The second stock of impact hair transplantation, barley hair transplantation is difficult to make a lot of money

Source | Bohufn

Author | Chen Ping'an

"Unexpectedly, I started to lose hair before I got off the order." Li Qiang, who was studying at the graduate student, was very embarrassed when he talked about hair loss. "Many classmates around me have hair loss. Many of them choose hair transplantation."

There are not many examples like Li Qiang and his classmates. According to the Burning Consultation Report, in just five years from 2016 to 2021, the number of patients with hair loss in my country has grown rapidly from 195 million to 267 million, and this growth trend is still continuing. The number of patients with 2026 patients will reach 3.43 100 million people.

And with the acceleration of the pace of life and the greater pressure of life, more and more young people have begun to face the trouble of hair loss. The proportion of hair loss before the age of 30 reached 84%. The pursuit of contemporary people's pursuit of "face value" has made them pay more attention to the beauty of their hair. Many people have entered the hair transplantation institution before they walk out of the campus.

Under the huge demand, the market has grown rapidly. According to the research data of Fhstrilin, the Chinese hair medical service market in 2020 was 18.4 billion yuan, of which the size of the hair transplant medical market was 13.4 billion yuan. By 2030, the two numbers may reach 138.1 billion yuan and 75.6 billion yuan. The annual growth rates were 22.3%and 18.9%, respectively.

(Picture source: Network)

The prosperity of the industry has also spawned differentiation, and some heads gradually appear. Following the listing of Yonghe Medical in Hong Kong at the end of last year, on June 29th, Damai Hair Transplant Medical (Shenzhen) Group Co., Ltd. (hereinafter referred to as "Barley Hair Transplantation") also submitted a listing application to the Hong Kong Stock Exchange, impacting the "second shares of hair transplantation" Essence

People who dare to eat crabs

In the 1990s, the hair transplant institutions were mostly public hospitals. Public hospitals represented by Southern Medical University Southern Hospital and Ninth People's Hospital of Shanghai Jiaotong University have established a hair transplantation center, and organized a national hair transplantation learning class to train transplant doctors.

At that time, for doctors, hair was a bitter issue. Hair transplantation was not only tired, but also could not make any money. Therefore, these businesses were allocated to young people. Li Xingdong, the founder of barley hair, was one of them.

In the early days, Li Xingdong became the crab -eating person. In 2006, after Li Xingdong participated in the World Hairstyle Academic Conference, he introduced the "microneedic needle hair transplantation technology" to the country and founded his own department "the origin of the department" in 2009, which means "the source of scientific students".

The essence of micro -needle hair transplantation is to plant hair transplantation. Compared with the traditional gem knife hair transplantation, there is no essential difference between FUE hair follicle extraction technology, but this method is smaller. Great improvement.

With the advantages of technological innovation and first -mover, Kefa Yuan quickly completed the market occupation. In 2016, the national stores that were born in the country had reached more than 20.

In 2017, the hair transplantation track of capital entered the bureau, and the hair transplantation institutions sprung up like rain, and there were hair transplant -related advertisements everywhere. In order to make the brand easier to spread, Li Xingdong decided to launch a new brand strategy and renamed it for Kefa. In 2019, the "Family Origin" was officially renamed "barley microneed hair transplantation". Li Xingdong said that "barley" is easy to remember. It is a symbol of hope and maturity. Hope that the hair of the hair friends is as dense as barley.

(Picture source: Network)

To this day, barley hair transplantation has 33 medical institutions, and its service scope spreads in 31 cities in China, accounting for 5.2%of the market share, and together with Bichenglian, Xinsheng, Yonghe and said the "four major" institutions in the industry.

High gross profit, low net profit

"Everyone's head is on a villa." Xiaomi Lei Jun ridiculed in a live broadcast. Although this was just a joke, it also confirmed a common sense from the side -the hair transplantation was expensive.

Anyone who knows hair transplantation knows that the height of hair transplantation costs is related to the number of hair follicles, and the transplantation price of each unit of hair follicles is usually between 10 yuan and 30 yuan. The specific price is related to the technology they use. Calculated by transplanting 2,000 hair follicles in a single patient, the cost it needs to pay is often tens of thousands of yuan.

According to the prospectus of barley hair transplantation, the average transaction amount of their paid patients is about 30,000 yuan, 25,800 yuan and 24,700 yuan, respectively. Customers who consume more than 50,000 yuan account for 8%. 79.8%, 75.9%and 70.9%, 32,700 customers supported 1 billion total revenue.

(Picture source: Network)

However, although the hairpiece of barley hair is gross, it is quite weak in terms of net profit. The prospectus shows that the net profit of barley hair transplantation in the past three years is -150.14 million yuan, 69.558 million yuan, and 66.116 million yuan, respectively, with a maximum net interest rate of only 9%.

Not only barley hair transplantation, the same is true of another industry leader Yonghe Medical. According to public information, the net profit margin of Yonghe Medical in the past four fiscal years has been less than 10%, and it has fallen to 3%at the lowest.

Obviously doing the hair transplant business, why is the net profit so unsatisfactory?

Bohu Finance believes that this is related to the current status of the industry. On the one hand, the current hair transplant technology is already in the bottleneck period. All the existing technologies are only added to the FUE technology. The difference is that the hairproofing equipment is different, and the industry entry threshold is low. The characteristics of low thresholds and high gross profit attract capital steadies into the hair transplantation track. As of the end of 2021, China has more than 100 hair diagnosis and treatment services.

On the other hand, the current industry is still in the early stage, the pattern is relatively scattered, and the industry concentration is low. Even the major barley hair transplantation and Yonghe medical market share of the industry is only 5.2%and 10.5%. Those who need to use marketing strategies to complete consumer mind occupation.

This also makes the entire industry spare no effort to participate in this battle.

It can be seen from the prospectus that from 2019 to 2021, the top provisions of barley hair transplantation are advertising companies, with marketing and distribution expenses of 5007 million yuan, 399 million yuan and 520.6 billion yuan, respectively. The sales costs account for more than 50%. The maximum or even 67%.

Yonghe Medical's marketing expenditure is also approaching 50%of revenue.

The result of the inside of the advertisement is not only the plunge of net profit, but also the neglect of research and development has become the commonality of the industry. The prospectus shows that the total research and development costs of barley hair transplantation in the past three years have been less than 16 million. In the past two years, Yonghe Medical's R & D investment has only been tens of millions of levels, compared with its marketing costs of 700 million and 1 billion yuan.

In the long run, it is not a good strategy to win the market share by marketing rather than technology, which is even more so for barley.

Can't keep the first -mover advantage

From the perspective of the past development of barley hair, as one of the earliest batch of players entering the industry, the magic weapon to occupy the market in the market, in addition to microneedal hair transplantation technology, the early layout of medical maintenance services also contributed.

Hair transplant surgery is not a hammer to buy and sell, and the recovery period of postoperative recovery is also important. Damai hair transplantation usually provides patients with at least 7 times, at least 10 times to at least 10 times within 20 days after surgery.

This pretty high -frequency return visits not only conducive to collecting relevant information such as postoperative situation, but also enhance the user's trust in barley hair transplantation, thereby increasing the repurchase rate.

According to the prospectus, between 2019 and 2021, the repurchase rates of barley hair transplantation are 44.8%, 41.3%, and 50.5%. The level, and the proportion of income from firing and hairdressing business has also increased from 4.3%in 2019 to 21%in 2021.

(Picture source: Network)

But this first -mover advantage is gradually disappearing.

The main reason is that the market trend is changing. In recent years, while the scale of hair transplantation has been expanding, the consumer structure has changed significantly, mainly in two aspects.

The first is that consumers are gradually younger, and the structure of the consumer group has changed from the early middle -aged and elderly inverted trapezoidal to the beerglass type of the middle -aged and elderly and young people.

(Picture source: Network)

The second is that the proportion of female consumers has increased significantly. According to the "2022 China Hairstyle Industry Research Report", the proportion of female consumers in 2021 increased from less than 20%to 30%to 40%, and the next 3 to 5 Annual may exceed men.

Changes in consumer structure will naturally lead to changes in market demand. In the past, consumer groups mainly based on middle -aged men paid more attention to cost -effectiveness and survival rates. They generally don't care about the characteristics of traditional hair transplantation.

But now young people, especially female consumers, emphasize personal image management, and they are more concerned about how to shorten the embarrassing period of postoperative shaving as much as possible. Because of this, no need to shave hair or long hair -free hair transplantation technology is more popular with them.

According to experts from industry associations, no one may have heard of hair transplantation technology in 2018, but now it can account for 20%-30%of the industry. The reason behind this is mainly the needs of customers.

According to the "2022 Research Report in China Hair Transplantation Industry", the current micro -needle hair transplantation, that is, the hair transplantation, still accounts for 70%-80%of the amount of hair transplantation surgery. The technical advantages of barley hair transplantation are gradually turning into disadvantages.

This transformation also affects the maintenance business. With the enhancement of consumers' haircuts and hair care, various institutions are targeting this aspect. For example, Yonghe Medical focuses on serving high -end people. Bishenglian pays more attention to the introduction of advanced equipment and more comprehensive supporting services. After the industry competition is intensified, it is unknown whether barley hair transplantation can maintain the past advantage.

At the end

At present, the entire hair transplant industry is still in the early days, and it is not perfect whether it is industry standards or policies and regulations. In the past few years, the industry is in a state of barbaric growth, and many hidden dangers have been left at the same time.

For example, long -term excessive marketing and induction of consumers have also aroused consumer complaints and supervision. According to incomplete statistics, more than 20 administrative penalties have been received in Grandai hair transplantation in just three years.

With the continued expansion of the industry, future talent reserves and regulatory risks will be a challenge that the entire industry must face, and competition will only be more intense. Advantaging research and development, actively reserving medical team talents, continuously deepening your moat in technology and services is the most important thing to do.

Reference source:

Consumption Daily & second hand system: 2022 China Hairdressing Industry Research Report Titanium Media: How to take a departure business for 20 years of jogging for 20 years?

Value Planet PLANET: Every man may be a villa overhead

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