**: Straight through IPO, Wen Han Wenjing
Recently, Health 160 International *** hereinafter referred to as "Health 160") submitted a prospectus on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong and Qingke Capital as its joint sponsors.
According to the prospectus, Health 160 is a digital medical and health service platform, connecting medical and health institutions, medical staff and individual users, and building a comprehensive medical and health service platform that seamlessly integrates online and offline channels.
More than ten years ago, Luo Ningzheng and his partner Wang Ming started the entrepreneurial road of Health 160 together, and thus began to climb and roll in the field of digital healthcare.
Along the way, Health 160 has gathered a team of investors, including Qifu Capital, Apurui Investment, Cornerstone Capital, and Guangxin Capital.
From 2020 to 2022, the revenue of Health 160 will be 27.9 billion yuan, 42.3 billion yuan, 5$2.6 billion. However, by dismantling its business composition, it can be found that the future road of Health 160 may not be smooth when the main business does not have a moat.
Luo Ningzheng, the founder, chairman and CEO of Health 160, was born in 1973, graduated from the National University of Defense Technology in the 90s of the last century, and also worked as a teacher at Guilin Institute of Technology (now Guilin University of Technology).
Since then, Luo Ningzheng has provided computer engineering services at Shenzhen Hospital of Integrated Traditional Chinese and Western Medicine, and since 2005, he has served as the deputy director of the Department of Information and Health Education at Shenzhen Hospital of Integrated Traditional Chinese and Western Medicine.
2005 was a crucial year for China's Internet, the Internet boom hit, that year, Robin Li founded the successful listing on the NASDAQ in the United States, Yao Jinbo founded 58.com to break into the field of local life.
Many people have started their own businesses, and Luo Ningzheng has also joined the entrepreneurial army.
As a result, Luo Ningzheng resigned from the hospital and started the entrepreneurial road of medical treatment 160 in Shenzhen with his partner Wang Ming, and established Shenzhen Ningyuan Technology in the same year, which is the predecessor of Health 160.
In 2017, Medical 160 was officially renamed "Health 160".
According to the prospectus, Health 160 is a digital medical and health service platform, which provides a variety of medical and health services, including serious medical and consumer medical services.
According to Frost & Sullivan, based on the number of passes through the platform** in 2022;Calculated by the number of cooperative hospitals as of December 31, 2022;Calculation of the number of ** hospitals cooperated as of December 31, 2022;As of December 31, 2022, Health 160 is the largest digital medical and health service platform in China's digital medical and health integrated service industry in 2022.
Based on the digital medical and health service platform built by the company, it provides comprehensive and high-quality health services for individual users anytime and anywhere, breaking the time and space limitations that usually exist in offline medical and health services.
As of June 30, 2023, the service scope of the Health 160 platform has been expanded to more than 260 cities across the country.
According to Frost & Sullivan, the market size of China's digital healthcare integrated services industry grew from RMB 28.9 billion in 2017 to RMB 135.2 billion in 2022, with a compound annual growth rate of 362%, which is expected to reach RMB 1,395.1 billion in 2030, with a CAGR of 339%。
In fact, Health 160 was listed in December 2015 and announced in March 2018 that it planned to delist and delist from ***, and then began to launch an IPO.
Currently, Health160's platform has a large user base, with 44.9 million registered individual users as of June 30, 2023, and an average of 3 million average monthly active users for the six months ended June 30, 2023.
The company's revenue mainly consists of providing tailored digital solutions to healthcare organizations, including marketing and digital hospital solutions, and providing healthcare services facilitated by healthcare professionals.
At present, the sales of medical and health products business supports the company's operating income, and in the first half of 2023, this business accounted for more than 70% of the revenue.
According to the prospectus, in 2020, 2021, 2022 and the six months ended June 30, 2023, the revenue of Health 160 was 27.9 billion yuan, 42.3 billion yuan, 52.6 billion yuan, 26.9 billion yuan. Among them, the revenue realized from the sale of medical and health products was 15.5 billion yuan, 26.3 billion yuan, 38.5 billion yuan, 18.6 billion yuan, accounting for 623% increased to 73 in 20222%。
During the reporting period, the gross profit margin of Health 160 was as follows: 8%。Health 160 said that the decline in gross profit margin was mainly due to the continuous expansion of the proportion of revenue from the sale of medical and health products. At present, the company's revenue generation model is still "selling drugs", and it is difficult to build barriers.
Under the intensification of competition in the Internet medical track, related companies are not only competing in market expansion, but also continue to catch up on the road of IPO, and the sky over Internet medical care is still unpredictable. WeDoctor, which has been established for more than 10 years, has not waited for the listing hearingThe "unicorn" medical federation, which has been rumored to be listed many times, has not had any news related to the listing process so far.
In the long run, there must be opportunities for Internet + medical health, and in the face of the difficulty of making profits, it will take time to test the success of Internet medical companies such as Health 160.