The long -term loss of micro -medicine, the road to listing is difficult

Flower Finance Original

Micro -medical groups ushered in bad news for many times, and Weiyi Group ushered in bad news.

A few days ago, the CSRC issued an administrative penalty decision to Micro -Medicine Group (Zhejiang) Co., Ltd. (hereinafter referred to as "Micro -Medicine Group") and actually the controller Liao Jieyuan.

According to the disclosure of the China Securities Regulatory Commission, as the obligation of information disclosure, Weiyi Group did not disclose the changes in the shares of the equity owned by the Eito in accordance with the law.

Based on the above -mentioned illegal facts, the micro -medicine group was ordered to correct it, given warnings, and fined the total office of the Weiyi Group for a total of 30.3 million yuan, and the Liao Jieyuan co -organized office for 80,000 yuan.

Public information shows that Weiyi Group was formerly known as the "Registered Network" created by Liao Jieyuan in 2010. In 2015, the "Registered Network" was upgraded to "Weiyi".

However, for more than ten years since its establishment, Micro -doctors have been seeking losses on the market and trapped in the abyss of losses. Under the long -term loss, the cash flow of micro -medicine is also very worrying.

He was punished for a letter and a transaction illegal regulations

According to the disclosure of the China Securities Regulatory Commission, after being found out, the Weiyi Group and Liao Jieyuan have the following illegal facts:

From October 9, 2018 to March 28, 2019, 10 securities accounts such as Weiyi Investment (Hangzhou) Co., Ltd. and Feng Mou used 10 securities accounts.

When the shares held, it reached 5%of the shares issued by the listed company, and even 10%of the listed company issued shares, but Micro -Medicine Group did not perform the report and announcement obligations in a timely manner.

From November 19, 2018 to March 28, 2019, Weiyi Group used its account to buy a total of 66.1914 million shares, with a cumulative purchase amount of 580 million yuan. At the same time, a total of 44.435 million shares were sold, with a cumulative amount of 4.05 yuan.

According to official information, since the establishment of Yilianzhong in 2000, the company is driven by big data, focusing on people's livelihood fields such as "medical security, health, human resources, and social security". The service system is committed to re -reshaping the new ecology of people's livelihood.

From October 9, 2018 to March 28, 2019, during the Micro -Medicine Group's transaction, Yilianzhong's stock price increased very amazing, and the company's stock price increased by 93.53%in a short period of time.

According to the facts, nature, plot and social harm of the parties' illegal behavior, the CSRC decides:

I. Order Weiyi Group to correct, give warnings, and impose a fine of 300,000 yuan, warn Liao Jieyuan, and impose a fine of 30,000 yuan;

Second, the micro -medicine group was ordered to correct it, given warnings, and imposed a fine of 30 million yuan, warned Liao Jieyuan, and fined 50,000 yuan.

Non -list

As an Internet medical company starting with a registered service, micro -medicine operates a digital health platform full -time, and its core business covers medical, medicine, medical insurance and other fields.

The prospectus shows that micro -medicine is the largest digital medical service platform in China. In terms of the number of Internet hospitals and digital medical consultations, the market share ranks first. There are 27 Internet hospitals under the company, with a number of registered users of the platform of 220 million, and the average monthly payment user is 25 million.

In addition, Weiyi received more than 7,800 hospitals, covering more than 95%of the number of hospitals, and the platform had 270,000 registered doctors. From 2018 to 2020, its digital medical consultation volume reached 40 million.

But even so, the road of micro -medicine is still very difficult.

In April last year, Weiyi submitted an IPO prospectus to the Hong Kong Stock Exchange and planned to be listed on the Hong Kong Stock Exchange. However, after 6 months, the prospectus was invalid and no update was updated.

After being rumored to be hindered by the Hong Kong stock listing plan, in March of this March, Weiyi once again reported or sought to be listed on the model of consolidated transactions with special purpose listed companies (SPAC), not the first public offering model of traditional public offering. But as of now, this dynamic has not yet been updated.

The future of listing is uncertain, and behind it is the weak operating ability shown by Weiyi. From 2018 to 2020, the scale of micro-medicine revenue was 250 million yuan, 500 million yuan, and 1.83 billion yuan, respectively; during the same period, the adjustment of net profit after adjustment lost 414 million yuan, 757 million yuan, and 869 million yuan, respectively. 200.4 billion yuan.

Among them, the rapid growth in 2020 was mainly due to the benefits of the Internet medical treatment by the epidemic, and the increase in user needs. However, the amazing losses since the years, the cash flow situation of micro -medicine is very optimistic.

From 2018 to 2020, the company's operating activities had a net cash flow of -709 million yuan, -858 million yuan, and -941 million yuan, respectively, and a total of about 2.508 billion yuan in three years.

During the prominent cash flow problem and no dawn in many listings, there was another market news at the beginning of this year that micro -medicine was conducting a large round of layoffs, and the number of employees has fallen from 4,000 to 3,000 last year. In addition, Weiyi is also carrying out the reform of the salary and welfare system, including reducing basic wages, linking employee salary and performance.

The business model is not good

Different from Ali Health, Jingdong Health and Peace, Doctor has embarked on an Avenue of Kangzhuang. Especially under the country's gradual liberalization of online sales prescription drug policies, the Internet selling medicines is a good business.

But the micro -doctor chose a "difficult" path.

Unlike Ali Health, JD Health and Peace, Dr. Focusing on Health Consumption and OTC Retail E -commerce Circuit is that the main track of micro -medicine provides digital medical services such as medical and health services, which has a very different revenue structure. The income of micro -medicine mainly comes from two parts:

The first is that medical services include online+offline consultation services, mainly including online appointments, offline first consultations, medical record acquisition, online consultation, electronic prescriptions, medical expenses settlement and drug distribution services.

The second is health management services. Digital membership chronic disease management is a new business that Micro -doctors began to start in 2019, mainly including digital chronic disease management services and health management services.

Throughout JD health and Ali Health, they are centered on the pharmaceutical e -commerce sector. Even if it is a good doctor, its health mall business accounts for 50%, mainly selling medicines on the Internet. The revenue of the consultation service is very meager.

According to the financial report, as of the end of 2020, Jingdong's health revenue was 19.383 billion yuan, almost ten times that of Weiyi (1.83 billion yuan). The revenue of Ali Health and Horizon also reached 9.596 billion and 6.870 billion, respectively. Micro -medicine was not at the same level.

More importantly, although micro -medicine has time to lead the advantage, taking the registration consultation platform as an example, in terms of major functions such as registered, there is no significant difference between micro -medicine, Ping An, and Good Doctor Online and Dr. Lilac. obvious.

In addition, in the context of the rise of digital upgrades and the rise of WeChat Mini Program, many large -scale three hospitals have launched their own online consultation registration system, which will undoubtedly have a large market share of WeChat medicine.

I have to make people emotion: "No matter how strong the industry pioneer, if there is no core barriers to block the invasion of competitors, it will eventually be difficult to avoid the squeezing of the later show."

- END -