来源：市场资讯 （来源：美港股观察社） 作者：大G 原创：美港股观察社 9月9日，健康160国际有限公司（股份代号：2656）开启招股，拟在香港联交所主板上市。此次全球发售共计33,645,500股股份，其中香港公开发售 3,364,750股，国际发售30,280,750股，最高发售价为每股14.86港元。本次发售所得款项净额（按发售价中位数13.37港元计算）约363.6百万港元，拟主要 用于扩大医疗资源覆盖、加强研发、丰富产品服务及战略收购等。此次上市并未引入基石投资者。 一、公司概况：医药批发与数字医疗双轮驱动的行业先行者 健康160是中国兼具经验的医药健康用品批发商及领先的数字医疗综合服务提供商，核心业务围绕"医药健康用品销售"与"数字医疗健康解决方案"两大板 块展开。在医药健康用品销售领域，公司通过批发与零售双模式覆盖不同客群：批发模式主要服务区域医药贸易公司、医疗机构等企业客户，依托稳定供 应链提供高效交付；零售模式则通过健康160平台及第三方电商平台，直接向个人用户提供满足日常及紧急需求的医药健康用品。在数字医疗领域，公司 打造的健康160平台整合线上线下资源，为医疗健康机构、医护人员、个人用户 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 31.31 [1][5][6] Core Views - The company's performance in the first half of 2025 is under pressure due to industry policy changes, intensified market competition, and extended customer payment cycles, leading to a year-on-year decline in revenue and net profit [1][2] - Despite the short-term challenges, the company is expected to improve its performance as the effects of its high-quality development strategy become evident [1][5] - The company is focusing on enhancing its distribution and retail segments, particularly through the integration of innovative drug businesses and the expansion of its self-owned brand [2][3] Summary by Sections Distribution - In the first half of 2025, distribution revenue was RMB 267.83 billion, down 1.09% year-on-year, with net profit decreasing by 7.82% to RMB 4.82 billion [2] - The decline in net profit is attributed to increased long-term accounts receivable due to delayed payments from downstream customers, leading to higher bad debt provisions [2] - The company is accelerating the integration of its narcotic and psychotropic drug business, with notable sales growth in specific segments [2] Retail - The retail segment, represented by Guoda Pharmacy, reported revenue of RMB 104.79 million, a decrease of 6.46% year-on-year, while net profit increased significantly by 215.81% to RMB 0.17 million [3] - The company is optimizing its business structure and enhancing profitability through self-owned brand development and strategic store closures [3] - The gross margin for Guoda Pharmacy's direct sales improved by 1.25 percentage points year-on-year due to effective procurement cost optimization [3] Financial Metrics - The overall expense ratio for the company decreased year-on-year, while the gross margin slightly declined to 10.69% [4] - The company forecasts a decline in wholesale and retail business revenue expectations, with projected net profits for 2025-2027 being RMB 13.52 billion, RMB 13.78 billion, and RMB 14.00 billion respectively [5][7] - The estimated EPS for 2025 is RMB 2.43, with a corresponding PE ratio of 10.62 [7]