行业前景广阔：中国健康及保健市场近年来保持稳步增长态势。根据弗若斯特沙利文的数据，中国健康及保健行业市场规模从 2018 年的 7.3 万亿元增长至 2023 年的 11.0 万亿元，预计到 2027 年将进一步增长至 16.6 万亿元，2030 年有望达到 21.5 万亿元。其中，数字健康及保健市场发展更为迅速，其市场规模从 2018 年的 1795 亿元增长至 2023 年的 7386 亿元，预计到 2027 年将增长至 19844 亿元，2030 年有望达到 38790 亿元。Futu News reported on December 27 that $HEALTHYWAY INC (02587.HK)$ Today, the dark market opened high, closing up 23.72% at 9.65 Hong Kong dollars, with a trading volume of 4.788 million Hong Kong dollars; each lot is 500 shares, and excluding handling fees, each lot earns 925 Hong Kong dollars.
Market data source: Futu Securities >
Investment Highlights
The industry has a broad outlook: China's health and wellness market has maintained a steady growth trend in recent years. According to Frost & Sullivan data, the market size of China's health and wellness industry has increased from 7.3 trillion yuan in 2018 to 11 trillion yuan in 2023, and is expected to further grow to 16.6 trillion yuan by 2027, potentially reaching 21.5 trillion yuan by 2030. Among them, the Digital Health and wellness market is developing even more rapidly, with its market size growing from 179.5 billion yuan in 2018 to 738.6 billion yuan in 2023, and is expected to grow to 1984.4 billion yuan by 2027, potentially reaching 3879 billion yuan by 2030.
Strong Shareholder strength: The company received favor from several large investment institutions before going public and has completed multiple rounds of financing, with a total financing amount of approximately 0.682 billion yuan and a latest valuation of around 4.1 billion yuan. Investors include Baidu, Shangrao State-owned Assets, Straits Financial Holdings, and Kequan Fund, among others. The prospectus shows that as of the last feasible date, the founder of Health Road, Zhang Wanneng, through his wholly-owned company Fengji, holds 34.70% of the total issued share capital of Health Road, making him the company's controlling shareholder. Following him is Baidu, holding 12.46% of the shares, making it the company's second-largest Shareholder. The diverse backgrounds of the investors indicate the market's recognition and potential for Health Road.
Risk Warning
Intense market competition: The Digital Health Medical Services market is highly competitive, with numerous participants continuously emerging, including but not limited to medical support services, pharmaceutical sales businesses, and Marketing Services. Health Path faces competitive challenges in this field from companies like PA GOODDOCTOR, JD HEALTH, and WeDoctor. In comparison, these competitors may have longer operational histories, better supplier relationships, more established brands, a wider variety of services, a larger user base, and greater financial, technical, and marketing resources, thus potentially having an advantage in attracting and retaining users and customers.
Single revenue structure: The company's two major Business Sectors are divided into To C health medical services and To B enterprise services and Digital Marketing Services. The company's income mainly comes from B-end Institutional users. During the reporting period, the revenue shares from enterprise services and Digital Marketing Services were 69.8%, 67.6%, 76.0%, and 79.9% respectively, with content service revenue in the enterprise service segment having the highest proportion, accounting for 42.7%, 32.2%, 43.2%, and 50.5%. This is significantly different from other companies in the Digital Health sector, which have higher entry barriers and slower profit growth.
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Editor/Jamie
