公司采用家庭医疗模式，整合线上线下服务，提供儿科、齿科、眼科、皮肤科等多个专科服务。截至 2025年8月31日，公司拥有387名全职医生，平均执业经验约15年，其中约79%曾于顶级三甲医院执业。 根据弗若斯特沙利文的数据，按2024年收入计，卓正医疗是中国第三大私立中高端综合医疗服务机构， 市场份额为2.0%。 卓正医疗通过港交所主板上市聆讯，海通国际和浦银国际为联席保荐人。 中国私立中高端医疗服务市场增长迅速，总收入从2020年的1930亿元人民币增至2024年的4263亿元人民 币，预计到2029年将达到8314亿元人民币。截至2025年10月28日，卓正医疗在中国10个经济发达城市拥 有并经营19家医疗服务机构（17家诊所、2家医院），并在新加坡和马来西亚共经营5家全科诊所。 ...

Core Viewpoint - Zhuozheng Medical is undergoing its third submission for an IPO on the Hong Kong Stock Exchange, showing steady revenue growth and a turnaround to profitability, raising questions about its potential for successful listing [1][7]. Financial Performance - The company has demonstrated a compound annual growth rate (CAGR) of 42.4% in revenue from 2022 to 2024, with a 13.2% revenue increase in the first eight months of 2025 [1]. - Gross profit margin has improved from 9.3% to 24%, and net profit is expected to turn positive in 2024, with a 59.6% increase in net profit in the first eight months of 2025, leading to a net profit margin of 12% [1][4]. - Cash and cash equivalents were only 88 million yuan as of September 2025, with total current assets at 147 million yuan, indicating limited cash flow [1]. Business Operations - Zhuozheng Medical operates 19 medical service institutions in China, including 17 clinics and 2 hospitals, and has expanded to Singapore and Malaysia [2]. - The majority of revenue comes from clinics (84.6%), while hospital revenue has increased to 15.4% [2]. - The company offers a membership plan that has significantly increased patient retention, with 52.43 million visits attributed to members in the first eight months of 2025 [4]. Market Position - Zhuozheng Medical ranks third in total revenue among private high-end comprehensive medical service providers in China and first in terms of city coverage [1][6]. - The company is concentrated in first-tier cities, with significant revenue contributions from Shenzhen, Beijing, Guangzhou, Chengdu, and Wuhan, accounting for 76.7% of total revenue [6]. Industry Outlook - The private high-end comprehensive medical service sector in China is expected to grow from 48.5 billion yuan in 2024 to 96.5 billion yuan by 2029, with a CAGR of 14.8% [4]. - The market is highly fragmented, with Zhuozheng Medical ranking second in patient visits, closely trailing the leader [6]. Challenges - The company faces challenges related to its convertible preferred shares, which significantly impact profit volatility, with 2.326 billion yuan in convertible preferred shares constituting 86% of current liabilities [4]. - The need for capital to support further expansion into new cities is critical, given the current cash constraints [6].

中国第三大私立中高端综合医疗服务机构。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，卓正医疗控股有限公司（以下简称"卓正医疗"）于2025年3月18日更新招股 书，继续推进港交所主板上市进程，海通国际和浦银国际担任联席保荐人。 成立于2012年的卓正医疗作为一家私立中高端综合医疗服务机构，专注于服务中高端医疗服务市 场。截至2025年3月10日已在深圳、广州、北京、成都、苏州、长沙、上海、重庆、杭州和武汉等 部分中国经济最发达的城市拥有并经营20家医疗服务机构，包括18家诊所和两家医院。截至同日， 卓正医疗还在新加坡开设了三家全科诊所。 根据弗若斯特沙利文的资料，以2023年收入 计算 ，卓正医疗是中国第三大私立中高端综合医疗服 务机构 ； 按截至2023年12月31日所覆盖的中国城市数量 和 2023年的付费患者就诊人次 计算 ， 卓正医疗在所有私立中高端综合医疗服务机构集团中分别排名第一 和 第二。 在业务模式上，为不断提高从诊前咨询到随访整个过程的服务便利性和可及性，卓正医疗联动了医疗 服务机构和线上医疗服务平台。2022年至2024年，卓 ...