On the evening of April 24, Meinian Health Industry Holdings Co., Ltd. (hereinafter referred to as "Meinian Health", 002044. According to the 2023 annual report released by SZ, the company achieved operating income of 10.894 billion yuan, a year-on-year increase of 26.44%, net profit attributable to the parent company of 506 million yuan, an increase of 1.065 billion yuan over the same period of last year, a year-on-year increase of 13.0% in total reception, and a year-on-year increase of 11.2% in comprehensive customer unit value, achieving strong growth in the first year of post-epidemic recovery. The company said that in 2024, it will adhere to the quality and efficiency orientation and adhere to the "sustainable growth driven by digital intelligence, diversified growth and high-quality profit-oriented". A number of brokerage research reports said that Meinian Health's revenue in 2023 exceeded expectations, and its performance turned losses into profits, and with the expansion of the company's revenue scale and continuous improvement of profitability, it is optimistic about the company's long-term development.
Industry insiders said that after the epidemic, the demand of the physical examination industry has recovered, and it has entered a virtuous cycle of relying on quality improvement to promote price increases. As a leading enterprise in preventive medicine, Meinian Health continues to improve its internal operating efficiency, while actively expanding external cooperation, increasing AI applications, implementing the "All in AI" strategy, entering the golden track of "AI + Healthcare", and opening a new performance growth curve.
All in AI focuses on the 3 trillion health management market
This year's "Government Work Report" first mentioned the "artificial intelligence +" action to accelerate the formation of new qualitative productivity with artificial intelligence as the engine. From the perspective of the secondary market, "AI+Healthcare" has frequently attracted attention, and the mainstream view of institutions is that AI+ Healthcare is expected to lead the medical industry into a new era of development. China Merchants Securities believes that the global "AI + medical" market size exceeds 5 billion US dollars and will continue to maintain rapid growth. According to the Global Watch report, the "AI + healthcare" market is expected to grow at a compound annual growth rate of more than 29% and reach $70 billion in 2032.
Massive data is a prerequisite for the rapid development and application of AI technology. As the largest personal health check-up data center in China, Meinian Health has a unique cumulative image data of more than 100 million people and structured health data of 200 million people. Recently, the company-led national key R&D program "Health Examination Big Data Cloud Platform Construction" project has been officially completed, and the collection of more than 130 million health examination data has been completed, helping to improve the value of data assets in the health examination industry and continuously training and optimizing AI large models, and also laying a solid foundation for Meinian's "All in AI" strategy.
At present, AI technology has been widely used in the company's products, covering AI diagnosis of pulmonary nodules, AI diagnosis of stroke, AI diagnosis of brain cognition, AI diagnosis of coronary calcification points, AI diagnosis of electrocardiogram, AI diagnosis of breast ultrasound, AI quality control of ultrasound, AI diagnosis of fundus, AI assessment of children's bone age, etc. At the end of 2023, Meinian Health will add the "AIGC concept".
The reporter learned that Meinian Health cooperated with Huawei Cloud and Runda Medical to develop the first domestic health management AI robot - "Healthy Xiaomei", which is the core project of Meinian Health's full implementation of the "All in AI" strategy. Based on the health management model, health suggestions are proposed, personalized health plans are formulated, and AI robots assist health management implementation.
"In terms of internal operations, the background of 'Healthy Xiaomei' digital intelligent health manager will be fully connected with Bian Que's intelligent physical examination management SAAS cloud platform, further upgrade the digital empowerment of the whole process management of physical examination, and intelligently optimize and improve every link from appointment, physical examination, report interpretation to follow-up health management and intervention through seamless data docking and process collaboration", Meinian Health said that the new platform will also strengthen cooperation with hospitals, insurance companies, The in-depth cooperation of partners such as the health management center has built a more complete health management ecosystem, providing back-end health management value-added services such as remote image reading, special management service system for special and chronic diseases, green pass for medical treatment, innovative health insurance, and nutrition customization, giving users personalized and accurate physical examination suggestions and product recommendations, and comprehensively improving the user experience.
Industry insiders said that looking forward to the next mile, "Healthy Xiaomei", which has both large model capabilities and health big data advantages, will give birth to a series of services and products such as digital therapeutics and smart wearable devices to help Meinian Health build an ecosystem with strong AI attributes.
From "All in Digital" to "All in AI", it is not difficult to see that Meinian Health, which has data and application scenarios, is using new AI technology to empower personalized physical examination services and upgrade and expand digital health management business. According to iResearch's forecast, by 2028, the overall health management market will exceed 3,000 billion yuan, with a compound annual growth rate of 12.5% from 2023 to 2028. In other words, Meinian Health has accelerated from the physical examination track to a broader field of health management, and is in an incremental market that will usher in 3 trillion yuan.
Meinian Health said that the company will further fully implement the "All in AI" strategy, continue to deeply explore the value of health data assets, continue to deepen the innovation of AI big data and AIGC technology products, continue to promote the deep integration and innovative application of digital AI artificial intelligence technology and medical services, and strive to build a leading "AI + health management" benchmarking platform in China, and is committed to upgrading from a leading enterprise in the preventive medicine track to a leader in digital health management throughout the life cycle.
It is worth mentioning that it is revealed that Meinianjian will demonstrate and carry out the work of entering data resources into the table, and gradually incorporate digital assets into the company's financial statements, including data products, technology platforms, digital marketing tools, etc., accumulated in the process of operation, and optimize the management of digital assets. "The company's move can more clearly show the company's asset composition and data resource value, and also inject new vitality into the company's future development", industry insiders believe that health examination big data, as an emerging medical resource and new quality productivity, will further promote the high-quality development of Meinian.
Both volume and price rose to open a new growth cycle
According to the annual report data, Meinian Health's revenue in 2023 will exceed 10 billion, its revenue will create a historical peak, and its net profit will increase significantly.
From the perspective of the profit curve, in the early stage of digital transformation of traditional industries, it is difficult for capital investment to be immediately presented on the profit side, and a certain return period is required. Subsequently, with the gradual growth of business volume and the release of scale effect, the initial cost is constantly diluted, and the profit is often shown as a gradual thickening process. In 2023, the company successfully turned losses into profits, releasing a strong signal that it has entered the harvest period.
From the perspective of market demand, under the influence of the epidemic, residents' health concept has improved, and the demand for special examinations for chronic underlying diseases and mid-to-high-end health management is relatively strong, which has gradually become a strong demand for physical examinations, and diversified and personalized health needs are expected to continue to grow.
In the context of the continuous upgrading of health consumption, Meinian Health has entered a benign development channel driven by demand and rising in volume and price. In the past two years, the unit value of Meinian Health has maintained double-digit growth. In 2023, the annual consolidated average customer value increased by 11.2% year-on-year. Meinian Health said that increasing the unit price of customers is a long-term work, and "the company's next round of customer unit price growth is more driven by the optimization of customer structure and the placement of innovative products."
"Group inspection is the cornerstone, bigger and stronger depends on individual inspection, and the two complement each other", the company adheres to the coordinated development of group inspection and individual inspection. On the one hand, the company uses the group inspection development center to unify and coordinate the refined management of B-end business across the country, continuously strengthen the B-end system for B-end government and enterprise customers, and is committed to realizing the B-end business upgrade led by government and enterprise customers. It is understood that the proportion of the company's government and enterprise customers continues to increase. In fact, in recent years, large enterprises have paid more attention to comprehensive solution capabilities when choosing physical examination institutions, and it is not difficult for Meinian Health, as a leading enterprise, to be shortlisted for the bidding, and with its unique advantages such as extended services for post-examination health management and strong digital capabilities, it can occupy more market share.
On the other hand, the company has rapidly promoted the C-end customer operation system with the personal inspection development center, and the personal inspection business has improved rapidly, and the online multi-channel operation has blossomed in an all-round way. "In 2023, the performance of traditional e-commerce personal inspection channels such as Tmall and JD.com will nearly double compared with the same period in 2022", Meinian Health revealed that short video channels such as Douyin Kuaishou have also shown explosive growth, and their performance has basically reached the same level as traditional channels, and has become one of the main forces for the performance growth of individual inspection channels;
According to reports, in 2024, the company will continue to strengthen the fission and precipitation of group orders, further realize the release of synergistic revenue growth momentum for group package business and individual inspection business, and continue to build a three-dimensional intelligent marketing system of "continuous introduction of traffic in the public domain of group inspection, and retention of repurchase and conversion traffic in the private domain", so as to create a two-wheel driven growth of group inspection and individual inspection oriented by customer service solutions.
At the same time, Meinian Health will continue to launch the "Meinian Special Examination" and "Meinian Special Management" projects, focusing on adding new products of key innovative special projects and special disease management such as pan-vascular health, traditional Chinese medicine intelligent physical examination, bone health, AI blood sugar special management, liver health management, etc., to improve differentiated competitiveness, speed up the "intelligent personalized package" + "special examination and early screening box" + "special disease management service package", provide leading core specialty screening services, and create a new engine for growth.
Industry insiders pointed out that medical health is a track that can pass through the cycle and has great development potential, and is optimistic about the consumer medical track with steady growth and low valuation. Observing the health valuation of Meinian, it is still at the relative bottom of history, and looking forward to the future, it will open a new growth stage through endogenous extension, and there is huge room for imagination.