Good News on Listing | Frost & Sullivan Assists Guangzhou Qilekang Digital Health Medical Technology Co., Ltd. to Successfully List on NASDAQ (NASDAQ: POM)

The actual holding company of Guangzhou Qilekang Digital Health Medical Technology Co., Ltd., POMDOCTOR LIMITED (hereinafter referred to as 'Pomdoc'), successfully went public on October 9, 2025. In this IPO, the company issued 5,000,004 American Depository Receipts (ADS), at an issue price of $4 per share, raising $20 million.

During the process of listing in the US, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), facilitating communication with the SEC and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the issuer in completing feedback from regulatory authorities on various industry issues.

• The company has a powerful cross-departmental Customer Data Management (CDM) service capability, as well as an innovative and efficient one-stop online healthcare service platform;

   

• The company has a patient base with high loyalty, benefiting from the long-term nature of chronic diseases and the establishment of trust between doctors and patients;

   

• The company has a complete pharmaceutical supply chain, a full range of medical product options, and extensive supplier channels;

   

• The company has strong technical and R&D capabilities, capable of constructing a complete closed-loop chronic disease management system outside the hospital;

   

• The company is led by a management team composed of industry veterans and has received recognition from well-known shareholders.

According to a report by Frost & Sullivan:

• Ranked sixth in the Chinese internet hospital market by the number of contracted doctors in 2022;

   

• The market size of China's digital health and wellness industry, calculated based on total merchandise transactions, is expected to continue growing at a compound annual growth rate of 23.1% from 2022 to 2027;

   

• The market size of China's internet chronic disease management industry, calculated based on direct medical consumption costs, is expected to continue growing at a compound annual growth rate of 23.7% from 2022 to 2027.

Chronic Disease Management (CDM) refers to the establishment of a comprehensive intervention and management system at different stages for chronic diseases, with the ultimate goal of strengthening disease control, preventing disease deterioration, and controlling overall medical costs. Chronic diseases are broadly defined as conditions that last for 1 year or more and require continuous medical attention, or where daily activity capacity is limited, or both.

The management of chronic diseases in a broad sense includes three aspects: disease management, cognitive, psychological state and behavior management, and social environment management. Disease management refers to the close monitoring of relevant indicators (such as blood pressure and blood sugar) for major chronic diseases (including cardiovascular diseases, cerebrovascular diseases, cancer, diabetes, and chronic respiratory diseases) as well as the patient's daily activities. Cognitive, psychological state and behavior management includes the management of the patient's understanding of chronic diseases, negative psychological states triggered by chronic diseases, and patient behaviors related to chronic diseases. For example, medication education is provided to improve patient compliance, and patients are encouraged to avoid unhealthy lifestyles. Social environment management involves the management of the environment for patients with chronic diseases, which can be subdivided into micro-social environment and macro-social environment. The micro-social environment includes family environment, work environment, peer group, community environment, and medical service environment; the macro-social environment encompasses the patient's social class affiliation, relationships between different classes, and changes in class structure.

According to a Frost & Sullivan report, calculated based on direct medical consumption costs, the market size of China's chronic disease management industry increased from RMB 4279 billion in 2018 to RMB 6240.4 billion in 2022, with a compound annual growth rate of 9.9%. The market size is expected to continue growing at a compound annual rate of 10.6% from 2022 to 2027, reaching RMB 10322.6 billion by 2027.

The digital health and wellness market refers to the market that relies on digital technology to provide health and wellness services. Digital health and wellness involve using digital technology as a tool to offer services or products that meet health and wellness needs. Each segment of China's health and wellness market will benefit from digitization.

Correspondingly, the digital health and wellness market mainly consists of the following segments: medical e-commerce, online consultations, online consumer healthcare services, online corporate services, online chronic disease management services, and smart healthcare solutions. Medical e-commerce refers to the behavior of companies selling drugs through the internet and other modern information technologies, including online distribution, online retail pharmacies, and O2O (online-to-offline) models. Online consultations refer to healthcare services provided through internet hospitals, including online consultations and chronic disease management. Typical service contents include online diagnosis, treatment, appointment scheduling, consultation, and disease management. Online consumer healthcare services refer to medical products and services traded online and executed offline, including medical aesthetics, dentistry, genetic sequencing, physical examinations, vaccine appointments, and maternal and infant services. Online corporate services refer to digital health marketing services provided for healthcare companies, including SaaS platform construction, doctor resource management, and sales terminal resource development. Online chronic disease management refers to the process of connecting patients' medical insurance accounts to help them control costs and support related healthcare services. Smart healthcare solutions refer to solutions provided by external digital service providers to promote the internal and external digitization of all medical institutions in China, including software, hardware, and related services.

The development of digital technologies such as big data, cloud storage, and artificial intelligence has fundamentally changed the way medical products and services are provided in China, with the potential to significantly expand the market for digital health and wellness in China. According to a Frost & Sullivan report, calculated based on total merchandise trade volume, the market size of China's digital health and wellness industry increased from RMB 174.2 billion in 2018 to RMB 540.7 billion in 2022, with a compound annual growth rate of 32.7%. Moreover, the market size is expected to continue growing at a compound annual rate of 23.1% from 2022 to 2027, reaching RMB 1,525.9 billion by 2027.

The rapid development of mobile internet, the expansion of the chronic disease patient population, and the normalization of the COVID-19 pandemic have driven the rapid growth of the Internet Chronic Disease Management (ICDM) industry. Through comprehensive access to data inside and outside hospitals, the improvement of online medical insurance payment systems, the maturity of one-stop chronic disease management services by internet healthcare companies, and the rich accumulation of resources for doctors and patients, internet healthcare will gradually mature after 2030, and the internet chronic disease management market will also gradually become stable and mature. According to a Frost & Sullivan report, calculated based on direct medical consumption costs, the market size of China's internet chronic disease management industry increased from RMB 78 billion in 2018 to RMB 269 billion in 2022, with a compound annual growth rate of 36.4%. The market size is expected to continue growing at a compound annual rate of 23.7% from 2022 to 2027, and is expected to reach RMB 778.6 billion by 2027.

●The penetration rate of digital healthcare services continues to grow.

As an emerging industry, the penetration rate of digital healthcare services in China's health market is relatively low, but it has a huge market space. The outbreak of the COVID-19 pandemic has prompted fundamental changes in the behavior patterns of governments, medical institutions, doctors, and patients, accelerating the penetration rate of digital healthcare services and driving the development of the digital health market.

●Development of innovative technologies

With the development of digital technology, digital health has redefined the standards of health and medical practice. By providing convenient and efficient health-related services, it helps more patients access high-quality healthcare resources, promotes the sharing of valuable health information and communication among hospitals and doctors at different levels, and makes digital health an important part of China's health industry. At the same time, artificial intelligence (AI) and big data support the hierarchical diagnosis and treatment system, while the Internet of Things (IoT) and 5G technology are innovating health management methods, covering aspects such as monitoring, prevention, diagnosis, and prognosis management.

●Supportive policies

The 'Opinions on Promoting the Development of 'Internet + Healthcare'" aim to provide high-quality services to more people at the national level. A series of similar policies have drawn up a blueprint for market development, emphasizing the importance of digital health. Especially during the COVID-19 pandemic, digital health played an important role in maintaining essential medical services online. Encouraged by favorable policies, digital health will see rapid development, with online consultations becoming more efficient, reliable, and of higher quality.

●Enhancement of consumers' health awareness

With the increase in healthcare expenditures and disposable income, people's health awareness is constantly growing. This not only enhances the diagnosis and treatment rates of diseases (especially chronic diseases), thereby driving the growth in demand for pharmaceuticals and healthcare services, but also leads to the gradual rise of health maintenance services among the wealthy. As an efficient method, digitization is expected to develop rapidly in the coming years.

●Offline hospitals and pharmacies are shifting online

Driven by policies, hospitals at all levels are actively building online hospitals, enriching off-campus service offerings, and accelerating their transformation towards online operations. This transformation process has increased the demand for related digital infrastructure. At the same time, offline pharmacies face many challenges, such as a lack of bargaining power, economies of scale, high operating and procurement costs, and limited insight into market demand. Therefore, they urgently need to upgrade their digital strategies. In 2019, the average inventory turnover days of China's top five offline pharmacies were 88.2 days, compared with 34.1 days in the United States.

●Digital upgrading of the medical industry chain

To achieve higher efficiency, stakeholders such as pharmaceutical companies and healthcare institutions are increasingly demanding related digital infrastructure. Pharmaceutical companies are adopting digital methods to improve their R&D and production processes. Healthcare institutions such as hospitals are actively building online hospitals to enrich off-campus services and accelerate their transformation towards online services.

●Digital strategy attention has increased

Pharmaceutical companies are placing increasing emphasis on digital strategies and the corresponding capacity building. These capacity building efforts are carried out through online channels in areas such as brand and marketing, patient education, remote services, medical e-commerce, and disease management. As an emerging market, many participants focus on different aspects of the digital health and wellness market, with many exploring various business models and tending to develop within a specific sub-field.

●Increased doctor engagement

As more and more doctors provide online diagnosis and treatment services through third-party platforms or internet hospitals, the use of multiple platforms has become a mainstream trend. The active participation of doctors has also prompted more patients to switch from offline medical consultations to online ones.

●Consumer healthcare digitization

Consumers' demand for healthcare is constantly rising, and the healthcare consumer market is gradually maturing. Affected by the COVID-19 pandemic, the digital transformation of healthcare service providers has become a successful choice for cost savings and patient retention.

●Development of Online Chronic Disease Management Platforms

Digital healthcare platforms are collaborating with pharmaceutical companies and hospitals to promote long-term chronic disease management and postoperative care by highlighting disease risk factors and enhancing patient compliance. Online disease management platforms can help doctors better manage patients, track patient information, and remind them of follow-ups. For example, Tencent Health's intelligent follow-up system supports doctors in customizing follow-up plans, collecting patients' out-of-hospital reports and data, and using artificial intelligence to organize data to quickly understand the development of patients' conditions. In addition, Alibaba Health has partnered with multiple pharmaceutical companies to establish patient management platforms and expand new models of chronic disease management.

●Construction of digital healthcare infrastructure services

Driven by policies, hospitals at all levels are actively building online hospitals to enrich off-campus service offerings and accelerate their transformation towards online operations. This process of transitioning from offline to online has increased the demand for relevant digital infrastructure.

●Supply chain capability

Policies such as centralized drug procurement and the 'two-invoice system' are expected to squeeze profit margins for upstream suppliers and distributors, prompting them to seek more transparent and cost-effective sales and marketing channels. At the same time, 96% of drugs in the market are not included in centralized procurement, and a significant portion of these drugs' sales may increasingly rely on off-campus channels, especially online channels. For these two types of drugs, online retail pharmacies have become the most competitive retail channel due to their efficiency and low cost, as well as their technology-driven end-to-end supply chain capabilities.

●A powerful medical resource network

With the advancement of the hierarchical diagnosis and treatment system and family doctor services, community health management systems have been established. Platforms that meet such health management needs require significant investment on the supply side to manage users' long-term health needs, including establishing connections and cooperative relationships with hospitals, acquiring high-quality doctor resources, and building patient trust. Market participants with larger scale and more available resources are more likely to successfully build efficient health management platforms. For example, they can provide technology and supply chain services to empower hospitals and offer online and offline integrated platforms for doctors to help them build professional images both inside and outside the hospital. This model not only improves the efficiency of medical services but also promotes the rational distribution and utilization of medical resources by integrating them.

●Business model that has been validated and has a clear profit path

China's digital health and wellness market is a relatively new segment, with many participants still searching for business models that can achieve sustainable revenue and profitability. In various sub-sectors of digital health and wellness, medical e-commerce accounted for 48.0% of the market revenue in 2019, reflecting that medical product sales and distribution are the main sources of income for China's health and wellness industry. With years of user accumulation and cultivation, the strong growth of medical e-commerce will continue in the foreseeable future. In contrast, although online consultation and medical e-commerce complement each other, the former is still in its early stages of development and is in a dynamic market where its profit strategies have not yet been proven. As of 2019, it only accounted for 3.6% of China's digital health and wellness market. Whether online consultation can achieve a large-scale and sustainable business model is still uncertain. Therefore, for a platform to enhance its market share and influence in the digital health and wellness market, strong medical e-commerce capabilities are a necessary foundation.

Frost & Sullivan, with 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market with a global perspective, helping clients accelerate their corporate growth and achieve benchmark positions in industry growth, innovation, and leadership. The health industry is one of the core areas of focus for Frost & Sullivan. Over the past 20-plus years, the Frost & Sullivan team has provided financing and financial advisory services, IPO industry advisory, strategic consulting, and management consulting to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Changfeng Pharmaceutical (2652.HK), Jingfang Medicine (2595.HK), Health160 (2656.HK), Yinnuo Medicine (2591.HK), Zhonghuiyuantong (2627.HK), Dongguangyang Medicine (6887.HK), Weilizhibo (9887.HK), Bokang Xiyun (2592.HK), Yunzhisheng (9678.HK), TED Medicine (3880.HK), Baize Medical (2609.HK), Yaojie Ankang (2617.HK), Jiangsu Hengrui Medicine (1276.HK), Mire (2629.HK), Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Medicine Group (NASDAQ:AAPG), Brain Motion Aurora (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinosi (688710.SH), Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahe (2453.HK), WuXi AppTec (2268.HK), Neusoft Xikang (9686.HK), Youzhi You (2496.HK), Yiming Angke (1541.HK), Corelab (6990.HK), LaiKai Medicine (2105.HK), Lvgreen Biotech (2480.HK), Meis Health (2415.HK), PHECR, ZJYL, Meihao Medical (1947.HK), GaoShi Medical (2407.HK), LePuxintai (2291.HK), JianShi Biotech (9877.HK), JCARE.SW, LePU.SW, DingDang Health (9886.HK), BaoAosetu (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), PRE.NASDAQ, YunKang Group (2325.HK), Ruike Biotech (2179.HK), LeP Biotech (2157.HK), Baxin Anhuan (2185.HK), Yonghe Medical (2279.HK), Kailai Ying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamman (2256.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Bopharm (2137.HK), Canopy (2162.HK), Chaoyuju Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Hefang Medicine (0013.HK), Keji Pharmaceutical (2171.HK), Zhaoke Eye Hospital (6622.HK), Nature Pharmacy (UPC.NASDAQ), Sainfo Pharma (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), ADAG.NASDAQ, Beikang Medical (2170.HK), JianBimiaoMiao (2161.HK), Minimally Invasive XinTong (2160.HK), Jiaosisi Pharmaceutical (1167.HK), HepoMed (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi Juenuo (2126.HK), SonoBIO (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), ZaiDing Medicine (9688.HK), Ocumvix (1477.HK), Yongtai Biotech (6978.HK), Hapure Pharma (9989.HK), Kechuang Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), NuoCheng Jianhua (9969.HK), IMAB.NASDAQ, Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Medicine (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabotech (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi Kangde (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yager Scientific Research Pharmaceutical (2633.HK), Hefang China Medicine (HCM.NASDAQ), Biotech (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, consistently ranking first in market share from 2018 to 2023.

Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies, including: Hanbang Technology (688755.SH), Zhongyan Shares (688716.SH), Optoelectronics Technology Group Co., Ltd. (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwe Century (688426.SH), Jinchuan Protein (688137.SH), Novogene Biologics (688428.SH), Aopu Mabio (688293.SH), MicroPort Neurosurgery (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biologics (688382.SH), Jicui Pharmaceuticals (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biologics (688331.SH), Rendu Biologics (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biologics (688238.SH), Yaxin Security (688225.SH), Xidiwei (688173.SH), Maywei Biologics (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiamicang (688246.SH), Dizhe Medicine (688192.SH), Novozyme (688105.SH), Chengda Biologics (688739.SH), Geke Micro (688728.SH), Huaxi Biologics (688363.SH), Junshi Biologics (688180.SH), Zhejiang Oncology (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the sector. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's big health industry, and build a healthy future.