IPO 申购指南 卓正医疗(02677.HK) 建议谨慎申购 2026-1-29 星期四 | 【招股详情】 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | 浦银国际、海通国际 | | | | | | | | | | 上市日期 | 年 2026 | 2 | 月 6 | 日(周五) | | | | | | | | 招股价格 | 57.7-66.6 | | 港元 | | | | | | | | | 集资额 | 2.19 | | | | | | | 亿港元（按照中间价，扣除包销费用和全球发售有关的估计费用） | | | | 每手股数 | 50 股 | | | | | | | | | | | 入场费 | 3364 | 港元 | | | | | | | | | | 招股日期 | 2026 年 | 1 | 月 29 | 日-2026 | 年 2 | | 3 | 日 | 月 | | | 国元证券认购截止日期 | 2026 年 | 2 | 月 2 | 日 | | | | | | ...

IPO 申购指南 卓正医疗(02677.HK) 建议谨慎申购 2026-1-29 星期四 公司是中国的私立医疗服务机构，战略重点是服务中高端医疗服务市场，目 标群体是具有较强购买力及偏好更个性化护理的大众富裕人群。大众富裕人 群是指人均年可支配收入超过人民币 200,000 元的人口群体。中国的医疗服 务市场可大致分为平价医疗服务市场及中高端医疗服务市场。中高端医疗服 务是指综合性定制服务，强调患者体验及服务质量，并可进一步分为公立中 高端医疗服务及私立中高端医疗服务。公司业务始于 2012 年。建立了覆盖 中国部分经济最发达城市的网络，包括深圳、广州、北京、成都、苏州、长 沙、上海、重庆、杭州及武汉。公司在中国各地拥有及经营 19 家医疗服务机 构，包括 17 家诊所和两家医院。 | 【招股详情】 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | 浦银国际、海通国际 | | | | | | | | | | 上市日期 | 年 2026 | 2 | 月 6 | 日 ...

Core Viewpoint - Zhuozheng Medical Holdings Limited is a leading private mid-to-high-end comprehensive medical service provider in China, focusing on affluent customers seeking personalized healthcare services [2]. Group 1: Company Overview - Established in 2012, Zhuozheng Medical targets the mid-to-high-end medical service market, catering to affluent individuals with strong purchasing power [2]. - The company operates a network of 19 medical service institutions across major Chinese cities, including Shenzhen, Guangzhou, Beijing, and others, as well as clinics in Singapore and Malaysia [2]. Group 2: Market Position - According to Frost & Sullivan, Zhuozheng Medical ranks first in the number of cities covered and second in the number of paid patient visits among private mid-to-high-end comprehensive medical service providers in China as of 2024 [2]. Group 3: Customer Satisfaction and Marketing - Zhuozheng Medical's reputation is built on service quality, with a high Net Promoter Score (NPS) of 87.6 in the first eight months of this year, indicating strong patient satisfaction and word-of-mouth referrals [3][4]. - The company has a growing membership base, with 116,542 members as of August 31, 2025, and a renewal rate increasing from 42% in 2022 to 67% in 2024 [4]. Group 4: Financial Performance - Zhuozheng Medical's revenue has shown significant growth, with figures of 473 million, 690 million, and 959 million yuan for the years 2022 to 2024, respectively, and 696 million yuan in the first eight months of this year [4]. - The company achieved profitability in 2024, with an adjusted net profit of approximately 10.45 million yuan in the first eight months of this year [5]. Group 5: Investment and IPO Plans - Prior to the IPO, Tencent held a 19.39% stake in Zhuozheng Medical, making it the largest institutional investor [6]. - The net proceeds from the IPO will be used for developing a medical AI talent pool, strategic collaborations, upgrading existing facilities, establishing new institutions, and potential acquisitions in key cities [6].

Core Viewpoint - 卓正医疗控股有限公司 is focusing on the high-end medical service market in China, targeting affluent consumers who prefer personalized healthcare services, and is preparing for its listing on the Hong Kong Stock Exchange [1][4]. Company Overview - 卓正医疗 is the third-largest private high-end comprehensive medical service provider in China, with a market share of 2.0% based on projected revenues for 2024 [4]. - The company operates a network of 19 medical service institutions across major Chinese cities and has additional clinics in Singapore and Malaysia [5]. Market Analysis - The private high-end medical service market in China is projected to grow from RMB 193 billion in 2020 to RMB 426.3 billion by 2024, reflecting a compound annual growth rate (CAGR) of 21.9%. It is expected to continue growing at a CAGR of 14.3% from 2024 to 2029, reaching RMB 831.4 billion by 2029 [4]. - Private high-end medical service institutions are expected to account for approximately 66.5% of the total revenue in the high-end medical service market in China by 2024 [4]. Business Model - 卓正医疗 employs a family healthcare model that integrates both in-person and online medical services, enhancing patient satisfaction and facilitating cross-specialty referrals [6]. - The company has a structured talent development framework to attract and retain qualified medical professionals, with 387 full-time doctors averaging about 15 years of experience [6]. Financial Performance - Revenue figures for 卓正医疗 from 2022 to 2024 are as follows: RMB 473.2 million in 2022, RMB 690.4 million in 2023, and RMB 958.6 million in 2024, indicating a consistent upward trend [7]. - The company recorded net losses of RMB 222 million in 2022 and RMB 353 million in 2023, but achieved a profit of approximately RMB 80.2 million in 2024 [6][7].