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Mar 9, 2020 · Ucommune
News EO
Feb 14, 2020
report
News EO
Feb 14, 2020

Ping An Good Doctor: Online Care Thriving as Epidemic Continues

On February 11, Ping An Good Doctor (1833: HK) released its 2019 financial report, announcing revenue of CNY 5.1 billion, a 51.8 % year-on-year growth, that resulted its 2015 - 2019 CAGR at 106%, far exceeding the market CAGR of 44.26% in the same period. Compared to its revenue in 2018 and 2017 (CNY 3.3 billion and CNY 1.9 billion), the firm generated around 5.1 billion revenue in 2019, including CNY 8.6 million from online services. Meanwhile, it suffered a lower net loss of around CNY 747 million this year, compared to CNY 913 million in 2018. From the operation perspective, the report highlights a total of 315 million registered users, with a 50-million increase in 2019. Following the issuance of the pricing details of Internet-based medical services by the National Healthcare Security Administration, Chinese Internet healthcare has embraced its coming ‘Spring.’ Based on the reseach conducted by China International Capital Corporation (CICC), the market size is expected to reach CNY 94 billion in 2020, with a year-on-year growth rate of 38%. Since launching the App in 2015, Ping An Good Doctor has provided online services, covering 7/24 online inquiry, prescriptions, 1-hour pharmacy delivery, and other conveniences. Based on its self-owned national medical team and self-developed AI assistance systems, it is growing fast. In 2016 it surpassed ChunYu Doctor, an early player established in 2011. Passing through the high time of the new coronavirus outbreak, Ping An Good Doctor has recorded 1.11 billion visits, a tenfold increase in the growth of new users registered, a ninefold increase in daily inquiries from new users and 98 million video plays. “We believe, even though this coronavirus inevitably impacts China’s economy, it would be an important opportunity for Internet healthcare in the middle/long term,” said Wang Tao (王涛), Chair and CEO. “People are more aware of online medical services, which is a great benefit for us,” he added. In 2019 Ping An Good Doctor saw the fastest growth in Online Inquiry services, a 130% increase in this operating profit, followed by 22.7% in Heath Management & Interaction Consumption, 16.9% in Online Shopping, -4.2% in Consumption Medicals. By the end of 2019, it had cooperated with 94,000 pharmacies in 32 provinces and 375 cities. Miao Shou Doctor, another same-aged mobile health company, has established an online medical system covering 23 provinces and 66 cities nationwide, connecting more than 200 pharmacies. In this increasingly fierce arena, online healthcare brands such as Ali Health (00241:HK), ChunYu Doctor, DingXiang Doctor, and WeDoctor are fighting for bigger share of this market. The outbreak of the coronavirus may be a catalyst for long-term boosting in the Internet-based healthcare industry, speeding up the public education process by changing consumption behavior. Many mobile healthcare businesses will be able to seize this timing to attract new end users and stimulate individual consumption potential. For instance, Ali Health experienced more than 10 million visits on its app and 930 thousand online inquiries as of February 8. Driven by the enormous demand for online inquiry, and accelerated by the construction of the medical platform, 2020 is expected to see a significant boom in Internet healthcare.

Analysis
Dec 16, 2019 · ce.cn
Analysis
Sep 4, 2019 · EO Company
Analysis
Sep 4, 2019 · EO Company

Ucommune is preparing to go public in the US

News EO
Jun 27, 2019
report
News EO
Jun 27, 2019

Miaoshou Doctor Completes Series C+ Becoming the Newest Unicorn in Healthtech

Miaoshou Doctor (妙手医生) has completed its second C+ founding round at an undisclosed amount and pushed up its valuation to over CNY 7 billion (the equivalent of around USD 1 billion), the company announced. The company is China's one of the largest healthcare platforms with the potential of becoming a unicorn. Founded in 2015, Miaoshou Doctor adopts a business model that combines online and offline services. It does not only open pharmacies offline, but also link up doctors and patients online. It provides online healthcare consultation and O2O services. Miaoshou Doctor currently has five business units: Miaoshou Doctor Online Clinic, Yuanxin (圆心) Chain Pharmacy, Miaoshou Doctor App, online drugstore Miaoshou mall, and a social platform for doctor-patience interaction. Yuanxin Chain Pharmacy has established more than 200 directly-owned pharmacies in 23 provinces and 66 cities across the country, covering more than 260 hospitals and the most sought cancer hospitals nationwide. Yuanxin Pharmacy currently sells over 26,000 kinds of drugs, in which more than 300 of them are the new special drugs and cancer-targeted drugs. Thanks to its online platform connecting doctors and patients, the company finds itself in a favourable market position due to the unbalanced and problematic healthcare ecosystem in China. Online healthcare providers like Miaoshou Doctor thus have a remarkable role to play in solving problems such as information asymmetry that proliferate in the healthcare industry. On January 7, 2019, the company officially announced the completion of the first USD 72.8 million Series C+ plus financing round, led by Starquest Capital and followed by Sequoia Capital China and other investors. Structural problems in the healthcare system have impeded the development of overall national healthcare services, and the emergence of online alternatives can remedy the situation somewhat. The potential and business prospects of the healthcare platforms in China have already been manifested by the medical aesthetic platform So-Young's IPO on NASDAQ. As such, it is fair to say Miaoshou Doctor has positioned itself in the right market.

News EO
May 21, 2019
report
News EO
May 21, 2019

Miaoshou.com To Build Global Future Hospital Headquarters in Haikou

Miaoshou.com (妙手医生), an online medical service platform, signed a cooperation agreement with Haikou’s government on May 18. In this agreement, Miaoshou.com will build its headquarters of global future hospital in Haikou. Launched in 2015, Miaoshou.com was only a website to connect patients and doctors. Through this website, patients can see doctors, require diagnosis and treatment advises online, rather than going to the offline hospitals. This website can save much time for patients, as well as deal with healthy emergencies in time. However, doctors can only give some suggestions, other than providing medical services. Specifically, doctors can’t prescribe online and review patients’ history records. For patients, they have to buy medicines to offline pharmacy. In the past four years, Miaoshou.com has expanded its businesses a lot. It develops app, builds internet hospitals and chain pharmacies, starts e-commerce business, creates prescriptions sharing platform for hospitals and so on. Patients can get diagnosis and prescription from doctors in its internet hospitals, then they can buy medicines in its online pharmacies. The pharmacies will deliver medicines to patients. Miaoshou.com’s app will remind patients to take medicine on time, and also give some drug instructions. In one word, patients can get well treatment without any step out of door. These products are convenient for patients undoubtedly, and many internet hospitals and online medical service startups emerged in around 2015, including, among others, Chunyuyisheng (春雨医生), Haodf.com (好大夫在线), WeDoctor (微医). Differing from other companies, Miaoshou.com builds digital medical record files for each user, including diagnosis record, medical image, prescription and other medical record. In addition, Miaoshou.com applied blockchain technology to help with more than 100 pharmacies in China. Leveraging blockchain, pharmacies’ managers can ensure the safety of the pharmaceutical supply chain in terms of refrigeration and transportation. According to HE Tao (何涛), CEO of Miaoshou.com, the company has provided its services to 63 cities in 20 provinces. Miaoshou.com helps lots of class A hospitals to build internet hospital business. Its app has signed cooperation agreement with more than 100,000 doctors. Miaoshou.com has completed five rounds of financing valuated over CNY 1,000 million (USD 144.9 million). Its investors with high reputation include Sequoia China, Tencent and Qiming Venture Partners and so on. Chinese government has issued several policies to encourage and standardize online medical service development, in which this type of service is divided into three categories: internet hospital, online medical diagnosis and telemedicine. Internet has capability to improve medical efficiency, but there are some problems and risks existed. Today, the internet hospitals generally have poor infrastructures, such as data safety and access control system, certification for doctors, digital medical record system, and communication device. Some problems are existed for a long time. For example, more than 3,500 China’s hospitals haven’t built digital medical record systems, and they still use papers and pens to make records. Besides, doctors in internet hospitals are allowed to give diagnosis only if it’s the review diagnosis, which means patients have to get the official diagnosis results from offline hospital at the first time. It is an obstacle for internet hospitals to acquire patients online.

News
Apr 18, 2019 · TechWeb
Analysis
Apr 10, 2019 · EO Company
News EO
Feb 28, 2019
News EO
Feb 28, 2019

Pioneer of Online Family Doctor, Ping An Good Doctor Releases Annual Report

On February 27th, Ping An Good Doctor released its first annual report after being listed. The first China’s healthcare company had not been profitable was listed in Hong Kong Stock Exchange (HKSE) after the new rule installed in April 2018. According to the annual report, Ping An Good Doctor has not made profits for four years since its foundation in 2014. In 2018, the gross operating profit is HKD 911.9 million (USD 116.17 million) with a YOY 49.0%; the net loss is HKD 913.1 (USD 116.3 million), which is HKD 88.6 million less than 2017’s net loss HKD 1,001.6 million (USD 127.6). Though the loss reduced, Ping An Good Doctor is still facing the question of its profitability voiced from outside. The online doctor service has been a promotion point for Ping An Good Doctor. As an internet-version of the family doctor, the online doctor service failed to elevate the profit margin for Ping An Good Doctor but indicated a decline of 18.7% in the gross profit rate compared to 2017. Instead, the structure change in its income components is drastic as well. In 2017, the share of the online doctor service in total revenue decreased from 2017’s 23.4% to 2018’s 18.1% and health product’s contribution to the revenue increased from 2017’s 17.2% to 2018’s 22.0%. The family doctor role in China is yet to be formed since current healthcare resources and structures have restricted the development of family doctor profession and caused clinics and hospitals’ comparatively low efficiency. Urgent care and family doctors that based on the internet have attracted ventures and investors since several years ago. Ping An Good Doctor’s performance during the past years did not give a positive answer to questioners. Miaoshou Doctor (妙手医生), as another company providing online clinic service, received series C+ financing in a total of CNY 500 million (USD 72.8 million) in January 2019. Miaoshou Doctor has been exploring possible outcomes based on its internet platform service such as assisting local hospitals and clinics to build internet hospital, online consultation, healthcare monitor and management, and so on. Based on current Ping An Good Doctor’s performance, the income structure of Miaoshou Doctor might share some in common. The family doctor role is weak in China's healthcare system, but it is necessary to build for improving current healthcare services. Indeed, Ping An Good Doctor’s online doctor business almost doubled the revenue from 2017, which indicated that its family doctor is making progress. Yet from making profits, the family doctor has a long way to go.

News EO
Jan 7, 2019
News EO
Jan 7, 2019

Miaoshou Doctor Completed USD 72.8 Million Series C Plus Financing

On January 7, 2019, Miao Shou Doctor (妙手医生) officially announced the completion of the USD 72.8 million C plus financing, led by Starquest Capital, followed by Sequoia Capital China and other investors. The funds will be used for the comprehensive upgrade of Miaoshou online hospital, medical record tracking and management system, and the construction of departments, in the hope to provide patients with better healthcare services. Founded in 2015, Miao Shou Doctor now has 5 business units: Miao Shou Doctor Online Hospital, YUAN Xin (圆心) Chain Pharmacy, Miao Shou Doctor App, Miao Shou mall for drug companies to sell medicine to patients directly, and a platform for prescription sharing. Miao Shou Doctor has already built a professional nation-wide platform for doctor-patient 2nd time meeting, and a Medication Dispensing Center. A new health management model featuring the combination of "Internet, healthcare, and medication" is also established with the aid of Information technology. The business model is widely recognized and praised by industry related personals and organizations: hospitals, doctors, patients and so on. Previously in April 2018, MIAO Shou Doctor received a package of approximately USD 73 million in its Series C financing, this was led by Tencent Industry Win-Win Fund (腾讯产业共赢基金) and followed by Kun Ling Capital (鲲翎资本), Sequoia Capital China, and Qiming Venture Capital (启明创投). (More on Scope on Miaoshou Doctor: China's Emerging Online Healthcare) The founder and CEO of MIAO Shou doctor, HE Tao (何涛), reviewed its company's strong performance and development at its brisk pace in 2018: MIAO Shou Doctor's delivery successfully covered 20 provinces and 63 cities in China as planned; All together four departments enabled with doctor-patient 2nd time meeting service and medication dispensing had been put into effect; It also embarked on the journey of actively searching for cooperation partnerships with Chinese top-level hospitals - Tertiary hospitals, to jointly construct the platform to achieve prescription sharing, and to further improve the management and the performance of its online hospital, winning recognition from many first-tier pharmaceutical companies from home and abroad. 2019 would be a year to witness rapid development in the healthcare industry. Miao Shou Doctor will focus on "service delivery" this year and continue to provide professional information, service, and products to patients, doctors, hospitals, and other industry related parties. Surfing the waves in China's new economic era, as one of the industries the government is developing most vigorously – "Internet + Healthcare", enterprises need to have systematic industry knowledge and very stable service delivery ability to survive and flourish in this round of Health Care Reform. The fund believes that the Miao Shou Doctor is a company that has accurate understandings about the industry and capable of a wild expansion, also, very much "in line with our investment philosophy", said the CEO of the private equity firm. The fund is even positive that in the future, the company will be able to grow into a leader in the "Internet + Healthcare" industry. Zhou Kui (周逵), partner of Sequoia Capital China said: "Step by step" is the impression that I have for Miao Shou Doctor after we had cooperated with each other for many years. Every time I communication with Miao Shou Doctor, I recognize their deeper understandings of the industry and the business, and the progress of the company's development. Their action speaks louder than words, they want to be a "one centimeter wide, but one-kilometer deep" type of entrepreneurial enterprise, focus on the good quality of their products and service, keep their feet steadily on the ground. In the era of great changes in the industry, and in the country; Miao Shou Doctor is ready.  

News EO
Dec 9, 2018
News EO
Dec 9, 2018

Scope on Miaoshou Doctor - China's Emerging Online Healthcare

For the clinic-pharmacy branch of the healthcare industry, the year 2016 is the last peak for capital inflow, and in 2017, the investments whether in number or amount was as low as half of the data reported in 2016. Good news is that approaching to the end of 2018, clinics category has welcome a capital spring with nearly 40 funding activities with total amount of CNY 4.5 billion, in which Miaoshou Doctor(妙手医生) completed its series C funding led by Sequoia China and Tencent Holdings in April 2018 with a total amount near CNY 500 million (USD 73 million). In all-pervasive digitalization trend, healthcare is a major area during the transformation. Digitalization started from last century is entitled with different understandings along with tech innovations. From digital information to digital plants, digitalization has already become part of our life. In clinics and hospitals, digitalization changes the way how doctors worked, from the medical record to treatments. Beyond, wearing equipment and online clinic are major product crystalized form last decade. In China, the online healthcare market is an emerging industry. Network distributions and increased accessibility to mobile devices enable the development of online clinic and pharmacy. Miaoshou Doctor was originally an online pharmacy web/app that provided patients or people in need to purchase medicines online. But now, Miaoshou Doctor has become a more integrated online healthcare services including clinical consultation and pharmacy service. Online healthcare providers like Miaoshou Doctor solves some social problems existed in the healthcare industry. The unbalanced distribution of healthcare service has restricted the development of overall national healthcare service level, and online healthcare can sooth the situation at some degree. At this point, Miaoshou Doctor has built strategic cooperation relationships with over 1,000 pharmaceutical companies from domestic and abroad. While the compensation and welfare differences due to regional economics level, doctors could benefit from providing online clinical services. In Miaoshou Doctor app, doctor hourly consultation price may as low as free and as high as CNY 399. Considering the difference in experience and professionality, consulting fee varies accordingly. Pharmacy and clinical services help those who do not have the time or constrained by budget to acquire healthcare services, and also break the geological restrictions, especially in west China. Indeed, online healthcare is booming. The other side of this boom has aroused people’s concerns about privacy issues. Increasing medical record database requires stricter data protections. The development of data securities is a fundamental and urgnt demand for all digitalized industries.

Announcements
Nov 22, 2018 · Ucommune