Barley hair impact IPO: Hair transplant is high marketing?

Flower Finance Original

"The deepest night, get rid of the most severe hair." This is the most authentic portrayal of contemporary young people.

According to data from the National Health and Health Commission, the number of hair loss in my country has exceeded 250 million, that is, the average of 6 people per person on average. According to a report from the National Health Insight in 2021, 27%of the respondents said that they had hair loss.

With the increasing prevalence of hair loss, the size of my country's hair transplant service market has also developed vigorously.

According to the Burning Consultation Report, the size of my country's hair transplant service market increased from 6.2 billion yuan in 2016 to 17.3 billion yuan in 2021, with a compound annual growth rate of 22.8%. It will reach 47 billion yuan.

In addition, the market penetration rate of hair transplant services has increased from 0.14%in 2016 to 0.25%in 2021, and it is expected to reach 0.47%in 2026.

The potential for hair transplantation has gradually stimulated, and the related downstream service companies are also developing and growing. Following the successful landing on the Hong Kong Stock Exchange last year, the industry's "second child" Damai hair transplantation has also been submitted in Hong Kong, and he wants to do the "second share of hair transplantation".

Although the market is expanding, competition in the industry is also growing simultaneously. Even if Yonghe Medical, even the first share of hair transplantation, is successfully listed, and now it has never been seen in the capital market, and the stock price continues to be sluggish. In this context, what kind of style can barley hair transplant impact IPO bring?

Hundreds of players compete for the hair transplant market

A latest survey data shows that 65%of the 250 million people in my country are men. Moreover, the trend of hair loss is significant, accounting for nearly 70%of the age of 30, becoming the main force of hair loss consumption. These consumer groups also show the characteristics of high education, high income, and strong purchasing power.

"Nearly 70 % of the people are less than 30 years old", "shampooing every day may not increase hair loss", "scientists have discovered the target of hair loss molecular", these have become hot topics on Weibo. Entering hair loss keywords on Weibo shows a large number of topics about hair loss.

Hair loss has undoubtedly become a topic of concern to contemporary young people.

With the development and popularization of modern technology, it has inadvertently promoted people's awareness of hair transplantation.

With the stimulus of multi -party, major hair transplant players have emerged endlessly in recent years. As of the end of 2021, there were more than 100 hair diagnosis and treatment services providers in my country, and the fierce competition in the industry was self -evident.

At present, there are four main types of players in the industry: one is the hair transplant department of public hospitals such as Shanghai Long March Hospital, Southwest Hospital and other public hospitals; the other is the hair transplantation department of private medical and beauty cosmetic institutions represented by Imel and Xiduo; The local private non -chain hair transplantation institutions represented by the representative; the fourth is a national private chain hair transplantation agency represented by Yonghe hair transplantation and barley hair transplantation.

Relatively speaking, although there is no specific data disclosure of the hair transplantation department of public hospitals, according to consumer psychological considerations, the hair transplantation department of public hospitals may win the trust of consumers. It is necessary to know that the operating pressure of private hair transplant institutions may not be underestimated.

However, in this point of view, in this scattered pattern, the national private chain hair transplantation agency represented by Yonghe hair transplantation and barley hair has occupied an absolutely leading market position.

If calculated by income in 2020, Yonghe Medical has a market share of 10.5%, which is the "boss" of the industry. According to the income measure in 2021, barley hair transplantation has a market share of 5.2%, which is the "second child" of the industry.

In the current hair transplant market, it is firmly tightened by private hair transplant institutions, and various hair transplant players have also begun to rush to IPO. In 2021, Yonghe Medical successfully landed on the Hong Kong Stock Exchange, and recently, Barley's hair transplantation also took the IPO's relay stick.

But looking back at the performance of the capital market after the listing of Yonghe Medical, since December 13 last year, it went to Hong Kong for the issue price of HK $ 15.80 per share. The amount is only between millions.

The industry is still growing at high speed, but capital's future expectations for private hair transplant institutions do not seem to be reflected in the capital market.

Hair transplant is marketing?

The prospectus shows that from 2019 to 2021, the operating income of barley hair transplantation was 747 million yuan, 764 million yuan, and 1.021 billion yuan, respectively, and the corresponding net profit was -150.14 million yuan, 69.558 million yuan, and 66.116 million yuan, respectively.

Although the net profit is low, the gross profit margin of barley hair is not low at all. From 2019 to 2021, the gross profit margin of barley hair transplantation was 79.8%, 75.9%, and 70.9%, respectively.

According to Sina Finance, planting 1420 hair follicles, according to the latest preferential activities, you can buy the top 1,000 units at the price of 7.99 each hair follicle unit. The price requires a total of more than 10,000 yuan.

Behind the expensive price is the gross profit margin that is high, but even so, why does barley hair transplantation still not make money? Where did this money spend?

From 2019 to 2021, the net interest rates of barley hair transplantation were -2%, 9.1%, and 6.5%, respectively. During the same period, barley hair marketing and distribution expenses were 500 million yuan, 399 million yuan, and 520 million yuan, respectively, and the sales costs were 67.0%, 52.3%, and 50.9%, respectively. It is not difficult to see that the money of barley hair is smashed into marketing. During the reporting period of barley hair transplantation, the research and development costs were 6.5 million yuan, 4.6 million yuan, and 4.78 million yuan, respectively. The cost of consumer hair transplantation was obviously not high -tech, but at the marketing level.

Due to excessive relying on marketing to open the market, the hair transplantation effect of barley hair transplantation is also quite doubtful. "I spent 27945 yuan of hair transplantation 3,200 hair follicle units in barley hair transplantation. The postoperative survival rate was very low and the effect was poor. The agency faked exaggeration to propagate hair transplantation percentage of more than 96%." A consumer said so.

Another consumer said, "On April 21, 2020, more than 2,500 units of hair transplantation in barley, when hair transplantation was said to be a professor, but when the real hair transplantation After one year of hair transplant, the top of the head is still very sparse, and it does not reach 95%at all, up to 40%. "

The money is not necessarily effective

It should not be ignored that the hair transplant industry has developed in China for many years, but in fact, its penetration rate is still very low. In addition to a certain impact of high prices, the effectiveness of hair transplantation may also be the most direct factors. Consumers are most afraid of " The money is not necessarily effective. "

According to Ferris Sander in the "Overview of China's Deeping Industry", the hair transplant industry is frequent and lacks unified industry norms. On multiple search engines and network platforms, information such as "hair transplant scams", "failed hair transplantation", and "hair transplant" can be found.

Xinhua News Agency quoted data that doctors who will perform hair transplant surgery across the country will not be 1/10 of the real practitioners. Some of the "doctors" promoted by unconventional institutions were just named, but the surgery was completed by "Dr. Sucheng".

Another media reported that a consumer who had undergone surgery at the Beijing Damai Hair transplant store in 2020 stated that during the pre -surgery consultation, the salesperson strongly recommended the attending doctor for surgery and emphasized that they had rich experience. However, on the day of the operation, without any notifications and negotiations, the surgery arranged by the hospital was not the attending doctor who promised, but the doctor who performed the surgery was actually a nurse identity.

In the prospectus, Barley Hair also expressed any customer complaints or any cases or allegations about their improper behavior, negligence or malfeasance, which may make the company face complaints, investigations, claims or legal proceedings, which may be Images and reputation have adverse effects.

Tianyancha showed that on July 22, 2019, a trial announcement occurred in the trial of the case of medical damage in the case of medical damage, and the court tried the court as the People's Court of the People's Court of Gulou District, Nanjing.

In fact, some hair transplantation techniques will leave scars, and patients will experience a "off-off period" after surgery, 90%of transplanted hair will fall off, and the final result will take 12-18 months to appear. However, hair transplantation in my country belongs to the regulatory category of the medical beauty sector, but the direct relevant policies are still vacant, which means that consumers have a large problem protection problem.

The tens of billions of markets are still expanding, but the industry is chaotic. At the same time, the market reputation of barley hair transplantation frequently flipped. Even if it can be successful in this listing, how much capital can barley hair transplantation get the favor? It is worth noting that although Yonghe Medical is expensive as the "boss" in the industry, the stock price has continued to sluggish.

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