Imer, who was "artificial beauty" 18 years ago, is now having a hard time making herself more beautiful
In 2003, just after the SARS epidemic, a "artificial beauty" activity set off a boom across the country.
The protagonist of "Artificial Beauty" is named Hao Lulu, and the initiator of the activity is a private medical beauty institution - Yimer. During this event, Imer performed more than a dozen surgeries on Hao Lulu, costing more than 300,000 yuan and lasting more than 200 days. The domestic media reported one after another, and foreign media also followed up with interviews. In the end, Hao Lulu transformed into a beautiful woman, and the event ended successfully.
This is probably the earliest large-scale publicity of medical beauty in China, the concept of "artificial beauty" has spread throughout the country, and Imer has also been greatly promoted.
More than a decade later, the new epidemic and a new round of medical aesthetic boom are the same recipe and the same taste.
Yimer at that time has now transformed itself and submitted a prospectus on the Hong Kong Stock Exchange. Just like the "transformation" of Hao Lulu in the past, over the years, Ymer has also made a series of transformations of himself.
Judging from the results, the high probability is "whole bad".
In 2011, Imer participated in the bet, failing with an annual net profit of less than 50 million yuan; in 2015, Imer's net profit was more than 30 million yuan, and the net loss of Ymer between 2018 and 2020 reached 210 million yuan.
<h1 class="pgc-h-arrow-right" data-track="18" >01 Got up early and caught up late</h1>
On August 3, Beijing Yimer Medical Group Co., Ltd., which is known as the fourth largest private medical aesthetic institution in China, submitted a prospectus in Hong Kong to be listed on the main board of Hong Kong stocks, with Haitong International as its sole sponsor.
Imer's business mainly includes two areas: aesthetic surgical services and aesthetic non-surgical services. Aesthetic surgery is the one that uses the knife; medical aesthetic non-surgery refers to the injection of aesthetic diagnosis and treatment, or the use of lasers, radio frequency, strong pulse frozen light and other energy equipment operation.
Medical aesthetic non-surgical services have low risk, small economic burden, and fast recovery time, and are generally called "light medical beauty". Light medical beauty is the backbone of Imer's revenue, and its proportion in total revenue is increasing year by year. In the first quarter of 2021, the proportion of Yimer's light medical aesthetic business reached a new high, reaching 76.7%.
Although Yimer has been doing medical aesthetics for a long time, it currently has only 9 medical beauty institutions in 5 cities, and it is mainly concentrated in Beijing, with 5; the remaining 4 are in Tianjin, Qingdao, Jinan and Xi'an.
According to the prospectus, in terms of total earnings in 2020, Yimer ranks fourth among all domestic competitors, and Yimer ranks first in the northern medical aesthetic market. Beijing is at the core of Imer's business, which may be related to the development of the cultural film and television industry.
Between 2018 and 2020, Imer's total revenue increased year by year, and the gross profit margin remained above 50%. However, it did not make money, and the cumulative loss in three years was 210 million yuan.
In 2020, Imer, under the influence of the epidemic, was profitable. A closer look at the prospectus shows that in 2020, due to the consideration of the mismatch between the hair restoration business and its own strategy, Imer sold 60% of the equity of Ruilishi, a subsidiary of the hair restoration business, and won 28.5 million yuan. If it weren't for the sale of Ruilishi, Imer might have ended in a loss in 2020.
As early as 2011, Immel had reached A VAM contracts with Legend Wisdom, Tianjin Tiantu and Shenzhen Tiantu. According to the agreement, if you want to gamble and not lose, Imer's net profit for the year must not be less than 50 million yuan. But in the end, the bet ended with Imer losing.
Now 10 years later, Imer's annual net profit still does not exceed 50 million, how could it dare to gamble 10 years ago?
As the representative of the first batch of private medical aesthetic institutions in China, Imer was established as early as 1997. After 25 years of development, it is still facing the problem of profitability, which can be described as "getting up early and catching up with a late set".
<h1 class="pgc-h-arrow-right" data-track="98" >02 Medical aesthetic institutions: it is not easy to make money</h1>
In recent years, live broadcasting and social platforms have developed rapidly, appearance anxiety has swept the public, and the medical beauty market has become more and more hot.
According to Frost & Sullivan statistics, in 2020, in terms of revenue, medical aesthetic private institutions accounted for 82% of China's medical aesthetic service market, with a leading role. It is estimated that from 2021 to 2025, the market share of medical aesthetic private institutions will increase from 113.6 billion yuan to 244.7 billion yuan, with a compound annual growth rate of 21.1%.
However, how much profit can be made by medical beauty private institutions, Frost & Sullivan did not say.
In the entire medical beauty track, the gross profit margins of Bloomage Biology, Haohai Biotech and Aimec in the upstream of the industry have remained above 80%, while the gross profit margin of Yimer in the downstream is only about 50%.
Taking Aimeike as an example, this company is a supplier of medical aesthetic raw materials, holding 7 third-class medical device injection certificates issued by the Food and Drug Administration, and has strong bargaining power in the entire industry, so it is natural to make money. Medical and aesthetic institutions such as Yimer, which are in the downstream, need to purchase raw materials from upstream and market downstream, and profits are naturally depressed.
According to the prospectus, Yimer adopted a special sales consultant team, began to use small programs to "bring the old to the new", and strengthened the delivery of O2O and video media, while reducing investment in traditional advertising and reducing customer acquisition costs.
In 2018, Yimer obtained 38,928 new customers, marketing expenses of nearly 199 million yuan, customer acquisition costs of 5111 yuan per person; in the first quarter of 2021, Yimer obtained 14,050 new customers, marketing expenses of 64.2 million yuan, customer acquisition costs dropped to 4571 yuan per person.
Compared with the previous newspapers, television, outdoor advertising, beauty salon drainage, etc., the accurate push of online channels has indeed helped Imer reduce the cost of customer acquisition.
However, is this way of getting customers long-lasting? A question mark needs to be placed.
On August 27, the State Administration for Market Regulation issued the "Guidelines for the Enforcement of Medical Beauty Advertising (Draft for Comment)", which will be strictly cracked down on in the form of "appearance anxiety", the use of patient images to compare and prove the effect, and the publication of medical beauty advertisements by introducing health knowledge. For Imer, who is committed to developing "private domain traffic", this policy is not less lethal.
If the cost of customer acquisition cannot be controlled, it will be difficult to reduce marketing expenses, and the company's profitability will be even more ugly.
Relevant people said that the current domestic medical aesthetic market prospects are good, but the development of medical aesthetic institutions is still in the early stages, and whether it can outperform inflation is still unknown.
<h1 class="pgc-h-arrow-right" data-track="99" >03 There is no good situation for medical beauty</h1>
The domestic medical aesthetic environment is not perfect, with lower prices, black medical beauty is squeezing the living space of formal institutions.
According to iResearch, the number of legal medical aesthetic institutions in China in 2019 was about 13,000, and the number of non-legal medical aesthetic institutions exceeded 80,000, accounting for 86% of the total number of medical aesthetic institutions. Even in formal medical and aesthetic institutions, there are nearly 14% of illegal operations.
In June this year, the National Health Commission and seven departments jointly issued the Notice on Printing and Distributing the Special Rectification Work Plan for Cracking Down on Illegal Medical Beauty Services. This remediation measure has been carried out for many years.
The medical aesthetic institutions downstream of the medical beauty track are bright and beautiful in appearance, but the actual pockets are shy, and the road to capitalization is also full of bumps.
In 2018, Yixing Medical Beauty, which is known as the second largest private medical beauty institution in China, went to Hong Kong for IPO. At that time, there were 15 medical aesthetic institutions in Yixing Medical Aesthetics, and from 2015 to 2017, the company's net profit margin was 3.2%, 6.8% and 11% respectively. However, the art star eventually failed to go public.
In addition to art stars, among the so-called "top five" private beauty in China, My Lai Plastic Surgery, United Lige, Bohui Medical and Lido Plastic Surgery are not currently listed.
A small number of successful listed medical aesthetic institution companies have not performed well. In August 2020, Ruili Medical Beauty, a Zhejiang medical aesthetic service agency, submitted a prospectus to the Hong Kong Stock Exchange for the second time, which was successfully listed.
According to its latest semi-annual report, in the first half of 2021, Ruili Medical Beauty had a net loss of more than 5 million yuan. In the same period of 2020, Ruili Medical Beauty lost 12 million yuan directly. A careful look at the previous year data released by Ruili Medical can be found that since 2017, the annual net profit of Ruili Medical has not exceeded 20 million yuan at most.
Imer, which has been established for 25 years, is not the first time it has hit the market. In 2016, Yimer was listed on the New Third Board; less than 5 months after its listing, it was delisted on the grounds of "limited financing resources".
This time, Yimer's impact on the listing of Hong Kong stocks is unknown whether it can succeed. In the context of difficulties in the downstream profitability of medical beauty, medical beauty institutions, including Imer, are suffering from the difficulty of making money.
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