A grassroots clinic that others look down on has turned into a 3.8 billion business, and it is now preparing to go public.

When major city hospitals are overcrowded, the thousands of small clinics and village health centers hidden in counties, townships, and communities are becoming the "last mile" for ordinary people seeking medical treatment. In this blue ocean market called grassroots healthcare, Good Doctor Cloud Healthcare is making a push into the Hong Kong stock market with its vast national medical network. In April 2026, this enterprise specializing in digital services for grassroots healthcare, after changing its sponsoring institution, once again submitted its application to the Hong Kong Stock Exchange Main Board, with HAITONG INT'L as its exclusive sponsor, restarting its listing journey. In the current environment of the continuous release of grassroots healthcare policy dividends, it, with its unique channel advantages and business layout, has become a particularly eye-catching potential player in the capital market, still shining with long-term value despite some growing pains. When it comes to grassroots healthcare, many people may feel unfamiliar, but Good Doctor Cloud Healthcare has quietly infiltrated the medical scenes around us. Since entering the market in 2016, it has accurately seized the policy trend of tiered diagnosis and treatment, diving deep into the grassroots healthcare track, and in a few years has achieved an impressive scale of coverage: with business reach extending to over 99% of counties nationwide, firmly tying up with over 670,500 grassroots clinics, village health centers, and retail pharmacies, creating one of the leading grassroots healthcare service terminal networks in the industry. This solid channel barrier has also helped the company establish a foothold in the market: by revenue in 2024, the company ranks second in the domestic grassroots medical drug direct supply market and is the top player in the inspection and diagnostic solutions market, serving as a crucial link connecting upstream pharmaceutical companies with downstream grassroots medical institutions, and fully opening up the channel for the downward distribution of quality medical resources. Its performance has also been impressive, showing stable growth. From 2023 to 2025, the company's revenue steadily increased from 3.065 billion yuan to 3.823 billion yuan, with a three-year compound growth rate reaching 11.7%, far exceeding the industry average growth rate of the pharmaceutical distribution industry. Even in an environment where the pharmaceutical industry as a whole is facing pressure, the company has maintained a stable revenue scale, with an operating cash flow of 112 million yuan in 2025, providing sufficient cash flow for business operation and market expansion, proving that its business model can withstand market tests. Unlike traditional pharmaceutical wholesalers, Good Doctor Cloud Healthcare is playing a new game of "supply chain + digital services." Leveraging the industry accumulation of more than 30 years by the Good Doctor Pharmaceutical Group, it has created a "diagnostic testing + drug direct supply + specialized disease treatment + AI empowerment" full-scene service solution, completely addressing the pain points of "lack of drugs, lack of technology, lack of service" in grassroots medical institutions. On one hand, the company integrates resources from over 600 well-known pharmaceutical companies, bringing more than 40,000 high-quality drug varieties, allowing grassroots patients to buy reliable drugs without having to go to large hospitals, while on the other hand, launching the AI Good Doctor Diagnosis and Treatment Support System, complemented by third-party testing, remote diagnosis, and other services, and rolling out the "construction of four departments and one feature" program, helping grassroots small clinics establish standardized departments, with over 3,000 testing items, greatly improving the level of grassroots medical treatment. With this innovative strength, the company has also obtained certifications as a national high-tech enterprise and a gazelle enterprise in Sichuan Province, hitting the time's trend of medical digital transformation. Nowadays, the country is vigorously promoting the downward extension of medical insurance, the landing of chronic disease drugs, and the procurement of drugs at the grassroots level. This once-potential market has become the most certain growth track in the pharmaceutical industry, and companies like Good Doctor Cloud Healthcare with a full-chain layout are perfectly aligned with policy directions, indicating a clear growth space for the future. Of course, any rapidly growing enterprise inevitably encounters growing pains, and Good Doctor Cloud Healthcare is no exception. In terms of equity structure, the Geng family controls the majority of the shares. Although this may lead to more efficient decision-making and faster strategic implementation in the early stages of business development, the Hong Kong stock market has always valued the balance of corporate governance, which is an area that the company needs to optimize. However, as long as the company improves its independent director system, standardizes related transactions, and increases information disclosure, it can easily dispel investors' concerns. On the financial front, due to the large-scale layout of the grassroots network in the early stages and continuous investment in business expansion, the company has temporarily experienced a high asset-liability ratio and fluctuations in net assets, coupled with a 623 million yuan gambling liability, which has brought some time pressure. But this is actually a common phenomenon for high-growth businesses; building a grassroots medical network requires heavy upfront investment, and once successfully listed and raised funds, the capital structure will be greatly optimized, liquidity pressure will be effectively addressed, and the gambling clause will be lifted, pushing the company into a faster development stage. The decision to resolutely change the sponsoring institution and make another push for the Hong Kong stock market shows Good Doctor Cloud Healthcare's firm determination to promote capitalization. The involvement of HAITONG INT'L will also provide professional assistance for the company to connect with international capital and successfully land on the Hong Kong stock market. Looking at the entire industry, grassroots healthcare is the core battleground of the "Healthy China 2030" strategy, with the market size continuing to expand in the future. Companies like Good Doctor Cloud Healthcare, with a national terminal network and comprehensive service capabilities, are rare targets in the capital market. Short-term challenges are just minor obstacles on the path to company growth and are the growing pains necessary to mature. With a focus on grassroots healthcare demand, holding a vast channel resources, and closely following the policy windfall, the long-term value of Good Doctor Cloud Healthcare is already clearly visible. Once the company further optimizes its corporate governance, improves its financial structure, and strengthens technological innovation, this deep-rooted strength in grassroots healthcare will ultimately receive recognition from the capital market. This article was originally published on "Zhongfang Net"