After the Spring Festival, the medical beauty industry mergers and acquisitions accelerated, listed companies to expand the map action frequently. the evening of February 21, Hao Hai Shengke announced that it intends to *** total investment of 205 million yuan to obtain the beauty field enterprise Ouhua Meco 63.64% equity. No coincidence, the veteran pharmaceutical company Kangzhe Pharmaceuticals also through the acquisition of skin line company Lukai into the medical beauty track, East China Pharmaceuticals smashed 600 million acquisition of foreign medical beauty company, Lanzi shares proposed 125 million to set up a medical beauty equity mergers and acquisitions fund, Huaxi Biological is through the layout of the hyaluronic acid food field, and continue to expand the map of the medical beauty.
Medical beauty track gale blowing up, into February, medical beauty concept index all the way up. As of the close of business on February 22, medical beauty stocks continue to strengthen, as of the close of business on that day, Hao Hai Biotechnology, Longzi shares, East China Hospital, Aoyang Health and other 14 enterprises rose. However, unlike the secondary market, the performance of medical terminals and upstream enterprises is very different.
Cross-border layout of the medical beauty of the integration of the integration of the problem
With the value of the economy on the wind, the medical industry has become a variety of capital pursuit of the "new favorite". Both East China Pharmaceutical, Kangzhe Pharmaceuticals and other veteran pharmaceutical companies to enter the medical track, but also attracted women's clothing brand Lancel shares, new materials enterprises Aoyuan Meigu, real estate industry Suning Global and other cross-border entry, perhaps in order to overtake the occupation of China's medical beauty market.
Specifically, East China Pharmaceutical announced on the evening of February 17, the company to 65 million euros consideration for the acquisition of a Spanish medical aesthetic device research and development company. The veteran pharmaceutical company Kangzhe Pharmaceuticals involved in the field of medical aesthetics, before the Spring Festival announced that its subsidiaries wholly owned the acquisition of a skin line professional company Luqa Ventures Co.
In addition, focusing on women's clothing, Lanzi shares also increase the layout of the medical field, the company recently signed a partnership agreement with the shareholding company, Beijing Lanzi Hanya Asset Management Co. Bochen VIII Equity Investment Partnership. Lancel said the investment will further accelerate the development of the company's medical beauty business scale.
All kinds of capital on the medical beauty track and the industry's huge market potential is not unrelated. According to the Avery Consulting forecast, China's medical beauty market size is expected to be 197.5 billion yuan in 2020; from the growth rate, China's medical beauty market size growth rate CAGR of 29.8% from 2014-2019, much higher than the global medical beauty market size growth rate of 8.0% during the same period. It is expected that the 2019-2023 growth rate CAGR is 15.19%, and the size of China's medical aesthetic market in 2023 is expected to exceed 300 billion yuan.
While the enterprise is expanding its territory, the company's share price also ushered in a big rise. Entering the Year of the Ox, A-share conversion wind direction, from the pre-holiday scenery of white wine to the medical beauty industry. Especially medical beauty upstream producers love beauty ushered in a big rise, following Guizhou Maotai, stone science and technology after the A shares of the third thousand shares, as of the close of business on February 22, love beauty closed at 1051.47 yuan / shares, the total market value of 126.4 billion yuan. Lanzi shares, Aoyang Health, Aoyuan Meigu, Hao Hai Shengke and other stocks have different degrees of increase.
Tian Yahua further said that China's medical beauty market is developing rapidly, and can be said to have entered the era of universal medical beauty. However, from the brand point of view, is still dominated by Japan and South Korea, the domestic formation of the brand is very few companies, compared with the international brand, the brand power is weak, China needs to cultivate more international brand enterprises. From the industry chain point of view, the upstream enterprises are still in the incremental market, the future will also attract a large number of enterprises through mergers and acquisitions of cross-border entry.
However, the medical beauty of this "cake" is getting bigger and bigger, but at the same time want to share this "cake" more and more people, for the cross-border enterprises, the line is like a mountain, the follow-up in the research and development, production, sales and other aspects of the integration will be an important issue for enterprises. Will be an important issue facing the enterprise. The announcement of the East China Pharmaceutical shows that once the later integration with the acquisition of the company there are differences, will affect the East China Pharmaceutical the entire listed company's operating results.
High customer acquisition costs, the middle and lower reaches of the market into vicious competition
The medical beauty has been recognized as a "profiteering" industry, especially the upstream enterprises are usually very high gross profit margins, and even higher than the public known as Guizhou Moutai. For example, hyaluronic acid producer Aimer's consolidated gross profit margin in 2019 was 92.63%.
As the supply of medicines and devices is the highest value-added segment, the upstream manufacturers with licenses have formed their own core barriers, but the medical beauty institutions in the middle and lower reaches are having a hard time, and most of them are still in the red due to the extreme fragmentation of the market for medical beauty services and the low level of industry concentration.
The research report of Guoxin Securities pointed out that medical beauty hospitals rely heavily on marketing, the average "customer" cost of more than 6,000 yuan / person, which directly leads to the medical beauty industry, high gross profit and low net profit.
This point of view is also recognized by the chairman of the board of directors of Lancel, Shen Dongri. According to him, China's medical beauty market value distribution percentage, marketing channels accounted for 40%-50%, the cost of goods sold accounted for 20%, surgical supplies and operating costs accounted for 10% each, the doctor's share and clinic profits 5% each. Beijing marketing as a sample to see, its search bidding 20 yuan / click, according to 10,000 search clicks per day, a medical beauty organization in January total marketing costs of 7.5 million yuan, a month of search bidding fees accounted for 6 million yuan.
At the same time, the influx of a large number of informal medical beauty organizations, further leading to vicious competition in the industry. According to Avery Consulting's 2020 China Medical Beauty Industry Insight White Paper, the number of legal institutions with medical beauty qualifications in 2019 is about 13,000, the number of non-compliant medical beauty institutions operating in excess of the scope of business is about 2,000, and the number of illegally operating medical beauty institutions is about 80,000, and the institutions that legally and compliantly carry out medical beauty programs account for only 12% of the industry.
There is also the view that, for the medical beauty industry is still in the growth period, the upstream manufacturers rely on their core technologies and licenses to establish core barriers, the middle and lower reaches of the organization is still in the stage of barbaric growth, low concentration and fierce competition, with the tightening of regulatory policy, consumer awareness of safety, small and medium-sized medical beauty institutions will face elimination.
Medical accidents are frequent and regulation needs to be strengthened
In the face of the huge temptation of profit, the medical beauty institutions are mixed, resulting in frequent medical accidents, while exposing the price confusion, irregularities in the practice of physicians, the medical beauty staging set of loans, and so many other problems.
Zhang Zihan, a 20-year-old girl from Hangzhou, suffered a medical accident. She did liposuction and thread sculpture in a private medical institution in Hangzhou last year, and because of the physician's inappropriate way of burying the thread, after the operation, it caused her zygomatic bone to bulge and bulge obviously, and the middle face became wider, and the whole face looked very strange and incongruous.
Zhang Zihan is not an isolated case, tens of thousands of people are disfigured every year due to various accidents. According to the "2020 China Medical Beauty Industry Insight White Paper" data, the average annual number of people disabled and killed by black medical beauty is about 100,000 people, with illegal injections accounting for 66.7% of the total, the number of illegal practitioners exceeding 100,000 people, and more than 80,000 life beauty stores illegally carrying out medical beauty programs.
The data from the professional version of Tianyecha shows that of the 35,000 medical beauty-related enterprises in China, more than 3,600 have been subjected to administrative penalties, of which 30% of the enterprises have received three or more administrative penalties. Specifically, in the medical beauty-related enterprises over 6200 administrative penalties, nearly 2,000 involved in the "release of false advertising, false propaganda" and other related content, and there are more than 200 penalties related to "diagnostic and treatment activities beyond the scope of the registration", more than 140 involved "the use of non-health technicians to engage in medical and health technology work".
Tian Yahua pointed out that at present, in addition to doctors and nurses, most of the medical practitioners belong to the three non-professional, including consulting, marketing, service, etc., outside the scope of the national control, there is a "standard of technical quality, service behavior is not standardized, vocational skills, no grade" and other issues.
In Tian Yahua's opinion, the cause of the terminal medical beauty industry has many problems due to the lack of professionals, industry standards lagging behind, regulatory measures can not be followed up in a timely manner. He suggested that the professionals are not professional, through the standardization of training and licensing, the industry and the relevant departments to promote the legalization of professional positions, the development of national standards for professional skills in the medical aesthetic industry, to carry out research on medical aesthetics discipline, the publication of relevant teaching materials, through the way of education and training to gradually realize the practitioners to comply with the legitimacy of the way.
Shi Lichen pointed out that the development of the domestic medical beauty industry is still a long way to go. In the face of the chaos of the medical beauty industry, the healthy development of the industry can not be separated from the effective governance and rectification, the operation of the management system is perfect, medical qualification is higher, more medical personnel of the medical beauty organization, may be in the future to get better development.