The huge amount of goodwill is suspended, and the market value has shrunk by more than 58 billion. The "private medical examination leader" is being abandoned?

The huge amount of goodwill is suspended and the stock price has fallen.

After closing on June 23, Meinian Health closed down 0.19%, and the stock price closed at 5.23 yuan/share. Under the recent market heating up sharply, the stock price of Meinian Health also began to rise slowly. However Compared with the 20.15 yuan/share in February last year, the stock price of Meinian Health still fell 74%in more than 74%this year, and the market value shrank by more than 58 billion.

As a leader in domestic private medical examinations, in the past two years, the healthy days of beautiful age are not good.

In addition to the continued decline in the stock price mentioned above, Midea Nian Health has continued to be negligible in the past two years, and it has also been rejected by the once crazy expansion. In 2019 and 2020, the impairment of merchant reputation was as high as 1.047 billion and 339 million.

According to the latest data, as of the first quarter of 2022, the goodwill value of the health of the United States still reached 4.168 billion, and the huge goodwill value was hung on the top of the health of the Diannian, plus the height of the Diannian's health, plus the addition The unstable operation of the operating situation and the stock price of endless strokes are full of fog.

"Private Physical Examination Lottery" for mergers and acquisitions

In fact, my country's private medical examination industry has not developed for a long time.

In 2001, with the continuous deepening of the reform of the medical system, the government began to propose the opening of the medical market and encouraged the development of private medical enterprises, and the private medical examination institutions officially appeared; then, with the concept of "separation of medicine and separation of medical inspection", The private medical examination industry has begun to develop quietly, and Meinian Health is also born in this tide.

Time was pulled back to 2004. This year can be called "the starting year of the private medical examination industry", because the founder of Aikang Guobin Zhang Ligang, the founder of Ciming Physical Examination Han Xiaohong, and the founder of Meinian Health It was involved in the private medical examination industry for a year, but it was different from Zhang Ligang and Han Xiaohong. Yu Rong was just a businessman at the beginning. Before the establishment of Meinian Health, he made the first bucket of gold with investment.

In 2006, Yu Rong's Tianyi Medical took over 20%of the equity of the State Bencours from the Shanghai Health Bureau. The profit is as high as more than 10 million yuan. This extremely high profits make it more firm to enter the medical examination industry. In August of the same year, Yu Rong's first medical examination center "Shanghai Mimimuqiao Road flagship store" was officially established.

In the initial stage, the healthy development of Meinian was not smooth. After 5 years of development, there were only 13 self -built stores in Meimeian, and it was mostly distributed in three or fourth -tier cities. After health ", Mei Nian Health really found the direction of its own development -mergers and acquisitions.

Since the consolidation of "Shenyang Great Health" in 2011, Mei Nian Health has successively acquired a number of medical examination institutions such as Beijing Green Shengyuan Medical Examination Center, Xi'an Kangcheng Chain Medical Examination Center, and Guangdong Medical Examination Leader Ruger. Quickly rose to third place, only after Aikang Guobin and Ci Ming's medical examination.

In 2014, the IPO of Ciming Examination, which ranked second in the medical examination market, was once again ordered. Han Xiaohong, the founder of repeated setbacks, sought a new way. In the end This became the first place in the domestic medical examination market and far beyond Aikang Guobin.

In 2015, Meinian Health was successfully listed through backdoor Jiangsu Three Friends. The stock price rose from the lowest 3 yuan to the highest 22.48 yuan, with a market value of 87.9 billion yuan. Mei Nian Health was successful with mergers and acquisitions.

The huge goodwill is suspended, and the "sequelae of mergers and acquisitions"

For the health of the United States, mergers and acquisitions are the key to successful success.

According to the 2019 financial report data, the health check centers with more than 700 people in the year of the year, far exceeding the 120 physical examination centers of Aikang Guobin; from the first in 2006 to more than 700 in 2019, Meinian Healthy Health The average number of new physical inspection centers is close to 50 each year, which shows the huge power brought by mergers and acquisitions.

Behind the large -scale mergers and acquisitions, I have to mention the operating method of Meimeian Health "first control and then control"

The so -called "first -time and then control" is that for the company or institution to be acquired, listed companies generally participate in about 10%of the shares. After a few years, as these companies have grown, listed companies will acquire 50%of the equity to form a holding. In the end, 3 to 5 years later, with these companies meet the requirements of performance commitments, the company Then all of the capital holding.

For this "first -time and then controlled" method, the advantage is obvious -at the beginning of the small quota participation will not have a great impact on the performance of listed companies, and with the gradually mature company, the equity of the increasing investment can be mature. In -thicken the performance of listed companies, and finally achieved the effect of "eating more fish".

However, although this method seems to have a lot of advantages, the key is that these companies to be acquired will eventually succeed. If these companies are not developing smooth Essence

The result is the same. Before disclosing the 2019 financial report, Meinian Health suddenly referred to the impairment of business reputation, saying that the company was targeted at the acquisition of Ciming Health Medical Examination Management Group Co., Ltd., Shenzhen Hongkangjie Technology Co., Ltd., and New Health Holdings Co., Ltd. The company and some regional medical examination centers formed by the company and some US -Nian Health Brands are prepared for the preparation of the impairment of business reputation for business reputation. By 2020, US Nian Health once again launched a goodwill of 327 million yuan, which led to a loss of 6004 million net profit at that year. Push off the cliff.

As of the first quarter of 2022, although the goodwill has been continuously provided before, the goodwill value of the health of the United States is as high as 4.168 billion, and the huge goodwill value is like a Damocles sword. There are risks to fall at any time.

Where does Mei Nian's health go?

In addition to making Midian healthy goodwill, the crazy mergers and acquisitions also brought a lot of problems to its operations.

Time was pulled back to 2018 4 years ago, Meinian Health was suddenly revealed that "a large number of counterfeit doctors and issued a medical examination report in violation of regulations", and it was pushed to the cusp; in addition, the "medical examination report on the health checkup report of the US -year health report Related news often appeared. Previously, some medical examination customers claimed that the advanced cancer during the medical examination was not tested, and the reputation of Meinian health has continued to decline in recent years.

In fact, the decline in word of mouth has become the "common problem" of corporate mergers and acquisitions. Under the influence of rapid expansion, the level of management of enterprises is difficult to keep up with the speed of corporate expansion. From this point of view, it is inevitable that the problem of Meinian Health in operation is inevitable. Essence

With the decline in word of mouth, the operating conditions of Meinian health have begun to decline.

According to the data of the first quarter report of 2022, in the first quarter of 2022, the revenue of US -year health achieved a revenue of 1.352 billion, a year -on -year increase of only 1.12%; net loss was 4311 million, a year -on -year decrease of 1.44%; the loss of non -net profit was 445.7 billion, a decrease of decline year -on -year 14.42%.

From the perspective of fund holdings, as of the first quarter of this year, the number of US -died health funds holding only 3, the number of positions was only 3,012,900 shares, and the number of positions in 212 positions in the fourth quarter of 2021 and the number of holdings of 260,719,136 shares. Compared with, the movement of the institution's reduction is quite obvious.

For the health of the United States, one side is a huge goodwill on the top of the high hanging head, and on the other hand is a declining operating condition, and the uncertainty of the epidemic and the impact of public hospitals on private medical examination institutions. On the way, I am afraid that it has been "away and gradually."

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