No.: BMR2004
Aoyuan Meigu is stripping off real estate and developing a "beautiful career".
On June 22nd, Aoyuan Meigu Technology Co., Ltd. (hereinafter referred to as "Aoyuan Meigu"), 0006 15. SZ) announced that it intends to sell the 0/00% equity of Han Jing Real Estate Group Co., Ltd., Beijing Family Health Management Co., Ltd., and Penglai Lu Hua through public listing and transfer in Beijing Equity Exchange. Aoyuan Meigu plans to use RMB 65.438+0.02 billion as the listing reserve price for the transfer of the transaction target.
The data shows that in 2020, Aoyuan Meigu achieved operating income of 65.438+98.7 billion yuan, down 37% year-on-year; Net loss10.30 billion yuan, down10.210.5% year-on-year. Among them, real estate and related business income accounts for about 70%, and chemical fiber new materials account for about 20%. The medical beauty business did not generate income. As can be seen from the above data, the real estate business is still supporting the income of Aoyuan Meigu.
Under the strategy of focusing on medical beauty and divesting real estate, Aoyuan Meigu still needs to face the pressure of performance. After the real estate business is completely cleared, can Aoyuan Meigu's medical beauty business generate income quickly? Can it support the normal operation of the company?
According to Wind's stock, Aoyuan Meigu suspected that two financial indicators were abnormal, namely: the company's operating cash flow in 2020 was negative 383 million yuan; 202 1 the z value of the financial crisis of Aoyuan Meigu in the first quarter is 1.7 17.
Z-value analysis is a method to measure the bankruptcy risk of enterprises. This method predicts that the enterprise will go bankrupt when the z value is less than 1.20, and the z value between 1.20-2.90 is a "gray area", and there is no bankruptcy risk when the z value is greater than 2.90.
Source: Wind stock
On the occasion of the overall transformation of Aoyuan Meigu, Tokyo Han Holding Group Co., Ltd. (hereinafter referred to as "Han Jing Holding"), the original holding stock, is reducing its shareholding.
Retire real estate, bet on medical beauty
In recent years, with the development of medical beauty in China entering the "fast lane", many real estate enterprises have transformed into medical beauty, and Aoyuan Meigu is one of them.
On June 22nd, Aoyuan Meigu announced that it planned to sell the shares of Han Jing Real Estate Group Co., Ltd. 100%, Beijing Family Health Management Co., Ltd. 100% and Penglai Lu Hua Han Jing Pension Service Co., Ltd. through public listing and transfer on the Beijing Equity Exchange.
Dennis Huang, co-founder of Xiezong Strategy Management Group, believes that if Aoyuan Migu can really divest the property and sell its shares, it will reduce the debt, and at the same time reduce the possibility of bankruptcy or default of the company due to the debt, and solve the financial difficulties, but we still need to see the later results.
On June 15, Aoyuan Migu also announced that in order to improve its sustainable development ability and effectively solve the problem of horizontal competition with controlling shareholders, Aoyuan Migu safeguarded the interests of shareholders and realized a strategic transformation focusing on beautiful and healthy industries. The company intends to sell all or part of its equity in the real estate business department.
According to public information, up to now, Aoyuan Meigu's main business is real estate, new chemical fiber materials and medical beauty business. After the completion of this transaction, Aoyuan Meigu's main business will be changed from real estate business, medical beauty business and new chemical fiber materials business to medical beauty business and new chemical fiber materials business, and the income structure of its main business will undergo major changes.
Bobby Chen, president of China Real Estate Data Research Institute, believes that Aoyuan Meigu has completely given up industrial space, and the transformation of medical beauty needs to be cautious. It is still necessary to consider combining the medical beauty industry with the real estate space. It is the development of industrial space, not the development of industry itself. Only by bringing help to the industry through industrial space can it be more sound and safe.
Transition road
The White Paper on Medical Beauty Industry in 2020 released by the professional medical beauty platform More Beauty APP shows that despite the epidemic, the market size of pure medical beauty in China has reached 654.38+0975 billion yuan, accounting for 654.38+07% of the world, and it is expected to become the largest medical beauty country in the world.
According to CVSource data, in the first five months of 20021,the investment in Medical Beauty Circuit has exceeded 500 million yuan. In 2020, the financing scale of the medical beauty track will be 800 million yuan.
Although the medical and beauty industry has a bright future, Aoyuan Meigu, whose main business was real estate before, is still inexperienced and under great pressure in this field.
Hu Ran, president of Aoyuan Meigu, said in a keynote speech at the CICC investment strategy meeting in the second half of 20021that the middle reaches of medical beauty is the strategic starting point for Aoyuan Meigu to cut into medical beauty and the key to its layout. This field is highly decentralized and has different profitability. In this regard, Aoyuan Meigu firmly chooses the "big store model" with strong certainty, and realizes the scale effect and reduces the procurement cost of instruments, consumables and medicines by acquiring the leading medical beauty hospitals in high-quality regions; At the same time, extend the upstream and downstream industrial chains to form brand and resource advantages and enhance market concentration. In the future, Aoyuan Meigu will also explore the "1+N mode" of standardized chain of medical and beauty institutions, and establish a chain store of head equipment consumables and vertical light medical and beauty brands.
On June 8th, Aoyuan Meiguzi Company Guangzhou Ogilvy Industrial Investment Co., Ltd. (hereinafter referred to as "Guangzhou Ogilvy") intends to apply to the bank for a merger and acquisition loan of RMB 4,654,380,800, which is mainly used to acquire Hangzhou Liantianmei Medical Beauty Hospital (hereinafter referred to as "Liantianmei").
According to the announcement issued by Aoyuan Meigu 18 in March, the company plans to invest 697 million yuan to acquire 55% equity of Zhejiang Liantianmei held by Shengzhuang Medical Beauty. After the transaction is completed, Liantianmei will become a holding subsidiary of the company.
Headquartered in Hangzhou, Liantianmei is one of the earliest medical beauty enterprises in China and the founder of the first private medical beauty hospital in Zhejiang Province. Its subordinate hospitals have plastic surgery, micro-plastic surgery, skin beauty, oral beauty and other major business departments.
In the upstream of medical beauty, Guangzhou Ogilvy, a wholly-owned subsidiary of Aoyuan Meigu, signed a strategic cooperation agreement with Guangzhou Jinan University Medical Biotechnology R&D Center and Guangzhou Jiyuan Biotechnology Co., Ltd. to enter the collagen market and lay out the upstream product consumables market.
Subsequently, Ogilvy & Mather signed a strategic cooperation agreement with Korean KD Medical Company to establish a joint venture company, which will serve as the exclusive agent of Sanofi laser instruments in China and open up a new market segment for medical-grade postpartum repair; Simultaneously promote the sales license of injection medical beauty products under KD. Medicine in China.
According to the report of Minsheng Securities, KD. Medical treatment was established in April 2006+2065438. It is a biotechnology company specializing in research and product sales in medical and aesthetic related fields, including all categories in four categories of medical and aesthetic technologies (fat-dissolving products, radio-frequency medical beauty instruments, water needles, and single/two-phase cross-linked sodium hyaluronate fillers for injection), and subdivided into 7 categories. The main products are AIR FEELING (fat-dissolving products for injection), AIR UP (fat-dissolving products for face), AIR V UP S (fat-dissolving needles for other parts of the body except face), AIR SONIC (radio frequency medical beauty instrument), air cell (kinetic energy element water needle), RHEA LUCLANE (salmon cell extract for injection, PDRN baby needle) and SHINNEUS (single-phase crosslinked hyaluronic acid for injection containing lidocaine).
At the downstream end of medical beauty, Aoyuan Meigu cooperated with the head MCN organization to realize the downstream card position, which not only drained the medical beauty hospital, but also stimulated more consumers' demand for upstream products.
Regarding the progress of cooperation, Aoyuan Migu said that whether it is the deep strategic integration and merger of upstream and source biology, biomedical science, KDM and Guangna Institute, or the acquisition of medical beauty service institutions by China Travel Service, and the theater situation layout such as MCN in the downstream medical beauty sector, Aoyuan Migu is gradually advancing according to the strategic layout.
For the external environment, Aoyuan Meigu needs to face mature competitors who have developed in the medical and beauty industry for many years, and also faces the challenges of new entrants.
Since May, 20021,suning universal, Maidi Technology, Zhendong Pharmaceutical, and the specialty pharmaceutical industry, whose main business is medical IT, have all expressed their intention to enter the field of military medicine and beauty.
In the view of independent economist Wang Chikun, medical beauty is an emerging industry with market demand. This track is in the ascendant and belongs to the growth period. Industry consumption is growing rapidly, the industry market is in an incremental market, the industry threshold is initially established, and the industry competition is not very fierce. The market is in the seller's market, with pricing power and high industry gross profit. The medical and beauty industry as a whole is in the blue ocean market, and it has repeatedly become the darling of capital under the condition of not fierce competition.
The share price rose by 472. 17%.
Reduction of the original controlling shareholder
Wind stock data shows that as of June 23rd, 20021year, the share price of Aoyuan Meigu has increased by 472. 17% in the past 250 days. However, when the share price rose, Tokyo Han Holdings, the original controlling shareholder of the company, reduced its holdings and cashed out.
Wang Chikun believes that under the touting and blessing of capital, the medical and beauty industry is overheated and its valuation is overvalued. According to past experience, all sectors chased by capital have a callback process, that is, the process of squeezing bubbles.
19 may, the concerted action of Tokyo Han Holding Group Co., Ltd. (hereinafter referred to as "Holding"), Jianshui Enterprise Management Co., Ltd., Beijing Heli Wantong Information Consulting Center (Limited Partnership) and Duan Yajuan is planned to be held from June 200210 to June 200218.
Regarding the reason and influence of the original controlling shareholder's transfer of shares, Liang Nan, an analyst at Zhuge Housing Search Data Research Center, believes that on the one hand, Aoyuan Meigu has gradually begun to lay out in the direction of medical beauty, but its development has always been supported by real estate business. In the process of adjusting the layout, enterprises will face certain transformation risks, at the same time, the competitive pressure of the medical and beauty industry can not be ignored, and the future development will face certain challenges; On the other hand, shareholders' reduction may also be related to their own business needs, and it is necessary to obtain certain cash flow by reducing their holdings of Aoyuan American stocks. As Aoyuan Meigu faces certain debt pressure, it needs to reduce the operating pressure through financing. At this time, the reduction of shareholders will further increase the pressure on Aoyuan Meigu.
In fact, before 10 and 2020, Aoyuan Meigu cannot be regarded as a medical beauty company. According to the announcement, on 26+00, 65438, 2020, Han Jing issued an announcement to change the company name to Aoyuan Meigu Technology Co., Ltd. and the short name of the securities to Aoyuan Meigu.
The controlling shareholder behind Aoyuan Meigu is China Aoyuan Group Co., Ltd. (hereinafter referred to as "Aoyuan Group").
In May 2020, the original controlling shareholder Tokyo Han Co., Ltd. signed an equity transfer agreement with Aoyuan Kexing, and the company transferred its 229 million shares to Shenzhen Aoyuan Kexing Investment Co., Ltd. (hereinafter referred to as "Aoyuan Kexing"), accounting for 29.3% of the total share capital of the company. After the above equity transfer, Aoyuan Kexing became the largest shareholder, and the actual controller was changed from Chairman Tian Han to Chairman Guo of Aoyuan Group.
Han Jing Co., Ltd., founded in 1996, is a listed company on the main board of Shenzhen Stock Exchange. Its main business is chemical fiber and real estate, focusing on the development of new materials and green fiber and other related industries.
In terms of new chemical fiber materials, Han Jing Co., Ltd. has an annual output of 654.38+600,000 tons of viscose filament, 7,000 tons of cellophane and 35,000 tons of chemical fiber pulp.
Based on the chemical fiber technology of Han Jing Co., Ltd., in April, 20021,the green fiber project with an annual output of 40,000 tons in Aoyuan Meigu was officially put into production. It is understood that green fiber is the main raw material of mask paper in the upstream industrial chain of medical beauty.
Opportunities and risks coexist.
Under the trillion-dollar "face value economy", medical beauty, as a new outlet industry, has both opportunities and risks.
Although Aoyuan Migu is determined to transform, it still faces great challenges in the face of innate real estate genes and the competition between pioneers and latecomers on the medical beauty track. Can Aoyuan Meigu turn medical beauty into success? What are the opportunities and risks?
Lou Jun, a partner of Dr.Leo Moo Enterprise Management Consulting Company and a visiting scholar at Stern Business School of new york University, believes that if you have a good investment goal, you may succeed. Of course, it depends on luck and industry trends.
What is a good goal? Lou Jun believes that a good team, good industrial resources and good strategic thinking belong to a good target category.
Lou Jun suggested that the success of an industry still depends on its core competitiveness, which comes from the deep cultivation of the industry. This rule will never go out of date. As for whether the housing enterprises can support their performance after the transformation, Lou Jun believes that if there are good investment targets, it is possible to form performance quickly, but this performance is not the fundamentals of the enterprise, and investors who value long-term value need not care too much.
The transformation of real estate enterprises to medical beauty also means that the overall organizational structure of the company has changed. How to organize and manage the housing enterprises after the transformation of medical beauty, and how will Aoyuan Meigu seize the opportunity to develop in the face of industry turmoil?
In this regard, Lou Jun thinks this is a big problem. Understand the industry first, then make a strategy, then build an organizational structure, and then look for high-quality talents in the industry. But every step here is a filter, which will filter out speculators who have no sincerity to develop in the industry.
It is understood that the upstream of the medical beauty industry chain is mainly medical device manufacturers and consumables suppliers; The middle reaches are mainly plastic surgery clinics, plastic surgery hospitals and beauty salons; The downstream is mainly a guiding platform for medical beauty. Terminals are mainly consumers.
According to the data of Ai Media Consulting, in China, medical and beauty institutions are mainly divided into public hospitals and private institutions, among which private institutions include large chain hospitals, small and medium-sized private plastic surgery hospitals and small private clinics. Data show that in 20 19, the number of medical beauty shops in China exceeded10.4 million, and there were about13,000 institutions with medical beauty qualifications. The problem of "black institutions" in the medical beauty industry is still serious. It is estimated that more than 80,000 medical beauty shops are operating illegally.
It can be seen that the track cut by Aoyuan Meigu from the middle reaches of medical beauty is also the most competitive area, and Aoyuan Meigu should also pay attention to improving its core competitiveness while merging.
She suggested that Aoyuan Meigu can explore a set of paradigms, standardize the previously dispersed formats, determine pricing and publicity, and then drive other stores in the country to upgrade in an all-round way. In addition, a unified outpatient operation management system can be adopted, which can refer to the oral cavity. From the perspective of development speed, medical beauty is faster than oral cavity, but the standardization and standardization of development make oral cavity better than medical care.
Bai Wenxi, vice chairman of China Enterprise Capital Alliance, suggested that the profit point of medical beauty business lies in medical beauty service itself on the one hand, and medical beauty rehabilitation and financial services for medical beauty on the other hand. The transformation of the company needs to fully study the development status, competition pattern and future trend of the industry to be entered, choose appropriate key points and entry strategies, and combine its own resources and capabilities to quickly form business scale and industry competitiveness, build an industrial moat and develop its own core competitiveness.