus on core diagnostic services has led to an increase in revenue from these services, which accounted for 91.3% of total income by mid-2025 [10]. Risks and Concerns - The company has a significant goodwill amount of 1.792 billion yuan due to previous acquisitions, which poses a risk if impairment occurs. In 2023, the company had to write down 137 million yuan in goodwill, contributing to a substantial loss that year [12]. - Rapid expansion has led to operational challenges, including the closure of 38 hospitals due to integration difficulties and declining customer satisfaction [12].