中医药作为植根于中华优秀传统文化的重要产业，在满足全球日益增长的健康需求方面具有独特优势。 四川新荷花中药饮片股份有限公司(以下简称"新荷花"或"公司")作为国内中药饮片领域的龙头企业之 一，于10月17日正式向香港联合交易所递交A1申请，启动赴港上市进程。 业务模式清晰协同驱动稳健增长 据行业资料，按2023年中药饮片产品收入计，新荷花在中国市场排名第二；在行业前五大企业中，公司 亦是增长最快的参与者之一，2022年至2024年的收入复合年增长率达到约27%，展现出强劲的发展动 能。 新荷花形成了以"巩固核心、拓展新兴"为导向的"双支柱"战略布局，在深耕传统中药市场的同时，积极 拓展面向现代消费者的创新业务，实现稳定与增长并行。 在B端市场，公司通过覆盖全国的线下服务网络，为超过1，000家医院、专业医疗机构及大型连锁药店 提供高品质产品与服务；同时依托"金方草堂"与"金方云"两大数字化平台，持续拓展非医保业务，精准 服务全国超86，000家中医诊所与门诊部。截至目前，"金方草堂"平台注册用户已接近6，000家，为公 司在基层医疗领域的扩张提供了有力支撑。 在C端市场，公司聚焦消费者健康管理需求，打造多元化 ...

Core Viewpoint - The traditional Chinese medicine (TCM) decoction pieces industry is undergoing a transformation from "experience inheritance" to "scientific verification," driven by the increasing demand for standardized and convenient TCM treatments, which is leading to a capitalized moment in the industry [1] Group 1: Company Overview - Sichuan Xinhehua Chinese Medicine Decoction Pieces Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to become the "first stock of TCM decoction pieces" in Hong Kong, with over 770 varieties and 4900 specifications of decoction pieces [1][4] - As the second-largest supplier of TCM decoction pieces in China, Xinhehua has established a dual-pillar strategy of "leading position in the core TCM market + disruptive innovation for modern consumers," contributing to the modernization of TCM [1][12] Group 2: Market Changes - The company is capitalizing on four major market changes: the "quality and price" focus of centralized procurement, segmentation of distribution channels, industry specialization, and the evolving health management needs [2] - Recent policies have strengthened support for the TCM industry, with a focus on standardization and centralized procurement, leading to an average price drop of 29.5% for 21 types of decoction pieces across 15 provinces [2][5] Group 3: Product Quality and Standards - Xinhehua is the first TCM decoction pieces company in China to obtain GMP certification and has participated in the formulation of 31 national processing standards and 7 major TCM material specifications, ensuring product quality and safety [3][4] - The company has also contributed to the revision of national standards for specific TCM materials, integrating modern scientific technology into production and quality assessment [4] Group 4: Financial Performance - Xinhehua's revenue has grown from 780 million yuan in 2022 to 1.249 billion yuan in 2024, with a compound annual growth rate of 27% [9] - The company's operational efficiency is reflected in its reduced sales and financial expense ratios, which have decreased by 1.68 percentage points and 0.22 percentage points, respectively, from 2022 to 2024 [9] Group 5: Future Prospects - The market size of TCM decoction pieces reached 278.8 billion yuan in 2023 and is expected to exceed 400 billion yuan by 2030, indicating a promising outlook for the industry [12] - Xinhehua's strategy focuses on maintaining its leadership in the core TCM market while innovating for modern consumers, positioning itself to capture new growth opportunities in the TCM decoction pieces sector [12]