9 months of revenue exceeded 1 billion, Ping An good doctor submitted an application for IPO in Hong Kong
On January 29, 2017, Ping An announced on the Hong Kong Stock Exchange that the group has applied to the Hong Kong Stock Exchange for approval of its Ping An Health Medical Technology Co., Ltd. (since Ping An Good Doctor is the main mobile released by Ping An Health Medical Technology Co., Ltd. Application, hereinafter referred to as Ping An Good Doctor, is proposed to be split and independently listed on the main board of the Stock Exchange. Ping An will remain the controlling shareholder of Ping An Health Medical Technology after the listing.
At the same time, the announcement also stated that Ping An will provide existing shareholders with a guaranteed quota for safe and secure doctors' H shares, but there are legal and policy obstacles due to the guarantee quota of the existing A-share shareholders providing safe and healthy doctors' H shares. However, it is not limited to domestic investors investing in stocks and foreign exchange controls, etc., so it is planned to provide such guarantee quotas only to existing H-share shareholders, but the proposal still needs to be submitted to China Ping An Shareholders' Meeting, A-share Class Meeting and H-shares. Class shareholders meeting for deliberation.
According to previous media reports, Ping An Group has officially launched the spin-off plan, and its subsidiaries are expected to be listed in Hong Kong in 2018. Among them, Lu Jinsuo and Ping An Good Doctor will submit the application for listing at the end of January 2018. Lu Jin is planning to be listed in March at the earliest. Ping An Good Doctor plans to list in the second quarter; Financial Accountant and Ping An Medical Health Management Plan are the most The listing of the above four subsidiaries will be as high as 634.1 billion yuan.
This time, Ping An’s doctor’s application for listing means that it first hit Lu Jin’s first shot of China’s Ping An spin-off plan. According to industry insiders, Softbank seized a short time before the listing of Ping An’s doctors and participated. Ping An’s pre-IPO investment, involving funds of about 400 million US dollars, is the first to occupy a favorable position for a good doctor.
9 months of revenue exceeds 1 billion
According to the prospectus, as of September 30, 2017, the total income of Ping An Doctor was 1.016 billion yuan, an increase of 240.40% over the same period of last year, mainly through family doctor services, consumer medical services, health mall business, The four main businesses of health management and health interactive business are profitable.
Ping An good doctor's main revenue situation (2015 - September 2017)
Four sections of business income
At the same time, the prospectus shows that as of December 31, 2017, Ping An has registered a total of 192 million users, with an average monthly active user of 33 million users.
Four business sector models
At present, Ping An is divided into four major business segments, namely, family doctor services, consumer medical services, health mall business, health management and health interactive business.
Family doctor service
It mainly includes artificial intelligence assisted internal medical teams and external doctors, as well as online consultation, referral, registration, hospitalization and secondary medical services provided by the cooperative hospital with Ping An Doctor.
The online consultation service mainly includes medical consultation and health consultation. Among them, the amount of health consultation accounts for about half of the total number of online consultations by Ping An. Ping An good doctor said that this is mainly due to the help of artificial intelligence assistants. At present, more than 95% of Ping An's doctors' online consultations are completed by artificial intelligence-assisted self-owned medical teams.
Platform consultation volume
It is understood that at present, Ping An Doctor has established a self-owned medical team consisting of 888 medical personnel. In addition to providing online consultation, he also participates in artificial intelligence technology medical services.
Ping An Good Doctor's own doctor team
Ping An Good Doctor Team
For online consultation fees, according to the prospectus, Ping An’s own medical team generally provides online consultation services free of charge, or depending on the qualifications, experience, and user evaluation of the relevant doctors, each time they charge RMB 20 to 60.
Ping An Good Doctor also provides hospital referrals, appointment registration and hospitalization arrangements for users to facilitate visits in cooperative hospitals. As of December 31, 2017, Ping An's hospitalization services covered 80 major diseases including malignant tumors, acute myocardial infarction and severe asthma, and entered into service agreements with about 650 tertiary hospitals.
In terms of secondary medical services, Ping An Good Doctor will assist users who want to seek advice from doctors other than doctors who have previously consulted doctors. Through Ping An’s network of cooperative hospitals, users can access Beijing, Shanghai, Guangzhou and other Chinese. Well-known hospitals in big cities and medical experts in institutions in the United States, Japan and other countries.
As of December 31, 2017, Ping An has entered into a contract with about 2100 external physicians to provide relevant services. All of these doctors are deputy directors of tertiary hospitals or above, and are usually included in the fees. The consultations of external doctors of the “Finding Famous Doctors†program of the platform are charged between RMB 50 and RMB 500 each time, and Ping An’s doctors charge about 20% of them as commission.
In addition, according to the prospectus, Ping An’s family doctor service section also includes value-added services for Ping An Health Insurance and “Health Care 360†membership program services for Ping An Life Insurance, which are also the main source of income for the family doctor business segment. .
Ping An Good Doctor cooperates with Ping An Health Insurance to provide some of its policyholders with a combination of well-being and value-added services. The guarantee period is one year and is a relatively high-end product category in Ping An Health Insurance. The value-added services provided by the value-added service portfolio are determined by Ping An Health Insurance and Ping An Good Doctor and adjusted in a timely manner based on business strategies and market trends.
Ping An Good Doctor collects service fees from Ping An Health Insurance according to the number of insured persons. The Ankang and Ang Li service combination provides services for Ping An Health Insurance qualified customers including up to 60 online consultations (including psychiatric consultation) and one year. Hospitals in the Ping An Doctor Network are given priority to make up three appointments and to diagnose priority hospitalization for customers with severe illness.
In October 2017, Ping An Good Doctor began to provide the “Health Care 360†membership program to Ping An Life Insurance Insured, and officially launched the product in January 2018. Under the Medical Care 360 ​​program, Ping An Good Doctor assists members in arranging diagnosis, treatment and rehabilitation services for network medical experts in cooperative hospitals. The services include family doctor services such as hospital registration and hospitalization arrangements, domestic and overseas secondary medical services and follow-up arrangements.
Ping An Life Insurance customers can choose to join the Medical 360 Program through Ping An Gold Butler. If the major illness covered by the insurance is confirmed, the member of the Medical 360 Program can obtain insurance compensation from Ping An Life Insurance according to the policy. The service provided by the member program is still valid for three years after activation.
Consumer medical
The segment business offers a variety of standardized service solutions that integrate healthcare provider services, primarily through the provision of standardized service packages to individual or corporate clients, including health checks (a combination of services focused on women's health, including for female consumers) Breast and cervical examinations, and a combination of services focused on geriatrics, covering cancer and bone density screening in the elderly), genetic testing and medical services (such as hyaluronic acid and firming wrinkle treatment), different categories of service packages are The customer provides a specific number of services, and the transaction price is distributed to each service and medical product in the service package at a relatively independent sales price.
As of December 31, 2017, the business segment has approximately 220 corporate customers, including Ping An Group's subsidiaries. Ping An's doctors said that in the pricing of these service portfolios, service costs and markets will generally be considered. Pricing and customer needs. Health check value-added services usually provide value-added services for health check service portfolios, such as medical expert report interpretation, up to 60 medical experts online consultation within one year, these medical experts usually have the doctor or above title in the internal medical team And doctors with experience in tertiary hospitals. After the customer completes the health check, the test results can be uploaded to the Ping An Doctor System with the customer's consent. Based on the results of the examination, it is possible to analyze the health of the individual and label them with different health problems, such as overweight, high blood pressure, thyroid nodules and breast hyperplasia. Based on these labels, personalized value-added services such as health indicator analysis based on inspection results, risk assessment and disease warning, personalized recommendations and health tips are provided.
In addition, Ping An's consumer health care service portfolio is also provided to the company through its own sales team, provided to individuals through Ping An Group's health mall or sales agent, and pays compensation to Ping An Group's sales agents, depending on the product type. 5% to 25% ratio.
As of now, Ping An’s consumer medical business covers approximately 1,100 health check-up centers in 300 cities across the country, approximately 500 dental clinics in approximately 60 cities, and approximately 70 beauty centers in approximately 30 cities. Collaborate with more than 20 overseas medical centers in eight countries and regions.
Health mall
Provide a wide range of medical and health related products through online health malls, including health products (such as health supplements, chemical and traditional Chinese medicines and medical devices), health products (such as fitness equipment and accessories, personal care products and maternal and child care products) and others. Products (such as household appliances and household necessities) sell products primarily through mobile apps, WAP sites, and plug-ins within the Ping An mobile app.
Health Mall sales product details
The business model of Health Mall consists of two types, namely, the self-operated model and the platform model. The sales revenue generated by the self-operated model and the commission income earned by the third-party merchants generated by the platform model constitute the main income of the health mall.
Business model
Self-operated mode, that is, Ping An doctor directly sells products to consumers, and delivers them within 48 hours after the customer places the order. The delivery cost and product price are separately collected from the customer, and are charged according to the service fee reported by the logistics company. It usually differs depending on the delivery method, destination and product weight, as well as after-sales service.
Platform mode, that is, third-party sellers sell products to consumers on Ping An’s online platform. The platform sellers mainly include chain pharmacies and overseas shopping service providers. Commission fees are generally charged as a percentage of the value of the products sold, depending on the product category and Depending on the contract terms of the seller, commission fees are usually charged between 4.0% and 10.0% of the sales percentage, and the platform seller is also charged a fixed annual membership fee to maintain its platform. Storefront.
In the platform mode, the seller manages the inventory and is responsible for product delivery. The chain pharmacy must deliver the product within 24 hours after placing the order, and the product must be delivered within 96 hours after the overseas shopping order. The seller is also responsible for after-sales service, handling customer complaints and Respond to the return request.
Ping An’s doctor also mentioned that it also cooperates with a number of chain pharmacies in the platform sellers to provide “one-hour medicine†courier service 24 hours a day, 7 days a week for orders placed by selected city customers. The delivery time is limited to one hour. As of December 31, 2017, the drug delivery service covers 14 cities in China, including Beijing, Shanghai, Guangzhou and Shenzhen.
In addition, the online health mall owned by Ping An Doctor provides approximately 178,800 SKUs.
Health management and healthy interaction
This section offers a variety of health plans, tools and activities, and recommends personalized content to help maintain a healthy lifestyle. Health management and health interactions include providing health headlines, rewards programs, health plans and health assessments to users. The advertising business works with pharmaceutical and other healthcare product companies and advertising agencies.
For the advertising business, Ping An’s doctors said that through online advertising services, advertisers can advertise in specific areas of their mobile portals and convert user traffic into revenue. Advertising is mainly divided into three categories, namely display advertising, search advertising and sponsorship. Advertising. Display ads are to place images or media content on the platform and content. Search ads are text ads on the user's query results. Sponsored ads provide promotional information in the editorial content through the health management and health interactive platform. Pay for advertising primarily based on CPM, cost-per-click, or per-day payment.
Business division with other sections of Ping An Group
At present, Ping An Group focuses on two core businesses. One is big finance, the other is big health. Ping An Good Doctor, Ping An Wan Jia Medical , Ping An Health Insurance, and Ping An Medical Health Management together constitute the current four-horse carriage of Ping An Health. .
For the division of business with other medical health sections, Ping An’s doctor explicitly mentioned in the prospectus:
Division of health care management with Ping An
Different from the above-mentioned services provided by the company, Ping An Medical Health Management mainly provides medical and health management and administrative services to government agencies, commercial insurance companies and medical service organizations, such as social medical insurance services, cost control, and social security. Account management services and health record services; and at the same time, the company's target customers are mainly individual customers who have demand for health services, while the target customers of Ping An Health Management are mostly government agencies, commercial insurance companies and medical service organizations.
Business division with Pingan Wanjia Medical
Wanjia Medical is mainly engaged in providing medical management services such as system information, operation management and standard certification services for primary medical institutions. The end users are usually primary medical institutions such as dental, Chinese medicine and general practice clinics, and the company is mainly for individuals. Online medical health services are provided, and end users are mostly individual customers who have a need for health services.
At the same time, it also mentioned the division with Ping An Group's next wallet mall and Ping An Bank's pocket mall. The prospectus said that although it is an online shopping platform, the three are in business model, seller type, source of income, inventory risk and The revenue contribution is different, so the overlap of the products purchased by the buyers through the online market is not large, and there is no extreme competition between the three.
Use of raised funds
According to the prospectus, the use of funds raised on the market is mainly divided into four parts.
Approximately 40% of the net proceeds, or approximately HK$ million, is expected to be used for business development, including expanding product range, network coverage and service capabilities through internal development and external cooperation to expand our e-commerce business; continue to attract and retain Talents such as sales and medical personnel; access to new users and increase user engagement by increasing the types of reward programs offered to users; and funding for marketing and promotional activities;
Approximately 30% of the net proceeds, or approximately HK$ million, is expected to be used to fund our potential investments, acquisition of domestic companies and strategic alliances with domestic companies and our overseas expansion plans;
Approximately 20% of the net proceeds, or approximately HK$ million, is expected to be used for research and development, including the development of information infrastructure and artificial intelligence and other technologies;
Approximately 10% of the net proceeds, or approximately HK$ million, is expected to be used for working capital and general corporate purposes.
Release platform liquidity
For the future development, Ping An Good Doctor said that it will transfer natural traffic, external marketing and promotion activities to the continuous user base and stickiness of Ping An Group's customers, and significantly enhance the existing online consulting capabilities through the continuous ability of artificial assistants. With the advantages in channel and big data, we provide users with one-stop reliable solutions, and hope to further develop medical tourism and overseas secondary medical services through cooperation with overseas partners.
It is worth mentioning that Ping An has also mentioned the ability to release the platform's cash potential through deepening relationships with individual customers, insurance companies, other business organizations and governments, such as accurate and targeted. Advertising, smart products are recommended and referred to offline medical institutions to create more opportunities for realisation.
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