From January 29th to February 3rd, DISTINCT HEALTH (02677) conducted its public offering. Market sources indicate that by the morning of February 3rd, the subscription response was exceptionally fervent, with cumulative margin financing reaching HKD 35.3 billion, representing an oversubscription of approximately 1,117.92 times. It is reported that the company plans a global offering of 4.75 million shares, with the Hong Kong public offering comprising 10% of this. The offer price is set between HKD 57.7 and HKD 66.6, aiming to raise up to HKD 320 million. Each board lot consists of 50 shares, with an entry cost of around HKD 3,364 per lot. Market observers point out that DISTINCT HEALTH operates in the popular health service consumption sector, boasting advantages in market position, operational performance, and development prospects. It is further bolstered by a roster of high-profile shareholders including Tencent, H Capital, Matrix Partners, Tiantu Capital, and CICC. Additionally, this issuance has secured four cornerstone investors, including domestic third-party testing leader KingMed Diagnostics and He Xiaopeng, founder of leading new energy vehicle company XPeng, indicating substantial market recognition and promising potential for post-listing share price appreciation.

Since 2025, the healthcare sector in the Hong Kong stock market has maintained exceptionally high热度. Beyond "hard tech" firms like innovative drug companies, leaders in specific niche segments and companies with clear business models and defined profitability paths continue to attract capital favor. The company has demonstrated synchronized growth in revenue and profit in recent years, showcasing a clear盈利模式. According to its prospectus, from 2022 to 2024, the company's revenue grew from RMB 470 million to RMB 960 million, achieving a compound annual growth rate (CAGR) of 42.2%. During the same period, gross profit surged significantly from RMB 43.98 million to RMB 230 million, with a remarkable CAGR of 126.7%, indicating profit growth substantially outpacing revenue expansion. After turning profitable for the full year in 2024, the company's profitability metrics continued to improve, with adjusted net profit reaching RMB 10.45 million in the first eight months of 2025. Concurrently, the company maintained robust cash flow, reporting positive operating cash flow for the past three years at RMB 6.86 million, RMB 124 million, and RMB 171 million respectively, underscoring strong self-sustaining capability.

Behind this outstanding financial report card lies DISTINCT HEALTH's unique "Costco of Health Services" business model, arguably its core selling point. As widely known, the most prominent feature of the Costco model is its paid membership system, which generates a stable profit stream through annual fees. Simultaneously, by curating a select range of products, Costco offers consumers high-quality, affordable, and cost-effective goods, thereby saving substantial advertising and marketing expenses and effectively reducing operational costs. Similarly, DISTINCT HEALTH has launched a family membership plan centered around "family doctors," providing members with integrated online and offline one-stop, multi-specialty medical services. The company focuses on relatively high-frequency, consumption-oriented services such as disease prevention, health management, and common illness diagnosis and treatment, covering the entire process from prevention to cure, thereby differentiating itself and complementing public hospitals that excel in critical, emergency, and rare disease care.

Through continuous health management and follow-ups centered on family doctors, the company has significantly enhanced user stickiness and loyalty. In 2024, DISTINCT HEALTH recorded a total of 900,000 patient visits, with an average of nearly 4 visits per client annually, a consumption frequency markedly higher than that of single-specialty medical institutions in the market. The company had approximately 108,000 family member households, with each household averaging over 6 consumption instances per year. As of August 2025, the membership renewal rate and patient return rate reached 67% and 82.7% respectively, with over 80% of patients choosing to repurchase services. This model directly results in exceptionally low customer acquisition costs. From 2022 to 2024, the company's marketing expenses as a percentage of revenue were only 2.7%, 1.2%, and 1.7%, far below the industry average of 10%-40%. Furthermore, against the backdrop of increasingly stringent medical insurance cost-control policies, the low reliance of its revenue structure on医保payments provides strong resilience against policy fluctuations. In 2024, over 85% of the company's revenue came from out-of-pocket payments, approximately 12% from commercial insurance, and only about 1.2% from the national医保.

Currently, the company's business network is primarily concentrated in tier-1 and super-tier cities with strong consumption power. It owns and operates 19 medical service institutions across 10 cities, including Shenzhen, Beijing, Shanghai, and Chengdu, and has expanded into overseas markets such as Singapore and Malaysia. Overall, DISTINCT HEALTH achieving full-year profitability in 2024 and demonstrating continued positive operating profit in the first eight months of 2025 indicates that its business model is gradually being validated. The stable cash flow generated by the membership system, coupled with the low customer acquisition costs driven by word-of-mouth, collectively form the company's core moat. As the industry shifts from extensive development to a phase of high-quality growth, DISTINCT HEALTH, as a leader in its niche segment with solid specialized capabilities, a prominent brand effect, and excellent operational efficiency, is well-positioned to capture more market share. Additionally, the dual稀缺性of its specific赛道and business model is expected to continue attracting market capital attention.