There are many similarities between Golden Mile Medicine and Huada Gene: the placement of independent medical laboratories, listing in 2017, and the first anniversary of the listing suffered a decline in stock prices. However, compared with the two major announcements issued by Huada Gene in a week, it was announced that the executives including Yin Wei and Wang Jian increased their holdings of Huada Gene by no less than 190 million yuan. As for the performance of the stock price decline, it seems that some people go to the tea to cool.
On September 5, Jinyu Medical announced that about 211 million shares will be lifted on September 10. On the day of the announcement, the share price of Jinyu Medical fell below 20 yuan. On the evening of the 10th, the four shareholders of Jinyu Medical announced that they would reduce their holdings by no more than 7.7% in the next six months. On the same day, the share price of Golden Mile Medicine continued to fall. In the secondary market, people complained about the lack of optimism in the market and accused the original shareholders of cashing in. It seems that no one talks about the aura of Golden Field Medicine when it was listed a year ago: the third-party medical inspection leader and the third-party medical testing market.
Run out of the "king"
Golden Field Medicine is now the "big brother" of the independent medical laboratory industry. However, every "big brother" has grown from "little brother". The startup team of Golden Mile Medicine came from Guangzhou more than 20 years ago. In 1994, Guangzhou Jinyu Medical Testing Center became the first medical independent laboratory approved by the health administrative department in China.
In May 2006, before the promulgation of the "Several Opinions of the State Council on Accelerating the Development of the Service Industry", Liang Yaoming and Yan Ting and Zeng Zhanwen jointly funded the establishment of Xinsheng Limited with a cash of RMB 807.80 million. In the second year, the state liberalized the non-public medical market and encouraged social funds to enter the service industry. The change of policy prompted Xinsheng limited to be renamed as Jinyu limited, and then changed to a joint-stock company as a whole, and several times of capital increase and new establishment, and eventually expanded into Jinyu Medical Group.
According to the information of the semi-annual report of 2018, in order to open up the market, Jinyu Medicine has embarked on the road of staking, and through investment and new operations, there are currently 53 subsidiaries of Jinyu Medical. Among them, there are 45 wholly-owned subsidiaries, accounting for 84.91%. Based on the area calculation, there are 23 subsidiaries of Jinyu Medical in Southwest China and South China, accounting for 43.40%. This layout has laid a half for Jinyu Medical. According to the 2017 annual report, Jinyu Medical's revenue in the southwest and south China regions reached 2.029 billion yuan, accounting for 53.51% of the total revenue of 3.792 billion yuan.
In general, in the past development of Golden Field Medicine, although it is not triumphant, there are not many twists and turns. According to the financial analysis disclosed by Jinyu Medical, the company's total revenue in 2012 was 977 million yuan, and the total profit was 57 million yuan. Since then, Jinyu Medical's annual revenue has continued to grow, and in 2017, the company's total Revenue reached 3.792 billion yuan. In terms of operating profit, except for a slight decline to RMB 40 million in 2014, the overall trend is on the rise. In 2017, Golden Mile Medicine's operating profit was 263 million yuan.
It can be said that Golden Mile Medicine is somewhat fortunate. In the past development, it was familiar with the rules of the game that "runners are kings". According to the industry's norms, the pricing power of medical inspection services is limited. Jinyuan Medical wants to further expand the scale of revenue. The most important method is to increase the inspection sample. In other words, compared to the overall population change of the region, the increase in the inspection volume requires opening up more markets.
But as more and more companies enter the chain of independent laboratories, the domestic market has also begun to turn to the late stage of the "Pioneer era." Every business is worried, even if it is the "big brother" of Golden Field Medicine. This industry needs to be distinguished from another story that relies solely on quantity to drive growth.
"Test +" platform dream
Golden Field Medicine does not lack dreams. When independent medical laboratories gradually transitioned from quantity competition to strength competition, Jinyu Medicine draws its own “test +†ecosystem. In the external introduction, Jinyu Medical is positioned as a service provider with medical testing and pathological diagnosis outsourcing as its core. Jinyu Medical not only does the test, but also wants to take the pathological diagnosis adjacent to the medical test in the near water platform.
Therefore, while advancing the market map of the independent medical laboratory, Golden Field Medicine also inserted the flag of the pathological diagnosis center at the corresponding base. As of the 2018 semi-annual report, Jinyu Medical has nearly 600 domestic and international pathologists and established its own pathologist group. In terms of technology, Jinyu Medical pioneered the “regional-national-international†three-level network pathology consultation system through information technology. Today, Golden Mile Medicine has installed a remote digital pathology system covering 37 laboratories across the country.
In addition to pathological diagnosis, Golden Field Medicine is also expanding the scope of its inspection business, especially in special inspection projects. On the one hand, subject to the price ceiling of the regular inspection, the development of special inspections can bring new profit growth points to the company; on the other hand, with the advancement of graded diagnosis and treatment, the grassroots medical institutions will provide more basic and routine inspections in the future. Projects, and the improvement of consumers' living standards, make Goldenfield Medicine able to take advantage of this high-end demand.
In this way, Golden Mile Medicine is only the old road abroad. In fact, the diversification of business in independent medical laboratories has precedents in the United States, and the model has matured. According to the "Independent Medical Laboratory Industry Special Report" issued by Soochow Securities, the sales of molecular diagnostics in the two major independent laboratory giants Labcorp and Quest have exceeded 30%.
However, the ambition of Golden Mile Medicine is even greater than these predecessors. In addition to clinical medical testing, Golden Field Medicine will also extend its "tentacles" to a wider territory. The range of testing applications in the laboratory has now expanded to include food hygiene testing, clinical trial research (CRO), forensic identification, and health checkups.
After opening borders and expanding new soil, Jinyu Medical received some positive feedback. In the first half of 2018, Guangzhou Jinyu obtained the qualification of “Special Food Verification and Evaluation Technology Institution†of the State Food and Drug Administration, and Guangzhou Jinyu Medical Clinic was approved by the Provincial Food and Drug Administration and officially became a food practitioner in Guangdong Province in May 2018. Personnel health inspection agency. But the problem is also buried in the rushing out of these four breakouts.
Going too far, forgetting why
How to position yourself is related to how far a company can go. After the first anniversary of the listing, Golden Mile Medicine also needs to rethink this issue.
One of the reasons for the country to promote the development of third-party medical laboratories is that the format can effectively optimize regional resource allocation and enhance the service capacity of primary medical institutions. Therefore, to re-examine the independent medical laboratory, the card position of Golden Field Medicine may be due to the redistribution of resources under the tide of medical reform. If medical research projects, Jinyu Medicine undoubtedly has innate advantages, but when its own positioning goes outside the field of medical testing, the situation is another matter.
Looking back at Jinnian Medicine's 2017 annual report, the chain business of cold chain logistics services increased the most, reaching 483.57%. Correspondingly, the operating cost of cold chain logistics increased by 601.07% year-on-year. The problem is that in addition to the independent medical laboratory of heavy assets, it is more difficult to self-build the cold-chain logistics system of medical inspection than e-commerce logistics, which exposes the heart of Jinyu Medicine.
If the entry of cold chain logistics is a step of "stinky chess", then the development of the gene sequencing market will undoubtedly become a step in the "test +" platform dream of Golden Field Medicine. In January 2018, Jinyu Medical announced a teamwork with Professor Lu Yuming, and Dabu entered the field of non-invasive prenatal testing. However, according to the situation that leading enterprises such as Huada Gene and Berry Gene occupy most of the market structure, it is not difficult for Jinyu Medicine to achieve breakthroughs and development.
In addition to this, another step of "risk chess" is that Jinyu Medical has begun to use the in vitro diagnostic product (IVD) as its starting point to enter the upstream of the industry. One of the IVD representatives is the Instant Inspection (POCT), a technical method that can quickly obtain test results without the need for professional inspectors. With the further maturity of POCT technology and the wider application scope, it will have no small impact on the business of independent medical laboratories in the future. In this context, Golden Mile Medicine explores the field of IVD and has more determination to "self-revolution." However, it is worrying that Golden Mile Medicine seems to lack the overall planning and action of this “self-revolutionâ€.
On August 31, in the case of the unknown result of the two-step "risk chess", Jinyu Medical and Huawei signed a strategic cooperation agreement, saying that it is necessary to jointly promote the development of the strategic core business of both parties. However, "strong alliance" does not seem to bring much confidence to the market, but people are increasingly unable to understand the layout of Golden Field Medicine.
The stock price of Golden Mile Medicine is still falling. How does the sluggish stock market rebound? How is the so-called "test +" ecosystem achieved? There are still many questions left for Golden Mile Medicine to answer, but the market seems to have lost patience with this dream.
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