锦欣康养冲击港股 IPO：医养结合成破局养老赛道关键密码

Core Viewpoint - The aging process in China is leading the institutional elderly care industry to transition from "scale expansion" to "quality cultivation," with Jin Xin Kang Yang's IPO marking a significant step in this evolution and serving as a model for high-quality development in the sector [1][9]. Industry Overview - The Chinese institutional elderly care service market is projected to reach CNY 133.4 billion in 2024, with expectations to grow to CNY 189.4 billion by 2030 and further to CNY 228.2 billion by 2035, despite a slowdown in growth rate [2][9]. - The average occupancy rate of elderly care institutions in China is only 45%, with a nearly 90% shortfall in required nursing beds, highlighting a significant gap in services for the elderly, particularly those with urgent needs [2][9]. Company Positioning - Jin Xin Kang Yang focuses on the needs of elderly individuals over 80 years old, particularly those with mobility issues, chronic diseases, and cognitive impairments, establishing a deep integration of medical and elderly care services [2][9]. - As a leader in the industry, Jin Xin Kang Yang holds the top position in several key metrics, including the proportion of elderly residents with mobility impairments and the occupancy rate of integrated medical and elderly care facilities [2][11]. Service Model - The company has developed a comprehensive service network that includes 23 integrated medical and elderly care facilities across key regions such as Sichuan-Chongqing, the Yangtze River Delta, and the Greater Bay Area [4][13]. - Jin Xin Kang Yang's service model emphasizes a shift from a "disease-centered" approach to one that meets the holistic needs of elderly individuals, ensuring continuity of care through partnerships with nearby hospitals [4][13]. Financial Performance - Jin Xin Kang Yang's revenue grew from CNY 488.5 million in 2023 to CNY 604.8 million in 2024, reflecting a growth rate of 23.8%, with a further increase to CNY 547.2 million in the first nine months of 2025 [7][16]. - The company's gross profit rose from CNY 106.0 million in 2023 to CNY 141.0 million in 2024, with a gross profit margin consistently above 20% [7][16]. IPO Plans - The funds raised from the IPO will be allocated to expanding the elderly care facility network, enhancing operational capabilities, increasing brand awareness, and supplementing working capital [8][16]. - The listing is expected to set a benchmark for private elderly care enterprises and drive the industry towards a model of integrated medical and elderly care [9][18].