Sipai Health Technology Co., Ltd (HKG: 0314), known as Medbanks, released its 2024 financial report. The Chinese online health platform, which debuted in Hong Kong last December, reported annual revenues of RMB4.565 billion (USD631 million), a 3.1% year-on-year decrease. The operating loss narrowed by 12.2% to RMB238 million (USD33 million) compared to the previous year.
Business Segment Performance
The commercial medical insurance service sector saw sales increase by 18.9% year-on-year to RMB193 million (USD26.7 million). Within this segment, the enterprise health insurance business grew by 39.6% to RMB68.72 million (USD9.5 million), while the ‘Huiminbao’ commercial top-up medical insurance business generated RMB124 million (USD17 million), up 9.9%. The doctor’s research assistance business brought in RMB398 million (USD55 million), also up 9.9%.
Specialty Pharmacy Business
The specialty pharmacy business recorded revenues of RMB3.975 billion (USD550 million), a 5.1% year-on-year decline. This sector has been undergoing reorganization and upgrade since the second half of 2023. As of December 31, 2024, Medbanks operates 53 specialty pharmacies in mainland China, covering major provincial capitals and economically developed areas.
SMO Projects
As of December 31, 2024, a total of 914 Site Management Organization (SMO) projects have been completed, with another 807 ongoing.-Fineline Info & Tech
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