Do you make money by doing medical beauty? After a loss of 200 million yuan in two years, can Yimer, who went public in Hong Kong, succeed?

With the rise of "Yan value economy", medical beauty business is attracting more and more players to enter the market.

Recently, Yi Meier, a medical beauty chain hospital, submitted a prospectus for listing in Hong Kong to the Hong Kong Stock Exchange.

As one of the earliest medical beauty players in China, Immel was once a smash hit for creating "the first artificial beauty in China", but judging from the prospectus disclosed by him, this industry that looks like "profiteering" to the outside world may just look beautiful. ...

Established in 1997, Yi Meier is one of the earliest medical beauty institutions in China, and its business covers plastic surgery, body sculpture, injection plastic surgery, laser beauty, traditional Chinese medicine beauty, oral management and other fields.

By the first quarter of 20021,there were 9 medical and beauty institutions in Yimer, including 5 in Beijing and 4 in Tianjin, Qingdao, Xi and Jinan. According to the report of yost Sullivan, based on the income of medical beauty service in 2020, Yimer ranks first among all private medical beauty institutions in northern China and fourth in China.

Wang Yongan, the founder of Immel, is a man with a story.

Wang Yongan worked as a journalist, foreign trade, and trader before engaging in the medical and beauty industry. From 65438 to 0997, Wang Yongan discovered a kind of intense laser pulse skin therapeutic instrument that can brighten the skin abroad, which made him smell new business opportunities, so he changed his name to "Photon Skin Rejuvenation Therapeutic Instrument" and introduced it to China, and entered the medical and aesthetic industry from then on.

According to the Securities Daily, Yi Meier brand became an instant hit in China, which also originated from the "artificial beauty Hao Lulu incident" planned by the company in 2003.

At that time, Wang Yongan, who was born in the media, was good at finding another way. Yimer launched the activity of "Artificial Beauty": through many free operations, an ordinary-looking woman was turned into an artificial beauty with exquisite and perfect facial features, so as to promote cosmetic surgery and promote hospital business.

At that time, Hao Lulu had more than a dozen operations, including double eyelid cutting, rhinoplasty, liposuction on the legs and waist, hip lifting and breast augmentation, and became the first "artificial beauty" in China to disclose her plastic surgery process.

Therefore, the popular Immel naturally became the "originator" of medical and aesthetic institutions.

After that, almost every time new technology in the industry was introduced and new hot spots in the industry were born, Immel was ahead. After so many years of development, Yi Meier has won the favor of many institutions including CDH investment, Joy Capital, Huatai Zijin, Huaping Investment, Junlian Capital and Tiantu Investment after several rounds of financing.

Today, China has become the second largest medical beauty market in the world, and the total revenue of China medical beauty service market has increased from 77.6 billion yuan in 20 16 to10/76 billion yuan in 2020. The medical and beauty sector is regarded as a golden track and a profiteering industry.

However, contrary to the public's perception of "profiteering" in the medical beauty industry, Yi Meier is a company that can't make money.

According to the prospectus, from 20 18 to 2020, Yimer realized profits of 66 10/00000 yuan, 739 million yuan and 8100000 yuan respectively, but in 20 18 years and 20 19 years. It was not until 2020 that it turned losses into profits and recorded a profit of 8.286 million yuan. In the first quarter of this year, it continued to achieve a positive profit of 6.5438+00053 million yuan, but the sustainability of this profit remains to be seen.

And it should be pointed out that although the company turned losses into profits in 2020, this performance was still after the loss-making business was divested.

For the performance loss, Yimer explained that the main reason is that the initial income of new medical beauty institutions such as Xi 'an Hospital is low, the operating cost is high, and the marketing expenditure of the company to expand its exclusive sales consulting team is increased.

In terms of gross profit margin, from 20 18 to 2020, Yi Meier's gross profit margin will be 53.7%, 5 1.6% and 53.6% respectively. Although it doesn't look low, it is not very high compared with 80% and 90% of the medical beauty star industry.

In addition, the prospectus also shows that from 20 18 to the end of the first quarter of 20021year, Yimer experienced 23 medical disputes and paid a total of 265,438+million yuan in compensation, including 300,000 yuan in the first quarter of 20021year.

It is understood that medical disputes in Yi Meier mainly involve the complications and physical injuries of customers during or after receiving medical beauty treatment, or other complaints made by customers about medical beauty services.

At present, Immel is also reducing the proportion of surgical diagnosis and treatment services in the overall revenue. According to the prospectus, the proportion of surgical service income has dropped from 27% in 20 18 to 22.8% in 2020.

At the same time, Immel shifted the strategic focus to non-surgical diagnosis and treatment. In 20 18, 20 19, 2020 and 200210/quarter, Immel's non-surgical service income was 450 million yuan, 520 million yuan, 600 million yuan and 2/kloc-0.00 million yuan, respectively, accounting for 6.88% of the operating income in the same period.

The prospectus shows that non-surgical diagnosis and treatment is safe, affordable and effective, and generally requires continuous treatment over time, which has strong customer stickiness. Judging from the injection of botulinum toxin and hyaluronic acid filler, the diagnosis and treatment has a certain validity period, and customers need a second diagnosis and treatment if they want to maintain the effect after the validity period.

According to the prospectus, in 2020, Yimer had 86,600 active customers, including 44,400 new customers (defined as customers who bought medical beauty at least once in the relevant period) and 42,200 repeat customers (defined as active customers and customers who bought medical beauty at least once in the previous period).

By 20021,in the first quarter alone, Yimer had 45,700 active customers, 65,438+0.4 million new customers and 3.10.6 million repeat customers.

After getting new and old customers, Yimer spent a lot of money to support sales and marketing staff.

According to the prospectus, from 20 18 to 2020, the sales cost of Yimer was 306 million yuan, 358 million yuan and 376 million yuan respectively, accounting for 46.28%, 48.44% and 46.40% of the revenue of that year respectively.

Yimer explained in the prospectus that the cost of sales mainly includes inventory cost, staff cost, rental expense, depreciation and amortization. Among them, the inventory cost of purchasing medical consumables such as prostheses, injections, skin care products and medicines accounts for about 50% of the total sales cost in the same period, and the personnel cost accounts for about 30%.

During the period from 20 18 to 2020 and the first quarter of 20021year, Yimer's total staff costs (including expenses included in sales costs, sales and marketing expenses, and general and administrative expenses) accounted for about 4 1.7%, 46.2% and 41respectively of the total income in the same period.

Shen Meng, director of chansons Capital, said, "A chain organization like Yi Meier can't support the operation of the whole organization simply by relying on the customers at the top of the pyramid, and it will inevitably extend to the customers in the middle and lower part of the pyramid. The low yield of low-end products also leads to a decrease in the overall yield, competition enters the price war mode, and marketing and sales expenses are difficult to reduce. "

It is understood that the profit level of Yixing Medical Beauty increased steadily in the same industry before, but it failed to be listed on the Hong Kong stock market. Now, can Yimer, which is also a medical and beauty institution, be recognized by investors with weak profit performance?

Bee Win International is integrated from Changjiang Business Daily, Panorama Finance, International Finance News, V View Finance Report, China Net Finance, etc.