继2024年5月首次递表失效后，圣桐特医营养健康科技股份有限公司（下称"圣桐特医"）于近期再次向 港交所递交了IPO招股书。作为本土特医食品牌的先行者，背靠圣元集团大树，并获弘晖基金、创新工 场、高瓴创投等知名机构加持，圣桐特医IPO前估值已达26亿元人民币。 然而，光鲜的资本背书的B面，公司目前仍存在诸多隐忧。包括营收首降、利润波动大；单一业务依赖 明显；重营销轻研发但相比竞品市场认知度仍然较低；生产高度依赖关联方，独立性存疑；在累计亏 损、负债承压背景下IPO前"清仓式"分红等。 营收下滑、扣非净利增速骤降 重营销轻研发市场认知度仍难敌竞品 从财务数据看，报告期内公司业绩疲态已现。2022年至2024年，公司营收从4.91亿元增至8.34亿元，年 复合增长率达30.4%。而2025年上半年，公司实现营收3.97亿元，同比下降5.28%。 从净利润表现看，公司盈利质量不稳定且受非经营因素干扰大。2023年，公司实现净利润1.7亿元，同 比增长103.18%，随后2024年骤降44.77%至9414万元。公司解释2024年下滑主要受金融工具公允价值变 动损失拖累，经调整后净利润呈增长。但大幅波动本身就说明公司 ...

《通知》明确，进一步提高支付标准，限价范围内费用由基本医疗保险统筹基金支付70%，不与住院年 度最高支付限额合并计算，患者自付30%。1岁（不含）以下每人每年报销限额1.5万元，1岁（含）至 10岁（不含）每人每年报销限额3万元，10岁（含）以上每人每年报销限额4万元，终身保障。 《通知》明确，苯丙酮尿症患者治疗所需的特医食品（1、2、3段配方奶粉）在云南省医疗保障信息平 台挂网。各定点医疗保健机构可通过该平台申购，确保特医食品及时入库，保障供应稳定。患者凭有效 处方，即可在指定的16家定点医疗保健机构购买相应的特医食品，定点医疗机构为患者开具相关购买发 票。购买后，参加城乡居民医保并确诊为苯丙酮尿症的患者可到参保地医保经办部门进行费用报销。 （记者 陈鑫龙） 责任编辑：董翔宇 近日，省卫生健康委发布《关于进一步完善苯丙酮尿症患者治疗工作有关问题的通知》，将保障对象从 原0—6岁患儿延伸至全年龄段患者，并进一步提高支付标准，以减轻苯丙酮尿症患者经济负担。 苯丙酮尿症是一种遗传性代谢疾病，患者需终身依赖特殊医学用途配方食品进行治疗。《通知》将保障 对象从原0—6岁患儿延伸至全年龄段患者。经二级及以上医保定点医疗 ...

（来源：劳动午报） 北京市垂杨柳医院作为试点单位，将特医食品纳入HIS系统管理，构建起特医食品院内遴选、准入、储 存、临床使用、效果评价等管理制度体系和标准化临床使用路径，这一套可复制的特医食品经营使用机 制为其他医院提供了样板。 特医食品获取周期缩短至立等可取 据悉，特医食品本质是食品，不属于药品、医疗器械或医疗服务项目，但使用场景和消费需求与药品类 似；合法销售特医食品需办理特医食品经营备案。非营利性医疗机构作为事业单位法人无法办理，这曾 是特医食品"进不了医院"的重要堵点。 针对这一问题，北京市市场监管局探索建立专项工作机制，根据医疗机构执业许可证、事业单位法人证 书、法定代表人授权委托书、食品经营备案信息采集表等材料，以绿色通道方式，为试点医院北京市垂 杨柳医院办理非营利性医疗机构特医食品经营备案，并逐步扩围至更多医院。 为提升效率，便利医疗机构申请，北京市市场监管局进一步优化升级"e窗通"政务服务系统，实现了非 营利性医疗机构办理特医食品经营备案全程网办，助力破解特医食品"进院难"。目前，全市已有12家非 营利性医疗机构办理特医食品经营备案。 实现全流程规范化管理 此前特医食品缺乏统一的国家标准编码 ...

北京试点特医食品"入院""进系统" 可追溯、监管 中新网北京12月23日电 (记者 吕少威)对于进食受限、消化吸收障碍、代谢紊乱或者特定疾病状态的人 群而言，特殊医学用途配方食品(以下简称"特医食品")是维系健康的刚需食品。此前，公立医院因资质 限制无法直接提供特医食品，患者需奔波院外购买，降低了产品可及性。近期，北京市市场监管局联合 北京市卫生健康委、北京市医保局在北京朝阳区率先开展试点，特医食品不仅成功进入医疗机构，更纳 入医院信息系统(HIS系统)管理，实现从单据开具到窗口领用的全流程便捷化。 创新备案机制，打通特医食品入院通道 多方受益显成效，改革红利持续释放 试点推行以来，特医食品"入院""进系统"成效已初步显现。对患者而言，院内特医食品的获取周期缩短 至立等可取，患者的就医体验得到改善。医院营养门诊就诊患者、病房住院患者、出院随访患者均因此 受益。 对医疗机构而言，特医食品"入院"使用为其提供了科学、规范的营养支持工具。北京市垂杨柳医院通过 精准干预、多学科协作及标准化体系建设，加速康复外科、老年科、内分泌科、中医科等合理应用特医 食品，构建老年营养评估与干预体系，改善患者代谢和临床营养状况。 对 ...

首次递表失效后，圣桐特医再次向港交所递交IPO招股书。根据招股书，2024年，中国特医食品产 品的渗透率仅约为3%，远低于欧美等成熟市场的40%，预计到2029年市场规模将达到531亿元，仍有很 大发展空间。圣桐特医背后有着知名乳企圣元国际的加持，不过随着短期偿债压力、研发费用占比过低 等因素凸显，或成为其IPO的关键变量。 短期偿债压力较大 所谓特医食品，全称为特殊医学用途配方食品，是为满足进食受限、消化吸收障碍、代谢紊乱或特 定疾病状态人群对营养素或膳食的特殊需要，专门加工配制而成的配方食品。 圣桐特医前身为圣元国际2005年成立的特医食品事业部，专注于特医食品开发、生产及销售。财务 数据显示，圣桐特医在2022至2025年上半年收入分别为4.91亿元、6.54亿元、8.34亿元及3.97亿元，期间 利润分别为8388.6万元、1.7亿元、9414.4万元及8853.6万元。 灼识咨询数据显示，以2024年零售额计，圣桐特医在中国特医食品市场本土品牌中居首，在内外资 品牌综合排名中位列第四，市场份额6.3%，落后于雀巢、达能和美赞臣；在婴儿特医食品本土市场品 牌中居首，在内外资品牌综合排名中位列第三，份额 ...

首次递表失效后，圣桐特医再次向港交所递交IPO招股书。根据招股书，2024年，中国特医食品产品的渗透率仅约为3%，远低于欧美等成熟市场的40%，预 计到2029年市场规模将达到531亿元，仍有很大发展空间。圣桐特医背后有着知名乳企圣元国际的加持，不过随着短期偿债压力、研发费用占比过低等因素 凸显，或成为其IPO的关键变量。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪在接受北京商报记者采访时表示，"存货周转天数大幅上升，总赤字与流动负债净额高，这些财务 状况会让投资者担忧其经营稳定性和抗风险能力，降低投资意愿。在IPO审核中，监管机构也会重点关注企业财务健康状况，若认为其偿债风险过高，可能 影响审核通过，或要求其改善财务状况后再推进IPO进程"。 中国城市专家智库委员会常务副秘书长、浙大城市学院副教授林先平也认为，"短期偿债压力大对其IPO会产生负面影响。港交所审核时会重点关注企业持 续经营能力，而短期偿债压力大正是这一能力的重要隐患。港交所对新申请人需具备足够营业记录且产生净现金流入的核心要求，若无法证明上市后能改善 资金流动性，大概率遭遇估值折价或认购不足"。 短期偿债压力较大 所谓特医食品，全称为 ...

Core Insights - The special medical food market is rapidly growing due to China's aging population and increasing prevalence of chronic non-communicable diseases, with a global market size expected to reach $21.8 billion by 2030, and China's market projected to exceed 20 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 14.16% [1][6] Company Overview - Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd. is a leading provider of special medical foods in China, holding the top position among domestic brands and ranking fourth overall in market share at 6.3% [2][3] - The company has launched 14 major special medical food products, with 16 additional products in development, and holds the highest number of infant special medical food registration certificates in China [3][4] Financial Performance - Saintong's revenue grew from 491.223 million yuan in 2022 to an estimated 834.096 million yuan in 2024, achieving a CAGR of approximately 30.4%, significantly outpacing the average growth rate of the healthcare industry in China [4][5] - Despite strong revenue growth, the company's net profit margin has fluctuated dramatically from 26.1% in 2023 to 11.3% in 2024, indicating a financial paradox where revenue increases do not correlate with stable profitability [3][5] Market Dynamics - The Chinese special medical food market is highly concentrated, with the top five players holding 78.0% and 92.9% market shares in the overall and infant special medical food segments, respectively [2] - The market is expected to grow at a CAGR of 27.8% from 2020 to 2025, with domestic products gradually increasing their market share due to favorable policies and a growing number of local companies [6][7] Investment Activity - In the first quarter of this year, three Chinese special medical nutrition companies raised nearly 700 million yuan in financing, with Saintong securing over 400 million yuan in its B+ round, marking one of the largest financings in the sector [7] - The penetration rate of special medical foods in China is currently around 3%, significantly lower than over 40% in mature markets like the U.S., indicating substantial growth potential [7]

Core Insights - The special medical food market in China is rapidly growing, with a projected compound annual growth rate (CAGR) of 14.16% from 2023 to 2025, reaching approximately 20 billion RMB by 2025 [1][6] - Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, indicating its ambition to capitalize on the booming market [1][2] Industry Overview - The global special medical food market surpassed $14.1 billion (approximately 100 billion RMB) in 2023 and is expected to reach $21.8 billion by 2030, with an annual growth rate exceeding 6% [1] - China's special medical food market is characterized by high concentration, with the top five brands holding 78.0% and 92.9% market shares in the overall and infant special medical food segments, respectively [2][3] Company Performance - Saintong Special Medical is a leading provider of special medical foods in China, holding the top position among domestic brands and ranking fourth overall with a market share of 6.3% [2] - The company has launched 14 major special medical food products and is developing 16 additional products, holding the highest number of infant special medical food registration certificates in China [3] - Revenue growth from 2022 to 2024 is projected at a CAGR of 30.4%, with revenues increasing from 491.2 million RMB in 2022 to 834.1 million RMB in 2024 [4] Financial Metrics - The gross profit margin for Saintong Special Medical has remained around 70%, with slight fluctuations, indicating strong competitive advantages [4][5] - The net profit margin has shown significant volatility, dropping from 26.1% in 2023 to 11.3% in 2024, raising concerns about profitability stability [5][8] Market Dynamics - The domestic special medical food market is expected to grow at a CAGR of 27.8% from 2020 to 2025, driven by increasing demand and favorable policies [6] - The penetration rate of special medical foods in China is currently around 3%, significantly lower than over 40% in mature markets like the U.S., indicating substantial growth potential [7] Investment Activity - Recent financing activities in the special medical food sector have surged, with Saintong Special Medical securing over 400 million RMB in its latest funding round, marking one of the largest investments in the field [7]

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]

Core Viewpoint - The company, 圣桐特医, has submitted an application for listing on the Hong Kong Stock Exchange, positioning itself as a leading provider of specialized medical foods in China, with CITIC Securities as the sole sponsor [1] Group 1: Market Position - As of 2024, 圣桐特医 holds the top position among domestic specialized medical food brands in China, with a market share of 6.3%, ranking fourth among all specialized medical food brands [1] - In the infant specialized medical food market, the company also leads among domestic brands, achieving a market share of 9.5%, ranking third overall [1] Group 2: Company Milestones - Established in 2005, 圣桐特医 was one of the first companies in China to create a specialized medical food department and became the first Chinese brand to commercialize specialized medical food products in 2007 [1] - The company was the first in China to receive approval for the production of specialized medical food products in 2011 [1] - In January 2025, the company received registration certificates for "特爱丙佳," the first and only specialized medical food for infants with propionic acidemia or methylmalonic acidemia, and "特爱本佳," the first specialized medical food for infants with phenylketonuria developed by a Chinese brand [1] Group 3: Product Development - As of November 25, 2025, 圣桐特医 has launched 14 major specialized medical food products, with an additional 16 major new products currently in development [1] - The company holds the highest number of registration certificates for infant specialized medical foods among Chinese brands [1]