With annual revenue exceeding 2 billion dollars, One Health, which started by selling diet pills, sprinted into the Hong Kong stock market

Le Ju · Jul 6, 2023 13:20

壹健康业务主要由体重管理及慢性病管理两大板块构成。

文丨直通IPO ID：zhitongIPO

作者丨韩文静

以销售减肥产品起家，凭借“想瘦哪儿就瘦哪儿”的宣传语曾火遍大江南北，在明星代言和强势宣传之下，绿瘦的产品销量一路狂奔，而今这家公司更是来到了IPO的大门之前。

6月28日，壹健康向港交所递交招股书，拟港股IPO，它的前身正是绿瘦集团。

这并不是绿瘦集团第一次在资本市场露脸，早在2015年绿瘦集团便想借壳走向资本市场，但最终未果。后来绿瘦集团又再次借壳，甚至开启A股上市辅导，但都是同样不了了之。

招股书显示，本次IPO前，壹健康的主要股东为皮涛涛、王维湘夫妇，二人透过优创投资合共控制公司上市前87.16%股权。

曾溢价62倍欲借壳上市

绿瘦集团由创始人皮涛涛在2009年成立，他本人很会营销和资本运作，在“绿瘦”的创始阶段，公司签过谢娜和范冰冰代言，后来还在杂志疯狂打广告，使得绿瘦在起步阶段起步发展的非常快。后来，皮涛涛还投资重金，成立了线上“绿瘦商城”，当时国内的电商行业发展还在萌芽阶段，绿瘦凭借此举一举冲进了行业电商网站的前十。2015年12月底，绿瘦健康计划借壳新中基上市。新中基发布公告称，广东绿瘦将以15亿元的价格注入公司，初步估值溢价62倍。这笔高溢价的收购也引来了监管的问询。对于高达62倍溢价收购、盈利承诺如何达成等问题，新中基并未直接进行回应。最终在2016年5月，新中基发布公告称，由于相关交易方未在约定期限之内支付相关款项，此次资产重组不了了之。2020年5月，绿瘦健康拟借壳棒杰股份再次上市，棒杰股份公告称，拟发行股份收购绿瘦健康100%股权，引发了市场对其是否触发借壳的猜想。然而，上述收购仅筹划了不足半个月就宣告终止。在借壳棒杰股份之前，绿瘦健康的控股股东优创投资，还增持了上市公司保龄宝0.48%股权，增持后持股5.03%，一举成为公司第四大股东。本次IPO前，皮涛涛、王维湘夫妇二人透过优创投资合共控制公司上市前87.16%股权。

两次递表，发力慢病管理

事实上，壹健康一直致力于资本化的道路。2021年2月，壹健康就与一合资格保荐人订立A股上市辅导协议，由于担心上市时间的不确定性，后来还是决定转战港交所。壹健康表示，公司可能于香港上市后的适当时间内进行A股发行。2023年6月，壹健康的子公司自然之源和信银签订了融资协议，信银将提供共计1亿元人民币可换股贷款融资，其中500万美元信银有权可换股，换股价为每股35港元。壹健康最初的业务是销售传统减肥产品，后来随着互联网医疗的兴起，壹健康推进业务转型，开始走数字化之路。以2022年收入计算，壹健康以约4.2%和7.1%的市场份额在中国体重管理行业、数字化体重管理行业高居第一。为了增强竞争力，壹健康在2017年拓展了慢病管理业务，转变为兼体重管理和慢病管理为一体的提供全面数字化健康管理解决方案的平台。目前，壹健康的业务主要由体重管理及慢性病管理两大板块构成。近三年里，慢病管理营收业务占据总营收的比例逐渐增加。

2020-2022年，壹健康基于体重管理的业务收入分别为16.08亿元、10.92亿元和14.05亿元，占总收入的比例为78.4%、60.8%、58.0%。同期，来自慢病管理的收入分别为4.44亿元、7.04亿元和10.18亿元，分别占总收入的21.6%、39.2%和42.0%。这其中，体重管理是通过数字化能力为消费者提供数字化、标准化、定制化的体重管理解决方案。主要通过销售集体重管理产品和服务为一体的体重管理服务套餐获取收入，以及向客户销售体重管理产品获取收入。慢病管理则是为客户提供定制化的慢病管理解决方案，其中包括OTC药品、保健品、智能硬件产品、食品及增值服务。公司主要通过产品销售实现收入，并免费提供增值服务。需要注意的是，壹健康现在所处的健康管理赛道门槛较低，行业同质化较为严重，随着未来有更多企业布局体重管理，这一赛道的竞争可能还会加剧。

The One Health business mainly consists of two major segments: weight management and chronic disease management.

Text: Direct IPO ID: ZhitOnGIPO

Author丨Han Wenjing

Starting with selling weight loss products, the slogan “lose weight wherever you want to lose weight” has spread all over the country. Under celebrity endorsements and strong publicity, sales of green thin products have gone wild all the way, but now this company is even before the IPO.

On June 28, One Health submitted a prospectus to the Hong Kong Stock Exchange to IPO Hong Kong stocks. Its predecessor was Green Slim Group.

This is not the first time that the Green Slim Group has made an appearance in the capital market. As early as 2015, the Green Slim Group wanted to go to the capital market without a hitch, but in the end, to no avail. Later, the Green Slim Group once again took the back cover and even began A-share listing counseling, but none of them worked either.

According to the prospectus, before the IPO, the main shareholders of One Health were Pi Taotao and Wang Weixiang. The two jointly controlled 87.16% of the company's shares before listing through Youchuang Investment.

It once had a premium of 62 times and wanted to go public with a back cover

Green Slim Group was founded by founder Pi Taotao in 2009. He himself is very good at marketing and capital management. At the founding stage of “Green Slim,” the company signed Xie Na and Fan Bingbing as endorsements, and later also advertised aggressively in magazines, making Lvslim start and develop very fast in the initial stage. Later, Pi Taotao also invested heavily to set up an online “Green Slim Mall”. At the time, the development of the domestic e-commerce industry was still in its infancy, and Lvsheng made it into the top ten e-commerce websites in the industry with this move. At the end of December 2015, the Green Slim Health Plan was launched as a backdoor. New China Foundation announced that Guangdong Green Slim will inject the company at a price of 1.5 billion yuan, with an initial valuation premium of 62 times. This high-premium acquisition has also led to regulatory inquiries. New Central Foundation did not directly respond to issues such as the 62-fold premium acquisition and how to reach profit promises. Finally, in May 2016, Xinzhongji issued an announcement stating that since the relevant trading parties did not pay the relevant amounts within the agreed period, this asset restructuring could not be completed. In May 2020, Green Slim Health plans to go public again. Bangjie Co., Ltd. announced that it intends to issue shares to acquire 100% of the shares of Green Slim Health, triggering speculation in the market about whether it will trigger backdoor work. However, the acquisition came to an end after less than half a month of planning. Prior to Backshell Bangjie Co., Ltd., Youchuang Investment, the controlling shareholder of Green Slim Health, also increased its holdings of the listed company Bowling Bao by 0.48%. After the increase in holdings, it held 5.03% of the shares, making it the fourth largest shareholder of the company in one fell swoop. Prior to this IPO, Pi Taotao and Wang Weixiang jointly controlled 87.16% of the company's shares before listing through Youchuang Investment.

Submit the form twice to improve the management of chronic diseases

In fact, One Health has always been committed to the path of capitalization. In February 2021, One Health signed an A-share listing guidance agreement with an eligible sponsor. It later decided to move to the Hong Kong Stock Exchange due to concerns about the uncertainty of the listing period. One Health said that the company may issue A-shares within an appropriate time after listing in Hong Kong. In June 2023, Nature Source, a subsidiary of One Health, signed a financing agreement with CITB. CITB will provide a total of RMB 100 million in convertible share loan financing. Of these, CITB has the right to convertible shares of 5 million US dollars, with an exchange price of HK$35 per share. One Health's initial business was to sell traditional weight loss products. Later, with the rise of online medical care, One Health promoted business transformation and began following the digital path. In terms of revenue in 2022, One Health ranked first in the Chinese weight management industry and digital weight management industry with a market share of about 4.2% and 7.1%. In order to enhance competitiveness, One Health expanded its chronic disease management business in 2017, transforming it into a platform that provides comprehensive digital health management solutions integrating weight management and chronic disease management. Currently, One Health's business mainly consists of two major segments: weight management and chronic disease management. In the past three years, the proportion of the chronic disease management revenue business in total revenue has gradually increased.

In 2020-2022, One Health's business revenue based on weight management was 1,608 million yuan, 1,092 million yuan, and 1,405 billion yuan respectively, accounting for 78.4%, 60.8%, and 58.0% of total revenue. In the same period, revenue from chronic disease management was 444 million yuan, 704 million yuan and 1,018 million yuan respectively, accounting for 21.6%, 39.2% and 42.0% of total revenue, respectively. Among these, weight management provides consumers with digital, standardized, and customized weight management solutions through digital capabilities. Revenue is mainly obtained through the sale of weight management service packages that integrate weight management products and services, and the sale of weight management products to customers. Chronic disease management provides customers with customized chronic disease management solutions, including OTC drugs, health products, smart hardware products, food, and value-added services. The company mainly realizes revenue through product sales and provides value-added services free of charge. It is important to note that the health management circuit that One Health currently sits on is low, and the homogenization of the industry is serious. As more companies deploy weight management in the future, competition on this track may intensify.

The translation is provided by third-party software.

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年营收超20亿，靠卖减肥药起家的壹健康，冲刺港股上市

With annual revenue exceeding 2 billion dollars, One Health, which started by selling diet pills, sprinted into the Hong Kong stock market

以销售减肥产品起家，凭借“想瘦哪儿就瘦哪儿”的宣传语曾火遍大江南北，在明星代言和强势宣传之下，绿瘦的产品销量一路狂奔，而今这家公司更是来到了IPO的大门之前。

Starting with selling weight loss products, the slogan “lose weight wherever you want to lose weight” has spread all over the country. Under celebrity endorsements and strong publicity, sales of green thin products have gone wild all the way, but now this company is even before the IPO.

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