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News Jun 8, 2020 05:57 pm EqualOcean

Tong Ren Tang's Zhima Health Promotes Diversified Service Scenarios

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Jul 22, 2020 11:53 am ·

Tong Ren Tang: Any Hope for this Purveyor of Centuries-Old Chinese Medicines?

► The COVID-19 pandemic has laid a relatively negative impact on Tong Ren Tang, who owns over 800 offline Chinese medicine pharmacies. ► Tong Ren Tang's high-tech subsidiary is faced with fierce competition in the biotechnology area. The COVID-19 outbreak has been significantly impacting the Chinese healthcare industry. From a general outlook, many healthcare companies pivoting to research and development are actively taking advantage of this trend. However, with national social distancing and a wide-scale suspension of manufacturing, production and business operations are suffering. The disruptive forces have tortured healthcare retailers in almost every segment. Tong Ren Tang (600085:SH), a Chinese pharmaceutical company founded in 1669, has not benefited a lot from rising healthcare trends. On the contrary, this time-honored brand did not perform well in the first half of 2020. The company jumped to a record low of CNY 24.13 within one recent year. Quite apart from the recent negative impact brought by COVID-19 pandemic, Tong Ren Tang itself has not been a very outstanding performer among traditional Chinese medicine (TCM) industry players. Over the last twenty years, Tong Ren Tang showed a relatively poor performance in weighted ROE compared to other peers, Yunnan Baiyao (000538:SZ), Pientzehuang (600436:SH) and Dong-E-E-Jiao (000423:SZ). Tong Ren Tang primarily engages in manufacturing Chinese medicines and retail sales at operating drug stores across China. It has established a national network of 852 drug stores, with more strategic weight in tier-one cities and a dynamic of outwards expansion. Through these retail shops, the company directly serves offline customers with Chinese and western OTC  drugs, dietary supplements and medical devices. The product structure in the offline shop did not change a lot in the last two years. But these two years indeed saw an increasing trend in dietary supplements and home-use medical devices. Among the over 852 drug stores, 627 shops are qualified as a healthcare insurance providers. The pharmaceutical business recorded a gross margin of 31.5% in 2019, an increase of 1.24% compared to the previous year. These shops have been working as the company’s major selling channels and have become a more efficient revenue generator. However, on the other side, they are also the most negatively impacted by the lockdown. A zigzag high-tech path As it comes to tech-driven modern times, most old companies are faced with the need for digitalization or internationalization. So are these centuries-old Chinese medicine makers. They will not survive by merely sticking to old medical recipes – and probably may fail to pass down their time-honored brand to a new generation. For Tong Ren Tang, it is undoubtedly an urgent and significant issue. It tried to solve it by establishing a high-tech subsidiary, Tong Ren Tang Technologies (1666:HKEX). To expand the business into a more high-value medical industry, this company primarily engages in Chinese patent medicines, biological preparations, antibiotics and biochemical medicines. In 2019, Tong Ren Tang Technologies recorded revenue of CNY 4.47 billion and net profits of CNY 741 million,  which are 11.53% and 26.29% fall from 2018. Since the newly-built construction base has not fully worked and the product portfolio transfer is still in process, the revenue during 2019 was negatively influenced. In a positive outlook, the high-tech subsidiary's performance may do better after the production capabilities are fully loaded; many market watchers are counting on a recovery in the retail business. However, there are still many uncertainties in front of the 350-year old pharmaceutical. The most short-term issue is whether the retail business can go back to normal. During the lockdown period, the online healthcare business captured the right timing to realize a soaring boom. Many e-healthcare platforms, such as Ping An Good Doctor, WeDoctor and Ali Health, have achieved growth in terms of new users. It is undeniable that many consumers have started to use online healthcare platforms to buy medicine and consult doctors. As the advantage of the Internet impresses consumers amid the pandemic, how much will they stick to the traditional retail drug stores later? Indeed, offline drug stores need to adopt user perspectives and develop more functions than merely selling drugs. Another issue for Tong Ren Tang to consider is that of the high-tech subsidiary. Faced with fierce competition in the biotechnology and healthcare tech-game with its Internet giants, Tong Ren Tang will not stand out if it cannot develop a competitive advantage in a niche segment or keep a low ratio of R&D investment. All things considered, the global public issue has awoken a wide-scale awareness of healthcare and human life concerns.

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Jun 15, 2020 11:46 pm ·

JD Health: A Low-profile Unicorn Challenging BAT’s Healthcare Arms

► Cooperation between JD Health and hospitals has allowed both parties to divert users to profitable businesses. ► Although Ali Health’s losses have been gradually decreasing, JD Health’s profits are not negligible. ► Both policies and the Internet are empowering the healthcare industry. Following the launch of JD Digits and JD Logistics, JD Health came into the public’s perspective in 2019, arriving with more than USD 1 billion in Series A financing. Different from Ali Health, which received Alibaba’s strategic investment, the unicorn got the favor of external institutions, including the CPE China Fund and CICC Capital. Although JD Health declared its independence in 2019, tracing its history, JD.com started to lay out strategies for the medical field as early as 2013. Considering the massive market for healthcare, JD Health was not satisfied with the small pharmaceutical retail area. It gradually expanded its focus coverage across four major businesses, including pharmaceutical retail, health services, Internet medical treatment and smart solutions. Regarding the retail pharmaceutical business, JD Health has officially announced that it boasts a 15% market share, being the most significant pharmaceutical retail channel. With JD.com’s robust self-operated logistics system, this business already generates the highest revenue for the company. As mentioned above, JD.com’s ambitions are much more than that. The ultimate goal of this company is to complete the closed-loop of ‘medical + medicine + medical insurance’ products. With the strong competitor Ali Health on the same track, this path is destined to be full of thorns. Who is better at the closed business circuit? Ali Health vs JD Health Affected by the epidemic, the hospital has undoubtedly become a nightmare for many individuals. The high demand for online medical treatment and drug distribution makes Internet medical treatments attractive. However, two giants have different business models in the field of Internet hospitals. JD Health chooses to cooperate with hospitals and pharmacies to gain an advantage in the professionalism of doctors in public hospitals. In January 2019, the JD Suqian Internet Hospital went online, and residents can revisit and purchase medicines. After users use medical insurance to pay, drugs can be delivered directly through JD Logistics to achieve a medical closed loop. Unlike JD Health, Ali Health chose to invest in medical examination institutions to obtain offline traffic. After completing the privatization of iKang (爱康国宾) and buying nearly 11% of the shares of Meinian Onehealth (002044:SZ), Ali Health can effectively obtain data such as patient health records through the two major medical examination giants. The large traffic gateway of Alipay, backed by Ant Financial, drives users directly to medical insurance providers, who they can pay through this third-party platform. In contrast, JD Health’s users need to bind medical insurance cards to their apps to pay, which is inferior to Alipay, an integrated local life services platform. However, having strong self-operated JD logistics makes JD Health stand out, with low costs and more effective management. Ali Health, backed by Alibaba, has always been committed to investing in express companies and is a bit behind. In the long run, one advantage of JD Health is that it can divert patients to cooperative hospitals for profit. Moreover, many patients’ needs still need to be met at local hospitals, and it is hard for an online diagnosis to address symptoms directly. At present, this business is experiencing a loss, as JD Health has to discount services to push Internet hospitals to the public. After the user’s stickiness increases, its drainage effect will be amplified, or even show new barriers. A quiet – but not negligible – telehealthcare rival  Among the three giants, which are often compared, JD Health is the only one that is experiencing profit. In the past three years, both Ali Health (00241:HKEX) and Ping An Good Doctor (01833:HKEX) haven’t turned losses into profits. However, what JD Health needs to pay attention to is that the losses of the other two giants are decreasing year by year, especially Ali Health, which is likely to be profitable this year. Similarly, in terms of profit margin, only JD Health presents a downward trend, indicating the gap in profitability is gradually narrowing. In reality, JD Health’s to B business is its unique advantage, distinguishing it from other Internet medical platforms. However, the gross profit margin of this business is relatively low, as the current approach is to increase sales through promotion, which seems like inadequate long-term planning. Regarding net profits, although Ali Health and Ping An Good Doctor are catching up closely, JD’s third unicorn, with rapid development, is formidable. What is the value created by policy and the Internet? According to the statistics of the National Health Commission, as of October 2019, 269 Internet hospitals had been built nationwide. In April last year, the General Office of the State Council issued ‘Opinions on Promoting the Development of Internet + Medical Health’ – since then the number of hospitals has increased by 173. After the outbreak of COVID-19, eight new Internet medical policies drove the development of the industry. Amid the pandemic, the number of consultations with third-party Internet service platforms increased by more than 20 times over the same period, and the number of prescriptions increased by nearly ten times. During the two sessions, Yang Yuanqing, deputy to the National People’s Congress and chairman of the Lenovo Group, proposed accelerating the construction of a new generation of ‘Internet + medical and health’ platforms. “The biggest value of the Internet in the field of medical and healthcare is that it can be decentralized, activate various medical resources, and match the appropriate medical resources to the right patients.” The Medical Internet 3.0, as defined by Xin Lijun, the CEO of JD Health, rests on a new plan crafted by the group for this ‘new theme.’ The head-on confrontation between JD.com and the three Internet giants, or BATs (Baidu, Alibaba and Tencent), looks inevitable as they are all powerfully engaged in Internet healthcare. With the rapid incursion of JD Health, accompanied by unprecedented profitability, JD.com’s ambition to make BAT to BATJ looks more and more realistic.

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Jun 15, 2020 09:02 pm ·

Miaoshou Doctor Announces CNY 600 Million Funding in Series D1 Led by Sequoia

Beijing Yuanxin Technology, whose brands include Miaoshou Doctor, has announced that it has closed a Series D1 funding round at a CNY 600 million amount. This funding was co-invested by Sequoia China, Qingming Ventures, INCE Capital, CITIC Securities and Index VC. Miaoshou Doctor plans to utilize this bankroll to push a collaborative construction, pivoting to medical consultation, medicines and insurance, connecting Internet hospitals, medical technologies, description distribution and healthcare insurance. Founded in 2015, this startup has built three primary platforms pivoting medicine trade, consultation trade and insurance technology, tightly interlinking patients, doctors,  hospitals, drug distribution and insurers. Apart from Miaoshou Doctor, this Beijing-based company has four other product brands: Yuanxin Medical, Yuanxin Pharmacy, Yuanyin Insurance and WuJie Medical (literally ‘Infinite Improvement’ for doctors). Now the 'healthcare platform' is a buzzword in China. It benefits the new generation of 'consumer-users;' on the other side, it transforms the tremendous C-end traffic into revenue boosts in online consultation, offline clinic services, medicine sales and insurance products. Several telehealth platforms backed up by these giants demonstrate different characteristics. Ali Health, the oldest entrant, is still playing an e-commerce game but in the arena of medicine and offline services. WeDoctor connects with doctors by building an online network and providing online registration services. Ping An Good Doctor makes a closed-circuit business model with a strong anchor in insurance products offered by its parent company, Ping An Insurance – the largest insurance group in China by far. Another big name is JD Health, a new rising star in this arena. JDH is sticking to its supply chain-specific logic – landing on the ground in those hospitals to facilitate workflow and digitize their internal operations. More or less, all these players are trying to take up some market space and cultivate a unique ecology. Yuanxin Tech seems to have one step ahead. This AI-driven medical tech company has come to the stage of creating synergies out of these differentiated portfolios based on five particular brands. “As a dedicated investor from the seed phase to Series D1, we witnessed the fast growth during the last five years,” says Mr. Zhou Kui, the partner of Sequoia China. “Yuanxin Tech has always been exploring an ‘Internet+’ and big-data solution to facilitate medical services, lower healthcare costs and drug prices,” says Mr. Hu Xubo, the managing partner of Qingming Ventures. Many industries have the potential to be digitized and revitalized by adding Internet power. In China, there seems to be more possibilities.

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Jun 10, 2020 06:56 pm · Chinese Science News

CPAM Joins Forces with JD Health to Build an Online Healthcare Center

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May 20, 2020 12:17 am ·

JD MRO Makes for a More Resilient Ecological Chain

► JD MRO has become the fourth unicorn, at a value of over USD 2 billion, incubated by this e-commerce giant. ► It is building an ecology covering digits, logistics, health and MRO (maintenance, repair and operation) with a heavy anchor on its 3C-based e-commerce. Its first quarterly financial report announced that JD.com had entered a definitive agreement for the non-redeemable Series A investment deal in its industrial goods market, following eye-catching billion-level financial figures and a great leap forward in operation data, such as 387.4 million active users in the twelve months ending March 31 2020. JD MRO, as part of JD Retail, received a capital injection of USD 230 million from GGV Capital, Sequoia Capital China and CPE, among others. This deal size represents 10.7% of the equity interest of JD MRO on a fully diluted basis, which indicates a post-deal estimated market value of over USD 2 billion for this young startup. The sky-high figure broke the financing record for the Chinese MRO market, showing an enormous MRO market size and a positive outlook. What is fancy about the industrial goods market? The Chinese industrial goods market has not seen heated investments. However, it is indeed a blue sea in the vast construction market and for thousands of big infrastructure projects across this country. In 2018, the Chinese MRO market expanded to a size of CNY 1.2 trillion, following a 9% CAGR over the past ten years, and is projected to grow at a CAGR of 5% in the next decade. Meanwhile, the MRO continues to be more digitized, smarter, and platformed, which adds more potential for further explosive growth. The market drivers are from several sides, covering substantial business opportunities, investors’ insights and government policies. The Chinese government’s 2020 New Infrastructure project is another booster for all the relevant players in manufacturing, industrial goods, infrastructure construction, etc. JD MRO, founded in 2017, was an attempt for JD.com to explore more possibilities beyond consumer goods in the retail market. As a subsidiary of this giant e-commerce name, the JD-brand unicorn operates an independent e-commerce platform that specializes in industrial MRO products and services, an intelligent purchasing platform and supply chain solutions for corporate customers. A JD-brand Ecology And this is just a piece of JD’s jigsaw puzzle. Starting from 3C-centered e-commerce in 2004 – the same year Alibaba began the first step on its path to becoming an e-commerce titan, JD.com chose the 3C and home appliances goods market. Selling refrigerators, televisions and expensive smartphones such as high-tech devices online at that time – this move refreshed consumers’ minds and fast earned an ‘authentic quality’ brand profile. Very soon, the following two years saw its explosive growth. Backed up by this high-valued goods e-commerce, JD.com has always been seeking a new niche segment to penetrate. Before this industrial MRO, this group successfully incubated three unicorn startups with sophisticated interconnections. JD Digits, formerly known as JD Finance, is a fintech platform providing financial services and products to its consumers, startups, online vendors and SMEs (small- and medium-enterprises). JD Logistics is its supply chain and distribution network. Although this unit just made its ends meet, it has shown astonishing delivery performance to serve consumers quarantined due to COVID-19. JD Health is another rising business in the public’s sight. At the peak time of the pandemic, JD’s healthcare app quickly reacted by providing online sales of medicines, online medical and psychological consultations, etc. Indeed, consumer goods is a big topic, covering nearly everything. Sticking to one particular business is risky in this fast-changing world, mixed with economic turbulence, public healthcare crises and political disputes. This is a relative advantage for platforms, or media roles, that create value and make a living out of bridging businesses and consumers. However, when these e-platforms are determined to enter a particular area, it always serves as a whole, from very fundamental technologies to virtual user experiences. And these e-giants are now building their kingdoms. The more diverse the areas they touch upon, the wider their business moat gets. In this ecology, JD.com is still anchored on its e-commerce or retail business. Its Digits unit helps consumers and vendors relieve financial pressure. The logistics services are also flexibly oriented towards the consumer fresh goods market through a ‘Mobile Fresh Basket’ for community shopping. JD Health was introduced last but caught up at the right time – unfortunately, this was COVID-19 – to accumulate its first traffic pool. After harvesting a lot of online users, it is deploying further resources, with an ambitious aim of targeting the chronic diseases market by launching a medical information sharing platform in a partnership with several local prestigious medical institutions. So this is the trick that JD.com and other similar platform-based giants are playing. Even though it seems that JD.com has extended diversely from the west to the east, all business units are designed with a shared logic. First, starting from fundamental technology in different areas, build up by attracting more online traffic, then anchor back to the base of consumption through web-like interconnections. A Threat to Alibaba’s Empire?  From a holistic perspective, not yet – since the two giants are deploying in very different business areas. In the arena of e-commerce, for JD.com, it is never too late to unleash war against the other titans, with the biggest gross merchandise value (GMV) reaching CNY 5.7 trillion in 2019, and considering JD’s GMV made a CNY 2 trillion breakthrough in the same year. However, it is worth it to recall that ‘the enemy of my enemy is my friend.’ Pinduoduo (PDD:NASDAQ), the five-year-old e-commerce, has become the most threatening game-disruptor since 2016. By leveraging group-buying and social networks, it grew at unprecedented speed to reach a GMV of CNY 1 trillion last year. Now the top three Chinese e-commerce companies have been heating up the whole consumer goods market, especially right now. Aiming at the 3C product market, Pinduoduo bought GOME Retail’s (0493:HKSE) USD 200 million convertibles in April, a milestone indicating their strategic cooperation. Quickly responding to this, the other two players’ selected online shopping platforms – Tmall (Alibaba's selected e-commerce channel) and Suning – announced they would initiate a “CNY 20 billion subsidy” on April 29. Also, in the livestreaming battlefield, JD.com is a late entrant but has pushed all its efforts to win back traffic and users. A crueller struggle has arisen as more tech companies – Baidu, and content platforms such as Kuaishou and Douyin – have stepped in to engage in this game. There is undoubtedly a long-term war in the consumer market. But for the industrial MRO market, JD.com has taken an early step up and is appreciated as a leading name by the market.

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Analysis EO
May 19, 2020 12:30 pm ·

Yunnan Baiyao: An Oriental Mystery in the Limelight Part 2

► From 2009 to 2019, Yunnan Baiyao started to harvest the brand value. ► With the dividend payout ratio growing to 40% in 2019 and even higher in the future, this time-honored brand seeks diverse business opportunities. This is the second chapter of EqualOcean’s ‘two-parter’ about Yunnan Baiyao. Before you start reading this article, please check out the first article. From a fundamental perspective, this time-honored pharmaceutical brand’s history in the 21st century can be divided into four phases, as indicated by the ROE (return on equity) paths and related constituent indicators. 2009-2013: the brand value effect While the world economy was suffering amid the 2008 global market slump triggered by the financial crisis in the US, this traditional Chinese medicine showed a very resilient quality, with an up-swinging ROE, driven by growing net profitability. Compared to the other two relatively stable influencers, the equity multiplier and asset turnover ratio, the net margin increased from 8.49% to 14.68%. This was a remarkable achievement, arising directly out of the massive marketing and sales strategy in the previous stage.  As the public perceived the brand in a better light, a more reliable profile was established. Yunnan Baiyao, after several years of marketing investment and product innovation, reached a new level in the brand qualifying landscape.  2013-2019: a shock is met with in the health-care reform process An increase in equity multipliers partly drove a general drop in Yunnan Baiyao’s ROE during this period. It was also partly due to a slowed asset turnover.  In July 2016, this state-owned pharmaceutical giant initiated a ‘mixed ownership reform,’ with the idea that private investors would further drive both endogenous and extensive growth. This grand project was fueled by debts and was completed in December 2019, showing a slight increase in leverage. As the pharmaceutical giant gradually moved to a mature phase at a historical crossroads to change growth gears, it also faced an industry-wide shock. The same year saw the inception of the ownership reform, the Chinese government-initiated healthcare reform intending to lower the drug price at the consumer end. The ‘two-invoice policy’ (‘两票制’) came out first in 2016 and nation-wide spread in 2017, followed by ‘procurement of drugs with target quantity policy’ (‘带量采货’) in 2018. It was good news for the public patients, but a disruptor, or a shock, to the pharmaceuticals – especially those players in the drug distribution (or circulation) businesses.  The Chinese medicine brand, whose largest revenue source is drug distribution, has experienced a severe impact on assets turnover, reflecting its inventory turnover and its accounts receivable turnover. Compared to other medicine distributors, the White Drug-maker has been disadvantageous in inventory turnover cycles, due to a comparatively high volume of goods at stock over total assets. But on the relative weights against downstream distribution channels, the national-protected brand had an overwhelming advantage with a receivable turnover of 22.68x during the last six years, considering other giant drug circulators China National Medicine (600511:SH) and Jointown Pharmaceutical (600998:SH) at an average of 6.9x and 5.15x, respectively. According to Warren Buffet’s Moat Theory, this Chinese ‘Time-honored Brand’ has an unbeatable advantage, a kind of rarity and exclusivity crowned by the government, and well-established reputation and recognition in the market. Indeed, if considering the life cycle of an authentic brand, ‘Yunnan Baiyao’ has not yet touched the ceiling. Exploring new ways to drive value in modern times  An over 150-bagger like Yunnan Baiyao sounds like the stuff of legend. Many world-class research institutions and investment funds see Yunnan Baiyao as one of their heavyweights. As of April 30, 2020, MSCI China All Shares Health Care Index held it at a weight of 2.35%, a top 9 position in the index’s portfolio. Its relevant ETF fund, KURE, kept a 2.51% position in Yunnan Baiyao. See more EqualOcean analysis here about the performance of China healthcare indexes and ETFs. Now, as the four-year-long mixed-ownership reform comes to an end, this TCM will find itself in the healthcare market in a new position. What moves will it make? Will the market continue buying its brand as always? Its 2019 financial report, released in March this year, announced a significant update in its dividend payout policy. The newly privately-owned Shenzhen-listed company plans to pay a CNY 3.8 billion cash dividend to its shareholders, and no lower than 40% dividend ratio in the coming three years. More specifically, shareholders will receive CNY 30 as the cash dividend for every ten shares held. Compared to the CNY 4.18 billion net profit in 2019, this plan implies a 91.83% payout ratio.  There is no doubt this decision has aroused the market to ask more questions. Many cannot help wondering the future path of this China-representative pharmaceutical. In a financial analysis, a high dividend payout ratio has several implications. First, the cash dividend is a strong sign of the company’s abundant liquidity, which is consistent with Yunnan Baiyao’s net profit in 2019.  A second supportive justification is about taxation. In China, the personal tax rate for dividends and capital gains is 20%, while the corporate tax rate for net profit is generally 25%. So in this context, the company would like to pay dividends in cash, not only avoiding the 5% more tax rates but also fulfilling the management’s mission to maximize shareholder value.  Third, consecutive high ratio dividends can help shareholders gain stable cash inflows, reducing volatility. Thus, a possible intention in making this move could be that Yunnan Baiyao wants to attract higher-value investors who mostly like to hold equities for the long term. Doing an unexpected stunt in the form of a nearly 92% payout may quickly filter out those speculators that have been destroying their market value. Last but not least, the idea to keep value investors or get rid of speculators, through the increase in higher payout ratio, is an extended strategy for its future path after the ownership reform. Transformed into a privately-owned company, it will no longer be backed by state power and will face fiercer competition with domestic and foreign challenges.  Market expansion and business diversification Through all these years, it has transformed from a drugmaker into a cosmetic goods provider, from a national brand to a globally recognized and unique name. Where else should it go to explore more possibilities, or open up a new market? It has not touched upon its highest ceiling yet. One noteworthy thing is that TCM has a logic that is very different from other pharmaceuticals. It is not like typical generic medicine manufacturing, or advanced biotechnology. As clearly pointed out in its 2019 financial report, the most prominent core competency comes from its brand, ‘Yunnan Baiyao.’ Thus it makes sense for a drug maker suddenly to orient to consumer goods business, since the first engagement with the cosmetic goods market found it confronting a market dominated by foreign brands, back then in 2001. It has now become a nationally recognized brand, based on a ‘healthcare +’ cosmetic manufacturing model, providing a diverse product portfolio from pharmaceutical skincare goods in China’s New Retail industry. Indeed, compared to those biotech pharmaceuticals, its R&D investment is not aimed at the most cutting-edge technologies, nor tackling rare and significant diseases, but at serving up its consumer-focused products. After sluggish investment in its R&D area in 2016 and 2017, it started an acceleration phase, with CNY 110.3 million in 2018 and CNY 173.9 million in 2019.  As for the near future, it is getting more prepared than ever before with a new profile – a wholly-listed company under mixed ownership. Agility in strategy with flexible tactics is the new growth driver. According to its 2019 report, since the four-year reform, the company has become the only healthcare platform with acquisitions and resource integration. The last few years saw Yunnan Baiyao make efforts to make breakthroughs. It built a biotech-based healthcare platform, with a heavy anchor in post-development commercialization. The engagement in the industrial hemp segment may well lever its advantages in resource provenance. Even more, this ‘old name’ plans to construct an SaaS cloud platform with interconnections with hospitals, pharmacies, drug makers and B-clients, to escalate the healthcare IT service. Directing a nationally-honored brand is a privilege. But as time goes by, it can be confining, and something of a burden when one is seeking new growth engines. After stepping out of its comfort zone, this pharmaceutical company may yet try out new businesses, faced with opportunities that show themselves from inside a more uncertain future nowadays.

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Jul 28, 2020 10:53 am · VCbeat

Chinese Genetic-tech Gomics Closes Pre-Series A to Commerce

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Jul 28, 2020 10:45 am · VCbeat

Continuous Glucose Monitor Maker Infinovo Closes Series B

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Jul 21, 2020 05:56 pm · Beijing Business Today

Wider Health Insurance Coverage Benefits Online Healthcare Business

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