Lei Di Network Lei Jianping June 28
Yaoshibang (09885), a Chinese digital pharmaceutical industry service platform outside the hospital, was listed on the Hong Kong Stock Exchange today with an issue price of HK$20 and a net fundraising of HK$215 million.
Yaoshibang introduced ZGC International Limited, a subsidiary of the state-owned Zhongguancun Development Group, as a cornerstone investor, and subscribed for US$12.8 million, accounting for 31.72% of the issuance scale.
Reynold Lemkins and others also appeared on the allotment list together with Zhongguancun International. Ruikai has been active in the recent IPO of Hong Kong stocks and is also an advocate of the transformation of scientific and technological achievements. In the past, it has cooperated with China Globalization Think Tank CCG, Zhongguan Science and Technology Innovation Industry Development, and the Beijing Center of the University of Hong Kong on this issue.
45% of the funds raised by Yaoshibang will be used to further develop the company's pharmaceutical distribution business; 25% will be used to further develop the company's other businesses; 22% will be used for research and development; about 8% will be used for working capital and general corporate purposes.
The Hong Kong stock IPO market is currently facing an ice age. First, the stock prices of star companies such as Beisen Holdings have been cut in half as soon as they go public. The Hong Kong stock market was shrouded in a breakout dilemma throughout May, and last week, the "Jay Chou concept stock" superstar legend issued insufficient funds. The amount led to the failure of listing, which greatly frustrated market sentiment.
The market hopes that Yaoshibang's performance will be good, which can drive the IPO of Hong Kong stocks to normal.
The opening price of Yaoshibang was 23.05 Hong Kong dollars, a 15% increase from the issue price; as of now, the company's market value is about 13.3 billion Hong Kong dollars. With this listing, Yaoshibang has become the "first stock in the pharmaceutical industry outside the hospital" in Hong Kong stocks.
Zhang Buzhen, the founder, chairman and CEO of Yaoshibang, said: "The official listing of Yaoshibang on the Hong Kong Stock Exchange is of great significance to the company. This is not only an important milestone in the company's development process, but also the starting point for a new journey I believe that this will inject more momentum into the future development of Yaoshibang and win greater development opportunities.”
Annual revenue of 14.3 billion
According to reports, Yaoshibang was established in 2015 and has become one of the largest and fastest-growing out-of-hospital digital pharmaceutical circulation platforms in China. By linking and empowering upstream pharmaceutical companies, distributors, downstream pharmacies, and primary medical institutions, it provides Online services for third-party platform matching and self-operated sales.
Yaoshibang's systematic SaaS tools cover pharmaceutical companies, pharmaceutical wholesale enterprises, as well as pharmaceutical retail and primary medical terminals such as pharmacies and clinics, and realize the product data, user data, capital flow data and logistics data of each main body through the online trading platform And so on the seamless link of the whole process.
According to the prospectus, Yaoshibang’s revenue in 2020, 2021, and 2022 will be 6.065 billion yuan, 10.09 billion yuan, and 14.275 billion yuan; gross profits will be 609 million yuan, 914 million yuan, and 1.435 billion yuan; %, 9.1%, 10.1%;
Yaoshibang’s losses in 2020, 2021, and 2022 will be 572 million yuan, 500 million yuan, and 1.5 billion yuan respectively; the adjusted net losses will be 277 million yuan, 344 million yuan, and 125 million yuan, respectively.
As of December 31, 2022, Yaoshibang held cash and cash equivalents of 835 million yuan.
Baidu DCM Fosun Pharma Shunwei is a shareholder
The executive directors of Yaoshibang are Zhang Buzhen and Chen Fei; the non-executive directors Lin Xinhe and Zhu Ziyang; the independent non-executive directors are Ms. Shao Rong, Sun Hanhui and Zhao Hongqiang.
Zhang Buzhen served as the vice president of SouFun.com in charge of website, technology, product and mobile terminal operation and development; he was the CTO of SouFun.com before, and he is one of the core executives who grew up with SouFun.com.
Yaoshibang has experienced multiple rounds of financing in the past, and its shareholders include Baidu, Sunshine Insurance, Shunwei Capital, Tiger Global, DCM China, SIG Heiner Asia, Fosun Pharma, etc.
Among them, Yaoshibang completed the D round of financing of US$133 million in 2019, with a cost per share of US$4.
Yaoshibang completed the E1 round of financing of US$150 million in February 2021. The investor is Baiying Development Co., Ltd. controlled by Zhu Mengyi's Yuanzhi Group.
In April 2022, Yaoshibang once again completed financing of 85.2 million US dollars. Investors include Baidu, Sunshine Life Insurance Co., Ltd., GeniusII Found Limited, and Guangzhou Xinxing Huacheng Venture Capital Partnership. Among them, Baidu and Sunshine Life Insurance each invested 30 million Dollar.
Yaoshibang’s Series E round of financing cost US$8.64 per share, and the issue price was a 19.4% discount to the E round of financing.
Cheng Tian, a partner of Shunwei, said: I sincerely congratulate Pharmacists for ringing the bell today and achieving their wish. This milestone also marks that Pharmacist Group's innovation efforts over the years and its deep cultivation in the pharmaceutical industry have been fully recognized by the market. The Shunwei team has been paying attention to the changes and opportunities brought about by the combination of the domestic industrial Internet and other industries for a long time, and led the C-round financing of Yaoshibang in 2018. It has been a great honor to accompany Yaoshibang to grow from "pharmaceutical distribution B2B e-commerce" to "China's largest digital comprehensive service platform for out-of-hospital pharmaceutical industry" in the past five years.
"Currently, the digitalization of the pharmaceutical industry has become the only way to improve the efficiency and development of the industry. As the leader of this 100-billion-level market, Yaoshibang still has great development potential in the field of digital services in the pharmaceutical industry."
Cheng Tian said, "Looking forward to the future, under the leadership of Mr. Zhang, the Yaoshibang team will inject more power into China's medical and health ecosystem and provide better medicine for the public with the power of 'channel power + technology power'." Services. At the same time, we look forward to the Pharmacists Group continuing to promote the efficient and refined development of the pharmaceutical distribution business, to stimulate greater development potential, to contribute to the improvement of the efficiency of the pharmaceutical industry, and to contribute to the construction of a more complete social medical and health ecosystem."
Before the IPO, Zhang Buzhen's MIYT Holdings held 20.33%, Baiying Development Co., Ltd. held 13.29%, and Internet Fund V held 12.98%.
In addition, HCapitalV holds 9.66%, Fosun Pharma holds 8.98%, DCM holds 8.65%, Genius II holds 5.49%, and Genius V Found holds 0.75%.
Shanghai Jixu Information Technology Partnership (Limited Partnership) holds 0.77%, Shunwei Growth III (Shunwei) holds 3.97%, Baidu holds 2.25%, Sunshine Life Insurance holds 2.25%, and SIG Global China holds was 1.73%.
After the IPO, Zhang Buzhen's MIYT Holdings held 19.82%, Baiying Development Co., Ltd. held 12.96%, Internet Fund V held 12.65%, and the public held 2.5%.
The following is the PPT of Pharmacist’s Roadshow (refined and edited by Leidi.com):
Pharmacist's total GMV will reach 38 billion yuan in 2022, with about 530,000 registered buyers and 310,000 monthly active buyers. The total revenue in 2022 will exceed 14 billion yuan.
Yaoshibang's core management and major shareholders
Yaoshibang has 5 major investment highlights
The number of Yaoshibang users continues to grow, and the stickiness increases, promoting the healthy development of the ecology.
While helping GMV grow, Pharmacist also achieves a dynamic balance between the platform and self-operated segments.
The compound annual growth rate of Yaoshibang's revenue is 63.8%, among which, the compound annual growth rate of self-operated business income is 64.9%, reaching 13.519 billion yuan; the revenue from platform business is 694 million yuan, with a compound annual growth rate of 42.8% .
Comparison of Yaoshibang's revenue with that of its peers
The overall gross profit margin of Yaoshibang in 2022 will be 10.1%, among which, the gross profit margin of self-operated business will increase to 6.2%, and the gross profit margin of platform business will be 82.1%.
The business model of fast turnover and zero receivables brings additional benefits to Yaoshibang. At present, the accounts payable cycle from self-operated upstream suppliers is 31.5% days, and the accounts receivable cycle from upstream sellers on the platform is 3.1 days.
The deposited funds bring additional income to the business of Yaoshibang, as a supplement to the gross profit of Yaoshibang.
The operating efficiency of Yaoshibang continues to improve, and the proportion of operating expenses in revenue has narrowed from 22.5% in 2019 to 15% in 2020, further narrowed to 13.2% in 2021, and 11.9% in 2022.
In 2022, Yaoshibang’s adjusted net loss rate will be 0.9%, compared with 14.3% in 2019, 4.6% in 2020, and 3.4% in 2021. Overall, the net loss rate in these years has continued to improve.
By 2022, Yaoshibang's inventory turnover days will be 26.5 days, and the average receivables turnover days will be 3.1 days. The operating cash flow will become positive, and the bank balance and cash, restricted bank deposits, and time deposits will total 2.215 billion yuan.
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