誉研堂向香港联交所递交招股说明书，招银国际和国元国际担任联席保荐人。 根据弗若斯特沙利文报告，按2024年中医门诊及诊所总收入计，誉研堂位列中国民营连锁中医医疗服务 供应商北方地区第二名；按膏剂收入计位居第一；2024年客户复购率在民营连锁中医医疗服务供应商中 排名第一，截至2025年9月30日止九个月复购率达81.1%。 公司已在北方地区建立了由48家自建自营线下持牌医疗机构组成的网络，所有机构通过统一的云端医疗 信息系统(HIS)进行数字化管理；提供"一人一方"的个性化中药临方制剂，包括汤剂、丸剂、散剂、膏 剂等；拥有专有非遗膏剂和多款自主研发的院内制剂，作为受保护的治疗资产；拥有292名全职医疗专 业人员，研发委员会由98名专家组成，融合内部医疗团队与外部科研合作人员的专业知识。 公司核心为"全生命周期诊疗模式"，以中医"治未病"理念为基础，覆盖"未病、欲病、已病、愈后"四个 阶段，提供"防、调、治、养"一体化的个性化健康方案；采用严格的"线下初诊、线上复诊"模式，所有 患者需在持牌线下机构完成诊断评估，线上平台则负责复诊、慢性病及健康管理，保障服务的连续性。 ...

Core Viewpoint - Harbin Yuyuantang Traditional Chinese Medicine Clinic Group Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to leverage its innovative "full lifecycle diagnosis and treatment model" to enhance its market position in the traditional Chinese medicine sector [1][7]. Group 1: Business Model and Services - The company integrates offline licensed medical institutions with a dedicated online platform, creating a comprehensive service system that includes "offline initial diagnosis and online follow-up" [1][2]. - Yuyuantang's full lifecycle diagnosis and treatment model covers disease prevention, adjustment, treatment, and health maintenance, providing personalized and continuous health management services [2][7]. - The company has established a network of 48 self-operated licensed medical institutions in Northern China, utilizing a unified cloud-based medical information system for digital management [2][6]. Group 2: Market Position and Customer Loyalty - According to a report by Frost & Sullivan, Yuyuantang ranks second among private chain TCM medical service providers in Northern China by total revenue and first in revenue from medicinal pastes [1]. - The company's customer repurchase rate reached 81.1% as of September 30, 2025, indicating strong market recognition of its service value and efficacy [3]. Group 3: Product Development and Supply Chain - Yuyuantang adheres to the "one person, one prescription" principle, offering various personalized traditional Chinese medicine formulations, including decoctions, pills, powders, and pastes [4]. - The company has developed proprietary non-heritage pastes that enhance patient compliance and serve as key components in chronic disease management [4]. - Yuyuantang is focused on building a dedicated facility for producing traditional Chinese medicine pieces, ensuring supply chain security and quality control through vertical integration [6]. Group 4: Strategic Outlook - The company plans to expand its geographic footprint in provinces such as Shandong, Hebei, Henan, and Tianjin, while enhancing resource allocation and market influence [6]. - With the ongoing implementation of the "Healthy China 2030" initiative and various TCM revitalization policies, the market for TCM medical services is poised for systematic growth, aligning with the increasing demand for long-term health management [7].

1月16日，哈尔滨誉研堂中医门诊集团股份有限公司（以下简称"誉研堂"）正式向香港联交所递交招股 说明书，招银国际和国元国际担任其联席保荐人。 誉研堂凭借其创新的"全生命周期诊疗模式"，深度融合线下持牌医疗机构与专属在线平台，构建了"线 下初诊、在线复诊"的一体化服务体系，致力于通过现代科技赋能传统中医，为患者提供个性化、连续 性的健康管理服务。根据弗若斯特沙利文报告，按2024年中医门诊及诊所总收入计，誉研堂位列中国民 营连锁中医医疗服务供应商北方地区的第二名；按膏剂收入计，誉研堂位居第一；基于患者高度信任， 2024年誉研堂的客户复购率在民营连锁中医医疗服务供应商中排名第一。 全生命周期诊疗模式覆盖疾病"防、调、治、养"，打造可复制的标准化服务体系 当前，在人口老龄化与慢性病管理需求持续攀升的背景下，中医在治未病领域的系统性价值日益凸显。 然而，传统中医服务长期存在标准化不足、资源分散的痛点。国家层面持续推出的《"十四五"中医药发 展规划》等政策，正积极引导行业向规范化、连锁化升级，这为誉研堂等已构建起合规体系和标准化运 营能力的企业提供了广阔的发展空间。 誉研堂的创新实践在于其创新打造的"全生命周期诊疗模 ...

Core Viewpoint - Harbin Yuyantang Traditional Chinese Medicine Clinic Group Co., Ltd. (Yuyantang) is set to list on the Hong Kong Stock Exchange, aiming to expand its traditional Chinese medicine services through a fully integrated treatment model and a self-built network of licensed medical institutions [3][5]. Group 1: Company Overview - Yuyantang was established in 2018 and operates a network of 48 self-built licensed medical institutions in Northern China, ensuring standardized operations and consistent care quality [5]. - The company ranks fifth among private chain TCM service providers in China by total revenue and first in revenue from traditional Chinese medicine preparations [5]. - Yuyantang has a high customer loyalty rate, with a repurchase rate of 81.1% in the first three quarters of 2025 [5]. Group 2: Service Model and Offerings - The company follows a "one person, one prescription" principle, offering personalized TCM preparations, including decoctions, pills, powders, and ointments, enhancing patient compliance [6]. - Yuyantang has developed proprietary in-house formulations based on clinical experience, which are integral to its chronic disease management processes [6]. Group 3: Workforce and Innovation - As of January 6, 2026, Yuyantang employs 292 full-time medical professionals and has a research committee of 98 experts, driving innovation and improving patient care standards [7]. - The TCM service market in China is projected to grow from 659.9 billion yuan in 2019 to 1,020.16 billion yuan by 2024, with a compound annual growth rate of 10.1% expected until 2029 [7]. Group 4: Future Development Plans - Yuyantang plans to expand its geographic footprint in provinces like Shandong, Hebei, Henan, and Tianjin, focusing on self-built and self-operated models to enhance market penetration [8]. - The company aims to digitally transform its production facilities and strengthen its service and product value through standardized TCM services and backend product collaboration [8]. Group 5: Financial Performance - Yuyantang's revenue for 2023 and 2024 is projected at 150 million yuan and 215 million yuan, respectively, reflecting a year-on-year growth of 43.5% [8]. - For the first three quarters of 2025, revenue increased by 96.6% to 284 million yuan compared to the same period in 2024 [8]. - The adjusted net profit margins for 2023, 2024, and the first three quarters of 2025 are 13.7%, 12.6%, and 21.7%, respectively [9]. Group 6: IPO Fund Utilization - Approximately 33% of the IPO proceeds will be used to open new licensed medical institutions, while 24% will enhance production capacity [9]. - Other allocations include 10% for developing intelligent systems, 10% for brand enhancement, and 5% for optimizing TCM services, particularly in in-house formulations [9].