普祥健康招股说明书(申请版本)

Puxiang Healthcare Holding Limited (a)(b)(c)(d)(e)(f)(g)(h)(i)1933(j)(k) Puxiang Healthcare Holding Limited [] [][][][][][][][][][][][][][]1%0.0027%0.00565%0.00015%[]0.0001[] [] []32342C[][][][][][][][][][][] [][][][][][][][][]www.hkexnews.hkwww.puxianghealthcare.com[][][][] ][][][][][] []S[][][]S[][] [] [] [] [] [] [] [][][][][][][][][][][][][] [][][][][]www.puxianghealthcare.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .iv . . . . . . .62 []. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .258 []. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265 []. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I-1[]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .II-1. . . . . . . . . . . . . . . . . . . . . . . . .III-1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .IV-1. . . . . . . . . . . . . . . . . . . . . . .V-1 [][][][][][][] 2025*202220252025 200520136245211660% + (1)(2)2023421.92024500.418.6%2025471.4202339.2202443.912.0%202533.4[][][]20232024202539.259.263.3 13(1)(2)(3) + 2024 (1)(2) . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1)(2) (1)(2)(3) (i)(ii) 5%15% X 2025202520253,02920305,17311.3%2025314203056712.6% 20245,000 ••+•••• •••AI• [] (1)(2)(3)2023202420252.9%3.1%5.1%1.0%0.8%2.3% 20232024202545.8%42.6%35.1%14.2%10.1%12.4% 201412014102019570%8% 2025620241 EBITDA []EBITDA (1)(2)[][][]EBITDA(1)(2)(3)(4)(5)EBITDA[] . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .[]. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . .EBITDA. . . . . . . . . . . . . . . . . . . . . 202339.212.0%202443.9202394.92024117.511.1202523.9%33.4(1)2024500.42025471.4(2)17.1[][]14.9[][]20232024202539.259.263.3 1231202320242025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .325,230373,183358,314. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119,018189,617214,555. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .444,248562,800572,869. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84,54669,07266,913. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93,562168,583174,893. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178,108237,655241,806. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25,45621,03439,662. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .266,140325,145331,063. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .727272. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .266,438326,196328,329. . . . . . . . . . . . . . . . . . . . .266,510326,268328,401. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(370)(1,123)2,662. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .266,140325,145331,063 2023123125.52024123121.0(1)50.0(2)36.0(3)6.4(1)82.3(2)10.62025123139.7(1)19.1(2)18.9(3)17.4(1)28.9(2)11.6 20231231226.120241231325.1202443.915.420251231331.1202533.416.84.1 20231116.6COVID-1976.0 . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1)(2) (1)(i)(ii)(iii)(iv)(2)(i)(ii)(3)(4)(5) [] 202412[]11,111,111[][][][]5,089,9254.43%[]%[]5.[] 73.99%(1)Yangyuan BVI43.52%(2)One Percent BVI17.41%Yangyuan BVI(3)Huayiyongsheng BVI13.06%[][][][]%(1)YangyuanBVI []%(2)OnePercent BVI[]%(3)Huayiyongsheng BVI[]%Yangyuan BVIOne Percent BVIHuayiyongsheng BVI[] [] [][]Singapore Paincare Capital Pte Ltd[] [] (1)[][][](2)[][](3)[] (1)[][][][](2)[][]20251231[][][](3)20251231 10%50% [] [](1)[][](2)[](i)[][](ii)[][][][][][][][][][][]%[][][][][][][][]%[][][][][][][] [] [][][][][][][][][][][] [] •[]%[]•[]%[]•[]%[]•[]%[]•[]%[] [] 2025123120251231 2025123120252026430155,500161,3003.7% 2026430202518%3% DIPDRG [] 2019313202011 [] [] [] [] 2026515 [] [] GEM []2024121[]5.[] 0.0001AA+B [] [] [] •••••••••••••[] [][][][] ╱ 20192022 2021820256 20243.4%2024 202320242025277,608304,299284,970174,633