<p>中國最古老的醫療品牌之一已申請上市其同仁堂健康投資部門，該部門正在建立一個綜合醫療系統。</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>評級最高的非公立中醫醫療服務提供商北京同仁堂健康已啓動其首次公開募股（IPO），計劃籌集高達 8.977 億港元。</li>
<li>公司計劃到 2029 年收購和建設 10 家醫療機構，以推動其醫療網絡的增長。</li>
</ul>
<p>中國的老齡化人口正在推動對慢性病和長期健康管理以及康復治療等服務的需求，為傳統中醫（TCM）從業者提供了巨大的商業機會。作為中國歷史最悠久的醫療品牌之一，擁有超過 350 年的歷史，同仁堂在滿足消費者需求方面處於良好位置，這些消費者不僅因懷舊而吸引他們的品牌，還因其對中醫的深厚知識。</p>
<p><strong>北京同仁堂健康投資有限公司</strong>（2667.HK）正依靠來自該羣體及其他羣體的需求來吸引投資者參與其香港上市計劃。該公司於 3 月 20 日 啓動了 IPO，計劃以每股 7.30 至 8.30 港元的價格出售 1.08 億股，預計在該範圍中間籌集淨收益 8.44 億港元（1.08 億美元）。該股票定於 3 月 30 日首次交易。在從 “百年老店” 向 “綜合醫療服務提供商” 的轉型中，該公司瞄準整個中國人口，並在長期重複患者中發現了巨大的商業機會，這些患者通常包括老年人和慢性病患者。</p>
<p>與同仁堂家族的其他公司不同，同仁堂健康的戰略集中在提供全方位的中醫醫療服務，包括健康管理和產品銷售。該公司通過 12 家自營醫療機構、12 家管理醫療機構和一家互聯網醫院提供這些服務。</p>
<p>該公司表示，通過將診斷、治療、康復、轉診和健康管理整合為一個系統，改善了治療效率並更好地留住患者。2024 年，它記錄了近 300 萬次線上和線下的門診和住院訪問，在中國非公立中醫醫院醫療服務中排名第一，市場份額約為 1.7%。截至去年 9 月底，該公司在其會員計劃中約有 77 萬名患者，反映出其醫療網絡的相對龐大。</p>
<h4><strong>專業人才發展</strong></h4>
<p>同仁堂成立於 1644 年的清朝，其在中醫領域的長期品牌認知為其各個附屬機構在許多中國人眼中帶來了固有的信任優勢。該品牌的實力幫助公司比其他試圖建立類似中醫醫療網絡的新興醫療機構更容易吸引患者和醫生資源。</p>
<p>中醫醫療服務提供商的核心競爭力在於其醫生資源。同仁堂健康通過招聘高級中醫專家、發展專業科室和設備升級增強了在這方面的能力。公司有超過 2700 名醫生在職，形成了其醫療服務系統的基礎。這對長期患者來説是一個重要的吸引力，他們通常希望從同一位醫生那裏獲得治療方案，而不僅僅是進行單次諮詢。</p>
<h4><strong>人工智能與數字化轉型</strong></h4>
<p>儘管有着歷史聲譽，同仁堂正在通過在其生產和用户界面領域部署人工智能和數字工具來擁抱現代化。在製造方面，該公司與軟件公司用友合作，推進智能中醫生產，旨在提高生產效率、質量控制和供應鏈協調能力。</p>
<p>在消費者方面，該公司與智能產品製造商小米合作推出了 “同仁堂健康廳”，這是一個基於人工智能的中醫健康服務智能代理。該系統通過自然語言交互提供個性化的健康建議，並整合在線藥品購買服務，將中醫知識延伸到日常生活場景中。</p>
<h4><strong>醫療網絡擴展</strong></h4>
<p>近年來，同仁堂健康還通過收購迅速擴展其設施和其他資源網絡。顯著的例子包括收購位於浙江省的另一家百年中醫品牌三喜堂，該品牌經營診所並生產中醫產品；以及在上海的門診醫療中心運營商中和堂。這些收購使公司能夠迅速在富裕的長江三角洲等地區建立和擴展其醫療服務，同時擴大其患者基礎。</p>
<p>在財務上，該公司的業務在過去三年中穩步增長，從 2022 年的 9.11 億人民幣（1.32 億美元）增長到 2024 年的 11.8 億人民幣。去年前三個季度的收入約為 8.58 億人民幣，較前一年增長了 833 百萬人民幣。其毛利率在去年前三個季度同比上升了 1.1 個百分點，達到 18.2%。</p>
<p>中醫醫療服務是公司的主要收入來源。該細分市場在 2025 年前三個月的收入總計為 7.23 億人民幣，佔總收入的約 84%。這些服務主要包括門診診斷、治療及相關服務，管理服務和健康產品銷售提供補充收入。</p>
<p>醫療網絡擴展需要持續投資，這可能是決定在香港上市的一個因素。</p>
<p>同仁堂健康最近顯示出穩定的增長率，其收入增長速度從 2023 年的 26% 減緩至去年前三個季度的約 3%。儘管公司的利潤在去年前三個季度同比下降近 10%，降至約 2400 萬元，但這主要與資產處置帶來的一次性收益有關，這在去年同期設定了較高的基數。</p>
<p>公司正在尋求新的擴展舉措以恢復其增長勢頭。它表示計劃在 2029 年底之前收購五家醫療機構，並在此期間與其他公司合作建設另外五個新設施，以進一步擴大其業務範圍。</p>
<p>從更廣泛的角度來看，中醫藥健康服務的需求總體上保持積極。招股説明書中的第三方數據顯示，2023 年市場價值約為 3000 億元，預計到 2030 年將擴展至約 5000 億元，相當於在此期間年均增長約 7%。考慮到中國老年人口的快速增長以及對慢性疾病及其管理的日益關注，中醫診斷和治療及健康管理服務的需求預計將繼續擴大。</p>
<p>同仁堂健康應該能夠很好地抓住這一需求，特別是在其擴展階段整合收購資產並通過更大程度地使用人工智能來提高運營效率的情況下。當然，它的品牌名稱在中國家喻户曉，影響力巨大。僅憑這一資產，加上其擴展和其他舉措，可能會吸引那些在香港當前熱門 IPO 市場中尋找傳統行業替代品的投資者。</p>
<p><em>要訂閲 Bamboo Works 的免費週刊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

廣發中證全指醫藥衞生ETF

匯添富中證醫藥衞生ETF

國泰上證科創板創新藥ETF

06877

華夏醫藥ETF

易方達滬深300醫藥ETF

<p>同仁堂健康已啓動首次公開募股（IPO），計劃通過出售 1.08 億股，募集最高達 8.977 億港元，發行價格在每股 7.30 港元至 8.30 港元之間。該公司計劃到 2029 年通過收購和建設 10 家醫療機構來擴展其醫療網絡，以利用中國老齡化人口對傳統中醫（TCM）服務日益增長的需求。作為一家擁有 350 多年曆史的企業，同仁堂正在通過人工智能和數字工具增強其能力，同時通過戰略收購擴展其網絡。該股票定於 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>中國最古老的醫療品牌之一已申請上市其同仁堂健康投資部門，該部門正在建立一個綜合醫療系統。</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>評級最高的非公立中醫醫療服務提供商北京同仁堂健康已啓動其首次公開募股（IPO），計劃籌集高達 8.977 億港元。</li>
<li>公司計劃到 2029 年收購和建設 10 家醫療機構，以推動其醫療網絡的增長。</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>中國的老齡化人口正在推動對慢性病和長期健康管理以及康復治療等服務的需求，為傳統中醫（TCM）從業者提供了巨大的商業機會。作為中國歷史最悠久的醫療品牌之一，擁有超過 350 年的歷史，同仁堂在滿足消費者需求方面處於良好位置，這些消費者不僅因懷舊而吸引他們的品牌，還因其對中醫的深厚知識。</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>北京同仁堂健康投資有限公司</strong>（2667.HK）正依靠來自該羣體及其他羣體的需求來吸引投資者參與其香港上市計劃。該公司於 3 月 20 日 啓動了 IPO，計劃以每股 7.30 至 8.30 港元的價格出售 1.08 億股，預計在該範圍中間籌集淨收益 8.44 億港元（1.08 億美元）。該股票定於 3 月 30 日首次交易。在從 “百年老店” 向 “綜合醫療服務提供商” 的轉型中，該公司瞄準整個中國人口，並在長期重複患者中發現了巨大的商業機會，這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>與同仁堂家族的其他公司不同，同仁堂健康的戰略集中在提供全方位的中醫醫療服務，包括健康管理和產品銷售。該公司通過 12 家自營醫療機構、12 家管理醫療機構和一家互聯網醫院提供這些服務。</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>該公司表示，通過將診斷、治療、康復、轉診和健康管理整合為一個系統，改善了治療效率並更好地留住患者。2024 年，它記錄了近 300 萬次線上和線下的門診和住院訪問，在中國非公立中醫醫院醫療服務中排名第一，市場份額約為 1.7%。截至去年 9 月底，該公司在其會員計劃中約有 77 萬名患者，反映出其醫療網絡的相對龐大。</p>
</div><h4><strong>Specialized talent development</strong></h4>
<div class="lb-trans"><h4><strong>專業人才發展</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>同仁堂成立於 1644 年的清朝，其在中醫領域的長期品牌認知為其各個附屬機構在許多中國人眼中帶來了固有的信任優勢。該品牌的實力幫助公司比其他試圖建立類似中醫醫療網絡的新興醫療機構更容易吸引患者和醫生資源。</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>中醫醫療服務提供商的核心競爭力在於其醫生資源。同仁堂健康通過招聘高級中醫專家、發展專業科室和設備升級增強了在這方面的能力。公司有超過 2700 名醫生在職，形成了其醫療服務系統的基礎。這對長期患者來説是一個重要的吸引力，他們通常希望從同一位醫生那裏獲得治療方案，而不僅僅是進行單次諮詢。</p>
</div><h4><strong>AI and digital transformation</strong></h4>
<div class="lb-trans"><h4><strong>人工智能與數字化轉型</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>儘管有着歷史聲譽，同仁堂正在通過在其生產和用户界面領域部署人工智能和數字工具來擁抱現代化。在製造方面，該公司與軟件公司用友合作，推進智能中醫生產，旨在提高生產效率、質量控制和供應鏈協調能力。</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>在消費者方面，該公司與智能產品製造商小米合作推出了 “同仁堂健康廳”，這是一個基於人工智能的中醫健康服務智能代理。該系統通過自然語言交互提供個性化的健康建議，並整合在線藥品購買服務，將中醫知識延伸到日常生活場景中。</p>
</div><h4><strong>Healthcare network expansion</strong></h4>
<div class="lb-trans"><h4><strong>醫療網絡擴展</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>近年來，同仁堂健康還通過收購迅速擴展其設施和其他資源網絡。顯著的例子包括收購位於浙江省的另一家百年中醫品牌三喜堂，該品牌經營診所並生產中醫產品；以及在上海的門診醫療中心運營商中和堂。這些收購使公司能夠迅速在富裕的長江三角洲等地區建立和擴展其醫療服務，同時擴大其患者基礎。</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>在財務上，該公司的業務在過去三年中穩步增長，從 2022 年的 9.11 億人民幣（1.32 億美元）增長到 2024 年的 11.8 億人民幣。去年前三個季度的收入約為 8.58 億人民幣，較前一年增長了 833 百萬人民幣。其毛利率在去年前三個季度同比上升了 1.1 個百分點，達到 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>中醫醫療服務是公司的主要收入來源。該細分市場在 2025 年前三個月的收入總計為 7.23 億人民幣，佔總收入的約 84%。這些服務主要包括門診診斷、治療及相關服務，管理服務和健康產品銷售提供補充收入。</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>醫療網絡擴展需要持續投資，這可能是決定在香港上市的一個因素。</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>同仁堂健康最近顯示出穩定的增長率，其收入增長速度從 2023 年的 26% 減緩至去年前三個季度的約 3%。儘管公司的利潤在去年前三個季度同比下降近 10%，降至約 2400 萬元，但這主要與資產處置帶來的一次性收益有關，這在去年同期設定了較高的基數。</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>公司正在尋求新的擴展舉措以恢復其增長勢頭。它表示計劃在 2029 年底之前收購五家醫療機構，並在此期間與其他公司合作建設另外五個新設施，以進一步擴大其業務範圍。</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>從更廣泛的角度來看，中醫藥健康服務的需求總體上保持積極。招股説明書中的第三方數據顯示，2023 年市場價值約為 3000 億元，預計到 2030 年將擴展至約 5000 億元，相當於在此期間年均增長約 7%。考慮到中國老年人口的快速增長以及對慢性疾病及其管理的日益關注，中醫診斷和治療及健康管理服務的需求預計將繼續擴大。</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>同仁堂健康應該能夠很好地抓住這一需求，特別是在其擴展階段整合收購資產並通過更大程度地使用人工智能來提高運營效率的情況下。當然，它的品牌名稱在中國家喻户曉，影響力巨大。僅憑這一資產，加上其擴展和其他舉措，可能會吸引那些在香港當前熱門 IPO 市場中尋找傳統行業替代品的投資者。</p>
</div><p><em>To subscribe to Bamboo Works free weekly newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要訂閲 Bamboo Works 的免費週刊，請點擊</em> 這裏</p>
</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
</div>

同仁堂啓動首次公開募股（IPO）