Jean Health Files IPO Prospectus: Targeting High-Net-Worth Families with Full-Lifecycle Care Across 60 Scenarios in 20 Cities

In March 2021, Jin'en Health officially commenced operations.

Sun Chengli noted that the decision to establish Jin’en Health was driven by two factors: “First, we observed that the industry as a whole has yet to scientifically and comprehensively meet consumers’ rigid demands; second, this sector is still in its early stages, with low overall maturity and no pronounced leader effect, leaving substantial opportunities for innovative enterprises.”

Sun Chengli, Vice President of Jin'en Health

According to Frost & Sullivan, the market size of postpartum care centers in mainland China grew from RMB 6.76 billion in 2016 to RMB 17.8 billion in 2021, with a compound annual growth rate (CAGR) of 21.4%, significantly outpacing major consumer healthcare subsectors. Recognizing the industry’s future growth potential, Jin En Health initiated its offline expansion in 2021 despite pandemic-related pressures. Addressing skepticism, he added, “Entering the market at this stage entails the lowest costs and reduced competitive pressure, allowing for gradual exploration of innovative business models.”

Hard work pays off. Today, Jin’en Health has grown from scratch into a nationally renowned modern healthcare enterprise, with health and care centers established in multiple cities across China, and is projected to achieve RMB 120 million in revenue in 2024.

But for Jin'en Health, this is only the beginning. Leading healthcare standards, empowering the overall development of the industry, and enhancing the health-related happiness index of Chinese citizens represent Jin'en Health's original entrepreneurial mission and its goal for sustained future efforts.

From its official launch in March 2021 to the admission of its first client, Jinen Health took 100 days.

The extended timeline demonstrated that Jin’en Health withstood the operational pressures brought on by the pandemic at that time. Over those three months, Jin’en Health started from scratch and continuously addressed weaknesses in its operational services. “Watching others do it and doing it yourself are two completely different things,” Sun Chengli remarked reflectively. Compared with established postpartum care centers on the market, Jin’en Health had no brand advantage at the time. This seemingly prolonged timeline was even shorter than Sun Chengli’s initial estimate.

Ultimately, by relying on sincerity and high-quality service, Jin'en Health earned the trust of its first client. To date, this client has proactively referred six friends and family members to Jin'en.

In 2022, as the COVID-19 pandemic surged through successive waves, Jin’en Health leveraged its refined management practices to achieve a remarkable milestone: zero customer infections at its health care centers. Amidst the severe challenges posed by the pandemic to brick-and-mortar operations, Jin’en Health delivered an outstanding performance. This experience also provided valuable insights for managing sudden emergencies, further bolstering its operational capabilities and driving a continuous influx of customers.

Behind this success lies the support of a specialized team. It is reported that Jin’en Health currently boasts a team of more than 130 members. Over half of the team are professional medical-grade nursing staff with extensive in-hospital care experience. In short, most of the nursing staff have previously worked as nurses at Grade 3A hospitals, while the founding team members come from leading financial institutions and possess rich asset management experience.

Since 2022, the rapidly growing Jin’en Health has garnered favor from investors.In September 2022, Jin’en Health secured RMB 15 million in Pre-A series financing, invested by Beijing Zhonggu Jiayun; in October 2023, Jin’en Health again secured tens of millions of yuan in A-series financing, led by the Gongqingcheng Shengheng Fund.It is worth noting a minor episode in the investment process: at that time, an investment group also planned to make a single large-scale investment in Jin’en Health, but the two parties failed to reach an agreement on scaled expansion, leading Jin’en Health to decline the offer. With the advent of the post-pandemic era, many companies have scaled back their operations to safeguard cash flow, which, from one perspective, underscores the accuracy of Jin’en Health’s industry insights.

The capital market’s recognition of this sector’s development is evident to all. In recent years, a number of outstanding companies have emerged in the field, such as Saint Bella and Jasmine Wisdom; meanwhile, many well-known investment firms, including Tencent and China Life Insurance, have also entered the space. Against the backdrop of an economic downturn, securing financing reflects not only the capital market’s confidence in the industry’s growth prospects but also its endorsement of Jin’en Health’s business model.

To better understand Jinen Health, it is essential to examine three key elements: its customer base, care system, and operational management.

First, in terms of the target customer segment, Jin'en Health has targeted high-net-worth individuals since its inception.On one hand, it is related to brand perception. Sun Chengli pointed out that well-known brands in the past have all communicated a golden rule to the outside world: “It is easier to adopt a strategy of disruptive competition from a higher dimension.” Jin’en Health also plans to start with high-net-worth individuals and gradually expand to cover mid-to-high-end customers. Relatively speaking, the corresponding service standards established in the early stage are easier to replicate. On the other hand, it is related to users’ purchasing power. In times of economic downturn, high-net-worth individuals have greater purchasing power and are more willing to pay for high-quality services.

Secondly, in terms of service provision, Jin’en Health, recognizing the insufficient stickiness of its medical and health services, is gradually expanding its service scope.Currently, Jin’en Health primarily targets expectant mothers, providing services such as health management and postpartum rehabilitation. In the future, it plans to gradually expand its offerings to include in-home nursing, scientific parenting guidance, elderly care, and family health management. In delivering these services, in addition to deploying high-quality infrastructure, Jin’en Health assigns each client a dedicated 2-on-1 team comprising professional medical caregivers and refined lifestyle butlers, addressing both customers’ physical and mental well-being and their needs for an exquisite daily life. To meet customer needs in a more scientific and systematic manner, Jin’en Health has developed an innovative “Six-in-One” care system, encompassing obstetrics and gynecology, neonatology, breast health, psychological counseling, traditional Chinese medicine, and nutritional dietary services. Furthermore, Jin’en Health boasts a market operations team with strong professional backgrounds, capable of executing precise new-media content distribution across the entire internet to drive traffic to its facilities. In coordination with its online team, Jin’en Health has established multi-dimensional collaborations with authoritative tertiary Grade-A maternity hospitals and high-end private hospitals in core cities such as Beijing, Shanghai, Guangzhou, Chengdu, and Tianjin. These collaborations include science popularization initiatives and the provision of green channels to facilitate medical consultations for expectant mothers.

Again, from an operational perspective, Jin'en Health has adopted an asset-light business model.Currently, Jin’en Health collaborates with leading luxury hotels in core cities. In addition to leasing fixed spaces for model displays and postpartum recovery centers, all guest accommodations are provided through on-demand leasing arrangements. This approach not only reduces room vacancy rates at these high-end hotels but also fosters cooperation in areas such as banquets, catering, and value-added services, thereby achieving mutual benefits for both parties. Looking ahead, Jin’en Health plans to establish Version 2.0 physical health and care facilities at key locations within China’s four major economic circles. While deploying fixed assets, the company will also deliver customized services across diverse scenarios and leverage the operational middle-platform capabilities of its group corporation.

It is evident that a major factor currently constraining the rapid expansion of Jin'en Health is the provision of services by a larger team of high-caliber professionals.

To achieve a better customer experience and enhance management efficiency, Jin En Health has adopted a two-pronged approach.

One key initiative is to further expand the pool of service talent.

On one hand, to meet its own talent service needs, Jin’en Health has established a set of standards for talent screening and training. After selecting candidates with professional nursing experience in medical care, the company provides them with up to three months of systematic, scenario-based corporate training. The curriculum covers practical nursing skills, behavioral etiquette, humanistic care, and other areas, ensuring that professionals meet service requirements.

On the other hand, in response to future large-scale expansion and the industry’s growing demand for talent, Jin’en Health plans to provide one-stop talent solutions to high-quality enterprises within the sector. As part of its strategic roadmap, Jin’en Health will subsequently establish specialized, top-tier applied nursing colleges through diverse “industry-academia-research collaborative models.” These institutions will cultivate comprehensive, multi-scenario healthcare professionals in accordance with international standards, thereby addressing the current shortage of talent in the industry.

It is reported that Jin'en Health has accumulated a total of 150,000 words in standardized training SOPs and hundreds of instructional video courseware during its talent training process.

Another preparatory measure is to build a digital platform system.

In fact, Jin’en Health has already developed Version 1.0 of its ERP system, which meets internal needs for efficient operations and customer feedback evaluation. The upcoming upgrade to its Version 2.0 digital platform will focus on smart home-care scenarios and real-time online order management, further enhancing its service capabilities through a digitized system. In Jin’en Health’s vision, the company will leverage data-driven strategies to better empower the industry and its entire ecosystem, thereby improving service efficiency.

For Jin’en Health, improving service efficiency is not solely about reducing service costs; by continuously enhancing service capabilities and operational efficiency, it enables Jin’en Health to further elevate the customer experience—such as offering more personalized experiences, including meal plans that avoid dietary restrictions while meeting nutritional needs, and providing comprehensive services covering the entire maternal and infant health journey. Moreover, it allows Jin’en Health to better implement humanistic care for both employees and customers.

Clearly, this is something only companies committed to long-termism would do.

For Jin’en Health, clear strategic goals have been defined for each stage of its development: the core focus of the current first stage remains on building application scenarios and achieving scale; the second stage will transition to a platform monetization model; and through the accumulation of multi-dimensional experience and continuous optimization and improvement of the platform, the long-term goal of data monetization in the third stage will be gradually realized.

Every phase of Jinen Health’s strategic planning and layout is firmly anchored in delivering high-standard nursing care services and fostering multi-party mutual benefit and win-win outcomes, with the overarching goals of “safeguarding the health of the Chinese people, empowering the virtuous cycle of technology-enabled physical enterprises, and ensuring long-term sustainable development.”

Under Jinen Health’s strategic plan, the first phase of scenario development and scaling will be completed by the end of next year, establishing a nationwide network of nearly 50 to 60 outlets. These outlets will be primarily located in Tier-1 and Tier-2 cities, with a deployment strategy of two to three outlets per city. While accelerating market expansion, Jinen Health will further standardize talent development and diversify its talent output. In addition to its localized growth in China, Jinen Health aims to showcase its brand as an outstanding Chinese health enterprise on the global stage by opening outlets in economically developed cities with significant overseas Chinese populations, with Singapore and Dubai selected as the initial target locations.

But that was only the beginning.

For Jin’en Health, health care services targeting pregnancy, childbirth, infants, and children serve merely as a customer-acquisition entry point within its industrial layout. This offering enables Jin’en Health to engage high-net-worth families, whose needs extend far beyond this scope. Jin’en Health is poised to further expand into the wellness and home-care sectors, providing high-net-worth families with a comprehensive health-care system that covers the entire life cycle of “the elderly and the young,” while also extending into the curation and provision of refined lifestyle management solutions.

This also takes into account the future development trends of the market.

Despite the declining birth rate, Jin’en Health remains highly confident in the development of maternal and infant health care. Sun Chengli noted that high-net-worth clients have been relatively less affected, and mid-to-high-end clients are expected to gradually align with the high-end customer segment over time. Meanwhile, new changes are underway. By 2025, China will enter the era of the “silver economy,” with nearly 300 million elderly people. Official data indicates that the market size for elderly health and care services—a niche sector—is projected to reach approximately RMB 2 trillion by around 2030. This represents a market with significant growth potential.

Jin En Health stated,“The future healthcare and nursing sector will expand to connect with a broader population and diverse scenarios, such as home care, elderly care, and rehabilitation care. This is a trillion-dollar market driven by essential demand, characterized by both standardization and customization. It offers ample room for growth, sufficient to accommodate five to ten large corporate groups, or even more. Currently, market participants are still in the early stages of development.”

To enable more families to access higher-quality healthcare services, Jin’en Health Plan completed a Series B financing round exceeding RMB 100 million in the second half of 2024.

“We believe that with the enhancement of professional skills and the refinement of humanistic care concepts, the entire healthcare sector will undoubtedly present a more prosperous development trajectory,” mentioned Sun Chengli from Jin’en Health.