不接医保、不搞营销、复购超八成，这家健康消费新势力靠什么“破局”和“出圈”？

Core Viewpoint - The article highlights the unique business model of Zhuozheng Medical, which has achieved significant growth in revenue and profit despite the challenges faced by the healthcare industry due to policy changes and economic pressures. The company has managed to maintain a high growth rate by focusing on cash payments and word-of-mouth marketing rather than relying on insurance reimbursements and traditional advertising methods [2][4][18]. Group 1: Financial Performance - Zhuozheng Medical's revenue is projected to grow from 470 million yuan in 2022 to 960 million yuan in 2024, representing a compound annual growth rate (CAGR) of 42.2% [2]. - The company's gross profit has also increased significantly, with figures of 43.98 million yuan, 130 million yuan, and 230 million yuan over the past three years, achieving a CAGR of 126.7% [2]. - The net profit is expected to turn positive in 2024, with net profits of -220 million yuan, -350 million yuan, and 80.23 million yuan over the last three years, corresponding to net profit margins of -46.8%, -51.2%, and 8.4% [2]. Group 2: Customer Acquisition Strategy - Unlike most private medical institutions that rely on insurance for customer acquisition, Zhuozheng Medical generates approximately 85% of its revenue from cash payments and only about 12% from commercial insurance [4][5]. - The company has maintained low marketing expenses, with marketing costs as a percentage of revenue at 2.7%, 1.2%, and 1.7% from 2022 to 2024, primarily for brand personnel salaries rather than sales [7]. - Customer loyalty is evident with a membership renewal rate of 67% and a patient return rate of 82.7% as of August 2025 [8]. Group 3: Service Model Innovation - Zhuozheng Medical employs a "family multi-specialty" model, addressing the low-frequency nature of healthcare consumption by offering a range of services for common family health needs, thus increasing customer retention [12][14]. - The company has successfully transformed low-frequency visits into high-frequency consumption, with an average of nearly 4 visits per customer in 2024, significantly higher than single-specialty institutions [15]. - The family membership program has led to an average annual consumption of over 6 visits per household, enhancing customer engagement and loyalty [15]. Group 4: Technology Integration - Zhuozheng Medical has been integrating AI into its operations since over three years ago, focusing on practical applications rather than following industry trends [16]. - The company has developed over 270 AI assistants to optimize operations, significantly reducing labor costs from 80% of revenue to 54% by 2025 [16]. - AI applications have improved patient appointment handling and diagnostic efficiency, showcasing a strategic approach to technology adoption [16]. Group 5: Market Potential - The private mid-to-high-end healthcare service market in China is projected to grow from 426.4 billion yuan in 2024 to 831.4 billion yuan in 2029, with a CAGR of 14.3% [18]. - Zhuozheng Medical's innovative business model positions it to capitalize on this growing market, potentially becoming a new force in the health service consumption sector [18].