Private health check medical industry killed three listed companies in the three countries, with a total market value approaching 100 billion

The private market medical industry “three kingdoms killing” three listed companies with a total market value approaching 100 billion US years. Health ranked first. Reporter Jin Yan and editors Shuai Shuai On June 29, Mei Nian Health (002044, SZ) closing price 22.

60 yuan, the market value reached 70.5 billion.

If it is divided by Oriental Fortune’s medical industry, its market value is second only to that of “Unicorn” WuXi AppTec (603259, SH).

Even if it is placed in a large pharmaceutical industry that covers pharmaceutical manufacturing, Meinian’s healthy market value can still rank among the top.

The rise in the health market value of Meinian is a microcosm of the domestic private medical examination industry.

  ”Daily Economic News” reporters combed and found that there are currently only three listed medical examination institutions in the country, namely Meinian Health, Aikang Guobin, and Rui Ci Medical. Their combined total market value has approached 100 billion yuan.

  Today, three industry-listed companies, led by Mei Nian Health, will face consumer trust considerations.

So, how does the private medical examination industry fade away from its glory and how to further share the medical examination business of public medical institutions, is the capital side optimistic or faint?

“Daily Economic News” reporter carried out an analysis from multiple dimensions to deconstruct the private medical examination industry.

  After more than ten years of horse racing, competition in the private medical examination industry has become increasingly fierce.

After the series of capital integration, the private medical examination industry has also shown a large-scale agglomeration effect. The “oligarch” competition represented by Midian Health, Ciming Medical, and Aikang Guobin has gradually become a trend.

Although the industry looks prosperous, the problems behind it cannot be ignored, such as medical risks under precision medical examinations, alternatives to public hospitals in high places in the market, and low-margin operating conditions.

  From “Sanxiong hegemony” to “oligarch” competition June 29, is the last trading day in the first half of 2018.

In the final close, the total market value of Meinian Health was fixed at 70.5 billion yuan, and the market value of Aikang Guobin (NASDAQ: KANG) was US $ 1.4 billion (about 91 yuan).

4.7 billion).

These two private institutions that started to explore commercial medical examinations in the same year have formed an oligopoly competition pattern after more than ten years of horse racing enclosures, but what is different from five years ago is that this time, Meinian Health is ahead.

  Back in 2004, eLong founder Zhang Ligang founded Aikang.com 重庆耍耍网 in an office rented at the Blue Tao Center in Jiuxianqiao, Beijing.

At that time, commercial medical examinations were still in the early stages of development in China, but professional medical examination institutions entered a period of rapid development, and the same industry often blocked vicious competition in spelling prices.

Among the start-ups such as Ambassador Zhang Ligang and Ci Ming ‘s physical examination Han Xiaohong, Mei Nian ‘s healthy Yu Rong is more like a spoiler in the medical examination industry.

  According to public information, Meinian Health was established in 2004 and was formerly known as Shanghai Tianyi Medical Development Co., Ltd. By 2011, there were only 13 self-built stores, which were not ranked in the medical examination industry competing by Qianfan.

In October 2011, it merged with 杭州桑拿 Great Health Technology Health Management Co., Ltd., which ranked No. 4 in the market at that time, to establish Mei Nian Great Health.

  Through this successful capital operation, Mei Nian Health ranked among the top three in the private medical examination industry, and Ciming Medical Examination, Aikang Guobin was three points in the world.

Yu Rong also officially sounded the clarion call, successively acquired Beijing Lushengyuan Medical Examination Center, Xi’an Kangcheng Chain Medical Examination Center, Ruigeer and other medical examination institutions, and completed the acquisition of the industry’s oldest Ciming medical examination.The “Sanxiong hegemony” has developed into an “oligarch” competition, and the ranking order has also changed. Meinian Health replaced Aikang Guobin as the industry leader.

  ”Daily Economic News” reporters found that even multiple leaders differ widely in market value, but from the industry layout and multiple data indicators, there is no such big difference.

As of March 12, 2018, Aikang Guobin has 110 self-operated medical centers, which are located in the mainstream first-tier and second-tier cities in China.

As of the end of 2017, Meinian Health had 146 holding medical examination centers, covering 30 provinces across the country, 155 medical examination centers in equity, and more than 100 under construction.

  Challenges come from mergers and acquisitions, public listings, financing, and private health checkups in public hospital health checkup institutions. Three listed companies have been born.

As of June 30, Beijing time, Ruici Medical (01526, HK) had a market capitalization of 31.

500 million US dollars (approximately RMB 27.

5 ppm), with a market value of 1.4 billion U.S. dollars (approximately RMB 91).

4.7 billion).

  This means that, combined with the healthy market value of Meinian, the total market value of the three listed companies in the private medical examination industry is close to 100 billion yuan.

So how will the medical examination industry considered to be “low-tech biology” support the market value of 100 billion yuan?

  ”Daily Economic News” reporters dig deep into the financial reports of private health check listed companies.

At the highest level, capital has stirred the “pool water” of the medical examination industry. It can be seen from the overtaking path of Mei Nian Health. Before the acquisition of Ci Ming Ming, Mei Nian Health has always ranked second.

In March 2016, Meinian Health issued the “Plan for Issuing Shares to Purchase Assets and Raising Supporting Funds and Related Party Transactions”, which is planned to be issued in 26.

9.7 billion acquisition of Ciming physical examination 72.

22% equity.  Although the scale has gone up, for Yu Rong and Mei Nian Health, the true itself is not the Aikang Guobin, but a public hospital that replaces the high point of the industry.

Industry data shows that the market share of Meinian Health in the professional medical examination field is about 20%, and the market share of the top three chain medical examination institutions in the industry accounts for about 5% of the entire medical examination market.

In a limited market, each has been eating out at low levels of internal consumption and price wars.

  Relevant persons from Meinian Health responded to the reporter of the Daily Economic News. In 2015, the domestic medical examination industry was a relatively fragmented market environment, with public hospital medical examination institutions as the mainstay and third-party professional medical examination institutions as the supplementary market environment.

The physical examination market is dominated by group inspection services in first- and second-tier cities, and fierce competition in the industry has led to low gross profit margins.

  According to the 2017 annual report, the gross profit margin of the physical examination service for the core business of Midea Health was 46.

61%, an increase of 1 over the previous year.

42 averages.

Among them, Ciming Medical Examination achieved net profit in 20171.

The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses is 1.

US $ 64.8 billion, slightly higher than the performance commitment1.

62.5 billion.

  It is understood that Meinian Health is still mainly based on group inspections. In 2017, the ratio of group inspections to individual inspections was 7: 3, and the average unit price increased by 10%.

A reporter from “Daily Economic News” compares the medical examination service prices of Meinian Health with the large public hospitals in Guangzhou. Taking a hospital in Haizhu District of Guangzhou as an example, a package of 17 medical examinations including blood tests, liver and kidney functions, and electrocardiogramsThe price is 585 yuan. The starting price of a physical examination package for a top three hospital in Yuexiu District is 750 yuan.

The special price of Meinian Health’s ordinary package is 289 yuan, and most of them are under 1,000 yuan.

  Zhang Ligang has publicly stated that the capital bubble caused false prosperity in the medical industry, in fact the medical examination industry is already full of crisis.”The development, transition, high-end and diversification will be the development trend of health examination.”

  The person in charge of the medical examination department of a tertiary hospital in Guangdong told reporters that at this stage, private medical examinations have obvious competitiveness in corporate groups.Explore and fund.