First, MNH is the absolute leader in the physical examination industry, MNH has 633 physical examination centers, the second place Aikang Guobin only more than 120, the third Hong Kong-listed called Ruizi medical only more than 40. The second one is that MNH is not an asset-light model but an asset-heavy one, and the long-term purchase of a large amount of medical equipment creates barriers to entry for late entrants The vast majority of medical checkup organizations are relatively light on assets. The majority of medical checkups are asset-light, and they follow the model of soliciting customers for public hospitals. Through the group purchase form to form the price difference, they earn the money of the price difference, is the residual value brought by the sales. They don't have their own medical checkup centers, so it's an asset-light model. However, MNH has its own physical examination center, which is a heavy asset model The third advantage is that the major shareholder of MNH has multiple business lines such as Internet healthcare, medical and aesthetic care, and dentistry. If his physical examination business is doing well, it can be empowered through other industries. It is also possible to empower other fields through physical examination and inject these assets into the listed company.
Second, the stock pledge rate is very, very high, about 80%. It is mainly because the industrial layout of the major shareholders is too wide. The second point, part of the disease detection does not come out of the situation, mainly because the group inspection customers are very much, individual inspection customers are less, so do not pay attention to the quality, the group inspection customers also lead to its sales expense ratio is very, very high. The third point, the four brands within the company there is a price war