过去一年中，民营医疗服务行业整体增速放缓，"强者愈强、弱者出清"的格局日益清晰。一方面，具备 标准化临床路径、高效运营体系和品牌认知度的头部企业持续稳健增长，市场份额稳步提升;另一方 面，大量中小机构则受制于人才短缺、成本高企、运营粗放及医保支付改革等多重压力，盈利空间受到 挤压，逐渐退出市场。 行业洗牌期，卓正医疗却在"寒冬"中交出了一份逆势增长的亮眼成绩单。2022至2024年，其营收年复合 增长率达42.2%，毛利增速更是高达126.7%;自2024年扭亏为盈后业绩一路上行，2025年前8个月的经调 整净利润已突破千万元。 近日，卓正医疗成功启动招股，这家专注于中高端市场的综合医疗服务机构吸引了不少市场投资者的目 光。 公开信息显示，公司于1月29日至2月3日期间开启招股，全球发售475万股，最高发售价为66.6港元，预 期2月6日正式挂牌交易。 与此同时，公司的股东阵容也相当豪华：腾讯作为最大股东持股近20%，H Capital、经纬创投、天图投 资、中金公司、富德生命人寿等多家知名机构均在列。此次IPO，公司还另获国内第三方检验的龙头金 域医学、国内新能源汽车头部企业小鹏汽车创始人何小鹏等基石投资者 ...

Core Viewpoint - Baize Medical's successful debut on the Hong Kong Stock Exchange and the publication of the "Oncology Rehabilitation Expert Consensus (2025)" mark significant milestones for the company, emphasizing its focus on comprehensive cancer care services [1][2][4]. Group 1: Company Milestones - Baize Medical's stock price surged over 42% on its first trading day, reflecting strong investor confidence in its growth potential within the oncology sector [1]. - The "Oncology Rehabilitation Expert Consensus (2025)" introduces a new "full-cycle rehabilitation" framework, defining five key rehabilitation prescriptions and establishing the importance of multidisciplinary collaboration [2][4]. Group 2: Market Context - The oncology treatment sector is identified as a high-growth area due to increasing clinical demand and structural opportunities arising from the mismatch in China's healthcare resources [6]. - Current statistics indicate that China's five-year cancer survival rate is only 40.5%, significantly lower than the 67.1% in the U.S., highlighting the urgent need for improved cancer care resources [6]. Group 3: Policy and Industry Dynamics - Recent government policies aim to enhance private healthcare development, particularly in oncology, by guiding social capital into critical medical fields and reforming payment systems to create a fair environment for private hospitals [7]. - The number of private hospitals in China has grown from 20,977 in 2018 to 26,583 in 2023, with a projected increase to 44,063 by 2030, indicating a robust expansion in the private healthcare sector [7][8]. Group 4: Competitive Advantage - Baize Medical's strategy focuses on a full-cycle service model that integrates screening, diagnosis, treatment, and rehabilitation, creating a competitive edge in the oncology market [13][16]. - The company leads in early cancer screening capabilities among private oncology medical groups in China, with all its hospitals establishing specialized early cancer screening centers [15]. Group 5: Growth Strategy - Baize Medical plans to utilize approximately HKD 191 million (30.6% of net proceeds from its global offering) for acquiring quality hospital targets to enhance its network and specialized capabilities [21]. - The company is also investing around HKD 63.7 million (10.2% of proceeds) in upgrading its digital management systems to improve operational efficiency and patient management [22]. Group 6: Long-term Outlook - The combination of strategic acquisitions and digital technology integration is expected to drive Baize Medical's growth, positioning it well within the evolving oncology service landscape [18][22]. - The company's full-cycle service strategy aligns with national healthcare reforms aimed at enhancing cancer prevention and management, reinforcing its role as a key player in the industry [24][25].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The company reported a revenue of HKD 1.913 billion for 2024, a slight decrease of 0.56% year-on-year, with a net loss attributable to shareholders of HKD 135 million, compared to a profit in the previous year [1][2]. - The gross margin decreased to 27.58%, down 4.59 percentage points year-on-year, primarily due to price reductions in ophthalmic surgeries and an increase in low-margin dental services [2]. - The company is focusing on expanding its dental business, which saw a revenue increase of 18.50% to HKD 507 million, driven by the mainland's healthcare policies [3][4]. - The company is undergoing a restructuring phase in 2024, with plans to close underperforming facilities while expanding its presence in the Greater Bay Area [4]. Financial Summary - The company expects revenues to grow to HKD 2.179 billion in 2025, with a projected net profit of HKD 75 million, reflecting a significant recovery from the current year's losses [5][10]. - The projected PE ratios for 2025, 2026, and 2027 are 26X, 21X, and 18X respectively, indicating a gradual improvement in profitability [4][10]. - The report highlights a projected gross margin recovery to 30.9% by 2025, suggesting improved operational efficiency [10].