After Jingdong Digital Technology, Jingdong may usher in the second listed unicorn.
On September 27, Jingdong Health Co., Ltd (hereinafter referred to as "Jingdong Health") formally disclosed the prospectus, the joint sponsor is Bank of America Merrill Lynch, Haitong International, UBS, and China Renaissance as financial advisor.
Analysys Yiwang released in June, "China's Internet health care annual analysis 2020" of the data shows that in 2019 China's mobile health care market size of 133.688 billion yuan, and 2018 compared with the chain growth of 35.6%. 2020 by the impact of the epidemic, the market size will be expected to reach 200 billion, the market growth reached 46.7%, the highest growth rate since 2015.
Under the wind mouth of the industry, Jingdong Health surfaced.
Jingdong health layout started in the earliest pharmaceutical e-commerce - in early 2013, Jingdong for the first time to carry out the health care retail business, since February 2014, Jingdong's health care business began to operate as an independent business project of Jingdong Group, in 2016, Jingdong Pharmacy on-line, Jingdong formally entered the medical The field of e-commerce, followed by a comprehensive force, the layout of Internet health care, intelligent services and other fields, in December 2017, Jingdong Health launched an online medical consultation service. in November 2018 Jingdong Health was established and separated from the business of Jingdong Group.
The prospectus said that Jingdong Health is a pioneer in leading the transformation of China's pharmaceutical and health product supply chain. Through a combination of self-supporting, online platforms and omni-channel layout, BOE Health provides users with a one-stop-shopping experience that allows them to purchase goods anytime, anywhere.
Jingdong Health is committed to building a digitally-driven health management platform for the entire lifecycle of users, with the supply of pharmaceuticals and health products as the core and medical services as the gripping hand. It has 43.9 million, 50.5 million, 56.1 million and 72.5 million annual active users in 2017, 2018 and 2019 and the twelve months ended June 30, 2020, respectively.
According to Frost & Sullivan, Jingdong Health is the largest online medical and healthcare platform and the largest online retail pharmacy in China by 2019 revenue. As of June 30, 2020,*** more than 150 million users have used Jingdong Health's platform to purchase pharmaceutical and health products or healthcare services.
In 2017, 2018, 2019 and the first half of 2020, Jingdong Group had total revenues of RMB5.6 billion, RMB8.2 billion, RMB10.8 billion, RMB8.8 billion, and adjusted earnings for the same periods of RMB209.0 million, RMB248.4 million and RMB344.0 million and RMB371.0 million, with gross profit margins of 24.9%, 24.2%, 25.9% and 25.3%, respectively.
It is worth mentioning that revenue in the first half of 2019 was 5 billion yuan, and in the first half of 2020, a year-on-year increase of 76%, as the hospital is the most aggregated place of the virus during the epidemic, the user side of the medical habits of the user side of the major changes, online drug purchases began to rapidly popularize the evaluation of the CEO of Jingdong Health, Xin Lijun - Epidemic The market education time for online medical treatment has been shortened by 5-10 years.
Jingdong Health revenue mainly from two parts: one is the retail pharmacy, the second is the online medical health services.
The more mature one is the retail pharmacy business, and Jingdong Health currently derives most of its revenue from the sale of pharmaceutical and health products through its own business. For 2017, 2018, 2019 and the six months ended June 30, 2020, product sales accounted for 88.4%, 88.8%, 87.0% and 87.6% of total revenue, respectively.
1. The retail pharmacy business operates in three modes: self-operated, online platform and omni-channel layout.
Under the self-operated model, pharmaceutical and health products are procured from suppliers and sold directly to users, from which revenue from product sales is mainly earned. Self-operated business, through Jingdong Pharmacy. As of June 30, 2020, Jingdong Health has partnered with Jingdong Group to leverage its nationwide network of distribution infrastructure, including 11 pharmaceutical warehouses and over 230 other warehouses.
For the online platform, the online platform brings in chain stores and independent pharmacies, as well as pharmaceutical and health product manufacturers and suppliers to sell pharmaceutical and health products through the platform, receiving commissions and platform usage fees under the terms of separate contracts with third-party merchants. As of June 30, 2020, the online platform had over 9,000 third-party merchants.
The omni-channel layout is a same-city delivery service that meets users' urgent medication needs and provides same-day, next-day, 30-minute, and 7*24 fast delivery services to users on demand. As of June 30, 2020, Jingdong Health's omni-channel layout covers more than 200 cities.
2, online medical health services
Online medical health services include Internet hospitals, consumer medical health services two parts:
Internet hospitals are mainly based on the fees charged by the doctor to the doctor fees. It is one of the first online platforms in China to obtain a license to practice as a medical institution. in August 2020, Jingdong Health launched a family doctor service under the brand of "Jingdong Family Medicine", which provides a variety of family-oriented health management portfolios. in the first half of 2020, Jingdong Health's average daily online consultation reached approximately 90,000, which is nearly six times more than that of the same period in 2019.
Consumer medical health services, users can book and pay for consumer medical health services provided by offline medical institutions on the platform, with services including full-body medical checkups, medical aesthetics, oral dentistry, vaccine appointments and genetic testing.
From the earliest pharmaceutical e-commerce to the Internet hospital, Jingdong Health's business continues to upgrade and improve. Not only that, Jingdong Health's to B business has also been quietly expanding, the third-party wholesale platform "drug Jingcai" was launched in March 2017, the platform will be the upstream pharmaceutical companies, pharmaceutical companies and health product suppliers and distributors and downstream pharmacy connection.
Opening the medical and pharmaceutical linkage, realizing the closed loop
Population aging, the rise of chronic diseases, and the enhancement of health awareness are all indicating that the national health needs continue to increase, full of opportunities for medical and health care market has always been the focus of the Internet giants of the layout of the race track, accompanied by the lifting of the control on the online sale of prescription drugs in recent years, Internet medical services formally included in the scope of medical insurance reimbursement, and so on. With the deregulation of the online sale of prescription drugs in recent years, Internet medical services formally included in the scope of medical insurance reimbursement and other health care reform policies continue to promote, the outside world is also full of vision for the Internet health care, once thought that the Internet health care will be the solution to the problems of China's health care system is an important force.
The Internet medical track panorama involves pre-diagnosis, diagnosis, diagnosis of the various aspects of the typical scene, including: light consultation, online booking registration, online consultation, online purchase of medicines, health management and so on. For the exploration of Internet healthcare, the strategy of ****tong is to open up the links of "medical", "medicine" and "health" to form a one-stop closed loop of medical and health services.
BAT has been in the medical field for a long time, each of them has long formed their own layout logic, Jingdong Health is the e-commerce gene as a grip, reverse reconstruction of the doctor and patient and the business model of the health field.
The prospectus shows that Jingdong Health has created a closed-loop system by realizing "medical and pharmaceutical linkage" through retail pharmacy business and online medical health services. Buyers of retail pharmacies are also potential users of high-quality medical and health services, and users of medical and health services have become an important traffic flow that feeds back into retail pharmacies and other consumer medical and health services.
Jingdong Health's retail pharmacy business and online healthcare services complement each other, forming a synergistic closed loop in the healthcare value chain. The retail pharmacy business directs the user base to Jingdong Health's medical and healthcare services for online consultations and prescription renewals. By providing services such as chronic disease management and family doctors, coupled with high-quality services and brand recognition, the online medical and healthcare services in turn redirect user traffic to the retail pharmacy business to purchase other healthcare products such as supplements and medical equipment. The two businesses are mutually reinforcing, creating a virtuous cycle and a ****ing ecosystem.
BAT giants pile up to grab food
According to the National Health Planning Commission once expected that by 2030, the scale of China's health industry will expand significantly, and the total scale of health services will reach 16 trillion yuan.
Ali Health, a subsidiary of Ali, has a market value of $249.3 billion;
Tencent has invested in MicroMedicine, which is not yet listed, but has set its valuation target at $10 billion;
And Chunyu, a longtime industry veteran, has recently received an investment from Sogou;
Tencent has invested in a new company, Sogou, which has a market value of $10 billion.
The Ping An Good Doctor of Ping An Group, a financial technology giant outside the Internet giants, landed on the Hong Kong stock market in 2018 and has a market capitalization of more than 114 billion Hong Kong dollars.
Although the industry is crowded with giants, the track is crowded, but there is not yet an absolute winner. As the "first share of Internet health care" Ping An good doctor, five years of accumulated losses of nearly 4 billion yuan; the earliest to explore the route on the medical one of the spring rain doctor, round and round has not yet been able to realize the vision on the listing.
As also in the e-commerce platform has a huge advantage, the most easy to be compared with the Jingdong Health enterprise is Ali Health. In terms of data, Ali Health has an absolute advantage in terms of the number of active users per year, and in terms of net profit, Jingdong Health has performed brilliantly.
Hunt cloud network
Although the prospect of Internet health care is considerable, but it is undeniable that the current Internet health care market is still in the incubation period, born with a golden key Jingdong Health, as Jingdong's fastest-growing and youngest unicorn company, its growth rate can even be placed at the forefront of the world. And Jingdong Health to create a Jingdong idea if realized, then its future will be unlimited.
or will become Liu Qiangdong harvest of the fourth listed company
A year ago, Jingdong Health was officially spun off from the Jingdong Group, split on the occasion of the financing of more than 1 billion U.S. dollars, including CPE China Fund (CPE China Fund) and CICC Capital (CICC Capital) and other well-known investment institutions in the industry. ) and other well-known investment institutions in the industry.On November 15, 2019, Jingdong Group disclosed that the post-investment valuation of Jingdong Health A round of financing was about $7 billion.
On August 17, 2020, the half-year report of Jingdong 2020 disclosed that Jingdong Health signed a definitive agreement with Gao Tail Capital on the financing of Jingdong Health's B round of non-redeemable preferred shares, and Gao Tail Capital is expected to invest more than 830 million U.S. dollars, and the post-investment valuation of Jingdong Health has reached 30 billion U.S. dollars. In other words, in just over a year, Jingdong Health's valuation soared by $23 billion, breaking the record of "the fastest-growing unicorn in terms of valuation".
Earlier this year in August, Jingdong Health appeared on the 2020 Hurun Global Unicorn List, becoming the "youngest unicorn". In the future, Jingdong Health, Jingdong Digital Technology and Jingdong Logistics sub-groups will be three-legged, coordinating the development of Jingdong Mall's retail business.
Currently, BOE Group is the controlling shareholder of BOE Health, indirectly holding an interest in 2,149,253,732 shares through its wholly-owned subsidiary, JD Jiankang, accounting for approximately 81.04% of the total issued share capital of BOE Health. On top of that, High Tide Capital, through SUM XI Holdings Limited, holds 4.49% of the shares, and China International Capital Corporation Limited controls CICC e-Healthcare Investment Limited, which holds 2.37% of the shares.
It's worth noting that once the IPO is completed, Jingdong Health will be the fourth IPO Liu has harvested - following Jingdong, Dada, and the soon-to-be IPO of Jingdong Digital.
In June of this year, Liu Qiangdong has harvested two ipo, first of all, Dada Group landed on the United States Nasdaq, Jingdong Group as the largest shareholder of Dada Group shareholding up to 47.4%. Subsequently, Jingdong Group completed the second listing landing on the Hong Kong Stock Exchange, the market value of nearly 900 billion Hong Kong dollars in Hong Kong. The prospectus shows that Liu Qiangdong holds 14.7% of the shares of Jingdong, with up to 78.4% of the voting rights.
In addition to this, Jingdong's unicorn Jingdong Logistics, Jingdong Industrial Products future have the ability to future independent IPO. On April 24th of this year, Jingdong Industrial Products has signed a $230 million A round of financing agreement, led by GGV Jiyuan Capital, Sequoia Capital China Fund, CPE and a number of other investment institutions to follow the investment, the post-investment valuation of more than 2 billion U.S. dollars, and jumped to become the highest valuation of the company in the field of industrial products.
Now, Jingdong Digital Technology has just submitted a prospectus this month, Jingdong Health also followed by the submission of the prospectus, Liu Qiangdong in the Jingdong Digital Technology direct shareholding of 8.86%, together with the shares indirectly held by the other three companies, a total of 50.35% shareholding.
With the Jingdong incubation of this one after another unicorns have been listed, these two years, faded from the public eye, "Dong", incarnation of the IPO harvester . With the Jingdong Health, Jingdong Logistics, Jingdong Industrial Products have to run to the IPO, "Dong" wealth will usher in a three-stage jump.