US stock IPO analysis | ANEW Health (AVG.US): Leading non-pharmacological pain management company goes public in the US, global expansion driving growth new engine.

With the rapid growth of global health consumption upgrades and the demand for non-pharmacological pain management, local health service providers have also begun to enter the capital market. Recently, Hong Kong-based pain management and health service provider Anew Health (AVG.US) updated its prospectus, planning to issue 1.8 million shares of common stock at a price of $4 to $6 per share and list on the Nasdaq capital market, with expected fundraising between $7.2 million and $10.8 million. In the wave of accelerated iteration in the global health industry, this Hong Kong-based health service provider, which has a global presence, is quietly emerging and is about to take a key step towards IPO capitalization. The company's customer base is solid, and its revenue structure is healthy. Anew Health's business is based on the "Refunctionalization" brand, providing pain management and health services in Hong Kong. Established in 2007, Refunctionalization has four service centers in Hong Kong, and through the "ANKH" brand, it utilizes its over 16 years of experience in pain management and strengthening, combining high-end technology with both Eastern and Western techniques to provide non-surgical, non-invasive, non-pharmacological pain management treatments and functional enhancement therapies, as well as related health product services. According to the prospectus, in the 2025 fiscal year, Anew Health achieved total revenue of approximately $40.02 million, with the customer base steadily expanding. During the fiscal year, the company served 10,039 customers, a 15% increase from the previous year's 8,692 customers; and the average annual customer spending also increased from $6,278 to $6,478, a 3.2% year-on-year growth, reflecting an enhancement in customer loyalty and spending power. From a business structure perspective, the company's revenue mainly comes from two major segments: pain management and health services (accounting for approximately 99.9%) and health product sales. It is worth mentioning that the company's core business is not based on "one-time transactions" but built on prepaid packages and membership, indicating strong cash flow visibility and business stability. However, the company has faced short-term pressure on the profit side. It is understood that the company's net profit decreased from $11.73 million in the 2024 fiscal year to $5.54 million in the 2025 fiscal year, mainly due to one-time expenses and rising management fees resulting from strategic expansion, including investment in new service centers, staff expansion, and one-time director bonuses, rather than a fundamental deterioration in operating profitabil...