80 % of the private chain institutions are not enough to enter the scale of dental medical care, the more losses?

Recently, Ruier Group Co., Ltd. announced that the company's wholly -owned subsidiary Shanghai Ruibin Management Consulting Co., Ltd. and Wuxi Tongshan Hospital Management Co., Ltd., Wuxi Shanxing World Investment Partnership (Limited Partnership) and Wuxi Tongshan Oral Hospital Co., Ltd. The company signed an investment agreement. Based on this, Shanghai Ruibin has the conditions to agree to acquire 51%of Wuxi Tongshan's equity. From this point of view, the pace of expansion of the head of the head of the head has accelerated.

In fact, the medical investment industry has a "golden eye and silver tooth". In 2021, the overall scale of the oral medical service market in my country reached 145 billion yuan, and the oral medical track became the "fragrant citron" in the eyes of capital. However, the investment director of a medical investment institution told the Securities Daily that 80%of the current private chain oral institutions are in a loss state, and the number of listed companies is small.

In the public impression, "looking at the teeth" has become a consensus. Why are there 80 % of the chain of oral institutions losing money? Where did the money go? To this end, the reporter launched an in -depth investigation to try to restore the current status of the mouth track.

High -expansion of the customer unit price is weak

在口腔领域，牙齿种植和正畸因高客单价已成为口腔行业“两大金矿”，根据市场价格，单颗种植牙收费在1.8万至2.2万元之间，而正畸在2.2万至Between 50,000 yuan. "Medical Insurance and Work Injury Insurance Payment Types of Part of Oral Medical Service Project" shows that policy supports medical insurance reimbursement for oral disease treatment and surgery, such as tooth extraction and periodontal disease. In terms of medical beauty, beauty repair such as dental implants and orthodontics has not yet been included in the reimbursement scope.

The relevant person in charge of Jinsong's mouth told the Securities Daily that the two -thirds of the company's revenue of planting and orthodontics accounted for two -thirds.

How is the profitability of related companies under the unit price?

"Securities Daily" reporter sorted out the listed company and found that in 2021, the gross profit margin of the A -share listed company known as "Yaomao" was 46.06%, and Ryl, known as the "first share of the Hong Kong stock market," The gross profit margin of the group was only 20.73%in 2021.

The annual performance report of the Ryl Group shows that the company has "increasing income and increasing increasing benefits", and is still seeking expansion under the circumstances of great losses. The announcement showed that during the reporting period, the company achieved revenue of 1.624 billion yuan, an increase of 7.16%year -on -year, and the net loss attributable to the parent company was 701 million yuan, and the loss expanded by 16.95%year -on -year.

"Securities Daily" reporter asked the Ryl Group that the company continued to expand while the company continued to expand while the company said that it would not comment on this, and everything was subject to financial reports.

It can be seen from the financial report that the main expenditure of dental medical institutions is concentrated in manpower. In fiscal in 2021, Tongce's medical labor cost was 835 million yuan, accounting for 55.76%of the total cost, and the employee welfare expenditure of Ryl Group reached 916 million yuan, accounting for 54.65%of the total cost. The second is the cost of medical materials. Tongmei medical expenditure was 394 million yuan, accounting for 26.29%of the total cost; the dental material expenditure used by Ryl Group was 253 million yuan, accounting for 15.1%of the total cost.

"Oral medicine is obviously characterized by the" poor temple rich monk '(low degree of dependence on technology equipment and high degree of dependence on high qualifications). At the same time, it also tests the chain operation capabilities of the institution. " "Securities Daily" reporter said.

In fact, the dental medical industry is highly dependent on high -level talents. On the one hand, oral majors depend on clinical experience; on the other hand, professional dentists have a long training time, including 10 years of bachelor Expo, more than 3 years of clinical and compliance. Training has 13 years or even more. In addition, in the process of institutional expansion, it tests its chain operation capabilities and has a strong demand for operating talents.

In this context, dental medical institutions are in a dilemma of expanding weakness. "At present, 80%of the private chain oral institutions are in a state of losing money, and the larger loss, the higher the size," told reporters.

Private institutions seek listing

The upstream of the domestic dental medical industry chain is consumables and equipment manufacturers. The midstreams are mainly dealers and dental medical information platforms at all levels. The downstream is a variety of dental medical service institutions.

There are two major growth logic in the dental medical service market. Changes lead to an increase in incidence of dental dental dental and dental diseases, and the market prospects are relatively high.

Therefore, the penetration rate of the oral medical service market has increased, and the market has increased rapidly. The burning consultation report shows that the Chinese dental medical service market increased from 92.3 billion yuan in 2015 to 162.8 billion yuan in 2020, with a compound growth rate of 12%, and it is expected to exceed 500 billion yuan in 2030.

Liu Hongbo, director of the brand of Beijing Gade's mouth, told the Securities Daily reporter that from 2015 to 2016, private dental medical institutions ushered in a wave of investment, and the capital has gradually returned to reason in the past two years.

There has also been a wave of impact IPO boom in the oral medical industry. China Stomatoscopy Group Six -degree Delivery and Hong Kong Stock Exchange. In 2021, Evergrande Medical and Little White Rabbit Orals successively announced the IPO process; in September of the same year, Dr. Yajo announced the news that seemed to be listed in Hong Kong. At present, the above -mentioned institutions have not been available.

At present, there are 5 dental medical institutions that have been listed. Among them, Tongce Medical is listed in A shares. The Ryl Group is listed in Hong Kong. There are also Blue Sky oral cavity, Huamei oral cavity, and Keen cavity. Among them, the market value of Tongce Medical is the highest, and it is 50.017 billion yuan. In addition, the number of launch of dental medicine and consumables in the upstream of the industrial chain is significantly higher than the downstream. At present, 9 have been listed, of which three companies including Angels, Modern Dental, and Jiazhaoye Health were listed on the Hong Kong Stock Exchange. 6 of China Porcelain Materials, Xinhua Medical, Meiya Optoelectronics, Kangtuo Medical, Mopu Medicine, Ruikang Medicine and other 6 The company is listed on A shares.

"Small and beautiful" or scale?

The Eric Consultation report shows that the Chinese dental medical service market competition has entered the Red Sea stage. The market as a whole shows the competitive state of more monks and less porridge. The market competition in some cities has entered a stage of heat.

In this context, there are many development pain points in the domestic dental medical market. The above -mentioned investment director told reporters that, first of all, the market competition is fierce, and the dental medical industry has obvious information asymmetric characteristics. Private enterprises still have problems such as charges and opaque service prices, which further leads to high customer acquisition costs. Secondly, the head institution is still expanding in losses. In addition, the supply of dentist talents is serious and long in cultivation cycle is also a pain point facing the industry.

Some researchers in the dental medical industry said that "scale is not necessarily a good model, and small and beautiful are more suitable for the market."

Huang Huan, the founder and chief expert of Gade's mouth, told reporters that Gade's mouth is positioned as "small and beautiful" to be an expert -type high -end clinic. The quantity is limited. "

Wang Haowei, general manager of Beijing Sizhe Technology Co., Ltd. told a reporter from the Securities Daily that doctors start a business and are small and beautiful. Investors do chain, the goals are different, and the selected paths are different. In the future, there should be many models coexisting.

In response to the future development structure of the industry, Gao Chaoxin, the industrial investment director of GM Global Medical Group Co., Ltd., told the reporter of the Securities Daily that public hospitals need to use brand advantages and the cultivation advantages of doctors While consumer treatment of basic diseases, it is necessary to cultivate more industry talents; private dental hospitals can meet consumers' pursuit of higher -end services.

Our reporter Xu Jie

Profile reporter Jin Satellite

- END -