Reporter Xie Yiguo, intern reporter Liu Jing, reported
Mei nian health, and lost, more than expected losses.
On July 15, Meinian Health released a revised announcement of the 2021 semi-annual performance forecast, with a revised loss of 400 million - 430 million, after which Meinian Health expected a net profit of 300 million yuan - 400 million yuan in the first half of the year, which means that Meinian Health has more than the actual loss.
In this regard, Meinian Health explained: "The company's health examination business has seasonal characteristics, there is an imbalance in customer flow and revenue in the first and second half of the year, due to the impact of the epidemic in the first half of last year, the physical examination customers concentrated in the second half of last year, which aggravated the imbalance in the first and second half of the year in the short term, due to the short interval between the annual physical examination, the income in the first half of this year did not meet expectations." "
Meinian Health, once with a market value of 80 billion yuan to sit firmly on the throne of the first share of the big health, by the "public offering brother" Zhang Kun and other people favored, now both performance and profits are somewhat deteriorating, especially the head hanging goodwill thunder, the loss of Ali support, the prospects of Meinian Health are worrying.
As of July 20, the stock price of Meinian Health was 8.95 yuan, the latest market value was 35 billion, since 2021, the stock price of Meinian Health has fallen from the highest 20.15 yuan at the beginning of the year to the lowest 8.08 yuan, the maximum decline in the range reached 60%, shrinking by more than 40 billion. The second quarter of the fund showed that Zhang Kun had left the market with a blood loss.
Meinian Health personnel change frequently
Negative performance, heavy losses, new low stock prices, and intensified personnel changes in The United States health this year.
On June 2 this year, Meinian Health issued an announcement that the company's board of directors received a written resignation report submitted by Ms. Jiang Weina, vice president and secretary of the board of directors, on June 2, 2021. Ms. Jiang Weina applied to resign as vice president and secretary of the board of directors of the company for personal reasons.
On the same day, another announcement by Meinian Health showed that Ms. Wu Qinwei, a director of the Company, submitted a written resignation report on June 2, 2021, and Wu Qinwei applied for resignation as a director of the seventh board of directors of the company and a member of the strategy committee and audit committee under the board of directors for personal reasons.
Two executives resigned within a day. Since the beginning of this year, a number of senior executives of Meinian Health have left, as early as two months ago, Ning Yi, vice president and chief scientist of Meinian Health, also announced his resignation due to "personal reasons" and no longer holds any position in the company. In addition, on January 4, Xu Ke, director and president of Meinian Health, took the lead in proposing to leave and resign as the president of the company.
Frequent personnel fluctuations highlight the embarrassing situation of Meinian Health.
In 2020, Meinian Health's annual revenue was 7.815 billion yuan, a year-on-year decrease of 8.33%, achieving a net profit attributable to the mother of 554 million yuan, deducting a non-net profit of negative 600 million yuan, which is the company's second annual loss after the loss of 869 million yuan in 2019.
The difference between Meinian Health's net profit and non-net profit is so large, mainly because the company suddenly sold the equity of its holding subsidiary Main Gene at the end of the year, and the company was no longer included in the scope of the consolidated statements and revalued the investment income.
In the first quarter of this year, the Meinian Health Announcement still showed a loss of 424 million. If the forecast data for the first half of the year is used, there is still a small loss in the second quarter of the United States Health.
In addition to operating losses, the current financial pressure of Meinian Health should not be underestimated. According to the data of the first quarterly report, as of the end of March 2021, the company's monetary funds were 1.439 billion yuan, a year-on-year decrease of 59.41%, and the company's non-current liabilities due within one year reached 1.487 billion yuan in the same period, and the monetary funds could not cover short-term debts.
On June 8, Meinian Health issued the "Proposal on the Company's Proposed Loan to the Actual Controller and Related Party Transactions". According to the announcement, the Company intends to borrow no more than RMB200 million from yu Rong, the actual controller, to meet the "daily operational and strategic development needs".
Borrowing money from the actual controller shows the financial constraints of Meinian Health.
Zhang Kun left the scene in blood
The performance of Meinian Health not only deeply covers retail investors, but also disappoints star fund managers.
In the first quarter of this year, a number of star fund managers held positions in Meinian Health, including Zhang Kun's E Fangda Small and Mid Cap Hybrid Fund, which held 188 million shares, accounting for 4.9% of the outstanding share capital; Dong Chengfei's Xingquan Trend Investment Hybrid Fund held 122 million shares, accounting for 3.2% of the outstanding share capital, and 31.04 million new entries in the quarter; E Fangda Blue Chip Select Hybrid Fund (Zhang Kun) held 107 million shares, accounting for 2.79% of the outstanding share capital, and 5.4 million new funds were added in the quarter, which were all star funds.
From the financial report, in the third quarter of 2020, E Fangda small and medium-sized cap for the first time appeared on the top ten circulating shareholders of Meinian Health, buying a total of 118 million, at the end of 2020, E Fangda small and medium-sized market continued to increase its holdings by 69.8 million, accounting for 4.91% of the circulation ratio; by the end of March 2021, the market value of the U.S. health held by "E Fangda Small and Medium Cap" accounted for 9.2% of the net value of the fund, surpassing Moutai and Wuliangye in the first place; the market value of the U.S. health held by "Blue Chip Selection" accounted for 1.71% of the net value of the fund; the market value of the U.S. health held by "Blue Chip Selection" accounted for 1.71% of the net value of the fund. , ranked 13th. That is to say, the status of Meinian Health in Zhang Kun's mind exceeds that of "Mao, Wu and Lu", and it is a real "new joy".
However, the healthy performance of Meinian and the falling stock price may have surprised Zhang Kun and become the biggest pit for Zhang Kun.
In the second quarter of this year (April 1 to June 30), the stock price of Meinian Health fell from 16 yuan to about 9 yuan, a decline of 40%, and there was basically no decent rebound in the middle.
The first quarter data shows that the market value of E Fangda's small and medium-cap positions in the first quarter was 2.89 billion, which means that if Zhang Kun does not sell, this fund will lose 1.15 billion yuan in Meinian Health, and the market value of another fund "Blue Chip Select" position is 1.64 billion, if it is not sold, this fund will lose 660 million, which is equivalent to Zhang Kun's two funds losing 1.8 billion yuan in Meinian Health.
However, from the latest E Fangda second quarter data, Zhang Kun has partially cut the position and left the market. As of June 30, E Fangda's mid- and mid-cap mixed holdings were 180 million, with a total market capitalization of only 1.64 billion, compared with 2.89 billion in the first quarter, a contraction of 1.25 billion (some of which are reductions). In addition, E Fangda blue-chip selected mixed second-quarter data has not seen the figure of Meinian Health, and the probability has been cut off from the market.
As the "first stock of physical examination" that has been noted by the attention, why does health fall to the point where the stock price still falls every year?
A healthy thunderstorm
Meinian Health was founded in 2004, formerly known as Shanghai Tianyi Medical Development Co., Ltd., by 2011, there were only 13 self-built stores, which was not ranked in the physical examination industry of Qianfan Jingfa.
In 2015, Meinian Health successfully entered the A-share market through the backdoor Jiangsu Sanyou at a price of 5.543 billion yuan, and embarked on a rapid expansion road with the wings of the capital market, buying and buying all the way, and the physical examination institution quickly sat on the top spot in China, known as the market "first stock of physical examination".
In 2016, Meinian Health acquired 72.22% of the equity of Ciming Physical Examination for 2.697 billion yuan; in 2017, Meinian Health acquired the corresponding equity of 7 companies including Xichang Meinian for 153 million yuan; in 2018, Meinian Health acquired the corresponding equity of 5 companies including Deyang Meinian for 117 million yuan, and acquired the corresponding equity of 14 companies including Wuhan Meinian for 358 million yuan; in 2019, Meinian Health acquired the corresponding equity of 19 companies including Xining Meinian for 347 million yuan 3. It also acquired 51% of the equity of Anhui Nuoyi for 128 million yuan. As of the end of 2020, the number of medical examination centers under Meinian is 605, of which 266 are controlled and 339 are shares.
Fast running and staking, The performance of Meinian Health has achieved certain results on the surface. According to the data, from 2015 to 2018, the operating income of Meinian Health increased from 2.101 billion yuan to 8.458 billion yuan, and the net profit increased from 260 million yuan to 821 million yuan.
In 2019, Alibaba announced a strategic stake in Meinian Health, becoming the company's largest shareholder with 9.39% of the shares, and holding a total of 14.39% of the company's shares with hangzhou xintou, a co-actor. In addition, Shanghai Qijun, controlled by Alibaba's Yunfeng Fund, became the company's second largest shareholder with 5.10% of the shares.
However, just after Ali entered the ownership and the performance bet was completed, the performance of Meinian Health exploded. According to the 2019 annual report data, the non-net profit deducted by Meinian Health lost 869 million yuan, while the non-net profit deducted in the previous year was as high as 711 million.
The reason for the sharp loss of Meinian Health is, on the one hand, the goodwill inflation brought about by its rapid expansion. As of the end of 2019, Meinian Health had formed a total of 107 goodwill asset groups due to the acquisition, with goodwill of up to 5.139 billion yuan.
In 2019, Meinian Health made a one-time provision for the impairment of goodwill of about 1.035 billion yuan, which became the most important reason for the company's loss after deducting non-net profit. In 2020, the Company again made a goodwill impairment provision of $327 million. As of the end of 2020, the net value of health goodwill (after accrual) in the United States is still as high as 3.982 billion yuan.
On the other hand, Meinian Health has opened more and more new medical examination institutions, but the number of people serving customers is declining. In 2019, under the condition that Meinian Health increased by 70 institutions compared with the previous year, the number of medical examinations in the whole year decreased by 1.76 million year-on-year. In 2020, the impact of the epidemic fell to 16.63 million, which is still far from 100 million.
When ability cannot support ambition, all roads are "detours". At the beginning, Meinian Health's crazy mergers and acquisitions in the past failed to increase performance, but also brought abnormally high goodwill, and faced a series of problems such as performance decline, financial expenses, and rising liabilities.
The misfortune is that after the thunderstorm of The Health Performance of the United States, the "big financier" Ali seems to have begun to lose confidence in it.
On November 4, 2020, Meinian Health announced that Alibaba Network has reduced its holdings in the company's shares by a total of 53.99 million shares through the bulk trading system of the Shenzhen Stock Exchange, accounting for 1.3794% of the company's total share capital. During the period when Meinian Health was reduced by Ali, the stock price fell continuously, falling by more than 29% in one week, and the market value shrank by nearly 20 billion yuan.
In April this year, Meinian Health ushered in another round of sharp declines, and the stock price fell for 6 consecutive days, of which April 6 and April 7 fell for two consecutive days, with a cumulative decline of nearly 30% in 6 trading days.
Each big fall has made investors feel uneasy, not only retail investors are running, but institutions are also running. As of the end of March this year, the number of institutions holding Meinian Health was 75, compared with 319 as of the end of 2020. In just three months, institutional investors have reduced the number of institutional investors by 244 and the number of shares held by 280 million shares, including Zhang Kun.
In the past two years, Meinian Health has suffered ali reduction, goodwill explosion, epidemic impact, even through the resale of assets, the use of financial skills to beautify profits, but still to no avail, especially after the revision of performance in the first half of this year, more than the actual loss, Meinian Health's road to turnaround losses is long.
This article is originally produced by the new media insight finance under Ganshang Magazine, please do not reprint it without permission. Lead Call Hotline: 18519027831.