来源：市场资讯 健康160招股书链接： 来源：瑞恩资本RyanbenCapital 2024年10月31日，来自广东深圳的健康160国际有限公司 160 Health International Limited（以下简称"健 康160"）向港交所递交招股书，拟在香港主板挂牌上市。这是继其于2023年12月15日递表失效后的再一 次申请。 健康160，于2024年9月23日获中国证监会境外上市备案通知书，拟发行不超过6145.25万股境外上市普 通股。 https：//www1.hkexnews.hk/app/sehk/2024/106891/documents/sehk24103101968_c.pdf 主要业务 健康160，成立于2005年，主要为客户提供各种医药健康用品以及全面的数字医疗健康解决方案。在批 发及零售模式下，公司提供一系列优质的医药健康用品，以满足客户的不同需求。此外，公司也通过平 台提供数字医疗健康解决方案，赋能整个医疗健康产业链上的平台参与方，推动中国医疗健康行业的数 字化转型。 健康160构建了一个数字医疗健康服务平台，随时随地为个人用户提供广泛可靠的在线健康服务，打破 了线下医疗健康 ...

Group 1 - The core risk of the company lies in the mismatch between its "digital healthcare facade" and "pharmaceutical wholesale core," revealing structural vulnerabilities in its business model [2] - The majority of revenue is derived from low-margin wholesale sales of pharmaceutical health products, with a shrinking proportion of high-margin digital healthcare solutions, leading to a negative cash flow situation [2] - The company has experienced continuous negative operating cash flow for four years due to high inventory costs, which consume 90% of sales and service costs [2] Group 2 - User engagement has deteriorated, with average monthly active users dropping from 3.9 million in 2021 to 3 million in 2024, indicating a decline in platform attractiveness [3] - Cumulative losses over three and a half years amount to 460 million yuan, with losses expanding to 83.26 million yuan in the first half of 2024 [4] - The IPO represents a race against time for the company, focusing on whether it can attract investors with its "largest digital healthcare platform" narrative and whether it can transform its user base into high-margin digital service revenue [4]

Core Viewpoint - Health 160 has submitted its third application to the Hong Kong Stock Exchange, with sponsors including Shenwan Hongyuan Hong Kong and QK Capital [1]. Company Overview - Health 160 is a Chinese wholesale distributor of medical and health products and a provider of digital healthcare solutions, offering a range of medical health products to enterprise clients and retail customers [4]. - The company operates an online healthcare service platform, Health 160, which facilitates digital healthcare solutions across the healthcare industry, empowering various stakeholders including enterprise clients, healthcare institutions, healthcare professionals, individual users, and third-party merchants [4]. Service Expansion - As of December 31, 2024, Health 160 has expanded its services to over 260 cities nationwide and established 11 regional operation centers in key areas such as Shenzhen, Beijing, Shanghai, and Guangzhou [5]. - The platform connects over 44,600 healthcare institutions, including more than 14,400 hospitals (of which 3,424 are tertiary hospitals) and over 30,200 grassroots healthcare institutions [5]. - Health 160 collaborates with over 898,200 healthcare professionals and has a substantial user base, with approximately 54.1 million registered individual users and an average of 3.3 million monthly active users in 2024 [5]. Financial Performance - The company's revenue increased from approximately 526 million RMB in 2022 to about 629 million RMB in 2023, reflecting a growth of 19.6% [5]. - Revenue is expected to remain relatively stable, projected at 621 million RMB for 2024 [5]. - Health 160 recorded annual losses of approximately 120 million RMB, 106.2 million RMB, and 108.2 million RMB for the years 2022, 2023, and 2024, respectively [6][7].