新荷花部分产品；图源：招股书 导语：一个"中药饮片龙头"的资本执念。 近日，国内中药饮片头部企业 ——四川新荷花中药饮片股份有限公司（简称"新荷花"）更新招股 书后，第二次递表港交所，算上之前三次冲击 A 股未果，这已经是这家"中药老字号"第五次尝 试登陆资本市场。 新荷花自称 "全国第二大中药饮 片企业"， 201 1 年起，新荷花先后三次在 A 股递表，却全部 折戟 。 如今，新荷花 再次 押注 港交所 ，试图通过港股再融资。然而，三次 IPO 失败的阴影、频繁的 回购交易、业绩与毛利率的下滑，都让外界对这次上市的成败保持谨慎。 摘要： 1、自首次IPO至今已经过14年，新荷花仍未圆梦，上市之路扔存不确定性。 2、新荷花营收连年增长、位列全国中药饮片第二，但毛利率下滑、现金流承压、客户集中度高。 3、凭借GMP产线与海外布局，新荷花在标准化中药饮片领域具先发优势，但行业竞争激烈、整合 风险犹存。 3 次尝试 A 股上市未果 ： 从举报、监管到财务 "瑕疵" 新荷花之所以 " IPO 成瘾"，源于对融资的长期依赖。但它的前三次冲刺，皆因合规与信任危机 而失败。 新荷花最早在 2011 年就向深交所 创业板提 ...

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]