"Harbor Business Observer" Huang Yi
On November 13, Jiangxi Yimai Sunshine Group Co., Ltd. *** (hereinafter referred to as "Yimai Sunshine") submitted a listing application on the Hong Kong Stock Exchange, and the sole sponsor was CITIC**. Previously, the listing application materials submitted by Yimai Sunshine on the Hong Kong Stock Exchange on May 11 this year have been in a "invalid" state, and this is the second submission.
Yimai Sunshine is a medical imaging specialist medical group, which recorded a positive net profit for the first time in the first half of 2023, and recorded a net loss of 51.8 billion.
Gross profit margin is gradually improving, and the degree of dependence on the five major customers has increased
According to Frost & Sullivan, the penetration rate of third-party medical imaging centers in China's medical imaging industry in 2022 (the proportion of the third-party medical imaging center market in China's medical imaging service market) is about 10％。According to Frost & Sullivan, in 2022, ePulse ranked first among all third-party medical imaging center operators in China in terms of the number of medical imaging center outlets, the number of equipment, the number of licensed imaging doctors, the average daily examination volume and the fees paid by patients, and the company ranked second among all third-party medical imaging centers in China in terms of revenue generated by imaging centers in 2022.
According to the prospectus, from 2020 to 2022 and June 30, 2023 (the reporting period), Yimai Sunshine's revenue will be 50.1 billion, 59.2 billion, 78.4 billion, 53 billion;Net profit before tax was -11.1 billion, -36.3 billion, 9350,000, 551470,000;Net profit was -12.1 billion, -38.2 billion, -150580,000, 472920,000;Adjusted net profit was -381210,000, -708210,000, -54540,000, 59280 million.
It can be seen that from 2020 to 2022, Yimai Sunshine recorded 5Net loss of $1.8 billion. In this regard, Yimai Sunshine said that it was mainly due to the negative impact of the COVID-19 pandemic, which had an adverse impact on business operations and financial conditions in the past three yearsSecondly, all the flagship imaging centers opened by the company from 2018 to 2021 are in the ramp-up period of developmentand share-based payment expenses, interest expenses on the issuance of financial instruments to investors and related expenses. In the first half of this year, the revenue and gross profit of Yimai Sunshine increased significantly compared to the same period in 2022, mainly due to the overall economies of scale achieved in brand awareness, competitiveness and chain developmentand with the gradual subsidence of the COVID-19 epidemic since the beginning of 2023, operations have returned to normal levels.
According to the prospectus, during the reporting period, Yimai Sunshine's revenue was mainly composed of imaging center services, image empowerment solutions, and Yimai cloud services. Among them, the proportion of revenue from imaging center services is as follows. 0％；The revenue proportion of image empowerment solutions is as follows: 2％。
As the business with the highest proportion of revenue, Imaging Center Services operates a number of medical imaging centers. From 2020 to 2022, the number of medical imaging centers in operation has increased from 69 to 86, with a compound annual growth rate of 113 and further increased to 88 as of the first half of 2023. The revenue of the imaging center service is mainly composed of flagship imaging centers, regional shared imaging centers, specialized medical alliance imaging centers, and operation and management imaging centers, with the highest proportion of revenue being regional shared imaging centers. 8％。
In addition, Yimai Sunshine disclosed the specific situation of other types of imaging centers. As of the first half of 2023, Yimai Sunshine has opened eight flagship imaging centers, 24 regional shared imaging centers, 43 specialist medical alliance imaging centers, and 13 operation and management imaging centers. Among them, 5, 24, 43 and 13 have achieved their first break-even, and zero, 11, 25 and 11 have achieved cash investment returns. The remainder did not achieve break-even for the first time, or the cash return on investment was mainly due to the fact that it had not been in operation for sufficient time and the hospital partners it worked with were not performing well in terms of the Regional Shared Imaging Centre and the Specialist Consortium Imaging Centre.
During the reporting period, 15, 12, 19 and 19 imaging centres recorded losses respectively (gross loss). In other words, since the beginning of this year, there has been no decrease in the number of imaging centers that have recorded losses.
In addition to the growth in the number of medical imaging centers in operation, the gross profit margin of Yimai Sunshine is also gradually improving. During the reporting period, the gross profit margin of Yimai Sunshine was in order. 6％；The net profit margin is in order. 9％。
In terms of specific business, the gross profit margin of imaging center services is in order. 1％。At the same time, most of the businesses it covers have good gross profit margins, except for flagship imaging centers, its gross profit margins are in order. 7. In the first half of this year, the gross profit margin grew positively for the first time.
In the prospectus, Yimai Sunshine specifically explained the reasons for the gross loss of flagship imaging centers in the first three years, mainly because all flagship imaging centers opened from 2018 to 2021 are still in the ramp-up period of development, while other centers have formed a mature operating model with stable profitsand other centers have been less affected by the COVID-19 pandemic due to their stable cooperation with public healthcare facilities, which are generally operating normally, while flagship imaging centers have been asked to close or suspend operations during the COVID-19 pandemic.
In addition, from the perspective of the growth trend of the gross profit margin of the other two main businesses,The gross profit margin of the image empowerment solution is in order. 3％；The gross profit margin of Yimai cloud services is in order. 2％。In other words, while the gross profit margin of imaging center services has grown steadily, the gross profit margins of imaging empowerment solutions and Yimai cloud services have declined year by year.
In addition, Yimai Sunshine shows a high degree of dependence on ** quotients.
According to the prospectus, during the reporting period, the five major merchants of Yimai Sunshine accounted for the total procurement amount. 4％。Among them, the largest ** business is the total purchase amount. 8％。
At the same time, Yimai Sunshine disclosed the existence of related party transactions with ** merchants. As of the Latest Practicable Date, Mr. Chen Chaoyang, an executive Director, indirectly held approximately 40 medical devices of Wuhan Rong Commune *** (hereinafter referred to as "Wuhan Devices").6 Equity, the company is one of the top five companies in the track record period. Yimai Sunshine said that Wuhan Devices has not been designated by any of the company's customers as the leading supplier of related medical equipment. During the Track Record Period, the Company's purchases of medical devices*** from Wuhan Rong Commune increased mainly due to the need to cooperate with purchasing units that could provide suitable terms of cooperation (such as credit policies) as the scale of its business expanded.
Accounts receivable continued to increase sharply, 1500 million is overdue
Although Yimai Sunshine's revenue and net profit in the first half of this year have performed well, there are still a lot of total borrowings and higher and higher accounts receivable.
According to the prospectus,During the reporting period, the ** receivables and long-term ** receivables of Yimai Sunshine were 18.5 billion, 24.5 billion, 32.7 billion, 45.2 billion.
As of June 30, 2023, the ** receivables and long-term** receivables of e-pulse Sunshine were RMB45.2 billion, of which 15 billion has been overdue, accounting for 331％。
As of June 30, 2023, Yimai Sunshine has made a provision of 26 million for the total amount of **receivables and long-term** receivables. The Company generally reviews the recoverability of the receivables and long-term receivables by taking into account, including but not limited to, the customer's ongoing business performance and financial condition, the customer's expected business performance and financial condition in the near future, the customer's shareholding background and related credit support, and the plan to pay the corresponding **receivables and long-term** receivables, and the results of negotiations with the relevant customers. If necessary, e-pulse may make relevant provisions for expected credit losses. As of October 31, 2023, the ** receivables of Yimai Sunshine as of June 30, 2023 were approximately 414 Settled.
To this end, the number of days of accounts receivable turnover of Yimai Sunshine is also increasing day by dayDuring the reporting period, the number of days of accounts receivable turnover was 91 days, 125 days, 124 days and 126 days. Since 2021, its turnaround days have been at a high level.
During the same period, the total amount of borrowing was 49.2 billion, 38.2 billion, 35.2 billion, 25.6 billion. As of June 30, 2023, all of Innova's borrowings have been fully drawn down and there are no unused bank or financial leasing company loan facilities. Among them, long-term bank borrowings were 335660,000, 453110,000, 800730,000, 64600 million. Short-term bank borrowings were 7,38700,000, 450000,000, 44000 million, 34000 million.
Regarding the accounts receivable situation of Yimai Sunshine, financial commentator Zhang Xuefeng believes that "Yimai Sunshine is about 414 The settled position appears to be reasonable because the Company takes into account factors such as the customer's continuing business performance, financial condition, expected business performance and changes in financial position when assessing the recoverability of **receivables and long-term** receivables. If the company believes that a portion of the receivables may not be recovered within the expected time, then a provision is made accordingly to cover possible bad debt losses. ”
As for 1500 million overdue ** receivables, Zhang Xuefeng pointed out, "it accounts for 33."1. This does have a certain impact on the company's cash flow. Because this part of the money cannot be recovered on time, the company needs to keep this part of the funds on the books, which may affect the company's cash flow. However, this impact may be mitigated if the company is able to negotiate and negotiate with the customer's repayment plan or new credit support.
has been subject to administrative penalties many times, and compliance issues should be taken seriously
In terms of compliance and legality, four medical imaging diagnostic centers under Yimai Sunshine have been subject to administrative penalties.
According to Tianyancha and Enterprise Early Warning, on July 5, 2023, Enshi Yimai Sunshine Medical Imaging was fined 20,000 yuan by the Enshi Municipal Health Bureau for "imperfect medical quality management and medical technology management systems, and the implementation is not in place".
On October 27, 2022, Fuzhou Yimai Sunshine Medical Imaging Diagnostic Center*** hereinafter referred to as "Fuzhou Yimai") was fined 10,000 yuan by the Fuzhou Municipal Health Commission for "failing to strictly comply with medical and health laws, regulations, rules and relevant norms and routines for diagnosis and treatment".
In addition, Fuzhou Yimai was also fined 1,800 yuan by the Fuzhou Municipal Administration for Market Regulation for "suspected uncensored publication of medical advertisements".
On June 3, 2021, Beijing Yimai Sunshine Medical Imaging Diagnostic Center*** was fined 5,000 yuan by the Beijing Chaoyang District Emergency Management Bureau for "failing to regularly report the investigation and treatment of potential accidents and violating the provisions of Article 11 of the Measures for the Investigation and Management of Hidden Dangers of Production Safety Accidents in Beijing".
On February 21, 2020, the law enforcement officers of the Nanguan Branch of the Changchun Municipal Administration for Market Supervision found that the elevator emergency alarm device of Changchun Yimai Sunshine Medical Imaging Diagnostic Center could not be used effectively during the daily supervision and inspection, and the law enforcement officers issued a notice of correction (Changnan City Supervision and Correction [2020] No. 0603), ordered the party to immediately stop using the elevator, repair the elevator emergency alarm device before use, and complete the rectification of elevator safety hazards before February 23, 2020, and the party did not complete the rectification within the specified time limit to eliminate the elevator safety hazards and continue to use the elevator, and was fined 8,000 yuan. (Produced by Harbour Finance).