多次上市未果后，莲池医院集团股份有限公司（以下简称"莲池医院"）将目光投向了港交所。1月13 日，莲池医院正式向港交所递交招股书，开启新一轮上市冲刺。财务数据显示，莲池医院近年来业绩保 持增长，2024年及2025年前9个月营收分别增长17.39%和20.3%。公司核心业务集中于"一老一小"赛 道，妇婴医疗与骨科服务合计贡献约九成收入。不过，随着2024年以来先后收购合肥新海妇产医院、重 庆长城骨科医院，公司流动负债净额骤增至1.95亿元，面临短期偿债压力。 据了解，莲池医院主要聚焦"一老一小"赛道，业务结构以妇婴医疗与骨科服务为核心。目前旗下拥有包 括淄博莲池医院、青岛莲池妇婴医院、合肥新海妇产医院、淄博莲池骨科医院与重庆长城骨科医院在内 的5家医院以及1家养老机构。 其中，妇婴相关医疗服务为莲池医院提供了大部分的营收。2023—2025年前9个月，妇婴相关医疗收入 占总营收比重分别为59.5%、65.5%和61.8%。同期，骨科服务占比分别为28.3%、26.1%、30.8%，二者 合计贡献约九成营收。 为巩固赛道优势，莲池医院近两年加快了外延扩张的步伐。2024年7月及2025年8月，莲池医院先后收购 ...

Core Viewpoint - Lianchi Hospital Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Galaxy International as the joint sponsor, aiming to expand its specialized medical services in China [3]. Company Overview - Lianchi Hospital is a Chinese boutique specialized medical group that emphasizes a patient-centered approach and operates five hospitals and one elderly care facility by September 30, 2025 [4]. - The company focuses on the "One Elderly, One Child" high-potential sector, aligning with the national "Healthy China" strategy [4]. - Lianchi Hospital has established a well-defined hospital network, including Zibo Lianchi Hospital, Qingdao Lianchi Maternal and Child Hospital, Hefei Xinhai Maternal and Child Hospital, Zibo Lianchi Orthopedic Hospital, and Chongqing Great Wall Orthopedic Hospital [4][5]. Competitive Position - Each hospital within the Lianchi Hospital Group holds a unique competitive advantage and enjoys a prominent market position in their respective regions [5]. - Zibo Lianchi Hospital is recognized as a second-level hospital and has been awarded various local health education and service quality recognitions [5]. - Qingdao Lianchi Maternal and Child Hospital is the first private hospital in Qingdao to receive international JCI certification [6]. - Chongqing Great Wall Orthopedic Hospital is recognized as a leading private orthopedic hospital in Southwest China based on revenue [7]. Financial Performance - The company has shown significant revenue growth, with revenue increasing from RMB 356 million in 2023 to RMB 418 million in 2024, representing a 17.4% growth [10]. - For the nine months ending September 30, 2025, revenue further increased by 20.3% to RMB 359 million compared to the same period in 2024 [10]. - The gross profit margin improved from 32.9% in 2023 to 36.1% in 2024, with a slight decrease to 35.6% for the nine months ending September 30, 2025 [10]. - Net profit rose from RMB 56.7 million in 2023 to RMB 67.6 million in 2024, marking a 19.2% increase [11]. Market Demand - The aging population in Shandong and Chongqing provinces is driving the demand for orthopedic services [11]. - The private orthopedic hospital market in Southwest China is highly fragmented and competitive [11]. IPO Fund Utilization - The funds raised from the IPO are intended for upgrading and expanding existing hospital service capabilities, consolidating the company's position in the specialized field [11]. - The company plans to use the funds for mergers, acquisitions, or investments to deepen its "One Elderly, One Child" strategic layout [11]. - Additional allocations will be made for establishing a group research center and introducing advanced medical technologies and smart medical systems [11].

SBC Medical Group Holdings Conference Summary Company Overview - SBC Medical Group Holdings Inc. trades on NASDAQ under the symbol SBC and is headquartered in Irvine, California, and Tokyo, Japan. The company provides management services and products to cosmetic treatment centers [4][5]. Core Business and Performance - SBC primarily offers comprehensive management support services to franchise clinics, focusing on aesthetic medicine. The company generates income through franchise fees and has diversified its offerings to include orthopedics, ophthalmology, health treatment, and infertility treatment [5][6]. - The total number of franchise clinics has increased to 259, with a net addition of 36 clinics since the previous year [6]. - Despite severe competition in Japan's aesthetic medicine industry, the number of customers has steadily increased, reaching 6.3 million annually [7]. Financial Performance - In February 2024, SBC began restructuring its business, which included revising franchise fees. This led to an 18% year-on-year decline in total revenue [8]. - Increased point redemption by customers reduced revenue, impacting management service revenues, while procurement and rental revenue rose due to higher purchases of medical materials [9]. - The company acquired MB carrier lounge, adding Zoom clinic to its network, which operates six clinics known for customizable laser treatments [9][10]. Strategic Initiatives - SBC launched NIO Skin Clinic in April, targeting expert-level customers with advanced global treatments, which has quickly gained popularity [12]. - The company is enhancing its medical tourism strategy, particularly focusing on Chinese tourists, by increasing its presence on social media and hosting promotional events [13]. - SBC is concentrating on high-growth areas such as orthopedics and AG treatment, responding to Japan's aging demographics [14]. Management and Global Expansion - The company has strengthened its management structure in the U.S. by hiring experienced professionals from various industries [15][16]. - SBC is committed to expanding its global business, including launching Japanese language services in Singapore [16]. Financial Strategy and Shareholder Returns - SBC maintains a robust financial base with sufficient cash on hand for domestic and global growth, including M&A opportunities [17]. - The company is considering new share issuance and partial sales by the founder to improve liquidity and accessibility for a broader investor base [18]. - SBC conducted its first share buyback program from May to July, which positively contributed to its share price and liquidity [18]. Future Outlook - The company aims to strengthen its core business in Japan while expanding into general medical areas and establishing a solid foundation in the U.S. and Southeast Asia [28]. - SBC plans to balance growth investment with shareholder returns, prioritizing funds for growth while ensuring support from a wider range of investors [25][26]. Key Takeaways - SBC Medical Group Holdings is focused on expanding its aesthetic medicine services while diversifying into other medical fields. - The company is undergoing strategic restructuring to position itself for future growth despite recent revenue declines. - There is significant growth potential in the aesthetic medicine market in Japan, with only about 10% of the population currently utilizing these services [22]. - SBC is actively working on enhancing its brand visibility and liquidity to attract more institutional investors [18].