The first part of the Internet medical beauty platform was officially born.
Beijing New oxygen Technology Co., Ltd (hereinafter referred to as "SY") landed on NASDAQ at 9:30 EDT on May 2.
Previously, the prospectus mentioned that Xinhua’s issue price per share was US$13.8, and 13 million American depositary shares (“ADS”) were issued. The initial raised funds are expected to be US$179.4 million.
One hour after the opening, the new oxygen stock price was reported at 19.75 US dollars, the highest price reached 19.91 US dollars. At the close, the new oxygen reported 18.21 US dollars, an increase of 31.88%, and the market value reached 1.823 billion US dollars.
"as this journey unfolds, we will face new challenges and receive new feedback." Venus said at the launch ceremony.
The birth of the first medical beauty of the Internet
New oxygen was founded in 2013, when mobile medical care was born two years. The Internet medical beauty track has poured into many companies such as Yuemei, Meierbei, Meimei, Meilu, and Meilu.
In the six-year development period, New oxygen has become the fastest-paced enterprise in financing, with a total of more than 1.2 billion yuan in financing.
Overview of financing for the New oxygen calendar yea
Jingwei China is a new oxygen A-round investor, and continues to vote in the B round, D round, and E round. Wang Huadong, a partner of Jingwei China, revealed that the core logic of investing in new oxygen is to value community value.
As of December 31, 2018, more than 2 million new oxygen beauty diaries have been published. In addition, the content of new oxygen also includes users, experts, doctors, consultants, hospitals, pharmaceutical equipment manufacturers, and their contributions include medical beauty diaries, short comments, questions and answers, short videos, live broadcasts and so on. Around the user sharing mechanism, the new oxygen business is divided into three parts: original content, community, online medical beauty reservation service.
In mid-April, at the 13th Annual China Investment Conference, several healthcare investors talked about new opportunities for Internet health care, and new oxygen was repeatedly mentioned.
Huang Shengxuan, managing director of Sunshine Fusion, said, "[Internet medical] must have a business model, a combination of payment and innovation." There is an example that we did not vote for, but I like it very much, that is, the new oxygen, the pain point of medical beauty is that the marketing cost is very high, and the one-time comparison is more, the re-purchase is relatively low, this is a very good scene of the Internet. It's not that we don't have opportunities, but we have to avoid technology and the Internet, and we have to combine it with the very nature of business and medical care. "
“The medical and aesthetic industry where the new oxygen is located is special. Channel marketing accounts for 70% of the total. As long as it drops 30%, it will support a company. The early-stage companies do not have such opportunities, but some unicorns that run out.” In this discussion about new opportunities in Internet healthcare, Sun Qiru, founding partner of Dow Investment, said.
Previously, Titanium Media mentioned in the dismantling of the new oxygen prospectus that the new oxygen business model can be simply understood as “traffic trading”: attracting a large amount of traffic through its own production content and UGC content, and transforming the traffic in the consumption scenario. .
New oxygen business model, picture from the new oxygen prospectus
In 2016, 2017 and 2018, the total revenue of new oxygen was 49.09 million yuan, 259 million yuan and 617 million yuan respectively. The gross profit margin was 48.7%, 82.7% and 85.2% respectively. In the first quarter of 2019 alone, the revenue of new oxygen reached 206 million yuan, an increase of 81.8% over the same period of last year, and the net profit was 45.9 million yuan, an increase of 49.9%.
In the previous article on the dismantling of the prospectus, Titanium Media mentioned that the buyer of the new oxygen is a medical beauty service provider. Its income structure is divided into two parts: on the one hand, it provides information services to the medical and beauty institutions; on the other hand, it serves as an e-commerce platform, and through the content conversion purchase behavior, 10% of the transaction amount is extracted from the medical beauty service provider as a commission.
The original medical beauty service provider's main way to get visitors is marketing. Newspaper ads, search for price rankings, beauty salons layer-by-layer guide, are the main source of offline organizations to get visitors. Meimei platform acts as an intermediary platform, not only for medical service provider drainage, but also to carry out intraoperative consultation, post-operative services, and customer maintenance and so on.
But Venus believes that the ecology of new oxygen built over the past six years is the largest moat of new oxygen. In the past, medical agencies benefited from information asymmetries, which they continued to reinforce. If you can build a rule that benefits healthcare agencies that are transparent in information, they are willing to make more information public. "
Long-term deep into the medical and aesthetic industry, extending horizontally to consumer medical
While the Internet medical platform grows up, the medical beauty industry is undergoing a transitional period between initialization and large-scale development.
"the reason why traditional medical beauty gives a huge profit impression is the asymmetry of information. In the past, consumers do not care about licenses and norms, only listen to people say good or bad, in this process, there are many people profit, the most injured is the consumer. "A one-stop service provider to Japan" should adopt CEO Wang Qianqing to confess, "this is no longer the era."
Qin Jinping, founder of Beijing Meworth Management Consulting Co., Ltd., also held the same view. "The dividend period of China's medical and beauty market has passed, and organizations without technical and service capabilities will be eliminated."
Qin Jinping believes that medical services are different from standardized e-commerce products. Doctors need long-term training and experience accumulation, and the number of services is limited. The medical equipment is protected by patent technology, which are hard costs. “The low price will bring low quality. For the healthy development of the industry, the price of medical products needs to be rationalized.”
The Internet makes the profiteering of medical beauty industry a history, and how should the platform of medical beauty, which grew up in the period of red profit of medical beauty, deal with this kind of change?
"In the past, the new oxygen was done by bringing consumers and medical institutions together on the platform." At the end of 2018, Venus mentioned that in the future, new oxygen will become the largest industrial Internet platform in the medical and beauty industry. "Doctors, consultants." The role of the manufacturer, the generation of operating companies, and the future medical and industrial chain can be rearranged on the Internet platform."
As early as 2017, New oxygen acquired shares in United Lig first Central Hospital, a high-end specialist hospital targeted at the combination of plastic repair and medical beauty. This is the first time that New oxygen has invested in offline medical and aesthetic entities through a capital layout. Begin to enter the upper and lower reaches of the medical beauty industry chain.
Mu An, director and general manager of the joint Rieger Group, told Titan Media that “Ligger now has 40 medical and beauty institutions covering all first-tier cities and some second-tier cities in China. All of these medical institutions are stationed in the new oxygen platform. The long cooperation time has been 5 years.
Last year, the Rieger Group's surgical project increased its trading volume on the new oxygen platform by three times. ”
"We want to build a rule that benefits all parties, grow along with the industry and become the infrastructure of the industry," he said. At the launch ceremony, Venus said so.
According to Guo Ruyi, partner at Thai Capital, the new oxygen listing will activate the upper and lower reaches of the industry chain, including medical devices, drugmakers, service providers, practitioners, and even entrepreneurs, to enhance their confidence in the industry and to see the future.
Longitudinally deep into the medical and aesthetic industry, horizontally expand the border, and new oxygen will extend to the entire consumer medical industry.
New oxygen said in its prospectus that it hopes to transform the Chinese medical market to transform the entire consumer health care industry.
Consumer medicine refers to non-therapeutic and high-spending medical services including medical services, health checks, dentistry, refractive correction, assisted reproduction and dermatology.
"the new oxygen market represents an outbreak of vertical categories in China's consumer health industry." "there has never been a serious medical platform like Ali, Tencent's big traffic platform, or a serious medical platform like good doctors or micro doctors," Muan said. "there's never really been a brand that really belongs to consumer medicine."
Guo Ruyi also had the same discovery. Previously, there were few listed companies in the consumer medical industry chain. “Because most medical needs are stuck in the industrial chain of treating diseases and saving people, there are only a few industrial chains related to health check-ups. People’s so-called consumption upgrades. Obviously it is broken."
As a practitioner in the medical and aesthetic industry, Mu An believes that with the increase in people's income and the yearning for a better life, consumer medical care has become a unique category in China's medical service industry and the largest market potential in the future.
Listing is a new beginning, but while it is necessary to deepen the medical industry, while extending the tentacles to consumer medicine, the story of the new oxygen future is still to be tested by the capital market. (This article is the first titanium media, author / Fu Mengwen)
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