New Stock News | Ping An Good Doctor's Cloud Healthcare Files for IPO in Hong Kong, Ranks Second in China's Primary Healthcare Drug Direct Supply Market.

According to the disclosure by the Hong Kong Stock Exchange on April 10th, Sichuan Haoyisheng Cloud Medical Technology Group Co., Ltd. (referred to as Haoyisheng Cloud Medical) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Guotai Haitong as its exclusive sponsor. Based on the same source, by revenue in 2024, the company ranks second in the pharmaceutical direct supply market for grassroots medical care in China. According to the prospectus, the company is a leading provider of terminal services for grassroots medical care in China. The company focuses on providing pharmaceutical direct supply services to grassroots medical terminals, and also offers tailored solutions for specialty disease diagnosis and treatment, as well as inspection and diagnostic solutions for grassroots medical healthcare terminals. It aims to bring high-quality medical resources to the grassroots market, enabling grassroots LBX Pharmacy Chain Joint Stock to receive medical services and products at the level of tertiary hospitals in their own communities. The company's products revolve around the core business processes of grassroots medical institutions, forming a seamless cycle of testing-diagnosis-medication to support institutions in providing medical services to patients. According to Zhoushi Consultancy data, the company is the only service provider in the Chinese grassroots medical care industry that offers comprehensive services and solutions covering inspection, diagnosis, medication, and treatment for grassroots medical institutions. The company started operations in 2016 to address the widespread lack of clinical testing in grassroots medical institutions. Since then, the company has continuously expanded its solution portfolio in response to the prevailing challenges of digital capabilities, weak testing and diagnostic abilities, and inefficient supply chains in the grassroots medical care industry. The company has built three major business segments: (i) pharmaceutical direct supply and distribution services, (ii) specialty disease diagnosis and treatment solutions, and (iii) inspection and diagnostic solutions. The company's clients are mainly grassroots medical terminals, including (i) grassroots medical institutions such as village clinics, outpatient departments, and clinics, and (ii) grassroots pharmacies including standalone pharmacies and small to medium-sized chain pharmacies. The company has a large and active customer base. As of December 31, 2025, the company has directly served over 670,500 grassroots medical terminal customers, including over 390,100 grassroots medical institutions and 280,400 grassroots pharmacies, comprising over 202,400 standalone pharmacies and over 77,900 small to medium-sized chain pharmacies. From December 31, 2023, to December 31, 2025, the registered number of grassroots medical terminal customers of the company grew at a compound annual growth rate of 11.4%. According to Zhoushi Consultancy data, through its grassroots medical terminal customers, the company indirectly benefits approximately 617 million people in the Chinese grassroots medical care industry. The company has extensively expanded its business into the sinking market and deeply penetrated it. As of December 31, 2025, the coverage of the company's grassroots medical terminal customers has expanded to over 99% of the total number of counties nationwide. The Chinese grassroots medical care industry is massive, consisting mainly of grassroots medical terminals covering the vast sinking market in China, including grassroots medical institutions and pharmacies. According to Zhoushi Consultancy data, as of December 31, 2024, China has approximately 1.636 million grassroots medical terminals, including about 1.040 million grassroots medical institutions, 291,000 standalone pharmacies, and 304,000 small to medium-sized chain pharmacies. It is estimated that the number of grassroots medical terminals will grow at a compound annual growth rate of 2.3% from 2024 to 2030, reaching 1.871 million by the end of 2030. In 2024, based on revenue, the market size of the Chinese grassroots medical care industry was approximately RMB 544.5 billion. It is expected that from 2024 to 2030, based on revenue, the market size will grow at a compound annual growth rate of 9.2%, reaching RMB 922 billion by the end of 2030. In response to the pain points of grassroots medical care, service providers are driven to provide more impactful and beneficial solutions for grassroots medical terminals, including inspection and diagnostic services, pharmaceutical direct supply services, and specialty disease treatment services, with increasing application of digitalization and AI. In terms of performance, in 2023, 2024, and 2025, the company's revenues were approximately RMB 3.065 billion, RMB 3.264 billion, and RMB 3.823 billion respectively; during the same period, the annual profits were approximately RMB 62.479 million, RMB 37.806 million, and RMB 54.052 million respectively.