current position:Home>After the "epidemic" takes off, how far can Yunkang group realize its dream of listing?

After the "epidemic" takes off, how far can Yunkang group realize its dream of listing?

2022-05-08 00:55:55Hong Kong Stock Research Society

 picture source @ Vision China

picture source @ Vision China

writing | Hong Kong Stock Research Institute

Laozi once said “ Woe comes , Where happiness lies ; Fuxi , Where misfortune lies ”, It means that good and evil can coexist and transform each other , This may be the portrayal of the current era —— This one “ The black swan ” It has affected some industries , For example, catering 、 tourism 、 Aviation, etc , It has also accelerated the development of some industries , For example, fresh e-commerce 、 Medical treatment, etc. .

In the near future , A medical operation service provider that provides a full range of diagnostic and testing services for medical institutions —— Yunkang group plans to list in Hong Kong .

It is reported that , Yunkang group was established as early as 2021 year 2 It was submitted to the Hong Kong Stock Exchange in September , But it didn't work , And in the 7 After a month , The company handed in the form again , Failed again . Until this year 4 month 29 Japan , Yunkang group finally heard through the Hong Kong stock exchange , To be listed on the main board of Hong Kong , And in 2022 year 5 month 5 Japan -5 month 11 Daily offering .

After more than a year , The listing of Yunkang group seems to have come to a successful end , What kind of story can it bring after it goes public ?

Business affected “ Epidemic disease ” growth , Turn a loss into a profit

Yunkang group is a medical operation service provider , Provide a full range of diagnostic and testing services for medical institutions . On 2020 year , China's diagnostic outsourcing service market has more than 800 Market participants , By revenue , The market share of Yunkang group is 3.0%, Is the fifth largest provider in the market .

According to the prospectus , from 2018 - 2021 year , Yunkang group has completed a relatively gorgeous “ breakthrough ”, Successfully turn the profit from loss during the year 0.62 Turn 100 million yuan into profit 3.85 One hundred million yuan , And in the two years after the outbreak , The company has achieved more than 10 Billion annual revenue .

Source prospectus

However, behind the beautiful performance , But it is the crisis of over reliance on the detection services for the COVID-19 . According to the data , stay 2020 Years and 2021 year , come from COVID-19 The revenue from testing accounts for% of the total revenue of Yunkang group respectively 45.6% and 58.1%, And accounting for the gross profit of the same period 53.0% and 62.3%.

This shows that , The epidemic dividend has played a key role in this bright data , The company also said in its prospectus that , from 2020 - 2021 year , An important reason for the decline of its gross profit margin is that it is set in the government pricing agreement COVID-19 The test price is reduced because it has become a routine test . therefore , When the epidemic tends to stabilize , The profitability of Yunkang group may need to draw a question mark .

Any doubts or from the market will be fed back to the secondary market , The stock price trend of Yunkang group may also become twists and turns , For example, biotechnology companies that also benefit from the epidemic Moderna, The unit is 2021 Reached a peak in (497.49 dollar ), During the year, the increase was more than 132%, But then the market doubted what to rely on to support its performance after the epidemic , The company's share price shows a downward trend as a whole , By 5 month 4 Japan , Its market value has fallen by about 2/3.

To sum up , The glory of Yunkang group now largely lies in the development of nucleic acid detection business , But for now , The company not only needs to face the crisis of epidemic dividend or ebb tide , Its main business is also being tested .

According to the prospectus , from 2018 - 2019 year , The first core business of Yunkang group is genetic disease diagnosis and testing , What accounts for the revenue respectively 39.5% and 36.2%, However, to 2020 Years and 2021 year , The business suffered a sharp decline , The proportion decreased to 15.7% and 10.9%.

Source prospectus

meanwhile , The revenue of diagnosis and testing services provided by Yunkang group for non-medical institutions is also in a declining stage , Proportion from 2018 Year of 7.8% Down to 2021 Year of 3.1%, And if the income from nucleic acid testing services is excluded , This proportion will be only 1.9%.

This shows that , Yunkang group's main business performance is not excellent , Therefore, if we want to make the revenue grow steadily , The company not only needs to steadily develop its main business , We also need to find new profit generating points other than nucleic acid testing business .

Reliance on third parties , How does Yunkang face the growth bottleneck ?

The prospectus shows , According to frost Sullivan data , China's medical operation service market has entered a rapid and stable development stage ,2016 - 2020 The compound annual growth rate in is 27.2%, And it is expected that 2025 The annual market size will reach 479.461 One hundred million yuan .

The vast market will certainly provide sufficient development opportunities for participating players , However, the segment of Yunkang group —— However, the diagnostic outsourcing service market may change from high-speed growth to slow down .

Source prospectus

According to the prospectus , Although China's diagnostic outsourcing service market starts from 2016 - 2020 The compound annual growth rate of is 26.5%, And it is expected that 2025 The year will come to 420.427 One hundred million yuan . However, compared with the diagnostic testing services in the medical association market , The growth of this market will slow down significantly in the future , Finally, it will occupy less market share in China's medical operation service market .

For Yunkang group , Not a good sign , Because it means , The company's business growth may encounter bottlenecks .

Under the uncertainty of the future , The high cost expenditure of Yunkang group may worsen .

According to the data , since 2018 Year to 2021 year , The sales expenses of Yunkang group are 1.87 One hundred million yuan 、1.93 One hundred million yuan 、2.19 Million dollars 2.73 One hundred million yuan , Proportion of income in the same period 31.4%、28.4%、18.2% and 16.1%, As one of the industry leaders, the sales expense rate of Jinyu medicine in the same year was only 15.5%、15.3%、12.0% and 12.0%.

Regarding this , Yunkang group said in the prospectus that , Its high sales cost is due to the need to hire more third-party marketing service providers and suggest their own sales network . From the specific data , Yunkang group has indeed invested more in third-party service providers , from 2018 - 2021 year , The company paid more than... To third-party market service providers 1 $ , It accounted for more than 60% of the expenditure in the same period .

Besides , Yunkang group also relies on the largest supplier of raw materials —— Daan gene . According to the prospectus , from 2018 - 2021 year , The company's purchases from Daan gene group are 0.8 One hundred million yuan 、0.5 One hundred million yuan 、0.8 Million dollars 2.3 One hundred million yuan , Respectively accounting for the total purchase amount in the same period 15.4%、9.9%、11.7% And 22.1%.

From this we can see that , Yunkang group relies on third parties for both sales and supply , So once the third-party market changes , The company's business will be affected more or less , This may also become a lasting challenge for the company in the future .

Conclusion

Benefit from the benefits brought by the epidemic to the medical industry , Yunkang group has won super reputation for two consecutive years 10 Billion annual revenue , But it can not be ignored , Nucleic acid detection business is uncertain , It is likely to become a hidden factor in the company's performance in the future . Coupled with the sharp decline of main business , At present, Yunkang group does not seem to have the elements of stable and long-term profitability .

therefore , For the current Yunkang group , Listing can help them get more capital , Maybe we can expand new business . And in the future , How to find a reasonable and long-term business , Maybe this is one of the tests that Yunkang group needs to face .

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