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IPO申购指南:智云健康(9955.HK)

IPO Purchase Guide: Zhiyun Health (9955.HK)

國元國際 ·  Jun 23, 2022 00:00  · Researches

Purchase suggestions:

The company provides medical supplies and SaaS products for hospitals and pharmacies, digital marketing services for pharmaceutical companies, online consultation and prescription for patients, all around chronic disease management. It is expected to lead China's digital chronic disease management market by providing solutions for all major players in the medical value chain, including hospitals, pharmacies, pharmaceutical companies, patients and doctors. China has the largest group of chronic patients in the world, and medical expenditure for chronic diseases accounts for a large proportion of the overall medical expenditure. According to Frost Sullivan, Chinese patients spent about 4.1 trillion yuan on chronic disease management in the past 20 years. The market size of China's digital chronic disease management market has increased from 57.8 billion yuan in 16 years to 176.1 billion yuan in 20 years, with a compound annual growth rate of 32.1 percent. It is expected to further grow to 800.1 billion yuan in 25 years and 1.8085 trillion yuan in 30 years, with a compound annual growth rate of 35.4 percent in 20-25 years and 17.7 percent in 25-30 years. Chronically ill patients usually need continuous medical care and roughly the same prescription, as well as in-hospital and out-of-hospital services, while according to Frost Sullivan, medical services in China are still mainly concentrated in public hospitals. Based on the number of SaaS deployments in Chinese hospitals and pharmacies by the end of 21 and the number of online prescriptions opened through services by the end of 21, the company is the largest digital chronic disease management solution provider in China, providing in-hospital solutions, drugstore solutions and personal chronic disease management solutions, covering the whole life cycle of digital chronic disease management in and out of hospital. Among them, hospital solutions include the sale of medical devices, consumables and drugs, hospital SaaS and digital marketing services for pharmaceutical companies, mainly selling medical devices and consumables to meet the needs of the hospital for chronic disease management, hospital SaaS products improve the efficiency and effectiveness of hospital chronic disease management, generally adopt the subscription fee model, with an annual fee of RMB 250000 as the basic package. In 21 years, the number of hospitals purchasing hospital supplies directly or indirectly from the company reached 2101. Using the hospital network, the company also provides digital marketing services to pharmaceutical companies, mainly for drugs related to chronic disease management, achieving rapid growth, which has a relatively high gross profit margin. Drugstore solutions include the sale of medical devices, consumables, pharmaceuticals and other types of goods, as well as drugstore SaaS, medical supplies sold to pharmacies are mainly related to chronic disease management, while drugstore SaaS products give pharmacies the ability to prescribe and dispense medicines online, with 683 drugstore supplies trading customers in 21 years. The personal chronic disease management solution connects doctors with patients to provide out-of-hospital consultation and prescription for chronic disease management. the price of high-end members is 68 yuan and 599 yuan per year. The source of revenue from the purchase of the Company includes product income and service income, mainly through the sale of hospital and drugstore supplies and personal chronic disease management products, as well as through the provision of digital marketing, SaaS and other services. According to Frost Sullivan, about 153 million prescriptions were issued through company services in 21 years, and more than 94000 registered doctors in licensed Internet hospitals received responses from the platform within 180 seconds.

From 1919 to 21, the company realized operating income of 524 million yuan, 839 million yuan and 1.757 billion yuan respectively, losses of 56000 yuan, 2.897 billion yuan and 4.153 billion yuan respectively, and sales expenses of 149 million yuan, 626 million yuan and 787 million yuan respectively.

After listing, the company is expected to have a market capitalization of HK $17.905 billion, and the company has been focused on serving the clinical needs of hospitals for chronic disease management. compared with obtaining users through mass marketing, the hospital priority method enables the company to build trust with individual users with precise needs, so as to achieve higher customer acquisition efficiency, it is recommended to apply carefully.

The translation is provided by third-party software.


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