Core Viewpoint - Saint Tong Te Medical (Qingdao) Nutrition Health Technology Co., Ltd. has submitted a second listing application to the Hong Kong Stock Exchange, marking its formal entry into the capital market after its initial application in June 2023 [2] Company Overview - Saint Tong Te Medical is a leading provider of medical food in China, focusing on the development, production, and sales of specialized medical food products [2] - The company has a strong market position, ranking first among local medical food brands and fourth overall in the Chinese medical food market, with a market share of 6.3% [2] - In the infant medical food segment, the company holds the top position among local brands and ranks third overall, with a market share of 9.5% [2] Product Development - The company has launched 14 major medical food products, each with unique medical uses and target demographics, and has 16 new products in development [5] - Saint Tong Te Medical has five main product lines, including allergy prevention, premature infant products, lactose-free products, complete nutrition products, and metabolic disorder products [5] - Notably, the company has introduced innovative products such as the first medical food for infants with propionic acidemia and the first domestically developed medical food for infants with phenylketonuria [5] Financial Performance - In the first half of 2025, the company achieved revenue of 397 million yuan, a decrease of 5.3% from 419 million yuan in the same period last year, while profit increased significantly to 88.54 million yuan from 43.15 million yuan [6] - The majority of revenue comes from allergy prevention products, accounting for 92.2% of total revenue in the first half of 2025 [6] Market Growth - The Chinese medical food market has shown rapid growth, with a market size increasing from 7.3 billion yuan in 2019 to an estimated 23.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 26.1% [7] - The infant medical food market is projected to grow from 4.5 billion yuan in 2019 to 13.5 billion yuan in 2024, with a CAGR of 24.7% [7] - The non-infant medical food market is also expanding, expected to reach 25.8 billion yuan by 2029, with a CAGR of 21.5% from 2024 to 2029 [8] Management and Investment - The company has a clear ownership structure, with the Meng family holding 52.26% of shares, and has received significant investments from well-known institutions, indicating strong market confidence in its growth prospects [8][9] - The management team is composed of professionals with international backgrounds, enhancing the company's global perspective and management approach [9] Future Prospects - With the second submission to the Hong Kong Stock Exchange, the company aims to leverage capital market resources to further strengthen its leading position in the medical food sector [10]

Company Overview - 圣桐特医 is a leading provider of specialized medical foods in China, focusing on the development, production, and sales of these products [1][2] - The company submitted its listing application to the Hong Kong Stock Exchange on December 5, 2023, with 中信证券 as the sole sponsor [1] - 圣桐特医 holds the top position among domestic specialized medical food brands in China, with a market share of 6.3% in the overall specialized medical food market and 9.5% in the infant specialized medical food market [1][2] Financial Performance - The company recorded revenues of 491 million RMB, 654 million RMB, 834 million RMB, and 397 million RMB for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The annual/profit and total comprehensive income for the same periods were 83.9 million RMB, 170 million RMB, 94.1 million RMB, and 88.5 million RMB [4] - The gross profit margins for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 were 71.8%, 71.0%, 71.0%, and 69.8%, respectively [5] Industry Overview - The specialized medical food market in China is experiencing rapid growth, with the market size projected to increase from 7.3 billion RMB in 2019 to 23.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 26.1% [6] - The infant specialized medical food market is expected to grow from 4.5 billion RMB in 2019 to 13.5 billion RMB in 2024, with a CAGR of 24.7% [7] - The non-infant specialized medical food market is also expanding, with a projected growth from 2.8 billion RMB in 2019 to 9.7 billion RMB in 2024, achieving a CAGR of 28.3% [7]