On September 27th, JD Health Co., Ltd. (hereinafter referred to as "JD Health") officially disclosed the prospectus, with Bank of America Merrill Lynch, haitong international, UBS and Huaxing Capital as financial advisors.
According to the data of China Internet Medical Annual Analysis 2020 released by Analysys in June, the mobile medical market in China was 20 133688, with a year-on-year increase of 35.6%. Affected by the epidemic in 2020, the market scale is expected to reach 200 billion, and the market growth will reach 46.7%, which is the highest growth rate since 20 15.
Under the influence of the industry, JD Health surfaced.
The layout of JD Health begins with medical e-commerce-at the beginning of 2065438+03, JD.COM launched the retail business of health products for the first time. 20 14 February, JD.COM. COM's medical and health business began to operate as an independent business project of JD.COM Group. 20 16, JD.COM Pharmacy was launched, and JD.COM officially entered the field of pharmaceutical e-commerce. Then, fully deploy Internet medical care, smart services and other fields. 20 18 1 1 JD Health was established and separated from the business of JD.COM group.
According to the prospectus, JD Health is a pioneer in leading the supply chain reform of medicine and health products in China. Through the combination of self-management, online platform and omni-channel layout, JD Health provides users with a one-stop experience of "people in goods, anytime and anywhere". JD Health is committed to building a health management platform with the supply of medical and health products as the core, medical services as the starting point, and users' whole life cycle and full scene driven by digitalization. In 20 17 years, 20 18 years and 20 19 years, and in the twelve months ending June 30, 2020, there were 43.9 million, 50.5 million, 56 1 and 72.5 million active users respectively.
According to Jost Sullivan's report, JD Health is the largest online medical health platform and the largest online retail pharmacy in China based on 20 19 revenue. By June 30th, 2020, more than 654.38 billion users have used JD Health's platform to purchase medical and health care products or medical and health services.
In 20 17, 20 18, 20 19 and the first half of 2020, the total revenue of JD.COM group was 5.6 billion yuan, 8.2 billion yuan,/kloc-0.08 billion yuan and 8.8 billion yuan respectively, and the adjusted profits in the same period were 209.0 million yuan and 248.4 million yuan respectively.
It is worth mentioning that the revenue in the first half of 20 19 was 5 billion yuan, which increased by 76% in the first half of 2020. During the epidemic period, hospitals are the places where viruses gather the most, and customers' medical habits have changed greatly, and online drug purchase began to spread rapidly. According to Xin Lijun, CEO of JD Health, the epidemic has shortened the market education time of online diagnosis and treatment by 5- 10 years.
JD Health's income mainly comes from two parts: retail pharmacies and online medical and health services.
At present, the retail pharmacy business is relatively mature, and most of JD Health's current income comes from selling drugs and health care products through its own business. 20 17, 20 18, 20 19 and the six months ending June 30, 2020, the product sales accounted for 88.4%, 88.8%, 87.0% and 87.6% of the total revenue respectively.
1. Retail pharmacy business has three modes: self-operated, online platform and omni-channel layout.
Under the self-operated mode, medical and health care products are purchased from suppliers and then sold directly to users, mainly to earn product sales income. Self-operated business, through JD.COM pharmacy. As of June 30, 2020, JD Health cooperated with JD.COM Group to utilize its nationwide distribution infrastructure network, including 1 1 drug warehouse and more than 230 other warehouses.
As for the online platform, the online platform introduces chain stores and independent pharmacies, as well as manufacturers and suppliers of drugs and health care products, allowing them to sell drugs and health care products through the platform, and collect commissions and platform use fees according to the terms of contracts signed separately with third-party merchants. By June 30, 2020, there were more than 9,000 third-party merchants on online platforms.
The omni-channel layout is the delivery service in the same city, which meets the users' emergency drug demand and provides users with the same-day delivery, next-day delivery, 30-minute delivery and 7*24 fast delivery services as needed. By June 30th, 2020, JD Health's omni-channel layout has covered more than 200 cities.
2. Online medical and health services
Online medical and health services include Internet hospitals and consumer medical and health services:
Internet hospitals mainly charge doctors according to the fees charged by doctors. It is one of the first online platforms in China to obtain the practice license of medical institutions. In August 2020, JD Health launched JD. COM family doctor brand family doctor service, providing various family-oriented health management combinations. In the first half of 2020, the daily average online consultation volume in JD Health reached about 90,000 person-times, nearly six times that of the same period in 20 19.
Consumer medical and health services, users can make an appointment on the platform and pay for consumer medical and health services provided by offline medical institutions, including general physical examination, medical beauty, dentistry, vaccine appointment, genetic testing, etc.
From the earliest medical e-commerce to Internet hospitals, the format of JD Health has been continuously upgraded and improved. And JD Health's to B business has been quietly expanding. The third-party wholesale platform "Yaojingcai" was launched on March 20 17, connecting upstream pharmaceutical companies, pharmaceutical companies, health care products suppliers, distributors and downstream pharmacies.
Open up the linkage between medicine and medicine to realize closed loop
The aging population, the rise of chronic diseases and the improvement of health awareness all indicate that the people's health needs are increasing. The medical and health market full of opportunities has always been the focus of Internet giants. With the continuous advancement of medical reform policies such as the liberalization of online sales of prescription drugs and the formal inclusion of Internet medical services in the scope of medical insurance reimbursement in recent years, the outside world is also full of expectations for Internet medical care. It was once thought that Internet medical service would be an important force to solve the medical system problems in China.
Panorama of Internet medical track involves all major links before, during and after diagnosis. Typical scenarios include: light consultation, online appointment and registration, online consultation, online drug purchase, health management, etc. For the exploration of Internet medical care, the strategy of * * * is to open up the links of "medicine", "medicine" and "health" and form a closed loop of one-stop medical and health services.
BAT has been working hard in the medical field for a long time, and each has already formed its own layout logic. Taking e-commerce gene as the starting point, JD Health reconstructs the doctor-patient business model in the field of big health.
According to the prospectus, JD Health has achieved "drug-drug linkage" and built a closed-loop system through retail pharmacy business and online medical and health services. Buyers of retail pharmacies are also potential users of high-quality medical and health services, and medical and health service users have become an important flow of feedback to retail pharmacies and other consumer medical and health services.
JD Health retail pharmacy business and online medical and health services complement each other, forming a collaborative closed loop in the medical and health value chain. The retail pharmacy business leads the user group to the medical and health services in JD Health for online consultation and prescription update. By providing services such as chronic disease management and family doctors, coupled with high-quality services and brand recognition, online medical and health services redirect user traffic to retail pharmacy business and purchase other health products, such as supplements and medical equipment. The two businesses promote each other to form a virtuous circle and a healthy ecosystem.
Bat giants get together to grab food.
According to the forecast of the National Health Planning Commission, the scale of China's health industry will be significantly expanded by 2030, and the total scale of health service industry will reach 16 trillion yuan. In this trillion-dollar market, the three members of BAT have laid out the Internet medical market in unison:
Ali Health, owned by Ali, currently has a market value of HK$ 249.3 billion;
Although the micro-medicine invested by Tencent has not yet been listed, it also sets the valuation target as $6543.8+$00 billion;
Dr. Chun Yu, who has been deeply involved in the industry for a long time, has also recently received investment from sogou;
Dr. Ping An, a subsidiary of Ping An Group, a financial technology giant other than the Internet giant, landed in Hong Kong stocks in 20 18, and its current market value also exceeds11400 million Hong Kong dollars.
Despite the promotion of industry giants and crowded track, there is no absolute winner yet. As the "first share of Internet medical care", Ping An Good Doctor has accumulated losses of nearly 4 billion yuan in five years; Dr. Chun Yu is one of the first doctors to explore online medical care, but he has not realized his vision of going public.
Because it also has great advantages in e-commerce platform, the company that is easiest to compare with JD Health is Ali Health. From the data point of view, Ali Health has an absolute advantage in the number of annual active users, while JD Health has a bright performance in net profit.
hunting cloud network
Although the Internet medical care has a bright future, it is undeniable that the Internet medical care market is still in the incubation period. JD Health, born with a golden key, is the fastest growing and youngest unicorn company under JD.COM, and its growth rate can even rank among the top in the world. If JD Health's idea of recreating a JD.COM is realized, its future will be limitless.
Or it will become the fourth listed company of Liu Zai.
A year ago, JD Health was formally split from JD.COM Group, and it received over $654.38 billion in financing during the split. Investors include well-known investment institutions such as CPE China Fund and CICC Capital. 2019165438+1October 15. JD.COM group disclosed the post-investment valuation of JD Health's series a financing of about USD 7 billion.
On August 17, 2020, JD.COM revealed in the semi-annual report of 2020 that JD Health and Gaoyao Capital signed a final agreement on the financing of JD Health series B irrevocable preferred shares. Gaoyan Capital expects to invest more than US$ 830 million, and JD Health's post-investment valuation will reach US$ 30 billion. In other words, in just over a year, JD Health's valuation soared by $23 billion, setting a new record of "unicorn with the fastest growth in valuation".
At the beginning of August this year, JD Health became the "youngest unicorn" on the Hurun Global Unicorn List in 2020. In the future, JD Health will cooperate with JD.com and JD.com Logistics Group to develop the retail business of JD.COM Mall.
At present, JD.COM Group is the controlling shareholder of JD Health, and indirectly holds 2,000149,253,732 shares through its wholly-owned subsidiary JD Health, accounting for about 8 1.04% of the total issued share capital of JD Health. In addition, Gaoling Capital holds 4.49% of the shares through SUM XI Holdings Limited, and China International Capital Corporation controls CICC Electronic Health Care Investment Limited, holding 2.37% of the shares.
It is worth mentioning that once the listing is completed, JD Health will become Liu's fourth IPO-another listed company after Dada and the upcoming IPO.
In June this year, Liu won the IPO twice. First, Dada Group landed on NASDAQ, and JD.COM Group, as the largest shareholder of Dada Group, held 47.4% of the shares. Subsequently, JD.COM Group completed its second listing and landed on the Hong Kong Stock Exchange, with a market value of nearly HK$ 900 billion. According to the prospectus, Liu holds 65,438+04.7% of the shares and has 78.4% of the voting rights.
Besides, JD. COM unicorn Jingdong Logistics and JD.COM industrial products will have the ability of independent IPO in the future. On April 24th this year, JD.COM Industrial Products signed a series A financing agreement of US$ 230 million, which was led by GGV ggv Capital, followed by many investment institutions such as Sequoia Capital China and CPE. After the investment, the valuation exceeded 2 billion US dollars, making it the highest-valued company in the field of industrial products.
Now, JD.com just submitted its prospectus this month, followed by JD Health. Liu directly holds 8.86% of the shares, and the other three companies indirectly hold 50.35% of the shares.
With the unicorns hatched in JD.COM coming on the market one after another, in the past two years, the "East Brother" who has faded out of public view has become an IPO harvester. With the IPO of JD Health, Jingdong Logistics and JD.COM Industrial Products, the wealth of "East Brother" will usher in a triple jump.