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The first share of internet medical service returned to Alibaba

via:博客园     time:2020/5/23 6:02:11     readed:53

图片来源@视觉中国

Image Source: Visual China

Wenxin business (ID: xinchangye 2016), by Huang Xiaojun

Ma Mingzhe is an outstanding entrepreneur in China. Ping An Group, led by him, was selected as the 7th largest in the world by Forbes in 2019 and the number one diversified insurance company in the world.

But Ma Mingzhe has a medical dream besides insurance and finance.

A good doctor is where the dream begins.

In 2005, Ping An Insurance launched health insurance, but the market performance was tepid.

At that time, Ma Mingzhe wanted to use the Internet to integrate medical network, drug network, information network, health insurance to bring new customer resources, forming a complete O2O closed loop.

For this reason, Ma Mingzhe also acquired a medical e-commerce license.

Until 2014, Ma Mingzhe gathered all his wishes to a good doctor and even dug them up from Ma

According to the rumor, Ma Mingzhe gave Wang Tao three years to build Ping'an good doctor into the industry leader.

With tens of millions of annual salary, Wang Tao with the Ali Department team from 0 to be a good doctor. A year later, this APP is

This number has surpassed Chunyu doctor, who was founded four years ago, and become the number one in the industry.

By 2018, Dr. Ping'an has landed on the Hong Kong stock exchange, with a market value of more than 60 billion Hong Kong dollars. Wang Tao also raised his salary, which exceeded 20 million yuan a year.

By the end of 2019, the total number of registered users of Ping an good doctor reached 315 million, the annual average conversion rate of paid users reached 4%, and the average daily consultation volume was 729000, an increase of 36.3% over the same period last year.

All growth looks so good.

互联网医疗第一股清退阿里系

Screenshots from Ping An Good Doctor 2019

Unfortunately, the unicorn has been slow to make a profit.

According to the financial report and operation data, the net profits of Ping an good doctor in 2015-2019 are - 324 million, - 758 million, - 1.002 billion, - 913 million and - 747 million respectively.

Five years of loss over 3.7 billion, this should not be Ma Mingzhe want to see results.

On the night of 19 May,

互联网医疗第一股清退阿里系

Screenshot from snowball

Other than CEO Wang Tao, COO、CPO、CTO and other management has also been removed, the replacement of new management by Ping an Group personally appointed.

The deposed management team, including Wang Tao, was the original founding team of Dr. Ping An, according to Caixin

The first share of internet medical service was withdrawn from Alibaba department.

But we return to the head ,3.7 billion losses, I am afraid in the eyes of Ma Zheming is nothing. After all, in ping an, china, a quarterly tax payment is twice as much as 3.7 billion.

If it wasn't for business performance, which aspect of Wang Tao didn't meet the expectation?

Difficult to wean in 2015

Although Wang Tao has already added a top to the docto

In the 2018 annual report, Dr. Ping An performed bette

To achieve such a large increase, except

Relying on the internal procurement of the group to survive is the open secret of Ping an good doctor.

As early as Ping an good doctor released in April 2018 prospectus shows:

Its

互联网医疗第一股清退阿里系

Dr.▨ Ping An Hao comes from the Group's income.

Wang Tao also mentioned in the chairman's speech,

It is reported that the accumulated revenue of the member products cooperated by Ping An Hao doctor and commercial insurance is more than 200 million yuan, serving more than 1 million insurance users.

But the 1 million users still come from Ping An Group's insurance users, who contribute nearly 50% of their income to the Family Doctor Service.

According to the annual report, the top five customers of Ping an good doctor are Ping An Life Insurance, Ping An Property Insurance, Ping An Bank, Ping An health insurance and lufax. In 2018, 43.2% of the total revenue of Ping An Hao came from these five companies.

The consequences of high dependence are naturally the loss of bargaining power. Despite the soaring health mall revenue, its 2018 gross margin fell from 11.7% to 10.8%.

In this regard, Ping an good doctor pointed out that this is not the reduction of the average cost of the company itself caused by the scale effect, but the increase of the dependence brought about the increase of the bargaining power of the other party's customers.

other customers, mainly refers to Ping an Group.

Under the condition of small profits and high sales, not only the gross profit rate of healthy mall business has declined. According to the data in the annual report, the gross profit margin of its family doctor service business decreased by 18.8%, the gross profit margin of its consumer medical business decreased by 0.2%, and the gross profit margin of its health management business decreased by 0.3%.

In 2018, Ping an's overall gross profit margin fell to 27.3 percent from 32.8 percent in 2017. This figure is significantly lower than that of peers, including even Ali Health, which is dominated by pharmaceutical e-commerce.

According to the total amount of products and services, in 2018, related parties including Ping An Life Insurance, Ping An Property Insurance, Ping An health insurance, etc. spent 1.284 billion yuan in Ping An Hao doctor.

And in the 2019 annual report, the purchase amount reached 2.248 billion yuan.

互联网医疗第一股清退阿里系

Screenshot of major transactions of related parties of Ping an good doctor from 2019 Annual Report

Want to be nextAlibaba

In fact, Ping an good doctor is unconsciously developing towards Ali's health.

As an online consultation app, Ping an good doctors wanted to use the Internet to make up for the shortage of family doctors.

By App online consultation medical services, their own or contracted doctors to carry out real-time response, through the guidance of the doctor link and other business integration.

This is the perfect solution to the problem of mismatch between regions of doctors' resources after the new medical reform in 2009.

But in the Internet's historical subsidy war, Chinese netizens have already been crossed

Although there are more than 66 million monthly active users, and the average conversion rate of paid users has increased to 4%, the family doctor service sector has not obtained the high customer unit price, and its revenue is still insignificant.

The annual report shows that in Ping an Group contribution income of more than 50%, Ping an good doctor 2018 family doctor service sector revenue, only 12.31% of the total revenue.

The revenue of health mall accounted for 55.86% and that of consumer medical business accounted for 27.13%.

By 2019, family doctors accounted for 16.94 16.94% of revenue, health mall revenue accounted for 57.29%, consumer medical business accounted for 21.96%.

The proportion of healthy shopping malls is more than half, and gradually increasing.

互联网医疗第一股清退阿里系

▨ Ping An Good Doctor's Income Analysis, Screenshots Since 2019

Like 36 krypton columns

Indeed. The Home Doctor Service, which was supposed to be the main source of revenue, is serving as a traffic portal that attracts users to register through free medical advice.

The health management and interaction sector, more with health information, step-by-step gold and other content to stick and active users.

In essence, this is similar to Ali Health, Jingdong Medicine ,1 drug network and other pharmaceutical e-commerce.

But not only that, Ping'an good doctor even began to build a full range of e-commerce.

Its official website published investment information shows that home department stores, digital appliances, outdoor sports, books / green plants, virtual card coupons, cross-border Amoy, are Ping an good doctor in the recruitment of business categories.

It's like another tmall or jingdong rhythm.

Good health doctor COO Snow said in an interview that good health doctor want

03 Back to Traffic

Wang Tao has repeatedly mentioned in the interview that there are four stages in the growth of Ping An Hao doctor: improving user scenarios, data accumulation, explosive income growth and large-scale profitability.

In Wang Tao's view, Ping an good doctor is still in the second stage.

互联网医疗第一股清退阿里系

▨ Wang Tao, former CEO of Ping an good doctor, screenshot from CCTV2

In the user accumulation, Ping an good doctor began to expand the scale of absorption, from online to offline, from home to abroad.

On August 16,2018, Ping an good doctor spent 980 million yuan to buy Ping an million medical treatment. It said the acquisition could

However, in terms of current operation, after the acquisition of Wanjia medical service, Ping'an good doctor still obtains its user resources, and then transfers to each major business segment of app to seek cash.

By tapping more users and accumulating large-scale traffic capital, Ping'an Haofu started the traditional Internet traffic business of advertising cashing and e-commerce cashing.

Acquisition of ten thousand medical care on the same day, Ping an good doctor also announced with the Grab on the establishment of a joint venture in Southeast Asia signed a subscription agreement.

The company is said to be the first company in Southeast Asia to offer online health care.

Grab is a famous science and technology unicorn in Southeast Asia, people can order meals, call cars, send express, order groceries or read news through Grab.

Currently Grab covers eight countries in the south-east and 225 cities with hundreds of millions of users.

In the specific cooperation, some insiders pointed out that: ping an good doctor will provide additional medical services for users of partners such as grab, while grab and other partners will bring users to ping an good doctor, or even directly promote services.

All in all, Ping an good doctor is still doing traffic business.

Then, as the annual report shows, the number of users, the number of active users, the number of paid users and other indicators have become the most important thing for ping an good doctors.

This is what Wang Tao's team, who may have ALI gene, is best at.

But when discussing this issue, Pei Benxin, founder of Guanghua doctor group, said on Weibo:

A medical institution has already deviated from its KPI when it regards access, traffic, daily life and guest lists

Is it a safe and good doctor who deviates from the essence of medical treatment or a safe and good doctor in the medical dream of Ma Mingzhe?

The deviation from the original intention is probably more serious than the loss of 3.7 billion in five years.

reference

[1] Management change blood, safe good doctor is safe?

[2] Dr. Ping An's 2019 results :4 points should be seen behind the 5 billion

[3] Four years of loss to a good doctor,

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