POMDOCTOR Ltd (POM)

Pomegranate Cloud Medical, operating through its Cayman Islands holding company POMDOCTOR LIMITED, is an online medical services platform for chronic diseases in China. It began operating in January 2010 through Guangzhou Qilekang Pharmaceutical Chain Co., Ltd. (now Guangzhou Qilekang Digital Health Medical Technology Co., Ltd.), launched its mobile platform in 2015, and conducts its business in China through a variable interest entity (VIE) structure and its subsidiaries. Its ADSs began trading on the Nasdaq Global Market under the symbol "POM" in October 2025. The company ranked sixth in China's Internet hospital market by number of contracted doctors in 2022, according to Frost & Sullivan. It reports more than 210,000 contracted doctors, 753,635 transacting patients as of December 31, 2025, and about 3.4 million prescriptions issued by its doctors.

The business has two main parts: an Internet hospital and a pharmaceutical supply chain. The Internet hospital offers online consultation and prescription renewal for follow-up patients, mainly through one-to-one text and picture consultations, with phone and video consultation planned. It also provides a chronic disease management platform, including the Pom Doctor doctor-end portal and a WeChat official account, currently focused on hepatology and andrology. Patients can buy prescribed drugs online after pharmacist verification and have them delivered. The pharmaceutical supply chain distributes drugs and provides supply chain management and platform operation services to other pharmaceutical platforms. Recent developments include supply agreements with several domestic pharmaceutical companies, expanded integration with local medical insurance payment systems (including Guangzhou), and a planned push into AI and medical-grade smart wearable devices for chronic disease management.

Its customers are chronic disease patients, who mostly come through existing offline doctor-patient relationships, along with contracted doctors, who must be resident-level or above and verified through credential checks. Pharmaceutical companies are also served through clinical data and sales cooperation. Pharmaceutical distribution customers include third-party pharmaceutical platforms, offline pharmacies and wholesalers in China. The company cites a 99.9%, 99.4% and 98.9% mature-doctor retention rate in 2023, 2024 and 2025, and average revenue per paying patient of RMB911 in 2025. It points to market tailwinds such as unequal distribution of medical resources, supportive policies and growth in China's digital healthcare industry, which Frost & Sullivan projects will grow from RMB540.7 billion in 2022 to RMB1,525.9 billion in 2027.

Operationally, the company has one self-owned pharmacy and 27 third-party partner pharmacies covering seven first- and second-tier cities as of December 31, 2025. It worked with 703 suppliers offering 46,912 SKUs, selected on qualification, quality, brand, reliability and volume, and uses nationally recognized third-party logistics providers for delivery. Supplier concentration is high: the top five suppliers made up 79.7% of 2025 purchases, and Dongguan Chaoyang Pharmaceutical Co., Ltd. was the largest. Payments are mainly made online through WeChat Pay. Principal executive offices are in Liwan District, Guangzhou, China.