Kangbaijia's main board IPO on the Shanghai Stock Exchange has been questioned. The company's main business is in pharmaceutical retailing, with plans to raise 809 million yuan.

On July 17, Kangbaijia Pharmaceutical Group Co., Ltd. (referred to as Kangbaijia) applied for the change in listing review status on the Shanghai Stock Exchange main board to "query requested" status, with CITIC SEC as the sponsor institution, planning to raise 809 million yuan. According to the prospectus, Kangbaijia's main business is pharmaceutical retail. The company sells Chinese and Western medicines, traditional Chinese medicines, medical devices, health products, and other health-related products to consumers through direct stores, online platforms, as well as a small amount of wholesale business to franchisees and other entities. During the reporting periods, the company's main revenue mainly came from Chinese and Western medicines, with the combined revenue from these two products accounting for 87.56%, 89.15%, and 89.22% of the main business revenue in each reporting period, respectively. The pharmaceutical retail industry in China has a vast market space, but the landscape is relatively fragmented, with the chain rate and concentration rapidly increasing at a critical stage. The competition is complex and increasingly intense, showing a distinctive feature of "nationwide dispersion and regional concentration". Looking at the national market, there is still huge room for improvement in industry concentration, with significant consolidation potential. According to data from the National Medical Products Administration, by the end of 2024, the total number of retail pharmacies in the country reached 683,700, with chain enterprise stores at 390,000, and a chain rate of 57.04%. Despite the clear trend of chain operation, the market share of the top 100 companies in terms of sales only accounts for 38.00%, indicating a relatively low concentration compared to mature markets. The company has built a multi-channel sales network with offline direct stores as the core, online new retail as the growth engine, and wholesale business as a supplement. The main revenue source is from the retail model, accounting for over 98.50%. Due to a highly diversified customer base, mainly consisting of a wide range of consumers, there is no significant dependence on any single customer. In terms of profit model, as a cross-regional pharmaceutical retail chain enterprise, the company primarily profits from the price difference of pharmaceutical products. By conducting large-scale centralized purchasing from upstream suppliers and relying on a widely distributed network of offline stores and online sales channels, the company sells products mainly to end consumers, obtaining stable profits from product sales. Financially, in the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 4.748 billion yuan, 5.125 billion yuan, and 5.384 billion yuan respectively; during the same periods, net profits were 334 million yuan, 288 million yuan, and 311 million yuan respectively.