格隆汇10月2日｜同仁堂集团旗下、从事中医医疗服务的同仁堂医养通过联交所上市聆讯，中金公司为 保荐人。今年首5个月，同仁堂医养收入为4.77亿元，同比多6.1%；纯利同比上涨146%至1004万元。若 同仁堂医养成功上市，将成为同仁堂集团系内第四家上市公司，其余三家分别为同仁堂股份 (600085SH)、同仁堂科技(1666.HK)及同仁堂国药(3613.HK) 。 据聆讯后文件，同仁堂医养主要专注中 医医疗服务，现有12家自有医疗机构及一家互联网医院，另也管理10家线下医疗机构。系内其他成员则 以以生产和销售中医健康产品为主，并提供有限度的医疗服务，即如驻药店中医师诊断服务。同仁堂医 养表示，由於与系内其他成员在规模、定位、服务范围及目标客户上均有明显区分，故不认为对集团业 务构成重大竞争。 股权方面，同仁堂集团持股约84%，其余股份由亳州益品得、济宁银龄、秉荣投资 等投资者持有。 ...

智通财经APP获悉，据港交所9月30日披露，北京同仁堂医养投资股份有限公司(简称：同仁堂医养)通过港交所主板 上市聆讯，中金公司为其独家保荐人。 于往绩记录期间，公司的收入主要来自中医医疗服务；管理服务；销售健康产品及其他产品。 从收入贡献上来看，中医医疗服务产生的收入由截至2022年12月31日止年度的人民币8.15亿元增加22.1%至截至 2023年12月31日止年度的人民币9.95亿元；管理服务的收入由截至2022年12月31日止年度的人民币190万元大幅增 加至截至2023年12月31日止年度的人民币960万元；销售健康产品及其他产品的收入由截至2022年12月31日止年度 的人民币8770万元增加57.0%至截至2023年12月31日止年度的人民币1.38亿元。 同仁堂医养指，同仁堂集团的其他上市成员公司亦提供有限的中医医疗服务，但本集团集中于提供中医医疗服务的 主要业务活动不同，公司同系附属公司通过坐堂中医医师提供的中医医疗服务主要作为其药物零售业务的补充，在 经营规模、业务定位、服务范围或目标客户群等方面与公司的中医医疗服务存在差异。 控股股东上，公司的最终控股股东同仁堂有权直接及间接通过同仁堂 ...

据港交所9月30日披露，北京同仁堂（600085）医养投资股份有限公司(简称：同仁堂医养)通过港交所主板上市聆 讯，中金公司（601995）为其独家保荐人。 截至2025年9月23日，公司已建立分级中医医疗服务网络，包括12家自有线下医疗机构及一家互联网医院，以及10 家线下管理医疗机构。依托知名品牌"同仁堂"及优质的药品，公司已积累及整合大量线上线下（300959）医疗资 源。 据招股书，同仁堂医养是同仁堂旗下一家战略性聚焦于中国中医医疗服务的附属公司，专注于为个人客户提供全面 中医医疗服务，为机构客户提供标准化管理服务，并提供各种医药产品及其他产品。公司将"医"与"养"相结合，提 供现代化、定制化的中医医疗服务。 按2024年总门诊人次及住院人次计，公司是中国非公立中医院医疗服务行业中最大的中医院集团，市场份额为 1.7%。按2024年医疗服务总收入计，公司以0.2%的市场份额在非公立中医院医疗服务行业中排名第二，其市场规 模占同年中国中医医疗服务行业市场总规模的46.5%。 于往绩记录期间，公司的收入主要来自中医医疗服务；管理服务；销售健康产品及其他产品。 从收入贡献上来看，中医医疗服务产生的收入由截至 ...

Core Viewpoint - Beijing Tongrentang Medical and Health Investment Co., Ltd. is planning to issue up to 136.93 million shares for overseas listing and convert 110.39 million shares held by 10 shareholders from domestic unlisted shares to overseas listed shares [2][4]. Group 1: Company Overview - Beijing Tongrentang Medical and Health Investment Co., Ltd. was established in 2015 and is a leading traditional Chinese medicine group, providing integrated medical solutions using both traditional Chinese medicine and non-drug therapies [4][5]. - As of June 24, 2025, the company has established a tiered medical service network, including 12 self-owned medical institutions and one internet hospital, along with 10 managed medical institutions [4]. Group 2: Market Position - According to Frost & Sullivan, Beijing Tongrentang Medical and Health is the largest non-public traditional Chinese medicine hospital group in China, holding a market share of 1.7% based on total outpatient and inpatient visits in 2024 [5]. Group 3: Shareholder Information - The top shareholders applying for the conversion of unlisted shares to listed shares include: - China Beijing Tongrentang (Group) Co., Ltd. with 5,293,050 shares - Beijing Tongrentang Elderly Care Industry Investment Operation Center (Limited Partnership) with 1,760,573 shares - Beijing Tongqing Equity Investment Partnership (Limited Partnership) with 844,607 shares - Other shareholders collectively hold the remaining shares, totaling 110,139,024 shares [3]. Group 4: IPO Details - The company submitted its prospectus to the Hong Kong Stock Exchange on three occasions: June 28, 2024, December 31, 2024, and June 30, 2025, with China International Capital Corporation as the sole sponsor [4].

Group 1 - The core point of the news is that Beijing Tongrentang Healthcare Investment Co., Ltd. plans to issue up to 136,930,500 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange, with 10 shareholders converting a total of 110,139,024 shares from unlisted domestic shares to overseas listed shares [1][3] Group 2 - Tongrentang Healthcare is a traditional Chinese medicine group that provides comprehensive TCM medical services to individual clients and standardized management services to institutional clients, combining "medicine" and "nurturing" to offer modern and customized TCM medical services [3] - As of June 24, 2025, the company has established a tiered medical service network, including 12 self-owned offline medical institutions and one internet hospital, along with 10 offline managed medical institutions [3] - The company leverages the well-known brand "Tongrentang" and high-quality pharmaceuticals to accumulate and integrate a large number of online and offline medical resources [3] Group 3 - The list of shareholders converting their shares includes China Beijing Tongrentang (Group) Co., Ltd. with 52,930,500 shares, Beijing Tongrentang Elderly Care Industry Investment and Operation Center (Limited Partnership) with 17,605,573 shares, and several other shareholders totaling 110,139,024 shares [5]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Beijing Tongrentang Healthcare Investment Co., Ltd.'s overseas issuance and listing of shares, allowing the company to issue up to 136,930,500 overseas listed ordinary shares on the Hong Kong Stock Exchange [1] - The company plans to convert a total of 110,139,024 shares held by 10 shareholders from unlisted domestic shares to overseas listed shares for circulation on the Hong Kong Stock Exchange [1][5] Group 2 - Tongrentang Healthcare is a traditional Chinese medicine (TCM) medical group that provides comprehensive TCM medical services to individual clients and standardized management services to institutional clients, along with various pharmaceutical and other products [3] - The company combines "medicine" and "nurturing" to offer modern and customized TCM medical services, integrating both medicinal and non-medicinal therapies to meet diverse client needs [3] - As of June 24, 2025, the company has established a tiered medical service network, including 12 self-owned offline medical institutions and one internet hospital, as well as 10 offline managed medical institutions [3]

Core Viewpoint - The company, Wenzhi Traditional Chinese Medicine, has re-submitted its listing application to the Hong Kong Stock Exchange after previous attempts were unsuccessful. The company primarily generates revenue from TCM medical services, with a significant portion coming from online channels. Financial Performance - The company reported net losses of 154 million yuan, 194 million yuan, 45 million yuan, and 44 million yuan for the years 2022, 2023, 2024, and the first five months of 2025, respectively. It is expected to continue incurring losses in 2025, mainly due to fair value losses on convertible redeemable preferred shares [1][2] - Revenue figures for the same periods were 62 million yuan, 189 million yuan, 236 million yuan, and 100 million yuan, with approximately 90% of the diagnostic revenue coming from online channels [1][2] Service Offerings - The largest share of the company's TCM medical service revenue comes from general practice, accounting for 48.2% of total TCM service revenue. The company has developed treatment plans for over 3,000 types of diseases and has accumulated more than 1 million clinical cases [1] Operational Details - As of May 31, 2025, the company operates 11 offline clinics, including one outpatient department, and employs 93 full-time physicians. The average years of practice for the physicians is approximately five years [3]

Core Viewpoint - The aging population in China is driving the growth of the elder care industry, with traditional Chinese medicine (TCM) becoming a focal point for addressing medical needs, leading to increased interest from companies like Wenzhi TCM in capital markets [1][6]. Company Overview - Wenzhi TCM has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as the largest AI-assisted TCM service provider in mainland China, with a market share of approximately 1.3% in 2024 [1]. - Founded in 2018, Wenzhi TCM has developed a comprehensive TCM business model that caters to various customer needs, including disease treatment, health maintenance, and TCM education [1][2]. - The company's revenue has shown significant growth, increasing from 62.169 million RMB in 2022 to 236.414 million RMB in 2024 [3][4]. Revenue Breakdown - Wenzhi TCM's revenue is primarily derived from three segments: TCM medical services, TCM lifestyle products, and TCM brain subscription services. The contributions from these segments from 2022 to 2024 are as follows: - TCM medical services: 50.421 million RMB (81.1%), 167.247 million RMB (88.5%), 211.200 million RMB (89.6%) [3][4]. - TCM lifestyle products: 6.062 million RMB (9.8%), 13.598 million RMB (7.2%), 15.248 million RMB (6.3%) [3][4]. - TCM brain subscription services: 5.686 million RMB (9.1%), 8.153 million RMB (4.3%), 9.966 million RMB (4.1%) [3][4]. Profitability and Financial Performance - Despite the rapid revenue growth, Wenzhi TCM's profitability remains a concern, with net losses reported at 154 million RMB in 2022, 193 million RMB in 2023, and 45.367 million RMB in 2024 [4][5]. - In the first five months of the current year, the company's net loss expanded to 43.841 million RMB, compared to a loss of 2.386 million RMB in the same period last year [5]. Market Opportunities - The demand for medical services in China is on the rise due to factors such as population aging, urbanization, and increased health awareness, with TCM becoming a significant pillar in the healthcare sector [6]. - The market for AI-assisted TCM services is projected to reach approximately 16 billion RMB in 2024, with a compound annual growth rate (CAGR) of 113.7% from 2020 to 2024 [6]. - The number of TCM outpatient visits is expected to reach 2.4 billion in 2024, with a CAGR of 9.1% from 2020 to 2024 [6]. Strategic Initiatives - Wenzhi TCM plans to optimize its online and offline networks, currently operating 11 physical clinics and four herbal medicine centers across major cities [7]. - The company aims to expand its presence in first- and second-tier cities and enhance its physician team while also exploring overseas markets, particularly in regions with significant Chinese populations [7]. AI Integration in TCM - The integration of AI in TCM is seen as a catalyst for industry growth, enhancing the standardization of services and improving diagnostic support [8][10]. - AI's ability to process data and recognize patterns complements TCM's individualized treatment approach, potentially addressing supply-demand mismatches in the industry [8][10].

Core Viewpoint - TCMTech Inc, known as "问止中医", claims to be the largest AI-assisted traditional Chinese medicine (TCM) service provider in mainland China, with a market share of only 1.3% and total losses of 393 million yuan over the past three fiscal years [1][2]. Group 1: Business Overview - The company's main revenue sources are TCM medical services, TCM lifestyle products, and the "TCM Brain" subscription service [1]. - TCM medical services accounted for 89.6% of total revenue in 2024, with approximately 48% of this revenue coming from general practice [2]. - The company operates eleven offline clinics across cities like Shenzhen, Guangzhou, Xiamen, and Chengdu, employing 93 full-time physicians who utilize the proprietary AI-assisted diagnostic system, "TCM Brain" [1][2]. Group 2: Financial Performance - Revenue figures for the years 2022 to 2024 were 62 million yuan, 189 million yuan, and 236 million yuan, respectively, with corresponding losses of 154 million yuan, 194 million yuan, and 45 million yuan, totaling approximately 393 million yuan in losses over three years [2]. - In the first five months of 2025, the company reported revenue of about 100 million yuan and a loss of 44 million yuan [2]. Group 3: AI Technology and Challenges - The "TCM Brain" system has accumulated over 100 million parameters and more than 10,000 prescriptions, covering over 3,000 types of diseases, which helps physicians minimize reliance on personal knowledge and experience during consultations [3]. - The TCM medical service industry faces challenges such as limited standardization, a shortage of senior TCM practitioners, high training costs, and the need to retain experienced practitioners, which affects profitability and scalability [3]. - The effectiveness of the "TCM Brain" technology in addressing these challenges is crucial for the company's potential to turn losses into profits and for the viability of the "AI TCM" business model [3].

Group 1 - The core point of the article is that Tongrentang Medical Investment Co., Ltd. has submitted its third listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. If successful, it will become the fourth listed platform under the Tongrentang Group [1] Group 2 - Tongrentang Medical is a traditional Chinese medicine healthcare group providing comprehensive medical services to individual clients and standardized management services to institutional clients, along with various pharmaceutical and other products [5] - As of the latest feasible date, Tongrentang Medical has established a tiered medical service network, including 12 self-owned offline medical institutions and one internet hospital, as well as 10 offline managed medical institutions [5] - By 2024, Tongrentang Medical is the largest non-public traditional Chinese medicine hospital group in China, holding a market share of 1.7% in terms of total outpatient and inpatient visits [5] - In terms of total medical service revenue for 2024, Tongrentang Medical accounts for 46.5% of the total market size of the traditional Chinese medicine healthcare service industry in China [5] - The company's revenue primarily comes from medical services, management services, and sales of health products and other products, with medical services generating approximately 995 million yuan, management services about 9.6 million yuan, and health product sales around 138 million yuan for the fiscal year 2023 [5] - The company's revenue for the fiscal years 2022, 2023, and 2024 was approximately 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan respectively, with net profits of -9.233 million yuan, 42.634 million yuan, and 46.197 million yuan during the same periods [5]