On the evening of August 3, Beijing Yimer Medical Technology Group Co., Ltd. (hereinafter referred to as "Yimer") submitted a prospectus to the Hong Kong Stock Exchange to prepare for listing in Hong Kong. It is reported that this is also the second sprint IPO of Immel.
Founded in 1997, Imer is a plastic surgery chain group. As one of the earliest batch of medical beauty "players" in China, Yimer was extremely popular for creating "China's first artificial beauty".
After more than 20 years of development, as of now, Imer has 9 medical beauty institutions in 5 cities across the country, covering plastic surgery, body sculpture, injection plastic surgery, laser beauty, traditional Chinese medicine beauty, oral management and other medical aesthetic fields.
According to the prospectus, Yimer's revenue from 2018 to 2020 was 661 million yuan, 739 million yuan and 811 million yuan, and the gross profit margin was 53.7%, 51.6% and 53.6%, respectively, far lower than that of upstream manufacturers.
Once created "China's first artificial beauty"
Want to leverage capital mergers and acquisitions to expand
In 1999, Yimer established Yimer Jianxiang Hospital in Beijing, becoming the first batch of people in private medical aesthetic institutions to "eat crabs" and the earliest batch of medical beauty "players" in China.
Public information shows that Wang Yong'an, the founder of Yimer, is a media person. In 2003, when the Chinese people still lacked the concept of beauty plastic surgery, Immel planned and launched a marketing campaign to expose the medical beauty industry to the public by creating "China's first artificial beauty" Hao Lulu. This activity also allowed the company's brand to quickly "go out of the circle" and be well known to the public.
In fact, as early as October 11, 2016, Imer was listed on the New Third Board, and the transfer method was an agreement transfer, with a total share capital of 129 million shares. However, during the listing period of Yimer, no additional issuance was carried out, and after only 87 days of listing, the listing was terminated on the grounds of "meeting the needs of the company's operation and development".
In the course of more than 20 years of development, Yimer Medical has completed three rounds of financing, including Tiantu Capital, Legend Capital, Huatai Zijin, Dinghui Investment, and Joy Capital. Among them, in 2015, Yimer received investment from Joy Capital and Huatai Ruihe. According to the official website of Yimer, in 2021, Dinghui Investment and Ruisheng Shunlian participated in its investment, and Joy Capital increased its investment again.
In this listing, Immel also wants to use capital mergers and acquisitions to expand.
According to the prospectus, the funds raised by Imel's IPO will be mainly used to upgrade existing medical beauty institutions; establish new medical beauty institutions in Beijing, Xi'an and Sanya; acquire medical beauty institutions with good business performance, outstanding reputation and rich customer acquisition channels; improve information technology infrastructure and use them for working capital and other general enterprise purposes.
Gross profit margin of approximately 50%
But Imer didn't make money
Since its inception, Imer has been focusing on Beijing, and so far, its business has expanded to Tianjin, Qingdao, Jinan and Xi'an, with a total of 9 medical beauty institutions. Among the main business income, cosmetic dermatology accounted for 64.93%, aesthetic surgery accounted for 32.56%, and aesthetic dentistry accounted for 2.04%.
Red Star Capital Bureau noted that the medical beauty track, which is regarded as a "huge profit", the upstream manufacturer aimeike (300896. SZ) and other companies have gross profit margins of about 90%. But in comparison, the days of the downstream agency Imer are not so moist.
According to the prospectus, Imer's revenue from 2018 to the first quarter of 2021 was 661 million yuan, 739 million yuan, 811 million yuan and 270 million yuan, respectively. According to Frost & Sullivan, Imer ranks fourth in china in terms of revenue from medical beauty services in 2020.
However, during the reporting period, Imer's gross profit was 355 million yuan, 380 million yuan, 435 million yuan and 147 million yuan, and the gross profit margin was 53.7%, 51.6%, 53.6% and 54.1% respectively, which was far lower than that of upstream manufacturers.
In addition, during the reporting period, Imer's net profit was -100 million yuan, -118 million yuan, 8.286 million yuan and 10.05 million yuan, respectively. In other words, although the first quarter of 2020 and 2021 turned a profit, the net profit margin of Imer was less than 4% compared to revenue.
In recent years, Imel's share of revenue from non-surgical services has also increased year by year, from 68.2% in 2018 to 73.9% in 2020. In the non-surgical business, it is mainly based on injection aesthetic diagnosis and treatment, including hyaluronic acid, facial filling, botulinum toxin, etc.
According to the prospectus, as of March 31, 2021, the number of injectable beauty consultations in Imer was 63,542, and the average cost of each diagnosis and treatment was 2007 yuan; the number of energy beauty diagnosis and treatment was 41,022, and the average cost of each diagnosis and treatment was 1841 yuan. The number of surgeries in medical aesthetic surgery services was 6914, and the average cost of each diagnosis and treatment was 7364 yuan. Active clients increased from 70,467 in 2018 to 86,629 in 2020.
During the reporting period, he was subject to administrative penalties several times
Medical aesthetic accidents and customer complaints have become hidden dangers
Red Star Capital Bureau noted that as the medical aesthetic terminal enterprise closest to medical aesthetic consumers, Yimer was fined several times for violations during the reporting period, and frequently complained about by customers.
Red Star Capital found that in February 2019, Tianjin Yimer Medical Plastic Surgery and Beauty Specialist Hospital Co., Ltd., a subsidiary of Yimer, was ordered by the Tianjin Hexi District Market Supervision and Administration Bureau to stop publishing illegal advertisements and fined 230,000 yuan for publishing illegal advertisements. Previously, Tianjin Yimer has also been punished many times for suspected unreviewed medical advertisements, using websites to publish medical advertisements with illegal content, and publishing illegal advertisements.
In addition, medical malpractice and customer complaints are frequent at its branches across Imer.
According to incomplete statistics, there have been at least dozens of large and small medical and aesthetic accidents in branches across the country in the past five years, and at least 6 medical and aesthetic accidents have occurred in Qingdao's Imer State Plastic Surgery Hospital alone. In 2020, Qingdao's Yimer Guobin Plastic Surgery Hospital was exposed by the media that some consumers had cysts and pimples on their faces and necks after receiving plastic surgery from the hospital.
In terms of black cat complaints, since 2020, Tianjin Yimer Medical Plastic Surgery Specialist Hospital and Shenyang Yimer Hospital have had medical beauty customer complaint cases, involving facial liposuction, Philoga kinetic energy and other projects.
Wu Daiqi, CEO of Shenzhen Siqisheng Company, said in an interview with Red Star Capital Bureau that the medical beauty industry belongs to the sunrise industry, and the industry's gross profit margin is relatively high. As a veteran medical aesthetic institution with a relatively long history, Yimer's long history, mature technology and more outlets are relatively large competitive advantages.
But it is also difficult for Immel to expand rapidly through public financing. "Medical beauty relies heavily on the technology of professionals, and it is also more prone to customer complaints, quality accidents, etc. After listing, through some brand building, resource integration and even mergers and acquisitions, it is conducive to enhancing the strength of enterprises, but it cannot be blindly expanded, and it is easy to have adverse effects. Wu Daiqi said.
Meng Lilian, chief expert of Sichuan Tianfu Health Industry Research Institute, believes that medical beauty is the battlefield of capital chasing deer, and the pursuit of listing is inevitable, but after listing, opportunities and risks coexist. The key lies in whether you have the technology, core products, and value services that others do not have and have market potential. At the same time, he believes that scale should not become the development goal of medical aesthetic plastic surgery institutions. "Achieving the ultimate in monomers and the ultimate in quality and service is the way for the survival and development of medical aesthetic plastic surgery institutions." At the same time, it is recommended to establish a headquarters of medical aesthetic plastic surgery institutions when the conditions are right, and unify the technology, products, services and training of medical aesthetic plastic surgery. ”
Red Star News reporter Yu Yao intern reporter Shen Mengyun
Intern Editor Yu Dongmei
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