Core Viewpoint - Anew Health is preparing for an IPO on the Nasdaq, aiming to raise between $7.2 million and $10.8 million by offering 1.8 million shares at a price range of $4 to $6 per share, capitalizing on the growing demand for non-drug pain management services amid a global health consumption upgrade [1] Business Fundamentals - Anew Health operates under the "ANKH" brand, providing non-invasive pain management and health services in Hong Kong since 2007, with four service centers [2] - The company reported a projected total revenue of approximately $40.02 million for the fiscal year 2025, with a customer base of 10,039, reflecting a 15% increase from the previous year [2] - Average annual customer spending increased by 3.2% from $6,278 to $6,478, indicating enhanced customer loyalty and spending capacity [2] Revenue Structure - The company's revenue primarily comes from two segments: pain management and health services (approximately 99.9%) and health product sales [3] - Anew Health's business model is based on prepaid packages and membership systems, providing strong cash flow predictability and business stability [3] - The net profit decreased from $11.73 million in fiscal year 2024 to $5.54 million in fiscal year 2025 due to strategic expansion-related one-time expenses, not a fundamental decline in operational profitability [3] Industry Outlook - The non-drug pain management market in Hong Kong is projected to grow from approximately 206,600 consumers in 2012 to an estimated 281,400 by 2025, with a compound annual growth rate (CAGR) of 2.4% [4] - The market service value is expected to rise from HKD 3.207 billion to HKD 7.882 billion during the same period, with a CAGR of 7.2% [4] Market Drivers - The growth in market size is driven by an aging population and increased awareness of the risks associated with opioid dependency and invasive surgeries, leading to a surge in demand for non-drug, non-invasive treatments [6] Competitive Advantage - Anew Health benefits from a solid brand recognition established over 16 years, emphasizing non-drug and non-surgical treatment philosophies through its proprietary "RDS+" therapy [7] - The combination of traditional and modern treatment methods aligns with consumer preferences for scientific and non-invasive therapies, enhancing the company's competitive edge [7] - High customer satisfaction rates, with over 87% of clients expressing satisfaction with therapists and nearly 70% reporting pain relief, support stable repurchase rates and brand value [7] Strategic Focus - The company aims to deepen its presence in the Hong Kong market while accelerating international expansion, leveraging IPO proceeds to establish new service centers in high-growth overseas markets [8] - Anew Health is positioned to become a leading representative platform in the non-drug pain management sector, with the potential for long-term growth and returns for investors following its IPO [8]