莲池医院转战港股谋“输血”：短期偿债压力凸显，医疗纠纷赔了330万，还有560万元索赔未了断

Core Viewpoint - Lianchi Hospital Group has submitted an application for an IPO in Hong Kong to expand international financing channels and alleviate short-term debt pressure after unsuccessful attempts to list on domestic exchanges [1] Group 1: Company Overview - Lianchi Hospital Group was established in 2007 and operates 5 hospitals and 1 elderly care institution across four cities: Zibo, Qingdao, Hefei, and Chongqing, with a total construction area of approximately 117,900 square meters and 786 registered beds [1] - The company focuses on the "one old, one young" healthcare sector, with two main business pillars: maternal and child healthcare services and orthopedic services [1] - The maternal and child healthcare services include obstetrics, gynecology, reproductive medicine, pediatrics, and child health services, while orthopedic services focus on complex spinal surgeries, joint replacements, and minimally invasive orthopedic surgeries [1] Group 2: Financial Performance - The company has shown steady revenue growth, with revenue increasing from 356 million yuan to 418 million yuan from 2023 to 2024, representing a year-on-year growth of 17.4%, and net profit rising from 56.7 million yuan to 67.6 million yuan, a growth of 19.2% [1] - In the first nine months of 2025, revenue further increased to 359 million yuan, a year-on-year growth of 20.3%, with net profit reaching 55.5 million yuan, up 17.6% [1] Group 3: Revenue Structure - Maternal and child healthcare services are the core revenue source, contributing 65.5% of revenue in 2024, while orthopedic services account for 26.1%, together exceeding 90% of total revenue [2] - The growth in performance is attributed to enhanced service capabilities and strategic acquisitions, including the acquisition of Hefei Xinhai Maternity Hospital in 2024 and the remaining equity of Chongqing Great Wall Orthopedic Hospital in 2025 [2] Group 4: Expansion and Financial Pressure - The company has accelerated its external expansion in recent years, acquiring two hospitals, which has led to increased financial pressure [3] - As of the end of 2024 and September 2025, the company recorded net current liabilities of 61 million yuan and 195 million yuan, respectively, primarily due to acquisition payments and construction costs [3] - The current ratio decreased from 1.8 in 2023 to 0.5 by September 2025, indicating significant short-term debt pressure [3] Group 5: Dependence on Public Insurance - The company relies heavily on public medical insurance funds, with the proportion of medical insurance settlement income being 27.0%, 21.5%, and 23.8% for the years 2023 to the first nine months of 2025 [3] - Changes in medical insurance policies may impact the recovery of funds [3] Group 6: Goodwill Impairment - Due to the acquisitions, the company's goodwill as of September 2025 was 231 million yuan, accounting for 20% of total assets, which poses a risk of impairment if the acquired hospitals' future profitability falls below expectations [3]