Damai hair sprint is listed on the market, with an annual income of 1 billion, and the gross profit margin is comparable to Wuliangye ｜ IPO observation

In recent years, the number of hair loss people in my country has increased. Data show that from 2016-2021, the hair loss population rose from 195 million to 267 million people, and it may come to 340 million people in 2026. And the people of hair loss are mainly young people under 30, accounting for 84%of the total number of hair loss.

The expansion of the hair loss crowd, coupled with the promotion of the "face value economy", the hair transplant industry ushered in the golden period of development. From 2016 to 2021, the market size of the hair transplant service industry increased from 8.3 billion yuan to 23.8 billion yuan in 2021, with a compound annual growth rate of 23.5%.

On June 29, the hairproof company Damai Hair transplantation submitted a prospectus. Since Yonghe Medical, another hair transplant medical institution has pursued an IPO.

01 Increase income does not increase

As a well -known brand in the field of hair transplantation, under the background of the rapid development of the industry, barley hair transplant revenue has also steadily increased. From 2019 to 2021, the company realized revenue of 747 million yuan, 764 million yuan, and 1.021 billion yuan, respectively, and the scale of revenue ranked among the top three in the industry.

Due to the high unit price of barley hair transplant customers, the average unit price of passenger in 2019-2021 exceeds 25,000 yuan. In addition, the hair transplant industry itself is light asset operation, and the operating costs are very low. Damai hair has always maintained a high gross profit margin. From 2019-2021, the gross margin margin of barley hair transplantation was 70.9, 75.9%, and 79.8%, respectively.

According to common sense, the company's net profit growth rate should be very good. In fact, from 2019 to 2021, barley hair transplantation achieves profit-15.51 million, 69.56 million yuan, and 66.12 million yuan, respectively. After the loss in 2020, the income increase in 2021 increasing increasing the income.

The gross profit margin exceeded 70%, and the revenue increased rapidly. Why does the barley hair transplantation still increase the income? The answer is on the cost. According to the Battlefront's prospectus, due to the high sales costs, the company has not increased income.

It is worth noting that from 2019 to 2021, barley hair transplant marketing and related costs were 500 million yuan, 399 million yuan and 520 million yuan, respectively, and the sales expense rates were 67.0%, 52.3%and 50.9%of the same period. High amount of sales expenses are also the core reason for the increasing income income from barley hair transplantation.

Regarding ultra -high cost investment, the explanation of barley hair transplantation is that the industry is in high -speed growth. The company will increase the efforts of brand promotion and advertising accordingly, mainly to expand the company's market share for fast -paced contact.

However, in the hair transplant industry, ultra -high marketing costs are normal. Industry insiders said that because the hair transplant market is relatively scattered and the service is relatively homogeneous. And hair transplantation is more often a hammer buying and selling, the repurchase rate is low. Therefore, enterprises need to continue to obtain new customers through marketing to maintain revenue growth.

In addition to barley hair transplantation, Lagua medical marketing costs are equally high. In 2021, the hair transplant giant Yonghe's medical revenue was 2.169 billion yuan, the marketing costs were 1.073 billion yuan, and the sales fee rate was 49.5%. High amount of marketing costs also caused the net profit of Yonghe Medical to decline by 20.00%year -on -year.

The high company of marketing costs has led to increasing the income income of barley hair transplantation. In the overwhelming publicity, barley hair transplantation also had false publicity.

02 Enterprises are suspected of "false publicity"

On the black cat complaint platform, 10 complaints on hair transplantation of barley, basically related to publicity. Some consumers reported that they had surgery in barley hair on April 4, 2020. Before surgery, barley hair transplantation has always emphasized that the survival rate of hair transplantation is more than 95%.

The patient said that the postoperative hair transplantation effect was quite poor, and the survival rate was less than 50%. In the process of rights protection, Damai hair transplantation insisted that the institutional hair transplantation was very successful, but the patient's own problem caused serious hair loss, but afterwards, the regulatory agency was required to refund, compensate and apologize to the patient.

In January 2022, some female patients complained on the black cat platform that "Since the hairpin surgery of barley, hair folliculitis has been infected. The place where folliculitis is infected with severe hair loss, and the hair is less than before." Due to the serious hair loss, the patient's inadvertently worked, which caused the company to be fired, and he suffered from severe depression, and was asked to be hospitalized by Zhuzhou People's Hospital.

The patient also stated that the doctor who gave her surgery was not the attending doctor in advertising, but an internship nurse who had no physician qualification certificate temporarily. Finally, under the intervention of the regulatory agency, barley hair transplantation was also identified as false propaganda, requiring measures such as refund, compensation and rectification of barley hair transplantation.

The problem of no physician qualification certificate is not the first time that Damai's hair transplantation appeared. As the founder of Damai hair transplant, Li Xingdong was also questioned by the experience of "unlicensed practice".

As the "old man" in the hair transplant industry, Li Xingdong began to engage in hair transplant -related work at the age of 24. Subsequently, in 2009, the former Maori Hair transplantation was created, and the birth of the family in 2019 was officially renamed Damai hair transplantation.

Li Xingdong said that in his early years, he had 400-600 operations every year, with an average of 3,000-4000 hair follicles per transplant, and a total of about 20 million hair follicles were planted.

However, the website of the National Health and Health Commission shows that Li Xingdong is still a practicing assistant physician. According to the "Law of the People's Republic of China", the practicing assistant physician must complete the relevant practice under the guidance of the practicing physician.

Obviously, Li Xingdong did not qualify alone during the past operation. As for how Li Xingdong completed 400-600 operations a year, I am afraid that only he knew it. In addition, in March 2021, the medical institution of Damai Hair, Ningbo Damai Beauty Beauty, was punished for false propaganda and replacement of attending doctors. According to the content released by the Ningbo Market Supervision Bureau, because the hair transplantation of barley has not performed by patients, the pre -surgery effect of patients' pre -surgery and postoperative comparison effects, and the doctor during hair transplantation is not Wang Ping said in the propaganda. It belongs to false propaganda and therefore a fine of 30,000 yuan in hair transplantation of barley.

Medical lawyer Zhang Wenbo believes that over -marketing will bring compliance risks to the company. When attracting customers and seizing the market, there will often be false publicity and false commitments. It is recommended that related companies not over -marketing.

For hair transplantation agencies, the market excesss 159 times when Yonghe Medical IPO in December 2021. Half a year later, the market was obviously insufficient for hair transplantation. As of July 4, 2022, the first stock price of Yonghe's medical treatment has fallen by more than 35%compared with the issuance price. Whether the barley hair transplantation can be listed on the capital market is also worthy of attention.

(Author: Duan Nannan Editor: Liao Ying)

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