Dangdang Health submitted its prospectus again, and Dangdang Health, a pioneer and leader in providing real-time digital medical services in China, submitted its listing application again in Hong Kong. Dangdang Health is the largest product and service provider in the domestic instant home digital pharmacy industry, and Dangdang Health submits the prospectus again.

Dangdang Health submits the prospectus again. 1 Dangdang Health Technology Group Co., Ltd. (hereinafter referred to as "Dangdang Health") submitted its prospectus to the Hong Kong Stock Exchange again. Previously, Dingdang Health submitted its listing application on June 22nd, 20021year, but at the close of June 22nd, 20021year, its listing application was "invalid". This time, Dingdang Health submitted the prospectus again after 9 months.

If Dangdang Health is successfully listed, it will become another digital health listed company after Ali Health, Ping An Health (formerly known as Ping An Good Doctor) and JD Health.

However, Dingdang Health is still in a state of continuous loss, with a cumulative loss of 2.793 billion yuan from 20 19-202 1.

The controlling shareholder is the actual controller of Renhe Pharmaceutical, a A-share listed company.

The founder of Dingdang Health is Yang Wenlong, who owns 50.5% of the shares and voting rights. Yang Wenlong, his sons Yang Yibin and Tigerson Yang and the company they control are the controlling shareholders of Dingdang Health. At the same time, Yang Wenlong is also the actual controller of Renhe Pharmaceutical, a A-share listed company.

Although Renhe Pharmaceutical and Dingdang Health have no direct equity relationship, both of them are regarded as related parties of the Company. As can be seen from the statement in the prospectus, Renhe Pharmaceutical was one of the top five suppliers of Dingdang Health from 20 18 to 202 1.

In addition, before listing, Dingdang Health * * * raised funds for four rounds, with a total investment of 2.76 billion yuan, leaving 65.438+52 billion yuan. According to the prospectus, TPG Capital, CMB International, Softbank, Taikang Life Insurance and Haier's Yinghai Fund are all shareholders.

Gross profit margin has been declining year by year, higher than that of Ali and JD Health.

According to the prospectus, Dingdang Health is positioned as a "medical+medical" healthy home service platform on the Internet, providing instant drug retail and doctor diagnosis and treatment solution services, mainly including quick medicine, online doctor diagnosis and treatment, and chronic disease health management.

Jingle health online platform.

From the mode, Dangdang Health's business is close to that of Ali Health and JD Health, and both focus on the digital retail pharmacy market. However, Dangdang Health focuses on real-time digital pharmacies, that is, 28 minutes of publicity, while Ali Health and JD Health are developing drug e-commerce.

The revenues of Dingdang Health in 20 19, 2020 and 202 1 year were127.6 million yuan, 2.229 billion yuan and 3.679 billion yuan respectively. From the perspective of specific business, drugs and medical and health services, including online direct sales, business distribution and offline retail, are its core, accounting for more than 96% of revenue in the past three years.

Among them, online direct selling is the company's main sales channel. 202 1 year revenue accounts for 70.2% of the total revenue, and offline retail sales increase year by year. In 20021year, the revenue was about 570 million yuan, a year-on-year increase of 235%.

Because Dangdang's healthy operating costs are mainly composed of purchase costs and freight, its gross profit margin is not low, but it shows a downward trend. 20 18-202 1, the gross profit margin of Dingdang Health decreased from 4 1. 1% to 3 1.6%.

Du Nan reporter found that the decline in gross profit margin may be related to the structural changes of drugs sold and the increase in consumer subsidies. On the one hand, the proportion of prescription drug revenue with low gross profit margin has increased. On the other hand, its prospectus shows that during the three years from 20 19 to 202 1, the amount of subsidies provided to users increased from 208 million yuan to 722 million yuan, reaching13.42 million yuan in three years.

But even if it drops, the gross profit margin of Dangdang Health will be higher than that of Ali Health and JD Health in 2020 1 1. 1% and 9.0% respectively.

Three years of continuous losses of nearly 2.8 billion, high performance and sales costs.

Whether it is online direct selling or offline retail, drugs are distributed from the pre-built warehouse built by the company itself, which the company calls "Smart Pharmacy Network". By the end of 20021,the number of smart pharmacies owned by Dingdang Health has expanded to 348. According to industry insiders, this heavy asset layout is costly and requires a long incubation period.

According to the prospectus, the average operating profit rate of its smart pharmacies is only positive around 20 18, and the average profit rate of smart pharmacies opened after 20 19 is negative.

According to the financial data, the annual losses of Dingdang Health in 20 19, 2020 and 2002/kloc-0 were 274 million yuan, 920 million yuan and1599 million yuan respectively, and the adjusted net losses were1230,000 yuan and/kloc-0 respectively.

In addition to the asset-oriented model, the reasons for the expansion of losses are closely related to the high sales and promotion expenses. The data shows that in the past three years, the company's sales expenses increased from 278 million yuan to 835 million yuan, of which the promotion and advertising expenses increased from 68.96 million yuan to 267 million yuan.

According to industry insiders, Dangdang, which has a natural disadvantage in traffic, is healthy compared with the two competing products backed by Ali and JD.COM. In order to maintain the competitiveness of the C-end, in addition to offline pharmacies, it is also necessary to burn money for marketing.

It is revealed that Ali Health and JD Health had 280 million and 89.8 million active users respectively in the last fiscal year. By the end of 2002 1, Dangdang Health had 33 million registered users, 2 1 10,000 monthly active users and an average monthly paying user110,000.

It is worth noting that the cost of acquiring customers is also rising. In 20021year, the average user acquisition cost of online direct selling on the self-operated online platform was 18.2 yuan, which was nearly 2 times higher than that in 20 19 and 76% higher than that in 20 19.

Ding Dang Health, a pioneer and leader in providing real-time digital medical services in China, submitted an application for re-listing in Hong Kong, with CICC and CMB International as co-sponsors, according to the document of HKEX 65438+6 March 2006.

It is reported that since the establishment of 20 14, Dingdang Health has been promoting the transformation and upgrading of the medical industry in China by creating real-time drug home retail and medical consultation with online to offline solutions as the leading factor. Using online and offline integrated operations, we will provide users with a full set of real-time medical and health products and services such as rapid medical treatment, online diagnosis and treatment, and chronic disease health management.

According to Jost Sullivan's report, in terms of revenue in 2020, Dingdang Health is one of the leading service providers in the digital retail pharmacy industry in China, ranking third in the industry with a market share of 65,438+0.0%. At the same time, it is also the largest product and service provider in China instant home digital pharmacy industry, with a market share of 8.5%.

According to the prospectus data, from 20 19 to 20021year, Dangdang Health recorded 26.4 million sales orders, 40.5 million sales orders and 60.3 million sales orders from online direct channels and offline channels respectively, with a compound growth rate of about 50% from 20 19 to 20021year. In the same period, 2.2 million, 4.4 million and 6.8 million online consultations were provided to users respectively.

During the three years from 20 19 to 202 1 3, the income of Dingdang Health was about12.76 million yuan, 2.229 billion yuan and 3.679 billion yuan respectively, and the gross profit was about 470 million yuan, 766 million yuan and1/kloc-0 respectively.

On March 17, Dangdang Health Technology Group Co., Ltd. (referred to as Dangdang Health) submitted its prospectus to the Hong Kong Stock Exchange again.

According to the prospectus, in 20 19, 2020 and 20021year, Dangdang Health's income was 65.438+27.6 billion yuan, 2.29 billion yuan and 3.679 billion yuan respectively, and its net losses were 274 million yuan, 96.5438+09 million yuan and 65.438 million yuan respectively. At the same time as the revenue has increased substantially, the net loss has also expanded simultaneously.

As for the reasons for the loss, Dingdang Health said that it was mainly due to a large number of operating costs, sales and marketing expenses and general and management expenses. In 20021year, Dangdang Health's R&D expenses were 96 1 and 6 1 000 yuan, accounting for only 2.6%, while sales expenses accounted for 22.7%, accounting for 834 million yuan. In contrast, Dangdang's healthy R&D investment is much less.

Looking at other giants in the industry, JD Health's revenue in the first half of 2002/kloc-0 reached1363.8 billion yuan, and Ali Health's revenue in the half year ended September 30, 2002/kloc-0 reached 9.36 billion yuan. At that time, Dangdang Health entered the 3 billion yuan mark at 202 1.

Dingdang Health, formerly known as Dingdang Kuaiyao, was founded by Yang Wenlong, Chairman of the Board of Directors of renhe group in September 2065438+2004. As a digital health care platform, it was once known to the public with the slogan of "delivering medicine to your door in 28 minutes".

It is worth noting that as early as June 22nd, 20021,JD Health handed it over to the Hong Kong Stock Exchange. 202165438+February, the materials listed in Dangdang Health have been "invalid". After a lapse of nine months, Dingdang Kuaiyao was handed over to the Hong Kong Stock Exchange again.