铲屎官最怕什么？"毛孩子"生病。刘小姐的美短银渐层公猫"蛋蛋"因尿闭引发严重肾衰竭，连续抢救7天才脱 险。账单一出——6000元，刚好是她一个月的工资。虽然心疼、焦虑，但也无可奈何，这种感受在众多养宠 人中并不罕见。宠物看病比人贵，成为很多铲屎官必须直面的现实。 2025年12月22日，瑞派宠物医院管理股份有限公司(下称"瑞派")向港交所递交上市申请书，有望成为"中国宠 物医疗第一股"。招股书显示，瑞派在全国拥有548家在营宠物医院，2024年营收超17亿元，但直到2025年上 半年才实现约1554万元盈利。 一边是铲屎官们感叹"毛孩子"们生不起病，但看病贵，宠物医院就赚钱吗？宠物医疗行业的真实处境，远比 想象中的复杂。 宠物医疗确属刚需生意 根据《2025年中国宠物行业白皮书(消费报告)》数据，2024年中国城镇宠物犬猫数量突破1.2亿只，市场规模 超3000亿元。 与其他可选消费不同，宠物医疗几乎没有替代方案。对不少铲屎官而言，"怕的不是花钱，而是不知道要花多 少钱"。一次普通就诊动辄上千元，一场突发疾病可能要花上万元。拖不起、躲不开，也无法讨价还价，情 绪、责任与刚需被同时装进账单里。甚至有的宠物主因无 ...

Core Viewpoint - The pet medical industry in China is facing significant challenges despite high demand, with costs rising and profitability remaining elusive for major players like Ruipai Pet Hospital Management Co., Ltd. [1][4][12] Industry Overview - The pet medical sector is characterized by a large and fragmented market, with over 30,000 pet hospitals in China, yet the top five chains only account for 6.5% of the total number of hospitals [8] - The market for pet dogs and cats in urban China is projected to exceed 300 billion yuan by 2024, with the number of pets surpassing 120 million [3][10] Financial Performance - Ruipai's financial data indicates net losses of 62 million yuan in 2022, 251 million yuan in 2023, and an expected loss of 59 million yuan in 2024, with a modest profit of approximately 15.54 million yuan anticipated in the first half of 2025 [4][8] - The average cost of a single veterinary visit in mainland China exceeds 2,000 yuan, with treatment for common conditions often costing several thousand yuan [4][10] Market Dynamics - The aging pet population is a critical factor, with over 30 million pets entering middle age by 2024, leading to increased reliance on vaccines, health products, and chronic disease management [3][12] - The lack of pet insurance penetration in China, at only 22%, compared to over 50% in developed markets, exacerbates the financial burden on pet owners [10][18] Challenges in Profitability - The industry faces structural challenges, including high fixed costs, weak payment leverage, and difficulties in standardizing services, which hinder profitability despite high service prices [9][12][21] - The reliance on single business lines for revenue, coupled with high labor costs and low equipment utilization, contributes to the financial struggles of pet hospitals [12][20] Recommendations for Improvement - To promote healthy development in the pet medical industry, efforts should focus on enhancing payment systems, improving supply chains, increasing talent availability, and establishing regulatory frameworks [21][22] - Implementing insurance leverage, community-based services, and standardized treatment protocols could help reduce costs and improve access to pet healthcare [21][22]