公司十多年来专注于提供ART及辅助服务。凭借公司国际公认的医疗技术及设备，公司能够向患者提供满足其需要的服务。根据弗若斯特沙利文的资料，公司通过保持成功率及活产率（为业内公认的评估ART服务提供商治疗质量的两项指标）巩固了自身市场地位。根据弗若斯特沙利文的资料，于2022年（即可获得最近期全国行业数据的年份），公司医院的平均成功率（即导致临床妊娠总数除以胚胎移植总数）及活产率分别达57.2%及45.7%，分别远超51.6%及41.1%的行业平均水平。According to the Hong Kong Stock Exchange's disclosure on September 13, AVF Hospital Management Group Limited (“AVF” for short) submitted a listing application to the main board of the Hong Kong Stock Exchange. This is another application after its filing expired on December 22, 2023. CITIC Securities is its sole sponsor.
The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 13, AVF Hospital Management Group Limited (“AVF”) submitted a listing application to the main board of the Hong Kong Stock Exchange. This is another application after its submission expired on December 22, 2023. CITIC Securities is its sole sponsor.
According to the prospectus, AVF is a Chinese assisted reproductive technology (ART) and ancillary service provider. Through the company's four authorized hospitals in Guangdong, Tianjin and Yunnan, the company focuses on providing ART and ancillary services in many regions of China, attracting infertility patients from 15 surrounding provinces, autonomous regions and municipalities directly under the Central Government. According to Frost & Sullivan, in 2023, the company's hospital ranked fourth among private ART service providers in China, performing a total of 7,848 IVF cycles, accounting for about 1% of the total number of IVF cycles performed in China in the same year. According to the same source, the ART and ancillary services market in China is relatively fragmented, and the top five ART and ancillary service providers together account for about 16.5% of the total market share. In recent years, the prevalence of infertile couples in China has been increasing, and the penetration rate of ART services is low, which has left a large number of unmet needs and brought huge market opportunities.
The company has focused on providing ART and ancillary services for more than 10 years. With the company's internationally recognized medical technology and equipment, the company is able to provide patients with services that meet their needs. According to Frost & Sullivan, the company has strengthened its market position by maintaining success rate and live birth rate (two indicators recognized in the industry for evaluating treatment quality from ART service providers). According to Frost & Sullivan, in 2022 (the year in which the latest national industry data can be obtained), the average success rate of the company's hospitals (that is, the total number of clinical pregnancies divided by the total number of embryo transfers) and live birth rates reached 57.2% and 45.7%, respectively, far exceeding the industry average of 51.6% and 41.1%, respectively.
ART treatment includes two major solutions: (i) artificial insemination (AI) using AIH (AIH) or sperm donation (AID); and (ii) in vitro fertilization and embryo transfer (IVF-ET), that is, fertilization through routine in vitro fertilization (routine IVF) or intracytoplasmic single sperm injection (ICSI), and pre-implantation genetic testing (PGT) (during which embryos are diagnosed with genetic diseases or embryogenetic screening).
All of the company's hospitals can perform AIH, routine IVF and ICSI for patients. The company will consider the patient's medical history, assess the patient's fertility, identify the cause of infertility, and provide an appropriate treatment plan. Patients eligible for AIH treatment will receive AIH treatment first, and if previous AIH treatment fails, they will then switch to IVFET treatment. Therefore, a patient may receive AIH and IVF-ET treatment at the same time at the company's hospital. During the performance record period, most of the company's patients were treated with IVF-ET. Of these, 950 patients received IVF-ET treatment after AIH treatment failed. According to Frost & Sullivan, PGT technology is not widely used in providing ART services in China due to strict regulations in China and the long time required to obtain relevant approval.
The company's services also include a variety of paramedical services to support AIH and IVF-ET treatment processes. These services include providing tailored treatment plans for patients with underlying diseases that may affect reproduction to help them prepare their body before ART treatment, as well as other services such as obstetrics related services. The company's service solutions include (among others) treatment of gynecological diseases, traditional Chinese medicine physiotherapy, integrated medical applications, and related traditional Chinese medicines and health products. The company's auxiliary medical services also include psychological support, nutritional guidance, weight loss counseling and other ancillary services to improve patients' overall physical and mental health, thereby helping to increase the success rate in subsequent ART treatments.
On the financial side, the company's revenue from providing ART and ancillary services increased from RMB 0.42 billion in 2021 to RMB 0.494 billion in 2023, with a compound annual growth rate of 8.5%, and an increase of 8.7% from RMB 0.23 billion for the six months ended June 30, 2023 to RMB 0.251 billion for the six months ended June 30, 2024. The company maintained relatively high gross profit margins of 45.9%, 43.3%, 44.4%, 43.5% and 44.3% in 2021, 2022 and 2023, and the six months ended June 30, 2024, respectively.
