Pharmaceutical e -commerce midfielder narrow roads, and even loses 2.8 billion Dingdang health bars to Ali Jingdong

The 21st Century Business Herald reporter Ji Yuanyuan reported that on September 14, Dingdang Health Technology Group Co., Ltd. (referred to as "Dingdang Health") was officially listed on the main board of the Hong Kong Stock Exchange. According to the announcement of the Hong Kong Stock Exchange, the publicity price of Dingdang Health is set at HK $ 12 per share, with a market value of about 16.1 billion Hong Kong dollars.

According to the Ferrusana report, according to the income of 2021, Dingdang Health ranks third in the Chinese digital retail pharmacy industry, with a market share of 1.0%. The first and second service providers are Jingdong Health and Ali Health, with market share of 10.0%and 6.5%, respectively. In addition, Dingdang Health was still the largest product and service provider in the digital pharmacy industry in China in 2021, with a market share of 6.8%.

Prior to the listing of Dingdang Health, Ali Health, JD Health and Peace and Horizon, known as the "three giants of pharmaceutical e -commerce", had gathered in Hong Kong stocks, with a market value of more than 10 billion yuan. Today, Dingdang's health is inevitable to compete with the "giant", and whether the business path of Dingdang Health can run through.

In an interview with the 21st Century Business Herald, the CIC Burning Consultation partner Wang Wenhua said that the key point of whether Dingdang's health model can continue to be expected to have its profitability. From the perspective of past data, due to self -built offline pharmacies, logistics systems, and high marketing costs, the growth of health costs far exceeds the growth of their income. In fact, the success of this model requires time to lay out the card position so that Dingdang's health is sufficient to compete with the scale of the Internet factory, so that its scale effect can be used, and the diluted cost can achieve profitable sustainability.

"But the embarrassment is that when Dingdang's health has not grown enough, giants such as Ali, Jingdong, and Meituan have also fancy the" cake "of Internet medicine, and they have ended and quickly throw Dingdang behind." Wang Wenhua It is said that Dingdang Health is not the Internet for the Internet of Pharmaceuticals. The company's ultimate service concept was unable to differentiate itself with the Internet giants, because these advantages are also places that Internet manufacturers are good at. Therefore, with the changes in market competition, how long Dingdang Health will achieve profitability in the future is still not sure.

Grab food with the "Giant"

Dingdang's health business model mainly provides users with full -time medical products and services to users, such as fast medicine, online diagnosis and treatment, and chronic diseases and health management.

After Dingdang Health landed on the Hong Kong Stock Exchange, the pharmaceutical e -commerce platform, including JD.com's Health, Ali Health, and Ping An Good Doctor, has gathered in the Hong Kong stock market, which also means that the second half of the Internet medical treatment has begun. For the layout of China's digital pharmaceutical retail, the "cake" of this market is considerable, and who can win a large share has attracted much attention.

According to Wang Wenhua, there are two major categories of the market for selling medicines through the Internet: one is platform type, which converts the platform's huge flow into users of drug sales; The offline retail pharmacy with the function of setting up the function is to achieve drug sales with the self -built distribution logistics team. Dingdang's model determines that its income growth rate will run platform -type Ali Health, JD Health and Meituan.

From the 2022 financial report data released by various Internet e -commerce giants, it is not difficult to see that the above roads are not frank. However, after years of exploration, some platform -type Internet medical companies have gradually stepped out of their predicament, and their losses have decreased year -on -year. Some companies have even turned on to turn a profit. But some companies are still struggling in the field of inherent business.

According to JD.com's mid -term performance financial report, JD.com's total revenue in the first half of the year was 20.2 billion yuan, an increase of 48.3%year -on -year; the profit was 223 million yuan during the period. The same period last year was 454 million yuan, a year -on -year loss. As of June 30, 2022, JD.com's annual active users in the past 12 months exceeded 131 million, an increase of more than 22.7 million compared with the same period last year.

As JD.com's health losses narrowed, Ping An Health released the mid -term financial report of 2022 showed that the total revenue of Ping An Good Doctor in the first half of the year was 2.83 billion yuan, a decrease of 25.9%year -on -year, and a decrease of 19.6%month -on -month. From the perspective of business structure, the revenue of Ping An Good Doctor is mainly supported by the two major sectors of health services and medical services, accounting for 60%and 40%of the total revenue, respectively. Health service revenue was 1.696 billion yuan, a year -on -year decrease of 32%, and a decrease of 25.6%month -on -month; medical services achieved revenue of 1.132 billion yuan, a year -on -year decrease of 14.5%, a year -on -month decrease of 8.4%.

As for Dingdang Health, according to the prospectus, Dingdang Health's revenue in 2019, 2020, and 2021 was 1.276 billion yuan, 2.229 billion yuan, and 3.679 billion yuan. In the year, the losses were 21.5%, 41.3%, and 43.5%, respectively, and the cumulative loss of about 2.8 billion yuan in three years. In the first quarter of 2022, the revenue was 987 million yuan, and the revenue of the same period last year was 780 million yuan; the loss was 404 million yuan during the period, and the loss was 749 million yuan during the same period last year.

"The reason why the year of losses in succession is that the entire prescription drug retail enterprise has insufficient cooperation in the opening of Internet medical care and retail, insurance expansion, and sinking channels. It has not yet formed an integrated ecosystem. The necessity of ecological cooperation is digital construction and talent training. "Some chief analysts of the pharmaceutical industry in the securities institution told the 21st Century Business Herald reporter that the data of the early industry about market share is relatively limited. Online B2C and O2O channels have just emerged. Without preparing the series of external data, if you want to do fine cultivation, there will be the disadvantages of blindness. "In addition, the cultivation of talents is crucial. In the past, the retail channels of drugs were relatively natural sales channels, but when the retail market entered a high -speed development, the training of talents could not keep up with demand. The system and multi -party promotion. This is a gradual process. "The analyst emphasized.

O2O welcome high -speed development

Dingdang Healthy IPO was finally successful, and it was also considered to be inseparable from the current high -speed development of pharmaceutical O2O. Due to the particularity and strictness of drugs, the start of the retail pharmacy is later than the entire retail industry, as is the pharmaceutical O2O field. Based on the development of other retail industries O2O, the retail pharmacy O2O mainly experienced three development stages:

In the first stage, most of the drug app platform ended in low frequency. Around 2014, many platforms began to deploy pharmaceutical O2O business. The main representatives are fast prescriptions, good medicines, powerful medicines, and Ding Ding fast medicine. At this stage, the pharmacy's perception of O2O is not enough, resulting in the drug delivery app that is difficult to control the pharmacy services, the distribution is not timely, and it is difficult to bring a good experience to the user. At the same time, the minds of consumers purchased online drugs are still in the early stages of market cultivation. In addition, the logistics system is not developed, and the cost of delivery time is high, resulting in low frequency of these apps. And due to the constraints of policies, prescription drugs cannot be sold online, so the category of online sales is also limited. In the end, many drug -sending APP platforms could not be supported and disappeared. The representative platform left was Dingdang Fast Medicine.

In the second stage, the Internet platform O2O model runs through, driving low frequencies with high frequencies, and all parties actively participate, and cities and pharmacies covering are increasing. Quanyuantang, which has strong Internet genes, officially entered the O2O business, including Meituan, Ali Health, Hungry and other Internet companies, and also actively participated. O2O cities and pharmacies have continued to increase, consumers' minds have continued to strengthen, retail pharmacy O2O development has entered the development Quick rising period.

In the third stage, the epidemic promotes more pharmacies to join O2O, consumers are intensified, and industrial enterprises intervene. After the outbreak of the new crown epidemic, the flow of people from the pharmacy to the store decreased, the medical institutions were inconvenient to seek medical treatment, and it was unable to prescribe prescriptions. The advantages of retail pharmacy O2O drug purchases were clearly reflected, and the development has entered a period of explosive growth. The third -party platform provides more convenient tools to make more pharmacies on O2O. Consumers have been continuously strengthened, and industrial enterprises have also intervened in O2O to promote products and drainage drugs. For example, Meituan has increased cooperation with offline pharmacies, not only launching the "Little Yellow Lantern Program" for supporting 24 -hour pharmacies, but also launched the "Tengfei Plan" to encourage more offline pharmacies to enter the platform by improving digital operation capabilities. While the third -party platform, while conducting the dual education of retail pharmacies and consumers, uses a strong LBS (location service) system and huge distribution teams to continuously improve medical service capabilities.

According to the "China Retail Pharmacy O2O Development Report" (hereinafter referred to as the "Report") released by Mine.com, as of the end of 2021, about 200,000 pharmacies have joined O2O, accounting for 1/3 of the total number of national retail pharmacies; The scale of the O2O of retail pharmacies will account for 19.2%of the overall market of the physical pharmacy, and the market size will reach 144.4 billion yuan. If online medical insurance is open, the share will rise to 32.1%.

In addition, under the tide of digitalization, the overall channel layout has become the consensus of many retail pharmacies. Earlier, O2O listed companies have doubled the sales growth of O2O in the past two years. Mine.com believes that retail pharmacies O2O is mainly mainly drugs, which is very different from the category structure of online pharmacies. It is expected that the scale of retail pharmacy O2O drugs in 2030 will be tied or overtaken B2C online pharmacies. According to Mine.com data, the sales scale of Chinese pharmacies and online pharmacies in 2021 reached 795 billion yuan, of which online pharmacies (medicines and non -drugs) exceeded 200 billion yuan.

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