occurrences
36% of Guangdong Hanfei Hospital's shares: The company transferred 36% of the shares of Guangdong Hanfei Hospital Investment Co., Ltd., a medical and aesthetic enterprise held by Huaihua Medical and Aesthetic Enterprise Management Consulting Partnership in the form of RMB 237 million in cash. In this transaction, the transferor and the guarantor promised the performance of Han Fei Investment: net profit returned to the mother after deduction in 2021 and 2022 would not be less than 50 million yuan and 60 million yuan respectively.
Participate in the establishment of a medical and aesthetic industry fund: The company plans to jointly invest in the establishment of a medical and aesthetic industry fund with Shenzhen Jiahe Asset and Huang Jiabiao. The Medical and Aesthetic Industry Fund adopts a limited partnership system. The fund size is 30,000 yuan, of which the first phase is 10,000 yuan. The company pledged an investment of RMB 15 million as a limited partner, accounting for 15% of the investment.
Brief review
Invested in Guangdong Hanfei Hospital and entered the medical and aesthetic industry. Guangdong Han Fei (target company) is mainly engaged in medical aesthetics and health consulting services. It owns 5 medical aesthetic institutions, located in Guangzhou Baiyun District, Guangzhou Yuexiu District, Guangzhou Tianhe District, Zhuhai City, and Zhongshan City. It has about 1000 employees and 20,000 square meters of medical and aesthetic space. Services cover plastic surgery, body sculpture, injection plastic surgery, laser beauty, hair transplantation and other medical and aesthetic fields. The target company operates in a chain manner and opens up the Guangdong-Hong Kong-Macao Greater Bay Area market. It has performed well in terms of specialized medical technology teams, advanced equipment, standardized service systems, brands, reputation, and performance, and already has the ability to integrate, replicate and expand the industry.
The target company has a large revenue volume, and its gross margin is at a high level. In 2020, the target company achieved operating income of 398 million yuan, net profit of 11.1256 million yuan, gross margin of 68.02%, net profit margin of 2.98%, and ROE of 73.78%. As of the end of 2020, the company had total assets of 159 million yuan, net assets of 160747 million yuan, and the net assets of the mother were 796,800 yuan.
Acquisition+Medical and Aesthetic Industry Fund has taken many initiatives to create “maternal and child products+medical and aesthetic services”
New business models. The company's above measures have accelerated the implementation of the company's “product+service+Internet” development strategy. On the one hand, they have opened up new fields of collaboration in the medical and aesthetic industry, which is conducive to the company's long-term development; on the other hand, it uses the medical and aesthetic industry fund platform to lay out medical and aesthetic business fields, which can effectively reduce the company's investment risks.
Investment advice: We are optimistic about the expansion of the company's medical and aesthetic business. The company is currently in a period of business expansion, and we are not giving ratings yet.
Risk warning: Medical and aesthetic business integration falls short of expectations, and industry competition intensifies.