瑞派宠物医院赴港IPO：宠物看一次病�元，这块业务最赚钱

\u003cdiv class=\"rich_media_content\"\u003e\u003csection nodeleaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; margin: 0px 16px; max-width: 100%; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-transform: none; visibility: visible; white-space: normal; widows: 2; word-spacing: 0px\"\u003e\u003c!--IMG_0--\u003e\u003c/section\u003e\u003cp style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; line-height: 2em; margin: 0px 16px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e近日，瑞派宠物医院管理股份有限公司（下称瑞派宠物医院）向港交所递交招股书。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询报告，截�𻂎月，瑞派宠物医院是全国性大型连锁宠物医院服务供应商中唯一实现净利润的企业——在亏񘜵亿元后，瑞派宠物医院�年上半年扭亏。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection data-role=\"outer\" label=\"edit by 135editor\" style=\"margin-bottom: 0px\"\u003e\u003csection style=\"box-sizing: border-box; flex: 0 0 60%; line-height: 2em; margin-bottom: 0px; margin-left: auto; margin-right: auto; max-width: 60% !important; opacity: 1; transform: rotateZ(0deg); width: 60%\"\u003e\u003csection style=\"display: flex; justify-content: center; margin: 10px auto\"\u003e\u003csection\u003e\u003csection style=\"align-items: flex-end; display: flex; justify-content: center\"\u003e\u003csection style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; padding: 0px 10px; text-align: center\"\u003e\u003cspan style=\"font-size: 18px\"\u003e\u003cstrong data-brushtype=\"text\"\u003e\u003cspan leaf=\"\"\u003e就诊平均消费额�元\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003csection data-width=\"100%\" style=\"background-color: rgb(242, 220, 219); box-sizing: border-box; height: 14px; margin: -14px 0px 0px; max-width: 100% !important; overflow: hidden; text-align: center; width: 100%\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e瑞派宠物医院的创始人是现�岁的李守军。李守军在动物保健行业拥有�年经验，同时是A股上市公司瑞普生物股份有限公司（下称\u003c!--SECURE_LINK_BEGIN_0--\u003e瑞普生物\u003c!--SECURE_LINK_END_0--\u003e）的董事长。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e1988年，李守军在中国内蒙古农业大学完成兽医学硕士课程学习，同期在中国东北农业大学获得农学硕士学位。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e1998年，正担任着牧工商公司正处级总经理的李守军决定下海创业，2001年成立了瑞普生物。瑞普生物是中国集生物疫苗、药物原料、药物制剂、饲料添加剂的生产商与服务商。2010年，瑞普生物登陆深交所创业板。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e2012年，李守军创立全国性连锁宠物医疗机构瑞派宠物医院。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询的资料，中国宠物市场进入高速增长阶段，2024年市场规模达�亿元，预�年中国宠物市场规模将�亿元，2035年进一步增񑍿.11万亿元，预期年复合增长率分别�.3%�.1%。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e随着市场的扩大，瑞派宠物医院服务的宠主数量�年�.61万人增长�年�.03万人，宠物就诊总次数�年�.23万次增长�年�.60万次。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e此外，\u003c/span\u003e\u003cspan style=\"color: rgb(255, 169, 0); font-size: 16px; font-weight: bold\" textstyle=\"\"\u003e2022年�年以�年上半年，瑞派宠物医院宠物健康管理服务的每名宠主平均消费额分别约�.4元、1165.6元、1229.4元�.8元；宠物健康管理服务的每次就诊平均消费额分别约�.3元、389.8元、409.3元�.2元。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/section\u003e\u003c!--PARAGRAPH_0--\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e招股书显示，日常综合性的健康管理服务涵盖以疫苗接种、定期驱虫、常规健康检查和绝育手术为核心的预防医学项目，同时包括各类常见病的初步诊断、科学治疗、术后康复以及长期专业护理等全流程、多环节的医疗服务。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询报告，2022年�年以�年上半年，瑞派宠物医院宠物健康管理服务的每名宠主平均消费额远高于行业平均水平。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e瑞派宠物医院的收入也呈现快速增长趋势。招股书显示，2022年�年，瑞派宠物医院分别实现营�.55亿、15.85亿、17.58亿元。2025年上半年，瑞派宠物医院实现营𿐥.43亿元。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e招股书显示，2022年�年上半年，瑞派宠物医院是全国性大型连锁宠物医疗服务提供商中收入增长率最高的企业。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e瑞派宠物医院的收入以诊疗服务为核心，主要包括基础医疗与专科医疗两大板块。2022年�年以�年上半年，诊疗服务实现收入分别占总收入�.1%、89.8%、90.6%�.3%。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e此外，宠物产品销售、洗美服务和其他服务是其他收入来源的补充。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e2025年上半年，来自宠物产品销售收入�.1万元，占比𰹈.3%；来自洗美服务收入�.3万元，占比𰹇.1%。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询报告，�年宠物医院产生的收入计，瑞派宠物医院占中国宠物医疗行业市场份额񊄬.8%。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e营收逐年上涨，瑞派宠物医院的净利润却处于波动状态。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e2022年�年，瑞派宠物医院年内亏损额分别达�.7万元、2.51亿元、5871.3万元。2025年上半年，瑞派宠物医院扭亏，盈�.6万元。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e同期，瑞派宠物医院经调整净利润分别为盈�.7万元、亏𾆷.21亿元、盈�.7万元。2025年上半年，瑞派宠物医院实现经调整净利�.9万元。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e在毛利率方面，瑞派宠物医院毛利率�年�.0%提升�年上半年�.8%。\u003c/span\u003e\u003cspan style=\"color: rgb(255, 169, 0); font-size: 16px; font-weight: bold\" textstyle=\"\"\u003e从具体业务上看，2025年上半年，其他服务（主要包括宠物留观服务）的毛利率最高，达�.6%；洗美服务的毛利率增长较快，�年�.1%升�年上半年�.0%。\u003c!--AI_AD_1000--\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/section\u003e\u003c!--PARAGRAPH_1--\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e瑞派宠物医院官网介绍，医院医护团队为宠物提供留观服务，为宠物提供安全、舒适的生活环境，让宠主安心出游。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection data-role=\"outer\" label=\"edit by 135editor\" style=\"margin-bottom: 0px\"\u003e\u003csection style=\"box-sizing: border-box; flex: 0 0 60%; line-height: 2em; margin-bottom: 0px; margin-left: auto; margin-right: auto; max-width: 60% !important; opacity: 1; transform: rotateZ(0deg); width: 60%\"\u003e\u003csection style=\"display: flex; justify-content: center; margin: 10px auto\"\u003e\u003csection\u003e\u003csection style=\"align-items: flex-end; display: flex; justify-content: center\"\u003e\u003csection style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; padding: 0px 10px; text-align: center\"\u003e\u003cspan style=\"font-size: 18px\"\u003e\u003cstrong data-brushtype=\"text\"\u003e\u003cspan leaf=\"\"\u003e玛氏中国是股东\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003csection data-width=\"100%\" style=\"background-color: rgb(242, 220, 219); box-sizing: border-box; height: 14px; margin: -14px 0px 0px; max-width: 100% !important; overflow: hidden; text-align: center; width: 100%\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e招股书显示，成立以来，瑞派宠物医院通过战略收购及新建医院实现增长。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询报告，瑞派宠物医院首创了宠物医院的并购估值模型和整合管理的商业模型，在行业内实现系统性并购与扩张。瑞派宠物医院首创的兽医发展伙伴（Veterinary Development Partners,“VDP”）模式在收购中通常获取�%的股权，原团队保留�%的股份。\u003c!--AI_AD_2000--\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/section\u003e\u003c!--PARAGRAPH_2--\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e2016年，瑞派宠物医院收购了天津长江及我宠我爱宠物连锁医院的品牌及业务，向东北地区扩张，初步建立了覆盖全国的宠物医院网络，拥有�家医院。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e随后，�年，瑞派宠物医院获得了Goldman Sachs Group的A轮投资。同年，瑞派宠物医院收购了果果宠物医院、成都华茜及杭州虹泰（现称杭州红泰）宠物连锁医院的品牌及业务，并进一步将宠物医院网络扩展至超�家医院。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e2018年，瑞派宠物医院获得了Goldman Sachs Group、南京瑞联及\u003c!--SECURE_LINK_BEGIN_1--\u003e越秀资本\u003c!--SECURE_LINK_END_1--\u003e等投资者的B轮投资和B+轮投资。瑞派宠物医院也将宠物医院网络扩展到�家医院。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e2019年，瑞派宠物医院获得了玛氏中国的C轮投资，公司将宠物医院网络扩展到�家医院。2020年，瑞派宠物医院收购了重庆名望宠物连锁医院的品牌及业务，并将宠物医院网络扩展至超�家医院。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e另一方面，瑞派宠物医院�𻂋月开始面向全国推出行业首创的“精英创业计划”，吸引并激励原有医院内的宠物医师创办新医院。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询报告，按截�𻂎月的医院数量计，瑞派宠物医院是中国第二大宠物医疗服务提供商。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e目前，瑞派宠物医院拥有�家在营宠物医院组成的庞大网络，其�家为自建宠物医院，417家为收购宠物医院，覆�个省份�个城市。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据灼识咨询报告，截�年，按宠物医院产生的收入计，瑞派宠物医院占中国宠物医疗行业市场份񟘦.8%，于中国高线城市的宠物医疗行业市场份额达𳗦.3%。瑞派宠物医院表示，公司正蓄势进一步向中国其他城市及更广阔的海外市场拓展。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e成立至今，瑞派宠物医院经历𱅀轮融资，累计融资�.46亿元。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e其中，李守军通过中瑞华普科技有限公司（下称中瑞华普）间接持�.82%，通过瑞普生物间接持񐙓.09%，作为单一最大股东，李守军合计控�.91%股份。中瑞华普分别由李守军及瑞普生物拥�.25%�.00%的股权。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e\u003c!--AIPOS_0--\u003e此外，主要机构股东有玛氏中国、Goldman Sachs Group、华普医药、南京瑞联、好氏国际、越秀资本等。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e招股书显示，玛氏中国是一家��月在中国成立的有限责任公司，主要从事糖果及零食产品业务，为糖果、零食、食品及宠物护理产品与服务行业公司Mars, Incorporated的间接附属公司。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection data-role=\"outer\" label=\"edit by 135editor\" style=\"margin-bottom: 0px\"\u003e\u003csection style=\"box-sizing: border-box; flex: 0 0 60%; line-height: 2em; margin-bottom: 0px; margin-left: auto; margin-right: auto; max-width: 60% !important; opacity: 1; transform: rotateZ(0deg); width: 60%\"\u003e\u003csection style=\"display: flex; justify-content: center; margin: 10px auto\"\u003e\u003csection\u003e\u003csection style=\"align-items: flex-end; display: flex; justify-content: center\"\u003e\u003csection style=\"box-sizing: border-box; color: rgb(51, 51, 51); font-size: 16px; padding: 0px 10px; text-align: center\"\u003e\u003cspan style=\"font-size: 18px\"\u003e\u003cstrong data-brushtype=\"text\"\u003e\u003cspan leaf=\"\"\u003e商誉账面余额�亿元\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003csection data-width=\"100%\" style=\"background-color: rgb(242, 220, 219); box-sizing: border-box; height: 14px; margin: -14px 0px 0px; max-width: 100% !important; overflow: hidden; text-align: center; width: 100%\"\u003e\u003cspan leaf=\"\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e瑞派宠物医院在招股书中表示，公司通过大量战略收购进行扩张，由此确认了大额商誉。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e\u003c!--AIPOS_1--\u003e招股书显示，2022年�年，瑞派宠物医院商誉账面值分别�.17亿元、18.44亿元、17.76亿元。截�𻂎�日，瑞派宠物医院商誉账面余额�.92亿元，非流动资产总�.20亿元，商誉账面余额占非流动资产的比例达�.40%。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/section\u003e\u003c!--PARAGRAPH_3--\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e招股书显示，2022年�年以�年上半年，瑞派宠物医院分别关闭�家、14家、38家、26家医院，2024年关闭医院数量占当年在营总数񊄮.73%。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e同时，瑞派宠物医院也面临较大的财务压力。2022年�年以�年上半年，瑞派宠物医院分别录得流动负债净�.84亿元、23.62亿元、24.57亿元�.59亿元。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e同期，瑞派宠物医院现金及现金等价物分别𰹆.55亿元、2.57亿元、2.11亿元𴗦.18亿元。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e瑞派宠物医院表示，这可能会使公司面临流动资金风险。流动负债净额主要是由于赎回负债、其他应付款和应计费用及租赁负债。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e“我们无法保证日后不会遭遇流动资金困难。如果我们未能维持充足的现金及融资，我们可能并无足够现金流量为我们的业务、运营及资本开支提供资金，而我们的业务、财务状况及经营业绩可能会受到重大不利影响。”瑞派宠物医院在招股书中表示。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e此外，瑞派宠物医院与投资人存在对赌协议。招股书显示，瑞派宠物医院的赎回负债与公司A轮、B轮、B+轮、C轮及D轮投资相关。截�年、2023年、2024年�年上半年，瑞派宠物医院的赎回负债分别�.15亿元、28.45亿元、27.64亿元�.22亿元。招股书称，投资者的赎回权在瑞派宠物医院向香港联交所提交上市申请时自动终止。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/section\u003e\u003c!--PARAGRAPH_4--\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; text-align: justify\"\u003e\u003cspan leaf=\"\" style=\"color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em\"\u003e\u003cspan style=\"font-size: 16px\" textstyle=\"\"\u003e根据招股书，本次IPO，瑞派宠物医院募集资金将主要用于扩大宠物医院网络，提升宠物健康管理服务能力，重点聚焦于学科建设与人才培养，以及医院硬件设施的优化，发展信息技术基础设施与加快业务数智化进程等。\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003cp style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; line-height: 2em; margin: 0px 16px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-weight: normal; letter-spacing: 0.034em; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; line-height: 2em; margin: 0px 16px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; caret-color: rgba(0, 0, 0, 0); font-size: 16px; font-weight: bold; letter-spacing: 0.578px; line-height: 2em; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-indent: 0em\"\u003e(文中\u003c/span\u003e\u003cstrong style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; caret-color: rgba(0, 0, 0, 0); font-size: 16px; letter-spacing: 0.578px; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-indent: 0em\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e观点仅供参考，不构成投资建议，投资有风险，入市需谨慎。)\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; line-height: 2em; margin: 0px 16px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px\"\u003e\u003cstrong style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; caret-color: rgba(0, 0, 0, 0); font-size: 16px; letter-spacing: 0.578px; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-indent: 0em\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; caret-color: rgba(0, 0, 0, 0); color: rgba(49, 94, 163, 0.51); font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 7px 0px 10px; max-width: 100%; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px\"\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; color: rgb(60, 83, 132); margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; letter-spacing: 0.578px; line-height: 2em; margin: 0px 16px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; font-size: 16px; letter-spacing: 0px; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e作者 | 林琬斯\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; line-height: 2em; margin: 0px 16px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; font-size: 16px; letter-spacing: 0px; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e编辑 | 熊思怡\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003csection style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; letter-spacing: 0.578px; line-height: 2em; margin: 0px 16px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cspan style=\"-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; font-size: 16px; letter-spacing: 0px; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003cspan leaf=\"\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); box-sizing: border-box !important; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px\"\u003e审校 | 常涛罗琨\u003c/span\u003e\u003c/span\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003cstyle\u003e.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 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#3EB575;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-0_5: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .8);--weui-GLYPH-1: rgba(255, 255, 255, .5);--weui-GLYPH-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .8);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .5);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: #0D78CC;--weui-INDIGO-BG-110: #0B6BB7;--weui-INDIGO-BG-130: #09548F;--weui-INDIGO-BG-90: #2585D1;--weui-LIGHTGREEN-100: #3EB575;--weui-LIGHTGREEN-120: #31905D;--weui-LIGHTGREEN-170: #123522;--weui-LIGHTGREEN-80: #64C390;--weui-LIGHTGREEN-90: #51BC83;--weui-LIGHTGREEN-BG-100: #31905D;--weui-LIGHTGREEN-BG-110: #2C8153;--weui-LIGHTGREEN-BG-130: #226541;--weui-LIGHTGREEN-BG-90: #31905D;--weui-LINK-100: #7D90A9;--weui-LINK-120: #647387;--weui-LINK-170: #252A32;--weui-LINK-80: #97A6BA;--weui-LINK-90: #899AB1;--weui-LINKFINDER-100: #DEE9FF;--weui-MATERIAL-ATTACHMENTCOLUMN: rgba(32, 32, 32, .93);--weui-MATERIAL-NAVIGATIONBAR: rgba(18, 18, 18, .9);--weui-MATERIAL-REGULAR: rgba(37, 37, 37, .6);--weui-MATERIAL-THICK: rgba(34, 34, 34, .9);--weui-MATERIAL-THIN: rgba(95, 95, 95, .4);--weui-MATERIAL-TOOLBAR: rgba(35, 35, 35, .93);--weui-ORANGE-100: #C87D2F;--weui-ORANGE-120: #A06425;--weui-ORANGE-170: #3B250E;--weui-ORANGE-80: #D39758;--weui-ORANGE-90: #CD8943;--weui-ORANGE-BG-100: #BB6000;--weui-ORANGE-BG-110: #A85600;--weui-ORANGE-BG-130: #824300;--weui-ORANGE-BG-90: #C1701A;--weui-ORANGERED-100: #FF6146;--weui-OVERLAY: rgba(0, 0, 0, .8);--weui-OVERLAY-WHITE: rgba(242, 242, 242, .8);--weui-PURPLE-100: #8183FF;--weui-PURPLE-120: #6768CC;--weui-PURPLE-170: #26274C;--weui-PURPLE-80: #9A9BFF;--weui-PURPLE-90: #8D8FFF;--weui-PURPLE-BG-100: #6768CC;--weui-PURPLE-BG-110: #5C5DB7;--weui-PURPLE-BG-130: #48498F;--weui-PURPLE-BG-90: #7677D1;--weui-RED-100: #FA5151;--weui-RED-120: #C84040;--weui-RED-170: #4B1818;--weui-RED-80: #FB7373;--weui-RED-90: #FA6262;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .1);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG: #fff;--weui-BG: #000;--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6)}.data_color_scheme_dark{--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-0_5: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .8);--weui-GLYPH-1: rgba(255, 255, 255, .5);--weui-GLYPH-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .8);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .5);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: #0D78CC;--weui-INDIGO-BG-110: #0B6BB7;--weui-INDIGO-BG-130: #09548F;--weui-INDIGO-BG-90: #2585D1;--weui-LIGHTGREEN-100: #3EB575;--weui-LIGHTGREEN-120: #31905D;--weui-LIGHTGREEN-170: #123522;--weui-LIGHTGREEN-80: #64C390;--weui-LIGHTGREEN-90: #51BC83;--weui-LIGHTGREEN-BG-100: #31905D;--weui-LIGHTGREEN-BG-110: #2C8153;--weui-LIGHTGREEN-BG-130: #226541;--weui-LIGHTGREEN-BG-90: #31905D;--weui-LINK-100: #7D90A9;--weui-LINK-120: #647387;--weui-LINK-170: #252A32;--weui-LINK-80: #97A6BA;--weui-LINK-90: #899AB1;--weui-LINKFINDER-100: #DEE9FF;--weui-MATERIAL-ATTACHMENTCOLUMN: rgba(32, 32, 32, .93);--weui-MATERIAL-NAVIGATIONBAR: rgba(18, 18, 18, .9);--weui-MATERIAL-REGULAR: rgba(37, 37, 37, .6);--weui-MATERIAL-THICK: rgba(34, 34, 34, .9);--weui-MATERIAL-THIN: rgba(95, 95, 95, .4);--weui-MATERIAL-TOOLBAR: rgba(35, 35, 35, .93);--weui-ORANGE-100: #C87D2F;--weui-ORANGE-120: #A06425;--weui-ORANGE-170: #3B250E;--weui-ORANGE-80: #D39758;--weui-ORANGE-90: #CD8943;--weui-ORANGE-BG-100: #BB6000;--weui-ORANGE-BG-110: #A85600;--weui-ORANGE-BG-130: #824300;--weui-ORANGE-BG-90: #C1701A;--weui-ORANGERED-100: #FF6146;--weui-OVERLAY: rgba(0, 0, 0, .8);--weui-OVERLAY-WHITE: rgba(242, 242, 242, .8);--weui-PURPLE-100: #8183FF;--weui-PURPLE-120: #6768CC;--weui-PURPLE-170: #26274C;--weui-PURPLE-80: #9A9BFF;--weui-PURPLE-90: #8D8FFF;--weui-PURPLE-BG-100: #6768CC;--weui-PURPLE-BG-110: #5C5DB7;--weui-PURPLE-BG-130: #48498F;--weui-PURPLE-BG-90: #7677D1;--weui-RED-100: #FA5151;--weui-RED-120: #C84040;--weui-RED-170: #4B1818;--weui-RED-80: #FB7373;--weui-RED-90: #FA6262;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .1);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: 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#E6AF00;--weui-YELLOW-BG-100: #EFB600;--weui-YELLOW-BG-110: #F0BD19;--weui-YELLOW-BG-130: #F3CC4D;--weui-YELLOW-BG-90: #D7A400;--weui-FG-HALF: #000000;--weui-RED: #DC3636;--weui-ORANGERED: #D14730;--weui-ORANGE: #E17719;--weui-YELLOW: #BB8E00;--weui-GREEN: #4F8400;--weui-LIGHTGREEN: #2E8800;--weui-TEXTGREEN: #06AE56;--weui-BRAND: #018942;--weui-BLUE: #007DBB;--weui-INDIGO: #0075E2;--weui-PURPLE: #6265F1;--weui-LINK: #576B95;--weui-TAG-TEXT-ORANGE: #E17719;--weui-TAG-TEXT-GREEN: #06AE56;--weui-TAG-TEXT-BLUE: #007DBB;--weui-REDORANGE: #D14730;--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-WHITE: #FFFFFF;--weui-BG: #FFFFFF;--weui-FG: #000;--weui-FG-5: rgba(0, 0, 0, .05);--weui-TAG-BACKGROUND-ORANGE: rgba(225, 119, 25, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(0, 125, 187, .1);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care][data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-mode=care][data-weui-theme=dark]{--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-0_5: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, 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#26274C;--weui-PURPLE-80: #9A9BFF;--weui-PURPLE-90: #8D8FFF;--weui-PURPLE-BG-100: #6768CC;--weui-PURPLE-BG-110: #5C5DB7;--weui-PURPLE-BG-130: #48498F;--weui-PURPLE-BG-90: #7677D1;--weui-RED-100: #FA5151;--weui-RED-120: #C84040;--weui-RED-170: #4B1818;--weui-RED-80: #FB7373;--weui-RED-90: #FA6262;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .15);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-FG: #fff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-BG: #000;--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--new-title-color: rgba(0, 0, 0, .9)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--new-content-color: rgba(0, 0, 0, .9)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-0_5: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .8);--weui-GLYPH-1: rgba(255, 255, 255, .5);--weui-GLYPH-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .8);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .5);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: 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#CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG: #fff;--weui-BG: #000;--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--new-title-color: rgba(255, 255, 255, .8)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--new-content-color: rgba(255, 255, 255, .7)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) 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【纠错】【责任编辑:湖詹勇库牛7】

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新华全媒头条丨 “停摆”之下美国联邦食品救济将暂停