"The first share of hair transplant" successfully landed on the Hong Kong Stock Exchange yesterday,
opened low and rebounded with a total market value of 8.631 billion Hong Kong dollars
The founder Zhang Yu graduated from junior high school, opened his first store at the age of 19, and finally achieved "the first share of hair transplantation".
On December 13, Yonghe Medical officially landed on the Hong Kong Stock Exchange with an issue price of HK$15.8 per share.
On the same day, Yonghe Medical rebounded after opening low. As of press time, the stock reported 16.6 Hong Kong dollars, up 5.06%, and the total market value was 8.631 billion Hong Kong dollars.
The average cost per patient is 27,000 yuan
Yonghe Medical occupies a well-deserved leading position in the hair transplant market.
From 2018 to 2020, Yonghe's market share was 9%, 10%, and 11%, respectively.
According to the company, Yonghe ranks first in the industry in terms of revenue and the number of doctors, and surpasses the combined number of second and third in the industry.
Yonghe Medical’s revenue was 935 million yuan, 1.224 billion yuan, and 1.639 billion yuan, operating profits were 133 million yuan, 98 million yuan, and 265 million yuan, respectively. Net profits attributable to the parent were 54 million yuan, 36 million yuan, and 1.63 yuan, respectively. 100 million yuan.
During the same period, the gross profit margins of Yonghe Medical's hair transplant medical services were 76.7%, 74%, and 75.1%, respectively. What supported the bright data was the high cost of patients.
Judging from the prospectus, Yonghe Medical's average diagnosis and treatment fee per patient is about 27,000 yuan-in 2018, 2019 and 2020, the patient's costs are 26097 yuan, 27799 yuan and 27868 yuan, respectively.
In contrast, the company's net profit margin has surprised people. In the same period, Yonghe Medical's net profit margin was 5.72%, 2.91%, and 9.97%, respectively.
Annual search engine advertising investment has exceeded 100 million
Medical care has always been an industry that relies on advertising to dominate the world, and it is the sales expenses that account for more than half of the gross profit margin.
From 2018 to 2020, Yonghe Medical's sales and marketing expenses were 464 million yuan, 650 million yuan, and 780 million yuan, respectively, and sales expenses accounted for 49.6%, 53.1%, and 47.6%, respectively.
Sales expenses almost emptied one-half of operating income.
The market has estimated that the three-year marketing expenditure has invested 1.9 billion yuan. Based on the total number of patients treated for the three-year period of 176,000, the average customer acquisition cost per person is 10,795 yuan.
The top five suppliers of Yonghe Medical are not raw materials for hair transplantation, but most of them are related platforms that provide promotion services.
The prospectus shows that in 2018, the fourth and fifth suppliers are still labor outsourcing services and information technology services. In 2019 and 2020, the top five suppliers are completely occupied by platforms that provide promotion services.
Among them, supplier A provides search engine related advertisements for Yonghe Medical. The purchase amount from 2018 to 2020 is 119 million yuan, 169 million yuan and 80.75 million yuan respectively.
In addition to online and offline advertising, Yonghe Medical also mentioned that institutions will conduct offline customer education. For example, professional medical staff and sales and marketing personnel will visit large enterprises in the region from time to time (such as large Internet companies and financial industry companies). large enterprise).
It can be seen that Yonghe Medical's target population is mainly high-income people with hair loss problems such as programmers and financial workers.
Trying to lay out the entire industry chain in recent years
Zhang Yu, the founder of Yonghe Medical, received his first IPO when he was only 35 years old.
Data shows that after the IPO, he holds 34.91% of Yonghe's shares. In terms of the current stock price, Zhang Yu's stock market value is about 3 billion Hong Kong dollars.
It is understood that Zhang Yu came to Beijing after graduating from junior high school, and initially engaged in cosmetics and plastic surgery advertising sales.
He gradually realized that the medical beauty industry is in great demand and high profits.
In 2005, Zhang Yu started his own business, opened his first store near the Lama Temple in Beijing, and continued to explore the path of hair transplantation.
Zhang Yu bought back two FUE hair transplant devices from the United States. FUE is a revolutionary hair transplant technology in the world. It uses a precision instrument to directly extract hair follicles from the donor area of the hair transplanter. The operation does not require surgery.
Compared with traditional hair transplant surgery methods, FUE does not leave any scars after surgery.
In order to cooperate with the team experiment, Zhang Yu shaved his bald head and asked the doctor to practice his hands, and finally succeeded.
Completed trademark registration in 2010.
In 2013, Yonghe Medical began to plan the national market, and its business has entered a period of rapid development. It has become the largest provider of hair transplant medical services in China.
In recent years, Yonghe Medical has made efforts to provide services for hair stabilization, trying to lay out the entire industry chain.
From the perspective of business form, the maintenance service is a high-frequency consumption. Although the unit price is low, it is longer than the "one-shot sale" of hair transplant.
From last year's data, Yonghe Medical's main business is still hair transplant, and the repurchase rate of maintenance services is only 28.9%.
Yonghe Medical’s R&D investment is relatively low. From 2018 to 2020, its R&D expenditures are 7.8 million yuan, 8.9 million yuan and 11.8 million yuan respectively, accounting for only 0.8%, 0.7% and 0.7% of the current total revenue, all of which are less than 1 %.
As the leader of the hair transplant market and facing the capital market, Yonghe Medical's path has not been smooth sailing.
Text/Photo courtesy of our reporter Liu Shenliang/Visual China