（原标题：铲官养不活宠物医院） 作者 | 黄绎达 编辑 | 张帆 2025年12月22日，瑞派宠物向港交所递交招股书，有望成为"中国宠物医疗第一股"。 事实上，宠物医疗概念冲刺IPO其实并非新鲜事，2023年，国内最大的宠物医疗平台新瑞鹏向美国证券 交易委员会递交招股书。彼时恰逢宠物经济风口，相关概念股接连登陆资本市场，市场对新瑞鹏的估值 也高达300亿元。然而，新瑞鹏上市进程却未及预期，陷入长期停滞，并最终于2024年撤回了上市申 请。 从行业基本面来看，新瑞鹏的上市失利与国内宠物医疗赛道的业态深度相关。国内宠物医疗行业长期呈 现小、散、弱的竞争格局，当前行业连锁化率为22%，单体医院仍是主流形态；行业集中度方面，公开 资料显示，2024年国内宠物医疗市场在收入维度的CR5仅15.4%，而此次递表的瑞派宠物以4.8%的市场 份额位居行业第二。 从行业前景来看，根据灼识咨询的数据，国内连锁宠物医疗服务市场规模在2024年已达110亿元，预计 2030年将增长至226亿元，期间CAGR约12.6%；到2035年，行业规模将再次翻倍至494亿元，期间 CAGR小幅加速至17%。 然而，在需求强劲的背景下，新瑞鹏上 ...

Investment Rating - The report gives a "Buy" rating for the company [5] Core Viewpoints - The company, Xiaocaiyuan, is a rapidly growing mass-market Chinese dining enterprise focusing on new Huizhou cuisine, with a core philosophy of "delicious and affordable" [5][14] - The Chinese dining market shows strong resilience, with a compound annual growth rate (CAGR) of 4.4% from 2018 to 2023, expected to reach 8.26 trillion yuan by 2028 [5][34] - Xiaocaiyuan has a significant competitive advantage in the mass-market dining segment, holding a 0.2% market share in the 50-100 yuan price range, ranking first in this category [5][40] Company Overview - Xiaocaiyuan has expanded rapidly since opening its first store in Tongling, Anhui in 2013, reaching 673 stores across 14 provinces and 146 cities by the end of 2024, with plans to exceed 800 stores in 2025 [5][14] - The company operates under a direct chain model, ensuring consistent quality and service across its outlets [29] Market Analysis - The mass-market Chinese dining segment, defined as having an average spend of under 100 yuan, accounted for 36.18 billion yuan in 2023, representing 88.7% of the overall Chinese dining market [34][36] - The segment has shown resilience with a CAGR of 3.8% from 2018 to 2023, despite challenges such as the pandemic [36] Competitive Strengths - Xiaocaiyuan's strengths include precise brand positioning, a standardized operational system, strong supply chain integration, and a robust employee incentive mechanism [4][5] - The company has established a centralized kitchen and logistics team, which has helped reduce raw material costs to 29.5% of revenue in the first half of 2025 [4] Financial Performance - Xiaocaiyuan's revenue grew from 2.646 billion yuan in 2021 to 5.21 billion yuan in 2024, with a CAGR of 25.3%, while net profit increased from 227 million yuan to 581 million yuan during the same period, with a CAGR of 36.7% [5][8] - The company maintains a gross margin above 65%, with a net margin of approximately 11% [5] Profit Forecast - The company is expected to achieve net profits of 753 million yuan, 921 million yuan, and 1.122 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 29.6%, 22.4%, and 21.9% [5][8]