Public company info - Yonghe Medical Group Co. Ltd. , 02279.HK
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Yonghe Medical Group Co. Ltd., 02279.HK - Company Profile
Chairman ZHANG Yu
Share Issued (share) 520,000,000
Par Currency U.S. Dollar
Par Value 2.5E-6
Industry -
Corporate Profile Business Summary: The group is the leading medical group in China specialized in providing hair-related healthcare services. Performance for the year: The group’s total revenue increased by 31.1% from RMB934.3 million in 2018 to RMB1.22 billion in 2019, and grew by another 33.8% to RMB1.64 billion in 2020. Business Review The group is the leading medical group in China specialized in providing hair-related healthcare services in terms of total revenue for 2020. the group offer one-stop hair-related healthcare services covering hair transplant, medical hair care, and routine hair restoration and other ancillary services. According to Frost & Sullivan, The group is the largest player in China’s hair transplant service market with a market share of 10.5% and medical hair care service market with a market share of 4.3%, in terms of total revenue derived from the relevant services in 2020. Among all hair-related healthcare service providers in China, the group ranked first in terms of the number of registered physicians at the end of 2020, the number of clinics in operation at the end of 2020, and the number of hair transplant patients for 2020, according to Frost & Sullivan. the group adopt a standardized and scalable business model to operate a hair transplant chain consisting of mostly self-operated clinics. As of the Latest Practicable Date, the group operated 53 clinics in 52 cities nationwide, making us the largest and most extensive hair transplant clinic chain in China, according to Frost & Sullivan. During the Track Record Period, the group opened 29 new clinics in mainland China and acquired one clinic in Hong Kong, achieving the fastest growth among all hair transplant clinic chains in China and further widening the group’s lead over the runners-up. Through decades of dedication and commitment to China’s hair-related healthcare industry, the group have made Yonghe Hair Transplant (雍禾植髮) a well-known and highly trusted brand among its peers, and have promoted many major developments and advancements in the industry. In 2010, the group became the first ISO-certified hair transplant service provider in China, and by the end of 2017, the group had successfully opened 22 hair transplant clinics across China. In 2017, the group obtained investment from CITIC PE, who helped us enhance the group’s corporate governance and further expand the group’s business. In 2017, the group acquired the mainland China business of Svenson, a globally renowned brand originated from London that had over six decades of experience in offering hair restoration products and services. From 2018 onwards, leveraging the group’s strong medical service capabilities and Svenson’s extensive experience in hair restoration, the group strategically took inroads into the medical hair care service sector and successfully established a Svenson Medical Hair Care Center (史雲遜醫學健髮中心) in each of the group’s clinics in mainland China under a “shop-in-shop” model. During the Track Record Period, the group derived a majority of the group’s revenue from providing hair transplant services, and a substantial and increasing portion of the group’s revenue from providing medical hair care services. the group also expanded the group’s footprint outside the mainland China in May 2021 by acquiring the Hong Kong business of Nu/Hart Hair (顯赫植髮), a renowned hair transplant service provider originated from the U.S. In addition, through the group’s cooperation with prestigious universities such as Sun Yat-sen University, The group is blazing a trail toward collaborative research and development with academia and showing the way forward for the hair-related healthcare service industry. the group believe that by breaking those new grounds, The group is enhancing the group’s core competitiveness and further strengthening the group’s leading position in the industry. The group have been persistently specializing in the hair-related healthcare service market. Driven by the soaring prevalence of hair problems in China, the increasing disposable income per capita of Chinese residents and elevated self-awareness of appearance, China’s hair-related healthcare service market is expanding rapidly. According to Frost & Sullivan, the size of the hair-related healthcare service market in China reached RMB18.4 billion in 2020, and is projected to grow to RMB138.1 billion in 2030 with a CAGR of 22.3%. China’s hair-related healthcare service market consists of two main parts — the hair transplant service market and the medical hair care service market. Hair transplant is a surgical treatment for hair loss, i.e., alopecia. According to Frost & Sullivan, approximately 250.9 million people suffered from alopecia in China in 2020. Medical hair care integrates various non-surgical treatment methods, such as medical devices and medications, and is able to address the diversified needs of a larger patient pool with various scalp and hair problems. According to Frost & Sullivan, China’s hair transplant service market reached RMB13.4 billion in 2020, and is projected to grow to RMB75.6 billion in 2030 with a CAGR of 18.9%. China’s medical hair care service market is still at an early stage of development with a market size of only RMB5.0 billion in 2020, but is believed to harbor huge growth potential and is expected to grow to RMB62.5 billion in 2030 at a CAGR of 28.7%. The group is the largest service provider in each of hair transplant service market and the medical hair care service market in China by revenue derived from the relevant services in 2020, with a leading market share of approximately 10.5% and 4.3%, respectively, according to Frost & Sullivan. With the group’s industry-leading prowess in medical examination and diagnosis, and continuing innovation in product and service offerings, the group believe The group is well-positioned to capture the huge growth potential of China’s hair-related healthcare service market. The group’s in-house professional medical staff is at the core of the group’s hair-related healthcare services. Leveraging the group’s standardized and proven physician training system, as of the Latest Practicable Date, the group had built a professional medical team consisting of 1,233 members, including 246 registered physicians and 919 nurses. By standardizing the group’s diagnostic and therapeutic service system, The group is able to provide consistent, high-quality medical services and achieve rapid expansion of clinics without compromising the quality of service. Leveraging the group’s standardized and highly scalable business model, the group have achieved industry-leading operational capabilities, enabling us to effectively control costs, boost operational efficiency and improve profitability. During the Track Record Period, the group’s gross profit margin remained largely stable, while the group’s administrative expenses as a percentage of the group’s total revenue continued to decrease. The group have built a one-stop shop for medical hair care services to meet the medical demands of a wide rage of patients. the group continue to improve the group’s diagnostic, therapeutic, and research and development capabilities by collaborating with experts from Class IIIA hospitals and renowned academic institutions. In addition, in order to continuously improve medical service to patients, to stay ahead of the technological curve and to propel business development, the group have always been actively promoting and adopting new technologies in the group’s business, including data usage and analysis, intelligent services and online services. the group believe that such strengths have reinforced the group’s industry-leading position and will sustain the group’s growth momentum into the future. The group experienced significant growth during the Track Record Period. the group’s total revenue increased by 31.1% from RMB934.3 million in 2018 to RMB1.22 billion in 2019, and grew by another 33.8% to RMB1.64 billion in 2020. For the six months ended June 30, 2021, the group’s revenue amounted to RMB1.05 billion, representing an increase of 75.1% as compared to the corresponding period in 2020. While the group’s revenue was generated mainly from rendering hair transplant services, revenue from medical hair care services grew rapidly over the same period. the group recorded a net profit of RMB53.5 million in 2018, RMB35.6 million in 2019, RMB163.3 million in 2020 and RMB40.4 million in the six months ended June 30, 2021. The total number of patients receiving the group’s treatments increased by 41.7% from 35,177 in 2018 to 49,851 in 2019, and further increased by 82.7% to 91,069 in 2020. In the six months ended June 30, 2021, the total number of patients receiving the group’s treatments reached 68,112. the group’s clinics’ average initial breakeven period is approximately three months and their average cash payback period is approximately 14 months, better than the average for private medical institutions in China, according to Frost & Sullivan. Further, the group’s overall same-store sales grew by 18.4% between 2018 and 2019, by 20.0% between 2019 and 2020, and by 52.6% between the six months ended June 30, 2021 and the corresponding period in 2020. Prospects: The group’s mission is to become a world-leading one-stop shop for hair-related healthcare services. the group plan to implement the following strategies to achieve that goal: (1) continue the group’s network expansion and upgrade, and strengthen talent development and recruitment; (2) promote further innovations in product and service offerings to expand the one-stop-shop system for hair-related healthcare service; (3) continue to adopt new technologies; and (4) integrate industry resources and promote multi-brand strategy.

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