智通财经APP获悉，据港交所12月22日披露，瑞派宠物医院管理股份有限公司(简称：瑞派宠物医院)向港交所主板递交上市申 请，中金公司为独家保荐人。 瑞派创办的理念源于对中国宠物医疗行业长远发展的前瞻洞察，尤其源于该公司的创始人李博士对15年前中美宠物医疗水平 差距的敏锐认知，以及为中国兽医使命传递价值主张的初衷。在系统研判欧美宠物医疗行业的发展历程、成功逻辑及运营范 式后，该公司于2012年成立，根据灼识咨询，是中国首家实现全国连锁化运营的宠物医疗服务提供商，并确立了构建覆盖全 国、标准化连锁、可复制的宠物健康管理服务体系的目标。当时，美国的宠物医疗行业已经实现高度专业化、标准化和连锁 化，而中国宠物医疗行业仍处于起步期，但蕴藏着巨大的发展潜力。该公司旨在通过连锁化模式沉淀专业能力、推行标准化 体系、提升服务效率，同时构建宠物医师系统培养和快速成长的管理体系，引领中国宠物医疗行业走向专业化、标准化、规 模化发展。 作为全国性连锁宠物医疗机构的先行者与引领者，该公司率先在中国打造了覆盖全国的连锁宠物医疗网络，并首创了兽医发 展伙伴(VeterinaryDevelopmentPartners,VDP)模式，成为瑞 ...

Core Viewpoint - The pet medical industry is a core sector of the pet economy, characterized by both rigidity and growth potential, following a development path similar to human consumption structure, transitioning from "goods to services" [2] Demand Side: Growth Potential in Penetration Rate and Average Spending - The aging of pets is leading to an increase in disease incidence, which is expected to trigger a surge in demand for pet medical services. The shorter lifespan of pets compared to humans means that changes in age structure will result in more pronounced demand shifts [3] - The significant growth in the penetration rate of prescription pet food reflects the rapid dissemination of pet medical knowledge in China. Prescription pet food, which is a "functional diet" prescribed by veterinarians for specific diseases, is increasingly being recognized by pet owners, especially during illness or recovery periods [3] Expansion Phase: Balancing Scale and Profitability - The domestic pet medical market is characterized by small revenue size and weak profitability. According to the 2023 China Pet Medical Industry White Paper, 82% of pet hospitals in China have annual revenues below 2.4 million yuan, and 71% have profit margins below 10%, with 26% currently operating at a loss [4] - Drawing from the U.S. market experience, while profitability is under pressure during the expansion phase, measures such as controlling the pace of expansion, standardized mergers and acquisitions, and refined operations can gradually enhance profitability [4] Cost Structure: Challenges in Variable Cost Optimization - In the domestic market, employee and procurement costs are the main constraints on optimizing variable costs for pet hospitals. The operating costs are primarily concentrated in labor and consumables, with a shortage of veterinary talent and low domestic procurement rates for consumables being significant challenges [5] - The long-term reliance on imports for veterinary vaccines and the dominance of foreign brands in pet medications contribute to higher procurement costs for domestic pet medical enterprises. In contrast, the U.S. has a mature local supply chain, which provides cost advantages in consumable procurement [5]