Core Viewpoint - Saintong Special Medical, a supplier of medical food, is seeking to list on the Hong Kong Stock Exchange, showcasing strong revenue growth but facing challenges due to high dependency on a single product line and low R&D investment [2][4][15]. Financial Performance - Saintong Special Medical has maintained a high gross margin of 71% over the years, with projected revenues increasing from RMB 4.91 billion in 2022 to RMB 8.34 billion in 2024, representing a 1.7 times growth over three years [8][9]. - The net profit margin is relatively low at 11.3%, with net profits of RMB 0.84 billion, RMB 1.7 billion, and RMB 0.94 billion for the years 2022 to 2024 respectively [16][15]. Revenue Structure - Over 90% of the company's revenue comes from allergy prevention products, with this segment's contribution increasing from 85.5% in 2022 to 90.3% in 2024 [8][9]. - Other product lines, such as premature infant products and lactose-free products, contribute less than 10% to total revenue [9]. R&D and Marketing Expenditure - The company has allocated less than 2% of its revenue to R&D, with expenditures of RMB 6.51 million, RMB 10.81 million, and RMB 13.30 million from 2022 to 2024, while marketing expenses have been significantly higher [13][15]. - Marketing expenses accounted for approximately 39% to 41% of total revenue during the same period [13]. Market Position - Saintong Special Medical holds a 9.5% market share in the domestic infant medical food market, ranking third, while its overall market share in the medical food sector is only 6.3% [14]. - The company faces intense competition from both domestic and international firms, with the top three competitors holding a combined market share of nearly 70% [14]. Inventory Management - The inventory turnover days have increased significantly, from 54 days in 2022 to 155 days in 2024, indicating potential inefficiencies in inventory management [14]. Dividend Policy - The company has been generous with dividends, distributing a total of RMB 4.67 billion from 2022 to March 2023, despite low R&D investment [15][17]. Listing Pressure - Saintong Special Medical is under pressure to meet certain conditions related to its IPO, including the potential restoration of special rights for investors if the listing is not successful by the end of 2026 [18].

随着我国老龄化进程的加快，以及慢性非传染性疾病发病率的逐年上升，特医食品已不再是医院里 的"小众产品"。数据显示，2023年全球市场规模突破141亿美元（约1000亿人民币），预计2030年将达 218亿美元，年增速超6%。而中国作为增速最快的市场，2023年规模约140亿元，2025年有望突破200亿 大关，年复合增长率高达14.16%。 百亿赛道中，有选手跑步进入资本市场。据港交所5月30日披露，圣桐特医（青岛）营养健康科技股份 公司(简称：圣桐特医)向港交所主板递交上市申请，中信证券为独家保荐人。 根据智通财经APP了解，圣桐特医专注于特医食品产品的开发、生产及销售。根据灼识咨询的资料，以 2024年零售额计，公司在中国特医食品市场中稳居本土特医食品品牌榜首，并在所有特医食品品牌中占 据第四席位，市场份额为6.3%。此外，圣桐特医在中国婴儿特医食品市场中稳居本土特医食品品牌榜 首，并在所有特医食品品牌中占据第三席位，市场份额为9.5%。 毛利率超过70% 特医食品龙头利润仍不稳 圣桐特医的征程始于2005年，当时中国特医食品市场尚无自主品牌，公司成立了中国首家特医食品专业 部门之一。2007年，公司商业 ...