誉研堂递表港交所 招银国际和国元国际担任联席保荐人

Core Viewpoint - The company, Yuyantang, has submitted its prospectus to the Hong Kong Stock Exchange, with Zhuhai International and Guoyuan International acting as joint sponsors, focusing on a "full lifecycle diagnosis and treatment model" based on Traditional Chinese Medicine (TCM) principles [1] Group 1: Business Model - The company operates on a "preventive treatment" philosophy, covering four stages: "pre-disease, desire for disease, existing disease, and post-recovery," providing integrated personalized health solutions that include prevention, adjustment, treatment, and maintenance [1] - Yuyantang employs a strict model of "offline initial diagnosis and online follow-up," ensuring all patients complete diagnostic assessments at licensed offline institutions, while the online platform manages follow-ups, chronic disease care, and health management to ensure service continuity [1] Group 2: Market Position - According to a Frost & Sullivan report, Yuyantang ranks as the second-largest private chain TCM healthcare service provider in Northern China by total revenue from TCM outpatient services and clinics as of 2024, and it ranks first in revenue from medicinal pastes [1] - The company boasts the highest customer repurchase rate among private chain TCM healthcare service providers, achieving a repurchase rate of 81.1% for the nine months ending September 30, 2025 [1] Group 3: Infrastructure and Expertise - Yuyantang has established a network of 48 self-built and operated licensed medical institutions in Northern China, all managed through a unified cloud-based healthcare information system (HIS) for digital management [1] - The company offers personalized TCM prescriptions, including decoctions, pills, powders, and pastes, and possesses proprietary non-heritage pastes and several in-house developed formulations as protected therapeutic assets [1] - Yuyantang employs 292 full-time medical professionals, with a research committee comprising 98 experts, integrating knowledge from both internal medical teams and external research collaborators [1]