首次递表失效后，圣桐特医再次向港交所递交IPO招股书。根据招股书，2024年，中国特医食品产 品的渗透率仅约为3%，远低于欧美等成熟市场的40%，预计到2029年市场规模将达到531亿元，仍有很 大发展空间。圣桐特医背后有着知名乳企圣元国际的加持，不过随着短期偿债压力、研发费用占比过低 等因素凸显，或成为其IPO的关键变量。 短期偿债压力较大 所谓特医食品，全称为特殊医学用途配方食品，是为满足进食受限、消化吸收障碍、代谢紊乱或特 定疾病状态人群对营养素或膳食的特殊需要，专门加工配制而成的配方食品。 圣桐特医前身为圣元国际2005年成立的特医食品事业部，专注于特医食品开发、生产及销售。财务 数据显示，圣桐特医在2022至2025年上半年收入分别为4.91亿元、6.54亿元、8.34亿元及3.97亿元，期间 利润分别为8388.6万元、1.7亿元、9414.4万元及8853.6万元。 灼识咨询数据显示，以2024年零售额计，圣桐特医在中国特医食品市场本土品牌中居首，在内外资 品牌综合排名中位列第四，市场份额6.3%，落后于雀巢、达能和美赞臣；在婴儿特医食品本土市场品 牌中居首，在内外资品牌综合排名中位列第三，份额 ...

首次递表失效后，圣桐特医再次向港交所递交IPO招股书。根据招股书，2024年，中国特医食品产品的渗透率仅约为3%，远低于欧美等成熟市场的40%，预 计到2029年市场规模将达到531亿元，仍有很大发展空间。圣桐特医背后有着知名乳企圣元国际的加持，不过随着短期偿债压力、研发费用占比过低等因素 凸显，或成为其IPO的关键变量。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪在接受北京商报记者采访时表示，"存货周转天数大幅上升，总赤字与流动负债净额高，这些财务 状况会让投资者担忧其经营稳定性和抗风险能力，降低投资意愿。在IPO审核中，监管机构也会重点关注企业财务健康状况，若认为其偿债风险过高，可能 影响审核通过，或要求其改善财务状况后再推进IPO进程"。 中国城市专家智库委员会常务副秘书长、浙大城市学院副教授林先平也认为，"短期偿债压力大对其IPO会产生负面影响。港交所审核时会重点关注企业持 续经营能力，而短期偿债压力大正是这一能力的重要隐患。港交所对新申请人需具备足够营业记录且产生净现金流入的核心要求，若无法证明上市后能改善 资金流动性，大概率遭遇估值折价或认购不足"。 短期偿债压力较大 所谓特医食品，全称为 ...

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].

Core Viewpoint - The company, Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd., is preparing for an IPO, focusing on specialized medical food products, with significant ownership by Saint Yuan Hong Kong and its affiliates [1][10][11]. Financial Performance - Revenue for the years 2022, 2023, and 2024 is projected to be RMB 491.2 million, RMB 654.2 million, and RMB 834.1 million respectively, with adjusted net profits of RMB 120.7 million, RMB 175.0 million, and RMB 199.4 million [1][5][14]. - The company declared dividends of RMB 17.0 million, RMB 138.9 million, and RMB 201.0 million for the years 2022, 2023, and 2024, totaling RMB 356.9 million over three years [8][9]. Market Position - In the Chinese specialized medical food market, the company holds the top position among local brands with a market share of 6.3% and ranks fourth overall among all brands [3][20]. - The company is also the leading local brand in the infant specialized medical food market, with a market share of 9.5% [20]. Product Segmentation - The majority of the company's revenue comes from allergy prevention products, accounting for 85.5%, 88.2%, and 90.3% of total revenue in 2022, 2023, and 2024 respectively [4][6]. - The company has launched five product lines: allergy prevention products, preterm infant products, lactose-free products, complete nutrition products, and metabolic disorder products [4]. Marketing and R&D Expenditure - Marketing and distribution expenses for 2022, 2023, and 2024 were RMB 191.7 million, RMB 267.4 million, and RMB 328.6 million, representing 39.0%, 40.9%, and 39.4% of revenue respectively [2][13]. - Research and development expenditures were RMB 6.5 million, RMB 10.8 million, and RMB 13.3 million for the same years, accounting for 1.3%, 1.7%, and 1.6% of revenue [2][14]. Inventory Management - The company's inventory increased significantly from RMB 32.5 million in 2022 to RMB 85.1 million in 2023, and further to RMB 119.6 million in 2024, with inventory turnover days rising from 54 days in 2022 to 155 days in 2024 [15][18][19]. Ownership Structure - The largest shareholder, Saint Yuan Hong Kong, holds 48.68% of the company, with the controlling shareholders being closely related individuals, indicating a concentrated ownership structure [1][10][11].

Industry Overview - The special medical purpose formula food (special medical food) market is emerging as a new blue ocean in the food industry, driven by increasing health awareness [1] - The market size in China is projected to grow from approximately RMB 7.3 billion in 2019 to RMB 23.2 billion by 2024, with a compound annual growth rate (CAGR) of 26.1%. It is expected to reach RMB 53.1 billion by 2029, with a CAGR of 18% [1] Company Background - Saintong Special Medical (Qingdao) Nutrition and Health Technology Co., Ltd. (referred to as "Saintong Special Medical") submitted its IPO prospectus to the Hong Kong Stock Exchange on May 30, aiming for a main board listing, with CITIC Securities as the sole sponsor [1] - The company was established in 2019 but traces its roots back to 2005 as a special medical food division of Shengyuan Group, founded by dairy tycoon Zhang Liang [3][8] - Saintong Special Medical has received backing from notable institutions such as Hillhouse Capital and Innovation Works, and has a unique business model and growth potential [1][11] Financial Performance - The company has shown strong financial performance, with revenues of RMB 491.2 million, RMB 654.2 million, and RMB 834.1 million for the years 2022, 2023, and 2024, respectively, representing a CAGR of 30.3% [14] - Gross profit for the same years was RMB 352.5 million, RMB 464.4 million, and RMB 592.4 million, maintaining a stable gross margin around 71% [14][15] - The company’s net profit for the same period was approximately RMB 83.9 million, RMB 170.4 million, and RMB 94.1 million, with adjusted net profits of RMB 120.7 million, RMB 175 million, and RMB 199.4 million [14][15] Product Dependency - Saintong Special Medical relies heavily on a single product category, with allergy prevention products contributing approximately 85.5%, 88.2%, and 90.3% of total revenue in 2022, 2023, and 2024, respectively [17][18] - The company has launched 14 main special medical food products, with 16 additional products in development [17] Market Position - In the domestic special medical food market, Saintong Special Medical ranks fourth with a market share of 6.3% and a retail sales figure of RMB 1.5 billion in 2024 [21] - The top three competitors in the market are foreign brands, with the leading brand holding a market share of 44.2% [20][21] Financial Challenges - Despite strong revenue growth, the company faces increasing financial pressure, with total deficits rising from approximately RMB 62.6 million in 2022 to RMB 318 million in 2024 [22] - The company has declared significant dividends totaling approximately RMB 467 million over the past three years, raising concerns about its financial strategy amid growing debt [23][24] Future Outlook - The special medical food market in China has significant growth potential, with a penetration rate of only 3%, compared to 40% in more mature markets like the U.S. [26] - To succeed, Saintong Special Medical needs to diversify its product offerings and optimize its financial strategies to compete against established international brands [26]

Industry Overview - The special medical food market in China is rapidly growing, with a projected market size of approximately 140 billion RMB in 2023 and expected to exceed 200 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of 14.16% [1][9] - The global market for special medical foods surpassed 14.1 billion USD (about 1000 billion RMB) in 2023 and is anticipated to reach 21.8 billion USD by 2030, with an annual growth rate exceeding 6% [1] Company Profile - Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company specializes in the development, production, and sales of special medical food products, holding the top position among domestic brands in the Chinese market, with a market share of 6.3% [1][2] Financial Performance - From 2022 to 2024, the company's revenue grew from 491.2 million RMB to 834.1 million RMB, representing a CAGR of 30.3% [3][4] - The gross profit margin remained high at around 71%, indicating the profitability of the special medical food business [3][4] - However, the company's net profit fluctuated, with figures of 83.9 million RMB, 170.4 million RMB, and 94.1 million RMB over the same period, leading to a net profit margin of 17.1%, 26.1%, and 11.3% respectively [3][4] Product Segmentation - In 2024, the revenue from allergy prevention products accounted for 90.3% of total revenue, while preterm infant products and lactose-free products contributed 4.8% and 2.5% respectively [5][6] - The company has launched 14 major special medical food products, with 16 additional products currently in development [2] Market Dynamics - The penetration rate of special medical foods in China is approximately 3%, significantly lower than over 40% in mature markets like the U.S. [9] - The market for infant special medical food products is expected to grow at a CAGR of 15.1%, while non-infant products are projected to grow at 21.5% [9] Investment Landscape - In the first quarter of this year, three Chinese special medical nutrition companies raised nearly 700 million RMB in financing, with Saintong Special Medical securing over 400 million RMB in its B+ round, marking one of the largest financings in the sector [8]