植发为什么这么贵？雍禾医疗的招股书透露“秘密”

界面新闻2021-06-21

近年来，“脱发焦虑”频频成为社交媒体上热议的话题。脱发不仅影响着中年人，也困扰着20岁的年轻人们。随着受关注度提高，港股也即将迎来第一家植发企业。毛发医疗服务商雍禾医疗已正式递交招股说明书，即将登陆港股。此前，牙科隐形矫治公司时代天使（6699.HK）港股IPO获得散户超2000倍超额认购，由此不难想象雍禾医疗上市受追捧程度。毛发生意增速凶猛脱发是个世界难题。公开数据显示，西方国家脱发人群占...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

旭阳特别帅
2021-06-21
旭阳特别帅
不看好這公司.淨利率10%都沒有.
Chiazhe
2021-06-21
Chiazhe
??

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1114465112?lang=en_US&edition=fundamental","thumbnail":"https://static.tigerbbs.com/f37cb026a48be54d987e53bd5654558b","is_english":false,"pubTime":"2021-06-21 15:07","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1114465112","market":"hk","top_or_hot":-1,"title":"植发为什么这么贵？雍禾医疗的招股书透露“秘密”","media":"界面新闻","content":"<div>\n<p>近年来，“脱发焦虑”频频成为社交媒体上热议的话题。脱发不仅影响着中年人，也困扰着20岁的年轻人们。随着受关注度提高，港股也即将迎来第一家植发企业。\n毛发医疗服务商雍禾医疗已正式递交招股说明书，即将登陆港股。此前，牙科隐形矫治公司时代天使（6699.HK）港股IPO获得散户超2000倍超额认购，由此不难想象雍禾医疗上市受追捧程度。\n毛发生意增速凶猛\n脱发是个世界难题。公开数据显示，西方国家脱发人群占...</p>\n\n<a href=\"https://www.jiemian.com/article/6256453.html\">Source Link</a>\n\n</div>\n","source":"jm","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>植发为什么这么贵？雍禾医疗的招股书透露“秘密”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n植发为什么这么贵？雍禾医疗的招股书透露“秘密”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 15:07 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.jiemian.com/article/6256453.html><strong>界面新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近年来，“脱发焦虑”频频成为社交媒体上热议的话题。脱发不仅影响着中年人，也困扰着20岁的年轻人们。随着受关注度提高，港股也即将迎来第一家植发企业。\n毛发医疗服务商雍禾医疗已正式递交招股说明书，即将登陆港股。此前，牙科隐形矫治公司时代天使（6699.HK）港股IPO获得散户超2000倍超额认购，由此不难想象雍禾医疗上市受追捧程度。\n毛发生意增速凶猛\n脱发是个世界难题。公开数据显示，西方国家脱发人群占...</p>\n\n<a href=\"https://www.jiemian.com/article/6256453.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.jiemian.com/article/6256453.html","article_id":"1114465112","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/f37cb026a48be54d987e53bd5654558b"],"rights":{"source":"jm","url":"https://www.jiemian.com/article/6256453.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1114465112","pubTimestamp":1624259224,"sourceInfo":{"source_id":"jm","name":"界面新闻"},"weMediaInfo":null,"summary":"靠营销拉动收入增长。","collect":0,"end_time":0,"defaultTopTitle":"jiemian.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{},"translate_title":"Why is hair transplant so expensive? Yonghe Medical's Prospectus Reveals \"Secrets\"","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/7ed45352e8d346529f2c62497e5a8b2b","symbols_score_info":{},"content_text":"近年来，“脱发焦虑”频频成为社交媒体上热议的话题。脱发不仅影响着中年人，也困扰着20岁的年轻人们。随着受关注度提高，港股也即将迎来第一家植发企业。\n毛发医疗服务商雍禾医疗已正式递交招股说明书，即将登陆港股。此前，牙科隐形矫治公司时代天使（6699.HK）港股IPO获得散户超2000倍超额认购，由此不难想象雍禾医疗上市受追捧程度。\n毛发生意增速凶猛\n脱发是个世界难题。公开数据显示，西方国家脱发人群占比超过40%。弗若斯特沙利文数据显示，中国2020年有约2.51亿人患有脱发。植发作为一种治疗脱发的手术，该市场目前正快速成长。\n医学上，引起脱发的原因较多，包括雄激素过高引发的雄性激素脱发、化疗等引发的药物性脱发、自身免疫疾病引发的斑秃等。其中雄性激素脱发占脱发人群比重超过90%，雄激素受体（AR）被认为是导致雄激素性脱发的关键机制，国内企业开拓药业（09939.HK）等正开发靶向AR的治疗脱发药物；较为罕见的斑秃，属于自身免疫疾病，此前在该领域获得成功的JAK抑制剂的辉瑞、礼来等药企正在开发相关适应症。\n雍禾医疗正是市场涌现的植发机构之一，取得了颇高市场认知。招股书显示，目前雍禾医疗在国内50个城市经营51家医疗机构，覆盖25个省、市、自治区，是国内最大连锁植发医疗机构。其中26家医疗机构为1年间新开业。\n数据显示，2018年至2020年期间，雍禾医疗触及患者由3.52万人大幅增加至9.11万人，复合增速达60.87%，也反应了市场对毛发管理需求的快速增长。实际上，除了雍禾医疗等植发服务机构，脱发药物业务也是近年来热门方向之一。\n雍禾医疗快速扩张领先于同行。弗若斯特沙利文报告指出，2020年国内植发医疗服务市场达134亿元，并预测未来将以18.9%的速度增长，2030年市场容量可达756亿元。按雍禾医疗2020年14.13亿元植发服务收入计算，目前市占率达10.54%。\n头顶上的生意方兴未艾\n2018至2020年，雍禾医疗的营业收入分别为9.34亿、12.2亿、16.4亿，复合年增长率达32.4%，这一增速足见植发领域的市场蓬勃；同期净利润分别实现0.54亿元、0.36亿元以及1.36亿元。\n雍禾医疗的收入主要来源两部分，植发医疗服务以及医疗养固服务。2018至2020年，雍禾医疗植发服务收入由9.18亿元增至14.13亿元，年化复合增速达24.07%。另一块业务医疗养固服务则有望成为雍禾医疗业绩新增长点。2020年公司来自医疗养固服务收入达2.13亿元，同比大幅增加17倍。\n雍禾医疗养固服务源于四年前一笔投资。2017年，雍禾医疗收购史云逊于中国内地的业务，后者是来自英国伦敦专注于提供毛发修复产品和服务的品牌。2018年开始，雍禾医疗开始在医疗养固领域进行尝试。\n相比植发业务，医疗养固可以触及更多患者且市场接受度更高。医疗养固融合医疗器械及药物等多种非手术治疗方式，能够满足存在各种头皮及头发问题的更大患者群体的多样化需求。\n目前，雍禾医疗采取了“店中店”模式，在旗下医疗机构内设立史云逊医学健发中心。在两年的培育后，医疗养固业务收入开始大幅增加；2020年该业务毛利率达73.8%，同比大幅增加41.8个百分点，与植发服务毛利率75.1%基本相当。\n但也正是因为这种“店中店”模式，让雍禾医疗业绩大起大伏。2019年，雍禾医疗在整合医疗养固业务期间，关闭了多家史云逊直营店并开始建立“店中店”模式，导致当年雍禾医疗净利润0.36亿元，同比减少33.3%。\n植发为什么这么贵？\n招股书显示， 2018年、2019年和2020年，患者的费用分别为26097元、27799元和27868元。因此，雍禾医疗平均每位患者的诊疗费在2.7万元左右，这也符合大众对“植发贵”的吐槽。公开数据显示，目前植发的价格为每单位十元起，价格看上去并不算高。但由于一般植发手术需要提取的毛囊单位数量大多都是以千计，一场手术算下来便需要上万元。\n究竟为何植发会如此贵？从雍禾医疗的毛利率与净利率中就能略知一二。\n2018年至2020年，雍禾医疗植发医疗服务的毛利率分别为76.7%、74%和75.1%，与之相比，同期雍禾医疗的净利率分别仅为5.72%、2.91%、9.97%。\n毛利率和净利率之所以相差那么多，主要还是由于销售费用。2018年至2020年，雍禾医疗的销售及营销开支分别为4.64亿元、6.5亿元、7.8亿元，占收入比分别为49.6%、53.1%、47.6%。销售费用几乎掏空了二分之一的营业收入，这也难怪高达75%以上的毛利率，仅有10%不到的净利率。\n另外，2020年雍禾医疗的前五大供应商中，无一例外的全是推广服务的平台。2020年，雍禾医疗向第一大供应商采购金额达到1.14亿元，目的在于透过线上社区进行推广服务。此外，供应商A连续三年均名列前五大供应商，2018年至2020年采购额分别为1.19亿元、1.69亿元和8075万元。供应商A主要为雍禾医疗提供搜索引擎相关广告。\n但与此同时，雍禾医疗研发费用却略显不足。2018年至2020年，其研发费用分别仅为780万元、890万元以及1180万元，占营收比例仅为0.8%、0.7%以及0.7%。\n虽然植发生意如火如荼，但雍禾医疗靠营销拉动的收入增长还能维持多久？","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":167636995,"gmtCreate":1624264214417,"gmtModify":1703831892962,"author":{"id":"3434046638438343","authorId":"3434046638438343","name":"旭阳特别帅","avatar":"https://static.laohu8.com/bbe12234effaffbb31106d837a04c53f","vip":2,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3434046638438343","authorIdStr":"3434046638438343"},"htmlText":"不看好這公司.淨利率10%都沒有.","listText":"不看好這公司.淨利率10%都沒有.","text":"不看好這公司.淨利率10%都沒有.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167636995","repostId":1114465112,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":167825191,"gmtCreate":1624260712513,"gmtModify":1703831815178,"author":{"id":"3575272463691980","authorId":"3575272463691980","name":"Chiazhe","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575272463691980","authorIdStr":"3575272463691980"},"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167825191","repostId":1114465112,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":9,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1114465112"}