近日，麦德龙供应链有限公司（下称"麦德龙供应链"）的港股上市申请书失效，上市之路不确定性增 加，这也是其递交的第三份招股书失效。7月8日，南都湾财社记者向麦德龙供应链了解是否会重新递 表、港股上市计划是否有变动，麦德龙供应链相关负责人回应称，公司上市期间不便接受采访。 三次递交的港股招股书均失效 麦德龙供应链未能顺利闯关港股 麦德龙品牌起源于德国，1996年，其在上海开下了中国首家门店，做的是主要是B端生意，并以"会员 制""现购自运"模式经营。在外资品牌中，麦德龙表现强势。根据中国连锁经营协会发布的报告，2008 年，麦德龙在中国的销售额为126.46亿元，在连锁企业中排名第26名。彼时其仅有38家门店，单店收入 高达3.33亿元，远超过家乐福的2.52亿元和沃尔玛的2.26亿元。 然而，麦德龙并未能高歌猛进，和多个外资零售品牌一样，其后来上演的也是卖身的戏码。2019年10 月，物美集团宣布拿下了麦德龙中国80%股权，麦德龙中国被纳入物美阵营。在这一年，家乐福也被苏 宁易购收入囊中。 图源：企业官网 2021年3月29日，物美科技将物美超市业务和麦德龙中国打包，向港交所递交了上市申请，结果未能如 愿。对此 ...

Core Insights - Ping An Good Doctor reported total revenue of 4.808 billion yuan for the year ending December 31, 2024, representing a year-on-year growth of 2.9% [1] - The company achieved a net profit of 88.322 million yuan, marking its first full-year profitability [1] - Cumulative losses reached 7.133 billion yuan as of December 31, 2024 [2] Financial Performance - The company’s total revenue for 2024 was 4.808 billion yuan, up 2.9% from 2023 [1] - The net profit for the year was 88.322 million yuan, indicating a significant milestone in achieving profitability [1] - Cumulative losses since inception amounted to 7.133 billion yuan [2] Executive Compensation - Chairman Li Dou received a salary of 5.5 million yuan and total cash compensation of 9.077 million yuan [3] - President Wu Jun earned a salary of 1.77 million yuan with total cash compensation of 6.321 million yuan [3] - Concerns have been raised regarding the alignment of executive compensation with company performance and long-term strategic goals [3][4] Client Structure - As of the end of 2024, the company served 2,049 corporate clients, a 35.9% increase year-on-year [5] - 86% of the clients are sourced from the Ping An Group, indicating a high concentration of client dependency [5] - The company is perceived to face significant challenges regarding the independence of its business operations due to this client concentration [4][5]