（来源：新华日报） 本报讯 （记者 王俊杰） 12月21日，中国中医科学院西苑医院苏州医院启用仪式暨岐黄学者工作室揭牌 仪式举行。医院规划床位1000张，首期开放340张，将为苏州引入顶尖中医人才资源，服务长三角。 中国中医科学院西苑医院苏州医院是苏州市政府与中国中医科学院西苑医院合作共建的三级公立中医医 院。科室布局覆盖多学科领域，内科病区包含心血管科、肺病科、脾胃病科等，外科病区包含普外科、 血管外科等，其他病区含有骨伤科、肛肠科、妇科等，实现从常见病到疑难病症的全周期诊疗覆盖。医 院自今年11月26日启动门诊试运行、12月10日全面开放急诊与病区以来，依托规范诊疗流程、优质医疗 服务及京苏专家团队，实现运营秩序平稳有序，现已迈入正式运营新阶段。 来自中国中医科学院西苑医院的杨宇飞、郭军、徐浩3位岐黄学者获授牌，岐黄学者工作室成立，将助 力区域中医诊疗水平与科研能力提升。当天，国家中医心血管病临床医学研究中心苏州分中心在院内揭 牌，将致力于推动中医心血管病防治领域的协同研究与成果转化。 ...

除了积极回购股份，公司创始人、大股东涂志亮年内也开展大手笔增持，11月17日至19日，其连续3天 累计增持47.6万股，总金额达1427.3万港元。今年以来，涂志亮累计增持78.6万股，合计金额超2283万 港元。创始人的连续增持，不仅体现其对公司战略方向和业务基本面的高度认可，也向资本市场传递出 明确的积极信号。 从港股通标的股的回购占比（港股股本）来看，固生堂年内累计回购已占港股股本的6.12%，在所有港 股通标的股排名第五。 2025年上半年，固生堂实现营业收入14.95亿元，同比增长9.52%，归母净利润1.52亿元，同比增长 41.9%，经营活动现金流净额2.96亿元，整体营收和利润保持稳定增长态势。 12月以来，固生堂（02273.HK）连续开展回购，从12月2月至9日的6个交易日里，公司合计回购164.51 万股，累计回购金额4697.02万港元。今年以来，固生堂已累计进行74次回购，合计回购1434.29万股， 累计回购金额4.34亿港元。 （文章来源：证券时报网） 在加码回购增持的同时，固生堂继续加大现金分红力度，公司管理层近期明确了两项关键指引：其一， 预期2025年全年分红比例将维持在5 ...

固生堂是国内领先的中医医疗连锁服务企业，也是港股"中医医疗连锁服务机构第一股"，以"线上+线 下"OMO模式为核心，在中医药诊疗、人才培养、智能化创新等领域形成了显著优势。目前，固生堂在 新加坡、北京、上海、广州、深圳等20个城市运营超80家线下分院，线上服务网络覆盖全国340多个城 市；拥有线上线下（300959）执业中医师超4万名，其中国医大师7位，累计服务客户超2000万人次。 2025年上半年，固生堂实现营业收入14.95亿元，同比增长9.52%，归母净利润1.52亿元，同比增长 41.9%，经营活动现金流净额2.96亿元，整体营收和利润保持稳定增长态势。 除了积极回购股份，公司创始人、大股东涂志亮年内也开展大手笔增持，11月17日至19日，其连续3天 累计增持47.6万股，总金额达1427.3万港元。今年以来，涂志亮累计增持78.6万股，合计金额超2283万 港元。创始人的连续增持，不仅体现其对公司战略方向和业务基本面的高度认可，也向资本市场传递出 明确的积极信号。 在加码回购增持的同时，固生堂继续加大现金分红力度，公司管理层近期明确了两项关键指引：其一， 预期2025年全年分红比例将维持在50%左 ...

Core Insights - The IPO market is experiencing significant activity, particularly in the Hong Kong stock market, with a notable number of companies filing for listings, including many dual-listed A+H companies [2][17] - New listings have shown remarkable performance, with companies like Aomisen and Jinye International Group achieving substantial first-day gains and record oversubscription rates [6][8][9][10] Recent Approvals - Guanghetong has received approval for its listing on the Hong Kong Stock Exchange, with projected revenues increasing from 5.203 billion yuan in 2022 to 6.971 billion yuan in 2024 [3] - Tongrentang Medical has also passed its hearing, reporting revenues of 910 million yuan in 2022, with a projected increase to 1.175 billion yuan in 2024 [4] - Haixi New Drug has been approved for listing, with revenues expected to grow from 212.5 million yuan in 2022 to 466.7 million yuan in 2024 [5] New Listings - Aomisen debuted on the Beijing Stock Exchange with a first-day surge of 349.8%, achieving a market capitalization of 2.97 billion yuan [6] - Jinye International Group listed on the Hong Kong Stock Exchange with a staggering oversubscription rate of 11,464.7 times, closing up 330% on its first day [8] - Zhida Technology's IPO was marked by a 192.14% increase on its first trading day, establishing it as a leader in the home electric vehicle charging solutions market [9] - Changfeng Pharmaceutical's shares opened at 48 HKD, a 225.42% increase, with a revenue CAGR of 31.9% projected from 2022 to 2024 [10] Recent Filings - Lantu Motors has filed for a listing on the Hong Kong Stock Exchange, showing significant revenue growth from 6.052 billion yuan in 2022 to 19.361 billion yuan in 2024 [11] - Chengyi Biotechnology has initiated its IPO process, focusing on developing new oral small molecule drugs for cardiovascular and inflammatory diseases [12] - Senyi Medical has filed for an IPO, recognized as a leading AI medical solution provider in China [13] - Annuo Youda has submitted its prospectus for an IPO, specializing in molecular diagnostics and IVD medical devices [14] - WeDoctor is making another attempt to list on the Hong Kong Stock Exchange after previous unsuccessful attempts [15] Market Trends - In the first three quarters of 2025, Chinese companies have shown increased IPO activity, with 161 listings, a 25.8% year-on-year increase, and a total fundraising amount of approximately 193.73 billion yuan [17] - The Hong Kong market saw 60 Chinese companies listed in the first three quarters, reflecting a 53.8% increase compared to the previous year [18]

Core Insights - Tong Ren Tang Group's subsidiary, Tong Ren Tang Medical and Health, is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC as the sponsor [1] - In the first five months of this year, Tong Ren Tang Medical and Health reported revenue of 477 million yuan, a year-on-year increase of 6.1%, and a net profit of 10.04 million yuan, up 146% year-on-year [1] - If successfully listed, Tong Ren Tang Medical and Health will become the fourth publicly listed company under Tong Ren Tang Group, joining Tong Ren Tang Co., Ltd., Tong Ren Tang Technology, and Tong Ren Tang Guoyao [1] Company Overview - Tong Ren Tang Medical and Health focuses on traditional Chinese medical services, operating 12 owned medical institutions and one internet hospital, while also managing 10 offline medical institutions [1] - Other subsidiaries of Tong Ren Tang Group primarily engage in the production and sale of traditional Chinese health products, providing limited medical services such as in-store consultations by traditional Chinese medicine practitioners [1] - Tong Ren Tang Medical and Health distinguishes itself from other group members in terms of scale, positioning, service scope, and target customers, thus not considering itself a significant competitor to the group's overall business [1] Shareholding Structure - Tong Ren Tang Group holds approximately 84% of the shares in Tong Ren Tang Medical and Health, with the remaining shares owned by investors such as Bozhou Yipin De, Jining Yinling, and Bingrong Investment [1]

Core Viewpoint - Beijing Tongrentang Medical Investment Co., Ltd. (Tongrentang Medical) is focusing on traditional Chinese medicine (TCM) healthcare services and has passed the listing hearing on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Tongrentang Medical is a subsidiary of the Tongrentang Group, strategically focused on providing comprehensive TCM healthcare services to individual clients and standardized management services to institutional clients, along with various pharmaceutical and other products [5]. - The company combines "medicine" and "nurturing" to offer modern and customized TCM healthcare services [5]. - As of September 23, 2025, the company has established a tiered TCM healthcare service network, including 12 self-owned offline medical institutions and one internet hospital, as well as 10 offline managed medical institutions [5]. Market Position - By total outpatient and inpatient visits in 2024, Tongrentang Medical is the largest private TCM hospital group in China, holding a market share of 1.7%. By total medical service revenue in 2024, it ranks second in the private TCM hospital sector with a market share of 0.2%, capturing 46.5% of the total market size of TCM healthcare services in China for that year [5]. Revenue Growth - Revenue from TCM healthcare services increased from RMB 815 million in the year ending December 31, 2022, to RMB 995 million in the year ending December 31, 2023, representing a growth of 22.1%. Revenue from management services surged from RMB 1.9 million to RMB 9.6 million during the same period. Revenue from health products and other products rose by 57.0%, from RMB 87.7 million to RMB 138 million [6]. Financial Performance - The company reported revenues of approximately RMB 911 million, RMB 1.15 billion, RMB 1.18 billion, and RMB 477 million for the years 2022, 2023, 2024, and the five months ending May 31, 2025, respectively. The corresponding profits (losses) were -RMB 9.23 million, RMB 42.63 million, RMB 46.2 million, and RMB 13.06 million [7][8].

Core Viewpoint - Beijing Tongrentang Healthcare Investment Co., Ltd. (Tongrentang Healthcare) is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Tongrentang Healthcare is a subsidiary of Tongrentang, focusing on traditional Chinese medicine (TCM) healthcare services, providing comprehensive TCM medical services to individual clients and standardized management services to institutional clients [5][6]. - The company combines "medicine" and "nurturing," offering modern and customized TCM healthcare services [5]. Market Position - As of September 23, 2025, the company has established a tiered TCM healthcare service network, including 12 self-owned offline medical institutions and one internet hospital, along with 10 offline managed medical institutions [5]. - By 2024, Tongrentang Healthcare is the largest non-public TCM hospital group in China by outpatient and inpatient visits, holding a market share of 1.7%. It ranks second in the non-public TCM healthcare service industry by total medical service revenue, with a market share of 0.2%, capturing 46.5% of the total market size of the TCM healthcare industry in China [5]. Financial Performance - Revenue from TCM medical services increased from RMB 815 million in 2022 to RMB 995 million in 2023, representing a growth of 22.1%. Revenue from management services surged from RMB 1.9 million to RMB 9.6 million, while revenue from health products and other products rose by 57.0% from RMB 87.7 million to RMB 138 million during the same period [6]. - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 911 million, RMB 1.153 billion, RMB 1.175 billion, and RMB 477 million, respectively. The corresponding net profits were -RMB 9.23 million, RMB 42.63 million, RMB 46.2 million, and RMB 13.06 million [7][8].

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]