<p>中国最古老的医疗品牌之一已申请上市其同仁堂健康投资部门，该部门正在建立一个综合医疗系统。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/23054832/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-3-2026_1077_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/2026/03/23054832/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-3-2026_1077_thebambooworks.com_-1024x693.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>评级最高的非公立中医医疗服务提供商北京同仁堂健康已启动其首次公开募股（IPO），计划筹集高达 8.977 亿港元。</li>
<li>公司计划到 2029 年收购和建设 10 家医疗机构，以推动其医疗网络的增长。</li>
</ul>
<p>中国的老龄化人口正在推动对慢性病和长期健康管理以及康复治疗等服务的需求，为传统中医（TCM）从业者提供了巨大的商业机会。作为中国历史最悠久的医疗品牌之一，拥有超过 350 年的历史，同仁堂在满足消费者需求方面处于良好位置，这些消费者不仅因怀旧而吸引他们的品牌，还因其对中医的深厚知识。</p>
<p><strong>北京同仁堂健康投资有限公司</strong>（2667.HK）正依靠来自该群体及其他群体的需求来吸引投资者参与其香港上市计划。该公司于 3 月 20 日 启动了 IPO，计划以每股 7.30 至 8.30 港元的价格出售 1.08 亿股，预计在该范围中间筹集净收益 8.44 亿港元（1.08 亿美元）。该股票定于 3 月 30 日首次交易。在从 “百年老店” 向 “综合医疗服务提供商” 的转型中，该公司瞄准整个中国人口，并在长期重复患者中发现了巨大的商业机会，这些患者通常包括老年人和慢性病患者。</p>
<p>与同仁堂家族的其他公司不同，同仁堂健康的战略集中在提供全方位的中医医疗服务，包括健康管理和产品销售。该公司通过 12 家自营医疗机构、12 家管理医疗机构和一家互联网医院提供这些服务。</p>
<p>该公司表示，通过将诊断、治疗、康复、转诊和健康管理整合为一个系统，改善了治疗效率并更好地留住患者。2024 年，它记录了近 300 万次线上和线下的门诊和住院访问，在中国非公立中医医院医疗服务中排名第一，市场份额约为 1.7%。截至去年 9 月底，该公司在其会员计划中约有 77 万名患者，反映出其医疗网络的相对庞大。</p>
<h4><strong>专业人才发展</strong></h4>
<p>同仁堂成立于 1644 年的清朝，其在中医领域的长期品牌认知为其各个附属机构在许多中国人眼中带来了固有的信任优势。该品牌的实力帮助公司比其他试图建立类似中医医疗网络的新兴医疗机构更容易吸引患者和医生资源。</p>
<p>中医医疗服务提供商的核心竞争力在于其医生资源。同仁堂健康通过招聘高级中医专家、发展专业科室和设备升级增强了在这方面的能力。公司有超过 2700 名医生在职，形成了其医疗服务系统的基础。这对长期患者来说是一个重要的吸引力，他们通常希望从同一位医生那里获得治疗方案，而不仅仅是进行单次咨询。</p>
<h4><strong>人工智能与数字化转型</strong></h4>
<p>尽管有着历史声誉，同仁堂正在通过在其生产和用户界面领域部署人工智能和数字工具来拥抱现代化。在制造方面，该公司与软件公司用友合作，推进智能中医生产，旨在提高生产效率、质量控制和供应链协调能力。</p>
<p>在消费者方面，该公司与智能产品制造商小米合作推出了 “同仁堂健康厅”，这是一个基于人工智能的中医健康服务智能代理。该系统通过自然语言交互提供个性化的健康建议，并整合在线药品购买服务，将中医知识延伸到日常生活场景中。</p>
<h4><strong>医疗网络扩展</strong></h4>
<p>近年来，同仁堂健康还通过收购迅速扩展其设施和其他资源网络。显著的例子包括收购位于浙江省的另一家百年中医品牌三喜堂，该品牌经营诊所并生产中医产品；以及在上海的门诊医疗中心运营商中和堂。这些收购使公司能够迅速在富裕的长江三角洲等地区建立和扩展其医疗服务，同时扩大其患者基础。</p>
<p>在财务上，该公司的业务在过去三年中稳步增长，从 2022 年的 9.11 亿人民币（1.32 亿美元）增长到 2024 年的 11.8 亿人民币。去年前三个季度的收入约为 8.58 亿人民币，较前一年增长了 833 百万人民币。其毛利率在去年前三个季度同比上升了 1.1 个百分点，达到 18.2%。</p>
<p>中医医疗服务是公司的主要收入来源。该细分市场在 2025 年前三个月的收入总计为 7.23 亿人民币，占总收入的约 84%。这些服务主要包括门诊诊断、治疗及相关服务，管理服务和健康产品销售提供补充收入。</p>
<p>医疗网络扩展需要持续投资，这可能是决定在香港上市的一个因素。</p>
<p>同仁堂健康最近显示出稳定的增长率，其收入增长速度从 2023 年的 26% 减缓至去年前三个季度的约 3%。尽管公司的利润在去年前三个季度同比下降近 10%，降至约 2400 万元，但这主要与资产处置带来的一次性收益有关，这在去年同期设定了较高的基数。</p>
<p>公司正在寻求新的扩展举措以恢复其增长势头。它表示计划在 2029 年底之前收购五家医疗机构，并在此期间与其他公司合作建设另外五个新设施，以进一步扩大其业务范围。</p>
<p>从更广泛的角度来看，中医药健康服务的需求总体上保持积极。招股说明书中的第三方数据显示，2023 年市场价值约为 3000 亿元，预计到 2030 年将扩展至约 5000 亿元，相当于在此期间年均增长约 7%。考虑到中国老年人口的快速增长以及对慢性疾病及其管理的日益关注，中医诊断和治疗及健康管理服务的需求预计将继续扩大。</p>
<p>同仁堂健康应该能够很好地抓住这一需求，特别是在其扩展阶段整合收购资产并通过更大程度地使用人工智能来提高运营效率的情况下。当然，它的品牌名称在中国家喻户晓，影响力巨大。仅凭这一资产，加上其扩展和其他举措，可能会吸引那些在香港当前热门 IPO 市场中寻找传统行业替代品的投资者。</p>
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<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>

广发中证全指医药卫生ETF

汇添富中证医药卫生ETF

国泰上证科创板创新药ETF

06877

华夏医药ETF

易方达沪深300医药ETF

<p>同仁堂健康已启动首次公开募股（IPO），计划通过出售 1.08 亿股，募集最高达 8.977 亿港元，发行价格在每股 7.30 港元至 8.30 港元之间。该公司计划到 2029 年通过收购和建设 10 家医疗机构来扩展其医疗网络，以利用中国老龄化人口对传统中医（TCM）服务日益增长的需求。作为一家拥有 350 多年历史的企业，同仁堂正在通过人工智能和数字工具增强其能力，同时通过战略收购扩展其网络。该股票定于 3 月 30 日上市</p>

<p><em>One of China's oldest medical names has applied to list its Tong Ren Tang Healthcare Investment unit, which is building an integrated healthcare system</em></p>
<div class="lb-trans"><p>中国最古老的医疗品牌之一已申请上市其同仁堂健康投资部门，该部门正在建立一个综合医疗系统。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/23054832/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-3-2026_1077_thebambooworks.com_-1024x693.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/23054832/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-3-2026_1077_thebambooworks.com_-1024x693.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Top-rated non-public traditional Chinese healthcare service provider Beijing Tong Ren Tang Healthcare has kicked off its IPO, aiming to raise up to HK$897.7 million</li>
<li>The company plans to acquire and build 10 medical institutions by 2029 to drive growth of its healthcare network</li>
</ul>
<div class="lb-trans"><ul>
<li>评级最高的非公立中医医疗服务提供商北京同仁堂健康已启动其首次公开募股（IPO），计划筹集高达 8.977 亿港元。</li>
<li>公司计划到 2029 年收购和建设 10 家医疗机构，以推动其医疗网络的增长。</li>
</ul>
</div><p>China's aging population is boosting demand for services like chronic disease and long-term health management, as well as rehabilitation therapies, providing a big business opportunity for traditional Chinese medicine (TCM) practitioners. As one of China's oldest medical names with over 350 years of history, Tong Ren Tang looks well positioned to cater to such demand from consumers drawn to its brand by not only nostalgia, but its deep knowledge of TCM.</p>
<div class="lb-trans"><p>中国的老龄化人口正在推动对慢性病和长期健康管理以及康复治疗等服务的需求，为传统中医（TCM）从业者提供了巨大的商业机会。作为中国历史最悠久的医疗品牌之一，拥有超过 350 年的历史，同仁堂在满足消费者需求方面处于良好位置，这些消费者不仅因怀旧而吸引他们的品牌，还因其对中医的深厚知识。</p>
</div><p><strong>Beijing Tong Ren Tang Healthcare Investment Co. Ltd.</strong> (2667.HK) is banking on demand from that and other groups to attract investors to its Hong Kong listing plan. The company launched the IPO on March 20, aiming to sell 108 million shares for between HK$7.30 and HK$8.30 each, raising net proceeds of HK$844 million ($108 million) at the middle of that range. The stock is set to make its trading debut on March 30. In its transition from &#34;time-honored brand&#34; to &#34;integrated healthcare services provider,&#34; the company is targeting the entire Chinese population, and finding big business in long-term repeat patients, who often include the elderly and people with chronic conditions.</p>
<div class="lb-trans"><p><strong>北京同仁堂健康投资有限公司</strong>（2667.HK）正依靠来自该群体及其他群体的需求来吸引投资者参与其香港上市计划。该公司于 3 月 20 日 启动了 IPO，计划以每股 7.30 至 8.30 港元的价格出售 1.08 亿股，预计在该范围中间筹集净收益 8.44 亿港元（1.08 亿美元）。该股票定于 3 月 30 日首次交易。在从 “百年老店” 向 “综合医疗服务提供商” 的转型中，该公司瞄准整个中国人口，并在长期重复患者中发现了巨大的商业机会，这些患者通常包括老年人和慢性病患者。</p>
</div><p>Unlike other companies from the Tong Ren Tang family, Tong Ren Tang Healthcare's strategy centers on providing a full range of TCM healthcare services, including health management and also product sales. The company provides such services from a network of 12 self-operated medical institutions, 12 managed medical institutions and one internet hospital.</p>
<div class="lb-trans"><p>与同仁堂家族的其他公司不同，同仁堂健康的战略集中在提供全方位的中医医疗服务，包括健康管理和产品销售。该公司通过 12 家自营医疗机构、12 家管理医疗机构和一家互联网医院提供这些服务。</p>
</div><p>The company says it improves treatment efficiency and better retains patients by integrating diagnosis, treatment, rehabilitation, referrals, and health management into a single system. In 2024, it recorded nearly 3 million online and offline out-patient and in-patient visits, ranking first in China's non-public TCM hospital healthcare services with about 1.7% of the market. At the end of last September, the company had about 770,000 patients in its membership program, reflecting the relatively large size of its medical network.</p>
<div class="lb-trans"><p>该公司表示，通过将诊断、治疗、康复、转诊和健康管理整合为一个系统，改善了治疗效率并更好地留住患者。2024 年，它记录了近 300 万次线上和线下的门诊和住院访问，在中国非公立中医医院医疗服务中排名第一，市场份额约为 1.7%。截至去年 9 月底，该公司在其会员计划中约有 77 万名患者，反映出其医疗网络的相对庞大。</p>
</div><h4><strong>Specialized talent development</strong></h4>
<div class="lb-trans"><h4><strong>专业人才发展</strong></h4>
</div><p>Founded during the Qing Dynasty dating back to 1644, Tong Ren Tang's longstanding brand recognition in TCM brings inherent trust advantages to its various affiliates in the eyes of many Chinese. The brand's strength assists the company in attracting both patients and physician resources more easily than other emerging medical institutions trying to establish similar TCM healthcare networks.</p>
<div class="lb-trans"><p>同仁堂成立于 1644 年的清朝，其在中医领域的长期品牌认知为其各个附属机构在许多中国人眼中带来了固有的信任优势。该品牌的实力帮助公司比其他试图建立类似中医医疗网络的新兴医疗机构更容易吸引患者和医生资源。</p>
</div><p>The core competitiveness of TCM healthcare service providers lies in their physician resources. Tong Ren Tang Healthcare has enhanced its capabilities in that regard by recruiting senior TCM experts, developing specialty departments, and through equipment upgrades. Over 2,700 physicians practice at the company, forming the foundation for its healthcare service system. That's an important draw for long-term patients, who often look for treatment plans from a single doctor and don't just come for single consultations.</p>
<div class="lb-trans"><p>中医医疗服务提供商的核心竞争力在于其医生资源。同仁堂健康通过招聘高级中医专家、发展专业科室和设备升级增强了在这方面的能力。公司有超过 2700 名医生在职，形成了其医疗服务系统的基础。这对长期患者来说是一个重要的吸引力，他们通常希望从同一位医生那里获得治疗方案，而不仅仅是进行单次咨询。</p>
</div><h4><strong>AI and digital transformation</strong></h4>
<div class="lb-trans"><h4><strong>人工智能与数字化转型</strong></h4>
</div><p>Despite its historical reputation, Tong Ren Tang is embracing modernity with its deployment of AI and digital tools across both its production and user-facing segments. In manufacturing, the company is advancing intelligent TCM production in a collaboration with software firm Yonyou, which owns a BIP AIoT platform, aiming to improve its production efficiency, quality control, and supply chain coordination capabilities.</p>
<div class="lb-trans"><p>尽管有着历史声誉，同仁堂正在通过在其生产和用户界面领域部署人工智能和数字工具来拥抱现代化。在制造方面，该公司与软件公司用友合作，推进智能中医生产，旨在提高生产效率、质量控制和供应链协调能力。</p>
</div><p>On the consumer side, the company has partnered with smart products maker Xiaomi to launch its &#34;Tong Ren Tang Wellness Hall&#34; an AI-enabled TCM health services intelligent agent. The system delivers personalized wellness recommendations through natural language interaction and integrates online pharmaceutical purchasing services, extending TCM knowledge into daily life scenarios.</p>
<div class="lb-trans"><p>在消费者方面，该公司与智能产品制造商小米合作推出了 “同仁堂健康厅”，这是一个基于人工智能的中医健康服务智能代理。该系统通过自然语言交互提供个性化的健康建议，并整合在线药品购买服务，将中医知识延伸到日常生活场景中。</p>
</div><h4><strong>Healthcare network expansion</strong></h4>
<div class="lb-trans"><h4><strong>医疗网络扩展</strong></h4>
</div><p>Tong Ren Tang Healthcare has also been rapidly expanding its network of facilities and other resources in recent years through acquisitions. Notable examples include its acquisition of Sanxitang, another time-honored TCM brand based in Zhejiang province that operates clinics and also makes TCM products; and Zhonghetang, an outpatient healthcare center operator in Shanghai. Such purchases are allowing the company to quickly establish and expand its healthcare services in regions like the affluent Yangtze River Delta while simultaneously expanding its patient base.</p>
<div class="lb-trans"><p>近年来，同仁堂健康还通过收购迅速扩展其设施和其他资源网络。显著的例子包括收购位于浙江省的另一家百年中医品牌三喜堂，该品牌经营诊所并生产中医产品；以及在上海的门诊医疗中心运营商中和堂。这些收购使公司能够迅速在富裕的长江三角洲等地区建立和扩展其医疗服务，同时扩大其患者基础。</p>
</div><p>Financially, the company's business has been growing steadily over the last three years, rising from 911 million yuan ($132 million) in 2022 to 1.18 billion yuan in 2024. It recorded revenue of about 858 million yuan in the first nine months of last year, up from 833 million yuan a year earlier. Its gross margin rose 1.1 percentage points year-on-year to 18.2% in the first nine months of last year.</p>
<div class="lb-trans"><p>在财务上，该公司的业务在过去三年中稳步增长，从 2022 年的 9.11 亿人民币（1.32 亿美元）增长到 2024 年的 11.8 亿人民币。去年前三个季度的收入约为 8.58 亿人民币，较前一年增长了 833 百万人民币。其毛利率在去年前三个季度同比上升了 1.1 个百分点，达到 18.2%。</p>
</div><p>TCM healthcare services are the company's primary revenue source. Revenue from that segment totaled 723 million yuan in the first nine months of 2025, accounting for about 84% of the total. Such services consist mostly of outpatient diagnosis, treatment and related services, with management services and health product sales providing supplementary revenue.</p>
<div class="lb-trans"><p>中医医疗服务是公司的主要收入来源。该细分市场在 2025 年前三个月的收入总计为 7.23 亿人民币，占总收入的约 84%。这些服务主要包括门诊诊断、治疗及相关服务，管理服务和健康产品销售提供补充收入。</p>
</div><p>Healthcare network expansion requires sustained investment, which may be a factor behind the decision to list in Hong Kong.</p>
<div class="lb-trans"><p>医疗网络扩展需要持续投资，这可能是决定在香港上市的一个因素。</p>
</div><p>Tong Ren Tang Healthcare has shown stabilizing growth rates lately, as the pace of its revenue increases decelerated from 26% in 2023 to about 3% in the first nine months of last year. The company's profit fell nearly 10% year-on-year to about 24 million yuan in the first nine months of last year, though that was mostly related to one-time gains from asset disposals that set a high base in the year-ago period.</p>
<div class="lb-trans"><p>同仁堂健康最近显示出稳定的增长率，其收入增长速度从 2023 年的 26% 减缓至去年前三个季度的约 3%。尽管公司的利润在去年前三个季度同比下降近 10%，降至约 2400 万元，但这主要与资产处置带来的一次性收益有关，这在去年同期设定了较高的基数。</p>
</div><p>The company is seeking new expansion initiatives to revive its momentum. It said it plans to acquire five medical institutions by the end of 2029, and to build an additional five new facilities, potentially in partnership with other companies, by that time to further expand its footprint.</p>
<div class="lb-trans"><p>公司正在寻求新的扩展举措以恢复其增长势头。它表示计划在 2029 年底之前收购五家医疗机构，并在此期间与其他公司合作建设另外五个新设施，以进一步扩大其业务范围。</p>
</div><p>From a broader perspective, demand for TCM healthcare services remains generally positive. Third-party data in the prospectus indicates that market was worth about 300 billion yuan in 2023 and is projected to expand to around 500 billion yuan by 2030, equating to about 7% annual growth over that time. Given the rapid expansion of China's older population and growing awareness of chronic diseases and how to manage them, demand for TCM diagnosis and treatment and health management services is expected to continue expanding.</p>
<div class="lb-trans"><p>从更广泛的角度来看，中医药健康服务的需求总体上保持积极。招股说明书中的第三方数据显示，2023 年市场价值约为 3000 亿元，预计到 2030 年将扩展至约 5000 亿元，相当于在此期间年均增长约 7%。考虑到中国老年人口的快速增长以及对慢性疾病及其管理的日益关注，中医诊断和治疗及健康管理服务的需求预计将继续扩大。</p>
</div><p>Tong Ren Tang Healthcare should be well placed to tap into that demand, especially as it integrates acquired assets during its expansion phase and enhances its operational efficiency through efforts like greater use of AI. And, of course, there's always its name, which is a household word in China and is hugely influential. That asset alone, combined with its expansion and other initiatives, could be draws for investors looking for traditional industry alternatives in Hong Kong's current hot IPO market.</p>
<div class="lb-trans"><p>同仁堂健康应该能够很好地抓住这一需求，特别是在其扩展阶段整合收购资产并通过更大程度地使用人工智能来提高运营效率的情况下。当然，它的品牌名称在中国家喻户晓，影响力巨大。仅凭这一资产，加上其扩展和其他举措，可能会吸引那些在香港当前热门 IPO 市场中寻找传统行业替代品的投资者。</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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同仁堂启动首次公开募股（IPO）