雷递网 雷建平 12月17日 卓正医疗控股有限公司（简称："卓正医疗"）日前通过上市聆讯，准备在港交所上市。 卓正医疗2025年前8个月营收为6.96亿元，期内利润为8321万元。 8个月营收为6.96亿 卓正医疗于2012年在深圳创立，采用在线、线下一体化服务的新模式，在北京、上海、广州、深圳、成都、重庆、武汉、长沙、苏州、杭州等城市运营近30 家物理网点。 卓正医疗的服务涵盖内科及全科、外科、妇产科、儿科、齿科、皮肤科及医学美容、眼科、耳鼻喉科、个性化体检、日间手术、航空转运、国际转诊等多个 类别。 自2024年1月至3月，卓正医疗收购了武汉神龙天下合共51.04%股权，武汉神龙天下拥有武汉北斗星儿童医院及两家武汉诊所。武汉神龙天下已自2024年3月 28日起成为卓正医疗的非全资附属公司。 招股书显示，卓正医疗2022年、2023年、2024年营收分别为4.73亿、6.9亿、9.59亿元；毛利分别为4398万元、1.34亿元、2.26亿元；经营亏损分别为1.37亿、 6693万、4688万元；期内利润分别为-2.22亿、-3.53亿元、8023万元。 | | | 截至12月31日止年度 | | 截至8月3 ...

Core Viewpoint - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. officially listed on the Shenzhen Stock Exchange's ChiNext board, with a significant stock price increase on its debut, reflecting strong market interest and investor confidence in the company [1][3]. Company Overview - Founded in 2010 and headquartered in Yangpu, Shanghai, Jianfa Zhixin is a subsidiary of Xiamen Jianfa Group, which is listed in the Fortune Global 500 [3]. - The company primarily engages in the direct sales and distribution of medical devices and provides centralized operation services for medical consumables to hospitals [3]. Market Position and Growth - Jianfa Zhixin has established itself as a leading player in the vascular intervention device distribution industry, leveraging its deep expertise in this field [3]. - The company has expanded its business into various medical device segments, including IVD, surgical, and ophthalmic products, demonstrating its adaptability and growth potential [3]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 11.882 billion yuan to 17.923 billion yuan, with a compound annual growth rate (CAGR) of 22.81% [3]. - The net profit is expected to reach 274 million yuan in 2024, up from 189 million yuan in 2022, indicating a CAGR of over 20% over three years [3]. Fundraising and Investment Plans - The company aims to raise approximately 446 million yuan through its IPO, which will be used to enhance its information systems and expand its SPD business projects [3]. - These investments are expected to improve the company's refined and intelligent management capabilities, supporting its rapid business expansion and lean management [3]. Strategic Vision - The chairman of Jianfa Zhixin, Yu Feng, emphasized the company's commitment to leveraging the capital market to address industry pain points and enhance service quality in the healthcare sector [4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed significant improvement in the second quarter, indicating a potential recovery in performance driven by the resumption of domestic procurement and new product launches [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 964 million yuan, a year-over-year decrease of 4.78%, and a net profit of 47 million yuan, down 72.43% year-over-year [1]. - Q2 2025 saw revenue of 534 million yuan, a slight year-over-year increase of 0.17% and a quarter-over-quarter increase of 24.24%, with net profit at 39 million yuan, down 44.65% year-over-year but up 382.45% quarter-over-quarter [1]. - The company’s gross margin decreased to 62.08%, down 5.35 percentage points, and net margin fell to 4.88%, down 11.96 percentage points [3]. Group 2: Market and Product Insights - The domestic bidding and procurement for medical devices are gradually recovering, leading to a significant improvement in Q2 performance, with expectations for continued growth in the second half of the year [2]. - The company’s ultrasound business generated revenue of 550 million yuan, down 9.87%, while the endoscope business saw revenue of 388 million yuan, up 0.08%, indicating overall stability [2]. - The company is focusing on high-intensity strategic investments in R&D and sales, with a sales expense ratio of 31.63% and R&D expense ratio of 25.31%, aimed at accelerating product upgrades and market expansion [3]. Group 3: Future Outlook - The company anticipates revenue growth from 2025 to 2027, with projected revenues of 2.318 billion, 2.712 billion, and 3.252 billion yuan, representing year-over-year growth rates of 15.09%, 17.00%, and 19.91% respectively [3]. - Expected net profits for the same period are 310 million, 454 million, and 598 million yuan, with year-over-year growth rates of 117.76%, 46.50%, and 31.68% respectively [3].