Recently, Jinxin Eldercare Industry Group Limited submitted a listing application to the Hong Kong Stock Exchange, with CICC and GF Securities as joint sponsors.

As a leading player in China’s institutional elderly care service market, the Company strategically focuses on the elderly aged 80 and above and groups with urgent care needs, including people with mobility difficulties, chronic diseases and cognitive impairments.

According to Frost & Sullivan, as of September 30, 2025, the Company ranked first among all major participants in terms of the proportion of elderly residents with mobility impairments in elderly care institutions and the occupancy rate of national integrated medical and elderly care facilities, with both figures reaching 85%.

In addition, the Company ranked first among professional private elderly care enterprises in the Sichuan-Chongqing region in terms of the number of integrated medical and elderly care facilities and the number of related beds.

Business Model: Deeply Engaged in Integrated Medical & Elderly Care, Focused on the High‑Age Essential Market

Jinxin Eldercare focuses on the long‑term high‑growth elderly care service sector, with a business structure of“integrated medical and elderly care facilities as the core, supplemented by other care facilities”.

Integrated medical and elderly care facilities represent the core business:

Revenue accounted for 51.5%, 43.8% and 49.9% in 2023 and the first nine months of 2024 and 2025, respectively.

Absolute revenue increased from RMB 252 million to RMB 273 million.

These facilities provide deeply integrated medical and elderly care services to meet the rigid needs of the advanced‑age and high‑need elderly.

As of the end of September 2025, the Company had established or acquired 23 integrated medical and elderly care facilities, operating 5,627 beds.

Revenue from other care facilities rose from 37.5% to 46.0%, reaching RMB 278 million in 2024, becoming an important supplementary business.

In total, the Company operates 38 facilities with 8,333 beds, covering the Sichuan‑Chongqing region, the Yangtze River Delta and the Greater Bay Area.

Notably, the Company’s strategic positioning includes:

Locating in city centers to keep the elderly close to their children;

Setting prices based on local disposable income and pension levels to ensure affordability;

Emphasizing integrated medical and elderly care to fill the supply gap for high‑age essential needs.

According to Frost & Sullivan, as of September 30, 2025, the Company ranked second among professional private elderly care enterprises in China in the proportion of residents aged 80 and above, proving the effectiveness of this strategy.

Financial Performance: Steady Revenue Growth, Continuously Improving Profitability

Financial data shows Jinxin Eldercare is in a steady expansion phase with healthy growth in both revenue and gross profit.

Revenue increased 23.8% from RMB 489 million (2023) to RMB 605 million (2024).

Revenue reached RMB 547 million in the first nine months of 2025, up 22.0% year‑on‑year, mainly driven by acquisitions and operational improvements.

Gross profit grew in tandem:

From RMB 106 million (2023) to RMB 141 million (2024) and RMB 123 million in the first nine months of 2025 (+11.9% YoY).

Gross margin improved from 21.7% (2023) to 23.3% (2024) and remained stable at 22.5% in the first nine months of 2025.

Net profit was RMB 27.06 million (2023) and RMB 40.31 million (2024), maintaining a solid trend in the first nine months of 2025.

Market Outlook: Aging Population Drives Demand, Integrated Medical & Elderly Care Offers Broad Space

China’s institutional elderly care service market is entering a long‑term growth cycle.

According to Frost & Sullivan:

China’s population aged 65 and above is expected to rise from 223 million (2024) to 320 million (2035).

Those aged 80 and above will jump from 43.7 million to 79.0 million, with a CAGR of over 5%.

China’s institutional elderly care service market is projected to grow from RMB 133.4 billion (2024) to RMB 189.4 billion (2030) and further to RMB 228.2 billion (2035).

Key growth drivers:

Accelerated population aging;

Shrinking family support due to declining birth rates;

Rising spending power and demand for personalized care;

Growing needs for elderly with mobility and cognitive impairments.

In the competitive landscape, China’s elderly care industry is highly fragmented, but leading enterprises are accelerating consolidation via standardization and chain operation.

Jinxin Eldercare has established a leading position in Sichuan‑Chongqing and is expanding into the Yangtze River Delta and Greater Bay Area through acquisitions.

Conclusion

Jinxin Eldercare’s listing application marks an important step for private elderly care providers entering the capital market, reflecting China’s elderly care industry shifting from basic support to integrated medical and elderly care essential services.

Backed by its standardized operation system, integrated medical care capabilities and industry‑leading occupancy rate, the Company has demonstrated its core competitiveness in the rigid elderly care market.

With capital support from its upcoming Hong Kong IPO, Jinxin Eldercare is well‑positioned to replicate its successful model nationwide and emerge as a leading private player in the hundred‑billion‑level integrated medical and elderly care market.

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