It is not until the last minute to "submit the papers", and the health of Meinian is difficult to hide the main business of the main business

Wen | Ningwen

In the last minute of Meinian Health, "submit the papers".

On the evening of August 11, 2022, Meimeian Health (002044.sz), which was already disclosed in the half -year report of 2022, suddenly issued an announcement saying that "affected by the epidemic" was extended to the semi -annual report disclosure to August 31, 2022, 2022 Essence It is worth noting that on August 31st, it was the "lower limit" of the semi -annual report disclosure stipulated in regulatory regulations.

Although from the perspective of financial reports, some medical examination centers in Mei Nian's health have been negatively affected by the epidemic, but the response of the fixed -fundraising project, the fixed increase of the feedback of the CSRC, and the actual controller to solve the competition period of the industry's competition period For many important matters, and the performance of financial data is not good, the "procrastination" of the healthy and healthy health may still have a deeper cause.

For the 100 billion medical examination market, Meinian Health is still losing money

From the perspective of many investors, Meinian Health is postponed to the last minute "submitting", which exactly shows insufficient confidence. In fact, the financial data of Meinian's health is indeed the same.

According to the financial report, in the first half of 2022, Meimeian's health revenue was 2.922 billion yuan, a year -on -year decrease of 13.67%; the net profit loss attributable to shareholders of listed companies was 666 million yuan, an increase of 56.30%year -on -year.

Picture source: 2022 semi -annual report

Meridian's health revenue and net profit both fell, and it was directly connected with its main business. In the first half of 2022, the revenue of Meinian Health Examination Service was 2.75 billion yuan, accounting for 94.13%of the total revenue, a year -on -year decrease of 15.34%.

In this regard, Meiyin Health explained that due to the impact of the epidemic, "the average suspension of more than 150 medical examination centers in the country exceeded 40 days, and 22 stores in Shanghai alone had an average of more than 80 days. In the first half of the city, the current implementation of current restrictions, the physical examination capacity cannot be released. "

The epidemic will indeed have a certain negative impact on the health of the year, but the problem is that the period of stretching time, Meinian Health has been in the quagmire that has been "increasing increasing increasing income" for many years.

According to the financial report, from 2019 to 2021, the growth rate of US-Nian's health revenue was 0.79%, -7.94%, and 16.66%, respectively; the growth rate of net profit at home was -205.58%, 163.59%, and -88.36%, respectively.

In 2020, the net profit of the healthy home of Meinian Health is not the main business, but the investment income generated by the "selling company" and does not have continuity. According to the financial report, in 2020, the investment income of Meinian Health was 1.243 billion yuan, accounting for 158%of the total profit. By 2021, Meinian Health returned to the track.

Mei Nian Health has been sluggish for many years, nor is it because of the river and rivers in the medical examination industry. According to the data of Zhiyan Consultation, in 2021, the size of the Chinese health check -up market was 189 billion yuan, an increase of 7%year -on -year. According to this calculation, US Nian Health only accounts for about 5%of the market share.

Picture source: Zhiyan Consultation

This actually reveals the dilemma of Meinian's health at the market level. China's special national conditions are determined that public hospitals are the first choice of patients, and even if the medical examination industry is not enough, it is not possible.

According to data from the Huajing Industrial Research Institute, in 2019, the medical examination department of the public hospital accounted for 70.8%of the market share, rather than the publicized 100 million yuan accounted for only 29.2%of the market share. This special industry background determines that the main business of Meinian's health has a natural limit.

The inner dilemma of beautiful dian health

Of course, the market trend has no direct connection with the company's losses. The direct pusher of the Yinyun's health performance may still be attributed to the company.

In 2015, the 11 -year -old Meridian health price was 5.5 billion backdoor "Jiangsu Three Friends" landed on the capital market. At that time, Yu Rong, the actual controller of the United States, promised that from 2015 to 2018, the company's net profit forecasts for their mother-in-law were 223 million yuan, 331 million yuan, 424 million yuan, and 488 million yuan.

In order to complete the above performance, Meinian Health began to focus on the "high leverage growth", and "mergers and acquisitions+additions" two legs to walk radical expansion. For example, in 2016, Meinian Health obtained 72.22 % of the equity of Ci Ming's medical examination at a price of 2.697 billion yuan. As a result, the former also became a head enterprise in the medical examination industry.

The road of expansion of Mei Nian's health has excellent results. According to the financial report, in 2013, Mei Nian Health had only 76 physical examination centers. By the end of 2021, this number reached 613. In the eight years, the number of Meinian Health Sports Center has been eight times.

Reflected in the financial report, Meinian Health also completed the corresponding performance commitment. From 2015 to 2018, the non-net profit of Meimeian Health Deduades was 226 million yuan, 349 million yuan, 502 million yuan, and 550 million yuan, totaling 1.627 billion yuan, with a completion rate of 111%.

Although the strategy of "high leverage growth" is in the short -term, it helps Meinian health to complete the performance commitment, but it also brings hidden dangers on the long line.

According to the financial report, in 2015, the goodwill of Meinian Health was only 417 million. By the first half of 2022, this number increased to 4.247 billion yuan, an increase of more than ten times. In the financial report, the health of the United States admits that "goodwill impairment will directly affect the company's operating performance and reduce the company's current profit."

Picture source: 2022 semi -annual report

It can be said that in the past few years, a large -scale net profit loss has occurred in the health of Meimeian, which has a direct connection with the impairment of goodwill. In the future, the high -profile goodwill will be the "Damoris Sword" hanging on the healthy head of the United States. Meinian health attaches too much attention to the short -term "scale", and the relative to ignore the long -term business layout may be because its management does not have a good continuity.

Since the occurrence of large -scale losses in 2019, "changing" has almost become the norm of healthy year. According to statistics, from mid-2019 to mid-2020, the team of US-Nian Health Directors changed the blood more than half of the blood. By 2021, the high -level senior executives of Meinian still did not stabilize.

According to incomplete statistics, in 2021, Meinian Health disclosed the announcement of multiple personnel changes, involving 7 executives' departure and appointment. The post of president alone was changed three times in early 2021, mid 2021 and early 2022.

The capital market is no longer optimistic

Frequent changes have not only failed to restore the performance of the health of the year, but even caused it to suffer from "procrastination". As mentioned at the beginning, Meinian Health did not disclose the 2022 semi -annual report until the "last minute". In addition, many important matters of Meimeian Health have also been postponed.

For example, on November 5, 2021, Meinian Health disclosed the "Announcement of the Company's actual controller and its affiliates to avoid the delay of the delay of competition commitments in the industry" showed that they agreed to Mr. Yu Rong and its affiliated parties Investment partnerships promise to solve the time limit for the competition in the industry from 48 months from the date of completing the capital contribution or equity delivery of each investment to 60 months.

Coincidentally, on March 11, 2022, the "Announcement on Re -demonstrating and Delayed by Part of the Funding Project" disclosed by Meinian Health shows that it is intended to be postponed by the time of some fundraising projects to reach the scheduled state. Projects and terminal information security upgrades have been postponed for more than two years.

It is understood that the above -mentioned extension project is a raising project of the 2019 Meisian Health Increase. The proposed net funding to raise funds is 2 billion yuan. As of the end of 2021, the actual fundraising investment amount was 1.433 billion yuan, accounting for 71.65%. In the announcement, Meinian Health was awarded the exclusion that "the current data center service capacity has no obvious gap." However, the data center of Merrill Health's fundraising construction data was exactly for the "gap" in the future. This seems to reverse again that the macro strategy of Meinian's health has no good continuity.

Perhaps it is precisely because it is not confident in the strategy of high -level levels. On August 11, 2022, Meinian Health also announced that it was planned to purchase the liability for the company and all directors, supervisors and senior managers. Over 260,000 yuan/year, the insurance period is 12 months of liability insurance.

Picture source: Meinian Health

This is obviously difficult to bring enough confidence to investors. In October 2019, in order to create a great health ecology, Ali spent 4.864 billion yuan to purchase 10.82%of the Niannian Health, becoming the second largest shareholder of the latter. However, as Meimeian's healthy performance fell into a lost, Ali began to reduce its holdings. Official data show that in November 2020, Ali Networks has reduced its holdings of 53.99 million shares in the United States and annual health, accounting for 1.3794%of the company's total share capital.

Facts have proved that Ali's holdings are indeed foresight. Since the beginning of 2021, the stock price of Meinian Health has "stumbled." As of the afternoon of September 5, 2022, the stock price of Meinian Health was 4.74 yuan/share, which fell 77.24%compared to the high of 20.83 yuan/share in 2015.

Looking back and forth, the history of Meimeian's healthy growth can be found that although it can grow rapidly and become "the first share of the physical examination" with the power of capital, it is relatively negligible because of the frequent management of management. Long -term refined operations and failed to deploy new businesses in advance, Meinian Health has seriously overdrawn the confidence of the capital market.

If the management still cannot stabilize in the future, or does not increase the realization of the medical examination business, the stock price of Meimeian's health will still be explored.

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