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Public company info - Raily Aesthetic Medicine International Holdings Limited , 02135.HK
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Raily Aesthetic Medicine International Holdings Limited, 02135.HK - Company Profile
Chairman Fu Haishu
Share Issued (share) 2,089,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry Medical Equipment & Services
Corporate Profile Business Summary: The group is a leading aesthetic medical service provider in Zhejiang Province, the PRC. Performance for the year: The group’s revenue increased by RMB46.0 million or 40.7%, from approximately RMB112.9 million for the year ended 31 December 2017 to approximately RMB158.9 million for the year ended 31 December 2018, and further by RMB32.3 million or 20.3% to approximately RMB191.2 million for the year ended 31 December 2019. the group’s profits and total comprehensive income for the year amounted to approximately RMB17.4 million, RMB18.4 million and RMB10.3 million for the three years ended 31 December 2019, respectively. Business Review The group offer a broad range of aesthetic medical services to the group’s clients to meet their different aesthetic and anti-aging objectives. the group’s aesthetic medical services principally include (i) aesthetic surgery services, comprising aesthetic surgical procedures performed on various parts of the face or body; (ii) minimally-invasive aesthetic services, primarily comprising aesthetic injection procedures; and (iii) aesthetic dermatology services, primarily comprising various aesthetic energy-based procedures. The group have grown the group’s network since the group’s operation commenced in August 2008. As at the Latest Practicable Date, the group owned and operated a network of four private for-profit aesthetic medical institutions in the PRC, while three of them were located in Zhejiang Province and one of them was located in Anhui Province. All of the group’s aesthetic medical institutions are operated under the group’s trade names, ‘‘瑞麗’’ and ‘‘瑞麗整形’’, together with the group’s registered trademark ‘‘Raily’’. According to the Frost & Sullivan Report, the group’s Group ranked fourth and fifth in terms of aesthetic medical service revenue in 2019 among all private aesthetic medical service providers in Hangzhou City and Zhejiang Province, respectively. Aesthetic medical services For the two years ended 31 December 2018, aesthetic surgery services segment was the group’s largest single source of revenue. Benefited from (i) the growing social acceptance of aesthetic medical services; (ii) the group’s effective online marketing campaign promoting the group’s aesthetic medical services to young females; and (iii) the continuous innovation and technological developments of the aesthetic medical industry in recent years, which significantly lowered the medical risk of non-surgical aesthetic procedures and shortened the recovery time, compared with aesthetic surgery services, the group’s revenue from minimallyinvasive aesthetic services and aesthetic dermatology services increased significantly during the Track Record Period. Through the group’s experienced physicians and medical staff, the group provide professional and holistic aesthetic medical solutions bespoke to the group’s clients’ particular aesthetic and antiaging needs. As at 30 June 2020, the group had 64 physicians who practiced at the group’s aesthetic medical institutions with an average industry experience of approximately 12 years. the group believe the group’s team of qualified and experienced physicians and medical staff, as well as the group’s stringent safety controls, have underpinned the group’s strong reputation as the group continue to attract and retain clients and receive industry recognition for the group’s high quality services. the group’s safe and high-quality aesthetic medical services were evidenced by the group’s accreditation by the CAPA. In 2018, Hangzhou Raily, the group’s flagship aesthetic medical institution in terms of scale of operation and revenue contribution, was awarded as a ‘‘5A’’ institution by the CAPA. Given the extensive scope of review by the CAPA, ‘‘5A’’ institution signifies the front-end status of a private aesthetic medical institution in the PRC in terms of standard of management, security, clinical technology and service quality. Hangzhou Raily was one of the five aesthetic medical institutions in Hangzhou City that were awarded ‘‘5A’’ recognition by the CAPA as at the Latest Practicable Date. In addition, unlike the traditional business model that merely focuses on operation within aesthetic medical institutions, the group also operate online shops on a number of e-commerce online platforms to promote the group’s brand and to sale and market the group’s services. the group’s effective online marketing was evidenced by awards and recognitions the group received, such as Popular Aesthetic Medical Merchants (醫美人氣商戶) in Hangzhou City issued by Meituan, AliHealth Most Popular Medical Institution Award (阿里健康最受歡迎醫療機構獎) issued by AliHealth and Top Five Lipoplasty/Fat Transfer Hospital (五大脂肪名院) issued by SoYoung.com. One of the group’s physicians was also awarded with the Annual High-Profile Aesthetic Medical Physician (年度最具權威修復名醫大咖) by SoYoung.com in 2018. Aesthetic medical management consulting services To a lesser extent, the group also provide aesthetic medical management consulting services to aesthetic medical institutions and physicians since December 2017. Leveraging the group’s years of experience in managing aesthetic medical institutions and the group’s expertise in sales and marketing of aesthetic medical services, the group provide management consulting services to third party aesthetic medical institutions in relation primarily to their operations and administration, and sales and marketing, and to third party physicians in relation primarily to their professional biography building, sales and marketing as well as operation and administration of their aesthetic medical business. As at the Latest Practicable Date, the group were providing management consulting services to nine aesthetic medical institutions, none of which was located in any of the cities where the group’s aesthetic medical institutions locate; and save for the one in Taizhou City in Zhejiang Province, none of which was located in Zhejiang Province or Anhui Province. According to the Frost & Sullivan Report, geographical affinity is one of the important competitive factors in the aesthetic medical service market. the group therefore are of the view that given the difference in location of the group’s clients of aesthetic medical management consulting services and the group’s aesthetic medical institutions, the group’s clients would not directly compete with us. Leveraging on (i) the group’s experienced service team; (ii) the group’s familiarity with the aesthetic medical service market and capability of provision of high quality management consulting services; and (iii) brand reputation and clientele network, the group’s Group is able to attract clients of scalable and established group for the group’s management consulting services. As at the Latest Practicable Date, two of the group’s management consulting service clients were subsidiaries of a leading aesthetic medical service provider group in the PRC on the NASDAQ Stock Market. the group have been providing aesthetic medical management consulting services including, in particular, services which improved their sales and marketing, such as formulating their overall sales and marketing plan, designing promotion and marketing activities and selecting appropriate e-commerce or other online platform to promote and market their aesthetic medical services, to such [REDACTED] Aesthetic Medical Group since 2018. Based on the document and other public financial reports of the [REDACTED] Aesthetic Medical Group, its client acquisition cost per client has reduced by approximately 35.8% from the year ended 31 December 2017 to the year ended 31 December 2019. The group’s business operation and financial performance in 2020 have been severely and adversely affected and for the six months ended 30 June 2020, the group recorded a net loss of approximately RMB11.8 million. Such loss was mainly due to the decrease in revenue resulted from the temporary business suspension and the general negative consumers’ sentiment after the outbreak of the COVID-19 pandemic. Medical Liability Insurance The group’s PRC Legal Advisers confirm that the group’s Group, as aesthetic medical service provider, and the group’s physicians (both employee physicians and contract physicians) and other medical staff are not mandatorily required by PRC laws or regulations to maintain any medical liability insurance or professional malpractice insurance in the provision of aesthetic medical services. During the Track Record Period and up to the Latest Practicable Date, the group do not maintain any medical liability insurance or professional malpractice insurance for the group’s physicians (both employee physicians and contract physicians) in the provision of aesthetic medical services. According to the Frost & Sullivan Report, it is not uncommon for market players in the aesthetic medical service industry to be without maintaining medical liability insurance themselves or maintaining professional malpractice insurance for its physicians and medical staff as there are no suitable insurance product readily available in the market for corporate aesthetic medical service providers and their physicians. However, as part of the group’s risk management, the group’s Group has been actively looking for suitable medical liability insurance policy in the market and will purchase one once the group have found suitable policy available in the market. In addition, to the best knowledge of the group’s Directors, during the Track Record Period and up to the Latest Practicable Date, the employee physicians and contract physicians of the group’s Group did not take out medical professional malpractice liability insurance themselves. According to the Frost & Sullivan Report, given the number of client complaints generally accounted for a very low percentage of the total number of aesthetic medical procedures performed, being around 1%, and therefore the relevant percentage of clients’ claims for medical professional malpractice and thus the risk of being subject to successful client’s claim for the same, are not high in the PRC aesthetic medical industry, the practice of not maintaining personal medical professional malpractice liability insurance by physicians are not uncommon in the industry. Therefore, the group may suffer severe losses which may materially and adversely affect the group’s operations and financial results if there is a claim against the group’s Group or the group’s physicians or staff for any liabilities. Prospects: The group plan to implement the following strategies to grow the group’s business: . Expanding the group’s aesthetic medical institutions network; . Vertical integration through strategic acquisition and investment; . Acquire new aesthetic medical service equipment and treatment consumables to extend the spectrum of the group’s treatment services offered in the group’s current aesthetic medical institutions; and . Actively promote the group’s brand.

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