One rumor, seriously hurt a pharmaceutical sector

Author:Kenji Bureau Time:2022.09.19

On Monday morning, the news of a medical beauty industry circulated on the Internet.

It is reported that Shanghai held a medical aesthetic work conference overnight to characterize the return of the customer and return the commission as commercial bribery, and conduct inspections on the single details of the account opening bank of the medical and beauty institutions. Find the details of the "team" or "customer service" return, and check the details of the account opening account of the medical aesthetic institution.

Medical beauty is a rare stable section in the field of medicine. Since 2022, innovative drugs, CXO, dental ophthalmology medicine, etc. have been hit; medical and beauty companies such as beauty, Huaxi Biological and other medical companies have not been affected too much. There are people who love beauty, "Yan value economy" is sought after, Langzi shares selling women's clothing, East China Medicine, which are doing medical business, have also joined the ranks of medical beauty.

The news spread quickly. As of the close of the 19th, the two leading companies of Aimei and Huaxi Biological have fallen 11.65%and 13.68%respectively, and the decline in East China Pharmaceutical, Haohai Shengke, and Langzi shares have reached more than 6%. The agency believes that this may affect the valuation of the entire medical beauty industry.

The Jianzhi Bureau learned from a related company: The company did not receive the exact industry rectification notice, and initially believed that it was market speculation. "If rumors can cause such a big response, in the final analysis The possibility of hype. "

Do not rule out the possibility of institutional hype

News from the industry show that it is a "national meeting."

Aimei and Huaxi Biological responded urgently on the morning of the 19th that the company's operations have not changed, and they have not received a solid policy notice. Huaxi Bio bluntly said: The turnover of the medical beauty sector only accounts for less than 10%. Even if the industry really wants to carry out rectification, the impact on the company is very small.

The legendary meeting began, and many people speculated that it was the Hangzhou Ancient Name Culture and Art Planning Co., Ltd.'s tax evasion of 147 million yuan in August.

From January 2017 to November 2021, a beauty clinic of the ancient famous culture used a personal account to collect money. The total of 9 accounts received 5.345 billion yuan, and the tax evasion was 147 million yuan. In the end, the company was judged to pay taxes and fined 88.2727 million yuan.

Hangzhou is a live broadcast of China, which is just adaptable to beauty enthusiasts. For more than 4 years, the turnover of a beauty clinic exceeds 5 billion yuan, which is probably a number that many pharmaceutical listed companies can reach.

But in general, the business and financial supervision of beauty clinics have been insufficient in the past.

In July 2021, the eighth ministries and commissions deployed the special rectification work of illegal medical and beauty services, focusing on cracking down on "black medical beauty", but the regular medical beauty was also so "black", which may be unexpected by the public.

The Kenji Bureau learned that the fake of channel returns and taxes is the most important reason for the chaos of medical aesthetics. Some medical and beauty practitioners introduced that in the early years, the maximum energy returning capacity of the medical institution to the channel reached 70%-80%. In addition, online payment has not yet been popularized in a large scale, and many medical institutions will also accept cash to make two accounts for yin and yang, and avoid taxation.

A large number of medical beauty products and services flow to the market in formal forms through these "black ledger", which makes medical and beauty enterprises a lot of benefits. Although the medical beauty business has been affected by the epidemic, it has always performed strongly. The leading enterprise Aimei Customer's revenue and net profit in the first half of this year were 885 million yuan and 591 million yuan, respectively, the increase of nearly 40%, "in line with the company's expectations."

The industry reports that the country wants to rectify a regular medical beauty clinic, especially from the perspective of financial taxation. The industry is not surprised. This virtual news quickly caused a strong response in the capital market.

According to the aforementioned corporate analysis, the news that the medical beauty industry was punished or named during this period of time continued, and it is not ruled out that this round of plunge is the possibility of institutions in borrowing.

Several medical giants are the objects favored by institutions. Oriental Fortune data shows that as of the end of June this year, Huaxi Bio has a total of 295 institutions holding shares, and its positions account for 36.11%of circulating shares. A total of 1030 institutions holding shares of Meimei are holding 42.71%of circulating shares.

The above -mentioned enterprises believe that "Shanghai's medical beauty work conference may also be the institution's release of messages to prepare for the positioning of the position."

Favorite regular institutions

The above -mentioned medical beauty practitioners told the Jianxian Bureau that the core of this discussion was actually a "what level of meeting": "The key is whether the organizers involved in the judicial meeting of the relevant meeting involved in the meeting. The department, if it is only government initiative, or a simple community and association discussions, it does not have legal benefits. "

However, the market has considered this series of risks, and some institutions have even "pessimistic" that starting from issues such as rebate to crack down on the business model of downstream traffic entrances, it will affect the high growth expectations of the upstream industry, thereby lowering the entire industry Valuation. "Serious medical treatment and consumer medical care are suffering serious blows, and the uncertainty of policy expectations is performed to the extreme."

The pharmaceutical sector is hit every day, which has become the normal state of the pharmaceutical industry in the near future.

In fact, the country has been strengthening the channel supervision of the medical beauty industry. The Jianzhi Bureau noticed that since 2017, the State Health and Health Commission, the Central Internet Information Office and other departments have carried out joint rectification operations in the medical beauty industry for 4 consecutive years, which involves almost the entire chain rectification. Medical and beauty institutions and e -commerce responsible for promoting publicity are all covered. As the channel directly affects customers, medical beauty companies dare not work hard. Taking the new online platform of the diversion role as an example, in 2020, the company's marketing costs reached 700 million yuan, an increase of about 54%year -on -year in 2019. The practitioners are also frank: in recent years, although the situation of the commission has improved, it still exists.

The aforementioned enterprises believe that in the past, most of the rectification of the medical and beauty industry stayed on surface issues such as illegal medical practice. For example, in March of this year, CCTV's "3.15" party exposed cosmetic doctors quickly trained. However, the Shanghai Conference demanded that the channel rebate and taxation of the channels of strict investigation have involved the daily operations of the enterprise.

If this so -called conference in Shanghai is true, it will bring a more substantial supervision to the medical beauty industry.

On the 19th, Huaxi Bio responded to the "Daily Economic News" that for head companies in the industry, the industry's rectification can help "purify the industry environment", which is a good interest.

However, after the industry purification, can Huaxi Biological products continue to maintain sales momentum?

Writing | Guyue