最终，公司在2025年末第四次冲击港交所获得成功，成为今年南京第5家上市公司。 12月22日，"华东最大民营营利性综合医院集团"的明基医院，在香港联交所主板完成挂牌。然而，头顶光环的企业并未获得资本市场的垂青。 挂牌首日，公司股价开盘即破发，截至收盘，股价从发行价9.34港元跌至4.72港元，跌幅达49.46%，盘中一度腰斩，创下2025年港股新股最差开局， | 明基医院 | 0 U | | | --- | --- | --- | | HK2581 HK | | | | 름 | 6.500 市值 14.72亿 量比 | 4.720 | | 很 4.720 | 流通 14.72亿 换 2.51% | | | -4.620 -49.46% + | 6.500 市盈™ 14.57 额 4548.2万 | | | 同在顺 | 异动解读：IPO破发+暗盘下跌+行业受压。... ● × | | | THE TH | | | | 分时 | 日K 周K 月K 五日 更多▼ | | | 均价:5.798 最新:4.720 -4.620 -49.465% | | | | 14.080 | +50.75% 218771 15 | ...

文/耿朴凡 第4次闯关港交所，华东最大民营医院终于如愿上市。 12月22日，明基医院集团股份有限公司（简称"明基医院"）在香港联交所主板挂牌上市，集资总额超6亿港元，成为今年南京第5家上市企业。 然而，资本市场并未对其"华东最大民营医院"的光环报以掌声。上市首日，明基医院股价破发，暴跌近50%，创下年内港股最差"首秀"。 南京明基医院 图源官网 四次闯关终如愿 创年内港股最差"首秀" 作为华东最大民营医院，明基医院由台资企业控股，可谓含着"金汤匙"出生。 其控股股东为中国台湾的全球科技百强企业佳世达，明基医院也是佳世达医疗服务事业的唯一承担主体和品牌。背靠大股东，明基医院在南京 和苏州分别拥有一家综合医院，是华东地区最大的民营营利性综合医院集团。 新苏商注意到， 南京、苏州2家明基医院在建设之初还有地方国资的身影。比如，2003年南京明基医院建设之初，南京国资集团、 南京市中医院分别持股20%、10%；2005年苏州明基医院建设时，苏州苏高新集团也持有30%股权。在2家医院先后投入运营后，经 过一系列资本运作，2015年，南京明基医院和苏州明基医院的国资股东相继退出。 光环之下，明基医院的上市之路却十分坎坷。 ...

Core Viewpoint - Mingji Hospital, a private comprehensive hospital group, has failed its IPO application for the third time in Hong Kong, despite generating over 2.6 billion yuan in revenue and over 100 million yuan in profit, highlighting the challenges faced by private healthcare institutions in the current market environment [2][4][20]. Group 1: Company Performance - Mingji Hospital's revenue for 2022, 2023, and 2024 is projected to be 2.336 billion yuan, 2.688 billion yuan, and 2.659 billion yuan respectively, with net profits of 89.55 million yuan, 167 million yuan, and 109 million yuan [9]. - The hospital has managed to achieve over 100 million yuan in annual profit, which is notable given that over 50% of private hospitals in China are currently operating at a loss [8][10]. - Mingji Hospital's operational efficiency and management are considered high, allowing it to compete effectively in the competitive markets of Nanjing and Suzhou [12]. Group 2: IPO Challenges - The repeated failures of Mingji Hospital's IPO are attributed to its limited scalability and the current unfavorable healthcare policies, which have increased operational costs and affected revenue streams [14][17]. - The hospital's reliance on only two facilities limits its growth potential, making it difficult to meet market expectations for future expansion [14][20]. - The overall sentiment in the private healthcare sector has shifted, with many institutions facing similar IPO challenges, indicating a broader trend of difficulties in the market [4][22]. Group 3: Market Environment - Since 2023, there has been a wave of failed IPO attempts among private healthcare institutions, with notable examples including Shulan Healthcare and Ludaopei Medical, which have also struggled to secure listings [5][22]. - The tightening of national healthcare regulations and changes in reimbursement policies have created a challenging environment for private hospitals, leading to decreased investor confidence [17][18]. - The capital market's interest in private healthcare has waned, with fewer investment institutions actively seeking opportunities in this sector compared to previous years [19][20]. Group 4: Future Outlook - Mingji Hospital is exploring expansion strategies, including investments in new facilities, but faces significant competition in its target markets [15]. - The hospital's management acknowledges the need to improve its business model to enhance its appeal to investors and increase its chances of a successful IPO in the future [14][20]. - The ongoing debate about the suitability of private hospitals for public listing reflects a fundamental tension between the healthcare sector's public service nature and the profit-driven motives of capital markets [38][40].

Core Viewpoint - Mingji Hospital has faced multiple failures in its attempts to go public on the Hong Kong Stock Exchange, attributed to unfavorable industry conditions and low market expectations for comprehensive hospitals [1][3][5]. Group 1: Company Performance - Mingji Hospital generated revenues of 23.36 billion, 26.88 billion, and 26.59 billion from 2022 to 2024, with profits of 895.5 million, 1.67 billion, and 1.09 billion respectively, indicating a strong performance compared to many peers in the private healthcare sector [3][5]. - Despite its profitability, Mingji Hospital's limited number of facilities (only two hospitals) hinders its ability to attract investor confidence regarding future growth potential [4][5]. Group 2: Industry Environment - The private healthcare sector is currently facing significant challenges, with over 50% of private hospitals projected to incur losses in 2024, highlighting a broader industry struggle [3][5]. - Recent changes in national healthcare policies and stricter regulations have increased operational costs for private hospitals, further complicating their ability to secure funding and go public [5][22]. Group 3: IPO Challenges - Mingji Hospital's repeated failures to list are indicative of a structural dilemma within the healthcare sector, where many private hospitals are encountering similar obstacles in their IPO pursuits [1][7][8]. - The capital market's confidence in private healthcare has waned, with fewer investment institutions showing interest in conducting due diligence on private hospitals since 2023 [5][22]. Group 4: Future Prospects - Mingji Hospital is actively seeking solutions to its growth challenges, including investments in new facilities, but these efforts have yet to yield profitable results [4][5]. - The hospital's expansion plans face stiff competition in regions already saturated with healthcare providers, particularly in Suzhou, where the number of tertiary hospitals has reached 32 [5][22].

Group 1 - The core viewpoint of the news is that Mingji Hospital has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and Citibank as joint sponsors [1] - Mingji Hospital is the largest private profit-making general hospital group in East China by total revenue in 2023, holding a market share of 1.1% in the region and ranking seventh nationally among private general hospital groups with a market share of 0.4% [1] - The number of private general hospitals in China increased from 12,572 in 2019 to 13,848 in 2023, with a compound annual growth rate (CAGR) of 2.4%, and is expected to reach 15,302 by 2027, reflecting a CAGR of 2.5% from 2023 to 2027 [1] Group 2 - As of December 31, 2024, Mingji Hospital operates two hospitals with a total construction area of approximately 400,000 square meters and 1,850 registered beds, supported by a team of over 1,000 experienced doctors, including 39 experts from Taiwan and overseas [2] - The gross profit margin increased from 16.4% in 2022 to 18.9% in 2023 due to revenue growth outpacing operating cost increases, although it is projected to decrease to 18.1% in 2024 due to higher employee welfare expenses from recruiting more medical professionals [2] - The company is affected by the DRG payment system, which has negatively impacted the profits of most hospitals due to a reduction in total medical insurance payments [2]