卓正医疗业绩稳健，2022-2024年收入复合增速42.4%，2025年前8月收入增长13.2%，盈利能力也不断走 高，毛利率从9.3%提升至24%，2024年净利润扭亏为盈，2025年前8月净利润增长59.6%，净利率继续提 升至12%。 智通财经APP了解到，11月5日，卓正医疗向港交所主板第三次提交上市申请，海通国际和浦银国际为 其联席保荐人。根据弗若斯特沙利文的资料，按2024年的总收益计，该公司于中国私立中高端综合医疗 服务机构中排名第三，按覆盖的城市数量计则排名第一，按付费患者就诊人次排名第二。 不过该公司现金流并不充裕，截至2025年9月，拥有现金及等价物仅为0.88亿元，加上3个月以上的定期 存款（流动资产）也仅为1.47亿元。值得注意的是，该公司有23.26亿元的可转换优先股流动负债，这部 分可转换优先股使得其产生了20.82亿元的流动负债净额缺口，这部分资产可能存在上市换股的需求。 业绩稳健，可转换优先股影响利润波动 智通财经APP了解到，卓正医疗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， 此外，在新加坡经营四家全科诊所及在马来西亚经营一家全科诊所。该公司主要收入来 ...

中国私立中高端综合医疗服务机构龙头，卓正医疗正在经历三次港股递表，收入稳增，经营业绩扭亏为 盈，这一次能如愿上市吗？ 智通财经APP了解到，11月5日，卓正医疗向港交所主板第三次提交上市申请，海通国际和浦银国际为 其联席保荐人。根据弗若斯特沙利文的资料，按2024年的总收益计，该公司于中国私立中高端综合医疗 服务机构中排名第三，按覆盖的城市数量计则排名第一，按付费患者就诊人次排名第二。 业绩稳健，可转换优先股影响利润波动 智通财经APP了解到，卓正医疗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， 此外，在新加坡经营四家全科诊所及在马来西亚经营一家全科诊所。该公司主要收入来源于诊所，但医 院收入占比明显提升，2025年前8月，诊所收入贡献84.6%，而医院为15.4%，同比提升4.2个百分点。 该公司诊所及医院主要提供医疗服务，包括线下实体医疗服务、线上医疗服务、会员计划以及院外医疗 服务，其中线下实体为主要收入来源，贡献收入超过90%。公司服务项目主要包括儿科、齿科、眼科、 皮肤科及耳鼻喉及外科，合计收入份额超过80%，收入分布相对均衡，均在10-20%区间，且上述服务除 了儿科均保持增 ...

Core Insights - The globalization of China's healthcare industry is accelerating, with increasing product exports, overseas licensing, and cross-border medical services [1] - Chinese pharmaceutical companies have significantly increased their overseas business, with total licensing transactions exceeding $60 billion in the first half of 2025, surpassing the total for 2024 [1] - Companies like Jiangxi Biological, Jinfang Pharmaceutical Technology, and Zhuozheng Medical exemplify this globalization trend, each with unique strategies and market positions [1] Group 1: Jiangxi Biological - Jiangxi Biological is the largest provider of human tetanus antitoxin (TAT) in China and globally, holding a market share of 65.8% in China and 36.6% worldwide as of 2024 [2] - The company exports human TAT to over 30 countries in Asia and Africa, accounting for nearly 100% of China's export volume [2] - Revenue from human TAT sales increased from 2022 to 2024, with total revenue rising from 142 million yuan in 2022 to 221 million yuan in 2024 [4] Group 2: Jinfang Pharmaceutical Technology - Jinfang Pharmaceutical Technology focuses on developing new treatment solutions for tumors and autoimmune diseases, with a product pipeline that includes eight candidates, five of which are in clinical development [5] - The company has developed GFH925, a selective KRAS G12C inhibitor, which is the first of its kind in China and the third globally [9] - The global market for KRAS G12C inhibitors is projected to grow from $489 million in 2024 to $3.49 billion by 2033, with a compound annual growth rate (CAGR) of 24.4% [10] Group 3: Zhuozheng Medical - Zhuozheng Medical is the third-largest private mid-to-high-end comprehensive medical service provider in China, with a market share of 1.7% as of 2023 [11] - The company operates 20 medical service institutions in China and three clinics in Singapore, with plans to expand into Malaysia [11][17] - Revenue increased from approximately 473 million yuan in 2022 to 959 million yuan in 2024, with a net profit of 80.2 million yuan in 2024 [18]