Another heavyweight of the Great Health Track is about to land on the Hong Kong Stock Exchange.
165438+1October 27th, according to 36Kr's understanding, JD Health (066 18) issued shares on the first day of165438+1October 26th, and the subscription response was enthusiastic. By 4: 57 pm on the 27th, JD Health had recorded a "winning exhibition" of HK$ 96.752 billion. It is reported that JD Health plans to issue 380 million new shares at a price of HK$ 6.280-70.58, with a financing of HK$ 24 billion-27 billion and a valuation of US$ 25.3-28.5 billion.
The year 2020 can be called "JD". This is unique to JD.COM Group. First, Dada Group was sent to Nasdaq for successful listing, then JD.COM Group went to Hong Kong for secondary listing, and then JD.COM Digital Branch and JD Health successively entered the listing procedure.
As a new player who just entered the big health track two years ago, JD Health came from behind, surpassed the listed Ping An Good Doctor, and played against Ali Health, a subsidiary of Ali Department. The net profit has surpassed Ali Health from the profit point of view. However, through the prospectus, we also found some doubts. Strong dependence on the related party JD.COM Group, can JD Health really operate independently after listing? Whether the financial data before listing can truly reflect the company's situation.
How does the net profit exceed Ali Health?
In terms of actual operation time, in February 20 14, Medical Health began to operate as an independent business project in JD.COM and was established in the same year as Ali Health. 2065438+In March 2008, JD Health obtained the license of Internet Hospital and officially entered the track of Internet medical treatment. At that time, Ping An Good Doctor and Ali Health were mature products that had been in operation for several years.
However, even though it is nominally "Internet medical care", from the perspective of revenue ratio, JD Health and Ali Health are still not separated from the pattern of "medical e-commerce". In other words, this is the reappearance of two traditional e-commerce models in the medical field. Whether it is the traditional medical system in the past or the internet medical care today, its initial development is based on drug retail, and it is difficult to completely eradicate the model of "supporting medicine with medicine".
As far as the current situation is concerned, the income of retail pharmacies is still the largest proportion of digital health, and it is predicted that this model will continue for a long time. This can also be seen in JD Health, whose nearly 500-page prospectus is full of words related to the "big health" industry, but subdividing its business structure, JD Health is currently mainly engaged in medical e-commerce.
Judging from the income of medical e-commerce, Ali's health sales revenue was 7.66 billion yuan, accounting for 79.8% of the total revenue. If you add 12.2% of the medical e-commerce platform, it will even account for 97% of the total revenue; JD Health's drug revenue is 9.43 billion, accounting for 87%, which makes people doubt. Can a single drug retail stand the big shelf of "great health"?
Judging from the performance data in recent years, JD Health undoubtedly shows better growth. According to the information in the prospectus, according to non-international financial reporting standards, the company's net profit from 20 17 to the first half of 2020 was 209 million yuan, 248 million yuan, 344 million yuan and 37 10 million yuan respectively. Among them, in the first three quarters of 2020, the total revenue of JD Health was 654.38+0.32 billion yuan.
Compared with peers, Ali Health's revenue in fiscal year 2020 (20 1, April 2009-March 2020 3 1) was 9.6 billion yuan, and its after-tax profit loss was156.96 million yuan. Dr. Ping An earned 5.065 billion yuan in 20 19 and lost 734 million yuan in profit after tax. JD Health is not only superior to its peers, but also in a state of sustained profitability.
In addition, as far as the business model is concerned, it is actually similar. To sum up, they are all B2b+B2C+ online to offline-the main business includes registered appointment, online consultation, drug retail, consumer medical care and Internet construction. Although their business models are different, they can be divided into retail pharmacy business and online medical and health service business.
However, in terms of business distribution, JD.COM is more comprehensive than Ali Health Doctor and Ping An Hao, and has unique businesses such as Chinese herbal pieces supply chain, drug cold chain and drug/non-drug wholesale. Finally, from the performance point of view, the reason why JD.COM leads Ali in health and continues to make profits is related to the layout strategy of its business.
Is JD.COM Pharmacy a Killer?
Drugs are different from ordinary commodity e-commerce. First, the demand for drugs is generally in a state of emergency, so it requires high timeliness; Second, there are also considerable requirements for the quality of drugs. These two conditions require drug e-commerce not only to ensure the quality of drugs, but also to have a mature supply chain to ensure the timeliness of logistics. With the self-operated business of leading peers, JD.COM has also performed well in the field of drug e-commerce.
However, if it is only medical e-commerce, Ali Health Medical E-commerce accounts for a larger proportion, accounting for 96.96%, and the self-operated part of medicine is as high as 84.76%. However, the income of Ali's health medicine e-commerce business is still at a loss. The reason is that JD Health relies on the closed loop of "medicine+medicine" to improve the efficiency of e-commerce by accurately matching the demand for drugs, and finally realize the collaborative integration of online medical services and retail pharmacy business.
In JD. COM, the company purchases medicines and health products from suppliers and sells them directly to users after quality control, which belongs to B2C mode. JD Health's self-operated business is mainly carried out through JD.COM Pharmacy, which can be directly through the window of JD Health APP, a "JD.COM COM Pharmacy".
In addition, not only online retail, JD.COM also directly operates some offline pharmacies, and directly sells this stock to users. At the same time, relying on the powerful Jingdong Logistics, JD Health has more than 1 1 large specialized warehouses for storing prescription drugs and non-prescription drugs, and more than 230 warehouses for storing non-pharmaceutical health care products, and cooperates with third-party express delivery manufacturers such as Jingdong Express to distribute drugs. Through the combination of independent operation, online platform and omni-channel layout, JD.COM can realize benign complementarity and meet the urgent needs of customers.
In the end, with the unique experience of self-operated e-commerce, JD Health has achieved a "rise in quantity and price" in the number of users and the repurchase rate of users. However, as the main driving force for the revenue growth of retail pharmacies, the number of annual active users also showed a downward trend.
According to the prospectus, from 20 17 to 20 19, the annual active users in JD Health were 43.9 million, 50.5 million and 56.2 million respectively, and the growth rate decreased from 15.03% in 20 19 to 1658.
In fact, Ali Health and JD Health have the same drawback, that is, they cannot be completely independent of their mothers. According to the prospectus, it is estimated that the transaction amount charged by JD Health to the Group will increase from 65.438+39 billion yuan in 2065.438+09 to 65.438+25 billion yuan in 2022.
JD Health said in the prospectus that JD.COM Group owns more than 30% of the voting rights of the company, and if it encounters the problem of potential interest inconsistency in the future, the company's solution may not be as favorable as when dealing with non-controlling shareholders.
Thus, the influence of JD.COM Group on JD Health is far-reaching.
Internet medical care is still in its infancy.
By definition, Internet medical treatment, that is, online medical treatment, is an online medical service with the Internet as the carrier and technical means. However, at the current level of technology, major Internet vendors have only realized the information interaction such as online registration, medical information inquiry, electronic files, online consultation, electronic prescription and remote consultation. Internet medical care in a broad sense covers the whole chain of the medical industry, involving medical care, medicine, medical insurance and other links.
That is to say, if the whole medical process is to be Internet-based, all major manufacturers are now transferring the offline information interaction to online-besides Ali, JD.COM and Ping An, Tencent has also set foot in medical care by investing 20 14. Baidu also set up a medical division a long time ago, and then vigorously developed medical AI, but it was only scratching, and the degree was far from enough. This has also led to the fact that although the services of various families seem to be varied, they are actually highly homogeneous. The difference between different manufacturers is only the difference between efficiency and quality, and the service only stays in the circulation fields such as information exchange and drug e-commerce.
Even in the initial stage of drug e-commerce, its penetration rate is far from enough. According to Bigdata data, in 20 19, the online sales of domestic drugs was 125 1 100 million yuan, with a year-on-year growth rate of 36%, while the domestic pharmaceutical terminal market reached1795.5 billion yuan, with a very low online penetration rate of only 7%. In other words, the development of drug e-commerce is still in its infancy.
In addition, in terms of gross profit margin, there is not much difference between medical e-commerce and offline retail pharmacies. According to the data of the Ministry of Commerce, in 20 19, the gross profit margin of the top pharmaceutical retailers in China 100 was 27.5% and the net profit margin was 4%. JD Health and Ali are similar in health, both of which are slightly better than offline small and medium-sized pharmacies.
Therefore, there is still no obvious gap between medical e-commerce and offline drug retail. In other words, online medical care does not have a revolutionary substitution effect similar to that of e-commerce on offline channels.
In addition, as far as the underlying logic is concerned, the existence of Internet medical care actually makes use of the efficiency of the Internet to maximize the effectiveness of limited medical resources, but in contrast, the development of online medical resources will also crowd out the already scarce medical resources, leading to fierce competition, which is no small challenge for online medical manufacturers including JD Health.
At the current stage of development, the online medical market is still in the introduction period, and the major platforms are in the stage of burning money to attract customers, still focusing on cultivating user habits. And because of the particularity of medicine, we can't over-publicize it.
For Internet medical enterprises, once they cross the breakeven point, their performance growth will be quite stable. At present, JD Health is at the head of the track and has the first-Mover advantage. JD。 The advantages of COM in the field of internet medical care will be further expanded after rushing to the Hong Kong Stock Exchange.