<p>同仁堂集团的医疗服务部门享有高知名度的中医品牌，但其利润率远低于行业同行。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/05023628/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-2-2026_101040_thebambooworks.com_-1024x693.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/05023628/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-2-2026_101040_thebambooworks.com_-1024x693.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>同仁堂医疗是中国最大的专注于中医的私营医院网络，占市场份额的 1.7%。</li>
<li>该公司正在进行第四次上市申请，需要资金以收购更多医疗机构，实施雄心勃勃的扩张计划。</li>
</ul>
<p>在中医领域，同仁堂仍然是全国最受信任的品牌之一，拥有 350 年的历史。</p>
<p>该公司由一位宫廷医生创立，向清朝提供草药。然而，该集团较新的医疗服务业务采取了明显现代化的方式，通过多次收购追求激进的扩张战略。</p>
<p>该公司 <strong>北京同仁堂医疗投资有限公司</strong> 现已发起第四次在香港 <strong>上市</strong> 的尝试，寻求资金注入以继续其雄心勃勃的增长路径。其申请于 1 月底提交，由中金公司担任唯一保荐人。</p>
<p>该公司成立于 2015 年，作为同仁堂的主要中医医疗服务提供者。如果最终实现 IPO 目标，该服务公司将成为该集团的第四家上市实体。已经上市的业务包括 <strong>同仁堂</strong>（600085.SH）、<strong>同仁堂科技</strong>（1666.HK）和 <strong>同仁堂中药</strong>（3613.HK），专注于中医产品的制造和销售。</p>
<p>与此同时，该集团尚未上市的医疗服务运营商建立了一种商业模式，运营诊所，为医疗合作伙伴提供管理服务，并提供数字医疗咨询。该网络包括 12 家自有医疗机构、12 家管理机构和一家互联网医院。该公司在 2024 年在线和离线业务中记录了约 298 万次门诊访问，使其成为中国最大的中医医院集团，市场份额为 1.7%。</p>
<p>但尽管市场地位良好，同仁堂医疗在盈利能力方面存在明显弱点。该公司在 2023 年报告年收入为 11.5 亿元人民币（1.7 亿美元），2024 年接近 11.8 亿元人民币，2025 年前九个月的营业额为 8.58 亿元人民币。净利润在同一时间段内分别为 4263 万元、4620 万元和接近 2400 万元。值得注意的是，2025 年前三个季度的净利润较上年同期下降了 9.76%，而毛利率从 2024 年的 18.9% 下降了 0.7 个百分点至 18.2%。在这一指标上，它落后于同仁堂家族的其他上市成员，并远远落后于行业同行 <strong>古生堂</strong>（2273.HK），后者的毛利率超过 30%。</p>
<p>该公司的三大收入来源是医疗服务、管理服务和中医产品销售。在报告期间，医疗服务始终是主要驱动力，占总收入的 84% 以上。运营和管理服务提供给合作医疗机构，而医疗产品销售则通过其子公司浙江三喜堂中药进行。然而，集团内的产品销售主要由两家上市公司同仁堂科技和同仁堂中药主导。</p>
<p>一个历史悠久的品牌的优势无法掩盖商业风险，正如招股说明书所强调的。该公司使用同仁堂商标的许可证将于 2026 年 4 月到期。该协议允许三年续签，但留有不确定性。对集团内业务的依赖也是潜在的风险暴露。在 2025 年前三个季度，来自管理服务和对同仁堂集团相关方的产品销售的收入总计为 8809 万元，占总收入的 10%。</p>
<h4><strong>以收购驱动的增长</strong></h4>
<p>对同仁堂医疗增长轨迹的回顾突显了收购的关键作用。两家机构——北京同仁堂中医医院和浙江三喜堂中医医疗医院——在招股说明书覆盖的期间内始终贡献了超过一半的总收入，揭示了高度集中收入基础的风险。</p>
<p>2022 年收购三喜堂的医院和药房是一个转折点。整合后，三喜堂贡献了大约 30% 的总收入，同时贡献了超过 40% 的毛利润，直接推动了 2023 年中医医疗服务收入同比增长 22.1%。然而，这一盈利提升已被证明难以维持。为了寻找新的动力，该公司在 2024 年收购了中医医疗中心上海承志堂和上海中和堂，分别持有 70% 和 60% 的股权。随着这些业务纳入收益，2025 年前九个月的收入同比增长了 3%。</p>
<p>然而，三喜堂作为盈利引擎开始显现出压力。为了避免集团内部竞争，三喜堂的商业模式从高利润的零售转向了低利润的批发业务。随着中国消费者信心和零售需求的下降，三喜堂在 2025 年前九个月的收入和毛利润均出现下滑。2024 年，北京地区的收入同比下降了 16.8%，受到资产转让和医疗保险政策调整的影响。同时，持续的收购使公司的商誉余额大幅上升，从 2023 年底的 1.61 亿元增至 2025 年 9 月底的 2.63 亿元。这个总额相当于净资产的 36%，远高于广泛认可的 30% 安全阈值，为未来埋下了潜在的减值风险。</p>
<p>招股说明书列出了一个雄心勃勃的扩张计划。公司计划在 2029 年底之前收购五家医疗机构，同时在轻资产模式下建立五个新设施。持续的收购驱动增长将需要大量资本，但公司的现金状况相对紧张，之前交易中获得的一部分股权已经作为贷款抵押。这可能解释了为什么同仁堂健康在经历三次失败尝试后如此急于推进上市。最终，投资者的反应将取决于公司整合资产并将其转化为可持续利润的能力。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

同仁堂科技

同仁堂

<p>同仁堂健康，作为中国领先的私营医院网络，专注于传统中医（TCM），正在第四次尝试在香港证券交易所上市以资助其扩张。尽管拥有强大的品牌和市场地位，该公司在利润率和收入增长方面面临挑战。2023 年，该公司报告的收入为 11.5 亿元，但净利润却出现下降。该公司在增长方面严重依赖收购，收入的很大一部分来自少数关键机构。其商标许可将在 2026 年到期，这带来了额外的风险</p>

<p><em>The healthcare services arm of the Tong Ren Tang group enjoys a high-profile TCM brand, but its profit margins lag far behind industry peers</em></p>
<div class="lb-trans"><p>同仁堂集团的医疗服务部门享有高知名度的中医品牌，但其利润率远低于行业同行。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/05023628/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-2-2026_101040_thebambooworks.com_-1024x693.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/05023628/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-2-2026_101040_thebambooworks.com_-1024x693.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Tong Ren Tang Healthcare ranks as China's biggest private-sector hospital network focused on traditional Chinese medicine, with 1.7% of the market</li>
<li>Making its fourth listing bid, the company needs funds to acquire more medical institutions in an ambitious expansion plan</li>
</ul>
<div class="lb-trans"><ul>
<li>同仁堂医疗是中国最大的专注于中医的私营医院网络，占市场份额的 1.7%。</li>
<li>该公司正在进行第四次上市申请，需要资金以收购更多医疗机构，实施雄心勃勃的扩张计划。</li>
</ul>
</div><p>When it comes to traditional Chinese medicine, Tong Ren Tang remains one of the country's most trusted brands, backed by 350 years of history.</p>
<div class="lb-trans"><p>在中医领域，同仁堂仍然是全国最受信任的品牌之一，拥有 350 年的历史。</p>
</div><p>Founded by an imperial court physician, the company supplied herbal medicines to the Qing dynasty. However, the group's newer healthcare services business has taken a distinctly modern approach, pursuing an aggressive expansion strategy through multiple acquisitions.</p>
<div class="lb-trans"><p>该公司由一位宫廷医生创立，向清朝提供草药。然而，该集团较新的医疗服务业务采取了明显现代化的方式，通过多次收购追求激进的扩张战略。</p>
</div><p>The company, <strong>Beijing Tong Ren Tang Healthcare Investment Co. Ltd.</strong>, has now launched a fourth attempt at a Hong Kong <strong>listing,</strong> seeking an injection of funds to continue along its ambitious growth path. Its application, submitted at the end of January, has CICC acting as sole sponsor.</p>
<div class="lb-trans"><p>该公司 <strong>北京同仁堂医疗投资有限公司</strong> 现已发起第四次在香港 <strong>上市</strong> 的尝试，寻求资金注入以继续其雄心勃勃的增长路径。其申请于 1 月底提交，由中金公司担任唯一保荐人。</p>
</div><p>The firm was established in 2015 to serve as Tong Ren Tang's primary provider of healthcare services using traditional Chinese medicine (TCM). If it finally achieves its IPO goal, the services company will become the group's fourth listed entity. The already floated businesses – <strong>Tong Ren Tang</strong> (600085.SH), <strong>Tong Ren Tang Technologies</strong>(1666.HK) and <strong>Tong Ren Tang Chinese Medicine</strong> (3613.HK) – focus on manufacturing and sales of TCM products.</p>
<div class="lb-trans"><p>该公司成立于 2015 年，作为同仁堂的主要中医医疗服务提供者。如果最终实现 IPO 目标，该服务公司将成为该集团的第四家上市实体。已经上市的业务包括 <strong>同仁堂</strong>（600085.SH）、<strong>同仁堂科技</strong>（1666.HK）和 <strong>同仁堂中药</strong>（3613.HK），专注于中医产品的制造和销售。</p>
</div><p>Meanwhile, the group's as-yet unlisted healthcare services operator has built a business model in which it runs clinics, provides management services for medical partners and delivers digital healthcare consultations. The network includes 12 self-owned medical institutions, 12 managed institutions and one internet hospital. The company logged around 2.98 million outpatient visits across its online and offline business in 2024, making it the largest TCM-focused hospital group in China, outside of the public sector, with a market share of 1.7%.</p>
<div class="lb-trans"><p>与此同时，该集团尚未上市的医疗服务运营商建立了一种商业模式，运营诊所，为医疗合作伙伴提供管理服务，并提供数字医疗咨询。该网络包括 12 家自有医疗机构、12 家管理机构和一家互联网医院。该公司在 2024 年在线和离线业务中记录了约 298 万次门诊访问，使其成为中国最大的中医医院集团，市场份额为 1.7%。</p>
</div><p>But despite its market position, Tong Ren Tang Healthcare suffers from obvious weaknesses in its earnings profile. The company reported annual revenue of 1.15 billion yuan ($170 million) in 2023 and nearly 1.18 billion yuan a year later, followed by turnover of 858 million yuan in the first nine months of 2025. Net profit came in at 42.63 million yuan, 46.20 million yuan and just under 24 million yuan over the same time frames. Notably, net profit for the first three quarters of 2025 fell 9.76% from the year-earlier period, while gross margin slipped 0.7 percentage points from 18.9% in 2024 to 18.2%. On this metric it lags other listed members of the Tong Ren Tang family and trails far behind industry peer <strong>Gushengtang</strong> (2273.HK) with a gross margin of more than 30%.</p>
<div class="lb-trans"><p>但尽管市场地位良好，同仁堂医疗在盈利能力方面存在明显弱点。该公司在 2023 年报告年收入为 11.5 亿元人民币（1.7 亿美元），2024 年接近 11.8 亿元人民币，2025 年前九个月的营业额为 8.58 亿元人民币。净利润在同一时间段内分别为 4263 万元、4620 万元和接近 2400 万元。值得注意的是，2025 年前三个季度的净利润较上年同期下降了 9.76%，而毛利率从 2024 年的 18.9% 下降了 0.7 个百分点至 18.2%。在这一指标上，它落后于同仁堂家族的其他上市成员，并远远落后于行业同行 <strong>古生堂</strong>（2273.HK），后者的毛利率超过 30%。</p>
</div><p>The company's three main revenue sources are healthcare services, management services and sales of TCM products. Healthcare services have consistently been the main driver at more than 84% of total revenue during the reporting periods. Operational and management services are provided to partner medical institutions, while healthcare product sales are conducted through its subsidiary Zhejiang Sanxitang Chinese Medicine. However, product sales within the group are dominated by two of the listed companies, Tong Ren Tang Technologies and Tong Ren Tang Chinese Medicine.</p>
<div class="lb-trans"><p>该公司的三大收入来源是医疗服务、管理服务和中医产品销售。在报告期间，医疗服务始终是主要驱动力，占总收入的 84% 以上。运营和管理服务提供给合作医疗机构，而医疗产品销售则通过其子公司浙江三喜堂中药进行。然而，集团内的产品销售主要由两家上市公司同仁堂科技和同仁堂中药主导。</p>
</div><p>The benefit of a time-honored brand cannot override business risks, as highlighted by the prospectus. The firm's license to use the Tong Ren Tang trademark is set to expire in April 2026. The agreement allows for a three-year renewal but leaves room for uncertainty. The dependence on inter-group business is also a potential risk exposure. During the first three quarters of 2025, income from management services and product sales to related parties within the Tong Ren Tang group totaled 88.09 million yuan, or 10% of total revenue.</p>
<div class="lb-trans"><p>一个历史悠久的品牌的优势无法掩盖商业风险，正如招股说明书所强调的。该公司使用同仁堂商标的许可证将于 2026 年 4 月到期。该协议允许三年续签，但留有不确定性。对集团内业务的依赖也是潜在的风险暴露。在 2025 年前三个季度，来自管理服务和对同仁堂集团相关方的产品销售的收入总计为 8809 万元，占总收入的 10%。</p>
</div><h4><strong>Acquisition-led growth</strong></h4>
<div class="lb-trans"><h4><strong>以收购驱动的增长</strong></h4>
</div><p>A review of Tong Ren Tang Healthcare's growth trajectory highlights the critical role of acquisitions. Two institutions – Beijing Tong Ren Tang TCM Hospital and Zhejiang Sanxitang TCM Healthcare Hospital – have consistently generated more than half of total revenue over the period covered by the prospectus, illuminating the risks of a highly concentrated income base.</p>
<div class="lb-trans"><p>对同仁堂医疗增长轨迹的回顾突显了收购的关键作用。两家机构——北京同仁堂中医医院和浙江三喜堂中医医疗医院——在招股说明书覆盖的期间内始终贡献了超过一半的总收入，揭示了高度集中收入基础的风险。</p>
</div><p>The purchase of Sanxitang's hospitals and pharmacies in 2022 was a turning point. After consolidation, Sanxitang generated roughly 30% of total revenue while contributing more than 40% of gross profit, directly driving a 22.1% year-on-year surge in revenue from TCM healthcare services in 2023. However, the earnings boost has proven difficult to sustain. In search of new momentum, the company bought TCM healthcare centers Shanghai Chengzhitang and Shanghai Zhonghetang in 2024, taking 70% and 60% equity stakes respectively. With those operations folded into earnings, revenue for the first nine months of 2025 marked a 3% year-on-year rise.</p>
<div class="lb-trans"><p>2022 年收购三喜堂的医院和药房是一个转折点。整合后，三喜堂贡献了大约 30% 的总收入，同时贡献了超过 40% 的毛利润，直接推动了 2023 年中医医疗服务收入同比增长 22.1%。然而，这一盈利提升已被证明难以维持。为了寻找新的动力，该公司在 2024 年收购了中医医疗中心上海承志堂和上海中和堂，分别持有 70% 和 60% 的股权。随着这些业务纳入收益，2025 年前九个月的收入同比增长了 3%。</p>
</div><p>However, Sanxitang has begun to show signs of strain as the earnings engine. To avoid internal competition within the group, Sanxitang's business model shifted from high-margin retail to lower-margin wholesale operations. As China's consumer confidence and retail demand slipped, Sanxitang's revenue and gross profit both fell in the first nine months of 2025. Revenue from the Beijing region also declined 16.8% year on year in 2024, hit by the impact of asset transfers and adjustments to medical insurance policies. Meanwhile, continued acquisitions pushed the company's goodwill balance sharply higher, from 161 million yuan at the end of 2023 to 263 million yuan by the end of September 2025. The total was equivalent to 36% of net assets, well above the widely recognized 30% safety threshold and planting potential impairment risks for the future.</p>
<div class="lb-trans"><p>然而，三喜堂作为盈利引擎开始显现出压力。为了避免集团内部竞争，三喜堂的商业模式从高利润的零售转向了低利润的批发业务。随着中国消费者信心和零售需求的下降，三喜堂在 2025 年前九个月的收入和毛利润均出现下滑。2024 年，北京地区的收入同比下降了 16.8%，受到资产转让和医疗保险政策调整的影响。同时，持续的收购使公司的商誉余额大幅上升，从 2023 年底的 1.61 亿元增至 2025 年 9 月底的 2.63 亿元。这个总额相当于净资产的 36%，远高于广泛认可的 30% 安全阈值，为未来埋下了潜在的减值风险。</p>
</div><p>The prospectus lays out an ambitious expansion plan. The company aims to acquire five medical institutions by the end of 2029, while also establishing five new facilities under an asset-light model. Sustained acquisition-driven growth will require substantial capital, yet the company's cash position is relatively tight, and some of the equity gained in prior deals has already been pledged as loan collateral. This may explain why Tong Ren Tang Healthcare is so eager to proceed with a listing after three abortive attempts. Ultimately, the investor response will hinge on the company's ability to integrate its assets and convert them into sustainable profits.</p>
<div class="lb-trans"><p>招股说明书列出了一个雄心勃勃的扩张计划。公司计划在 2029 年底之前收购五家医疗机构，同时在轻资产模式下建立五个新设施。持续的收购驱动增长将需要大量资本，但公司的现金状况相对紧张，之前交易中获得的一部分股权已经作为贷款抵押。这可能解释了为什么同仁堂健康在经历三次失败尝试后如此急于推进上市。最终，投资者的反应将取决于公司整合资产并将其转化为可持续利润的能力。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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一家中国医药公司正在寻找难以捉摸的 IPO 成功秘诀