Company Overview -卓正医疗控股有限公司 has submitted its third listing application to the Hong Kong Stock Exchange, with Haitong International and浦银国际 as joint sponsors [1] - As of 2024,卓正医疗 is the third largest private mid-to-high-end comprehensive medical service provider in China, holding a market share of 2.0% [3] - The company operates 19 medical service institutions in China, including 17 clinics and 2 hospitals, and has expanded to Singapore and Malaysia [3] Business Model and Strategy -卓正医疗 focuses on the mid-to-high-end medical service market, targeting affluent consumers who prefer personalized healthcare [3] - The company employs a family medical model that integrates physical and online medical services, resulting in a growing patient base [4] -卓正医疗 plans to expand its network through organic growth and strategic acquisitions, aiming to penetrate more new first-tier cities [3] Financial Performance - Revenue has shown a consistent upward trend, with figures of RMB 473.2 million in 2022, RMB 690.4 million in 2023, and RMB 958.6 million in 2024, with RMB 614.8 million reported for the first eight months of 2025 [8] - The company recorded net losses of RMB 222 million in 2022 and RMB 353 million in 2023, but achieved net profits of approximately RMB 80.2 million in 2024 and RMB 83.2 million in the first eight months of 2025 [9] - Gross profit margin increased from 9.3% in 2022 to 23.6% in 2024, attributed to improved operational efficiency and increased patient visits [10] Market Overview - As of 2024, there are 1.092 million medical service institutions in China, with private institutions growing at a compound annual growth rate (CAGR) of 3.5% from 2020 to 2024 [12] - The revenue of private medical service institutions in China is projected to grow from RMB 676 billion in 2020 to RMB 1.292 trillion in 2024, with a CAGR of 17.6% [12] - The number of paid patient visits to private medical institutions increased from 1.157 billion in 2020 to 1.577 billion in 2024, with expectations for further growth [13] Competitive Advantages -卓正医疗's competitive advantages include high brand recognition, a growing patient base through its integrated service model, and a stable team of highly qualified doctors [5] - The company has a centralized, standardized, and digital management system, along with early adoption of artificial intelligence technology to enhance service quality and operational efficiency [5] Governance and Management - The board of卓正医疗 consists of 11 members, including two executive directors and four independent non-executive directors, responsible for business management and operations [15] - The company has attracted significant investment from institutions such as Tencent and富德生命人寿, with Tencent holding 19.39% of the shares [19]

Group 1 - The core point of the article is that Zhuozheng Medical Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International and Ping An International as joint sponsors [1] - Zhuozheng Medical is the third largest private mid-to-high-end comprehensive medical service provider in China, with a market share of 2% based on projected revenue for 2024 [1] - The company ranks first and second among all private mid-to-high-end comprehensive medical service groups in terms of the number of cities covered in China and the number of paid patient visits in 2024, respectively [1]

Core Viewpoint - Distinct Healthcare Holdings Limited (卓正医疗控股有限公司) has achieved profitability in 2024 after previously incurring losses, indicating a positive turnaround in its financial performance [4]. Group 1: Company Overview - Established in 2012, Distinct Healthcare focuses on the mid-to-high-end private healthcare market in China, operating 20 medical service institutions across major cities [2]. - As of March 10, 2025, the company has expanded its services to Singapore, with three general clinics [2]. - According to Frost & Sullivan, Distinct Healthcare ranks as the third-largest private mid-to-high-end healthcare service provider in China based on 2023 revenue [2]. Group 2: Patient Metrics - The total number of patients served at Distinct Healthcare's facilities in China increased from 162,393 in 2022 to 242,549 in 2024 [3]. - The total paid patient visits across all services, including online platforms, rose from 529,829 in 2022 to 905,825 in 2024 [3]. - The patient retention rate improved from 75.7% in 2022 to 80.0% in 2024, indicating enhanced customer loyalty [3]. Group 3: Financial Performance - Revenue figures for Distinct Healthcare from 2022 to 2024 were 473 million yuan, 690 million yuan, and 959 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 42.3% [3]. - The gross profit margin increased from 9.3% in 2022 to 23.6% in 2024, showcasing improved operational efficiency [3]. - The adjusted net loss decreased from 123 million yuan in 2022 to 4.3 million yuan in 2023, with a shift to an adjusted net profit of approximately 10.7 million yuan in 2024 [4]. Group 4: Investment and Valuation - Distinct Healthcare has attracted investments from notable institutions, including Tencent, which holds a 19.39% stake, making it the largest institutional investor [5][4]. - Prior to its IPO, the company's valuation was approximately 510 million USD following its last financing round in 2021 [6].