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In mid-September, Neusoft Xikang, which submitted its application form for the fourth time, passed the Hong Kong Stock Exchange listing hearing and is expected to complete the IPO before September 30.
As the first cloud hospital platform manufacturer in China that targets cities, Neusoft Xikang's Internet medical services include Internet hospitals, telemedicine, smart family doctors, and Internet home care. As of the first quarter of 2023, Neusoft Xikang operates 29 cloud hospital platforms across the country with cities as the entrance. Sullivan's report pointed out that Neusoft Xikang is the earliest and largest cloud hospital network in the country.
An Internet medical company that “sells software”
Unlike JD Health and Alibaba Health, which “sell medicines”, Neusoft Xikang is an Internet medical company that “sells software”. In terms of business model, Neusoft Xikang adopts a government-led development strategy that integrates online and offline and inside and outside the hospital to form four business lines: cloud hospital platform services, Internet medical services, health management services, and smart medical and health products. Among them, Internet medical services are the core business.
The prospectus points out that the Ningbo Cloud Hospital platform, which began operations in 2015, is Neusoft Xikang’s benchmark project. Under the leadership of the local government, Neusoft Xikang's Internet home care model will be promoted throughout Zhejiang Province.
In terms of fundamentals, from 2020 to the first quarter of 2023, Neusoft Xikang achieved revenue of 500 million yuan, 610 million yuan, 690 million yuan, and 80 million yuan respectively, and the corresponding net profits were -200 million yuan and -300 million yuan respectively. , -240 million yuan, -50 million yuan. It has accumulated losses of nearly 800 million yuan in more than three years.
The prospectus shows that the main reason for Neusoft Xikang's continued losses is large sales and marketing expenses and administrative expenses. During the reporting period, Neusoft Xikang's sales and marketing expenses were 100 million yuan, 140 million yuan, 130 million yuan, and 20 million yuan respectively, and its administrative expenses were 110 million yuan, 210 million yuan, 140 million yuan, and 30 million yuan respectively.
Internet + nursing services, promoted throughout Zhejiang Province
Against the background of an aging population, the demand for home care is increasing day by day, and Internet + nursing services are the business highlights of Neusoft Xikang.
Internet + nursing services were first launched by the Ningbo Cloud Hospital platform operated by Neusoft Xikang, which integrates nursing resources from medical institutions at all levels in the city. Patients and their families can make appointments for home-based services with nurses with just a few clicks on their mobile phones. In 2022, the Zhejiang Provincial Health Commission will launch "Zheli Nursing" based on the Ningbo model to promote unified, standardized and safe door-to-door home nursing and online nursing consultation services throughout the province.
The National Health Commission also pointed out at a relevant press conference that it will further expand the pilot scope of Internet + nursing services. In addition to Zhejiang Province, Neusoft Xikang has also launched online nurse appointment platforms in many places.
Of course, Neusoft Xikang also faces the dilemma of low gross profit margin in the business of Internet medical stars such as online nurses. The prospectus shows that among Neusoft Xikang's four major businesses, the gross profit margin of the cloud hospital platform is 46.2%, the gross profit margin of health management is 37.1%, the gross profit margin of Internet medical care is only 12.2%, and the gross profit margin of smart medical and health products is only 8.0%.
In 2022, cloud hospital platforms, Internet medical care, health management, and smart medical and health products will achieve revenue of 120 million yuan, 140 million yuan, 210 million yuan, and 220 million yuan respectively, accounting for 17.8%, 20.1%, and 30.4% of total revenue respectively. %, 31.7%.
Spin-off and listing to create a cluster of listed companies
Before the IPO, Neusoft Holdings and Neusoft Group together held 51.36% of Neusoft Xikang's shares, PICC Property and Casualty held 14.3%, and Lenovo's Hony Capital held 12.16%.
Neusoft Xikang is an important part of the spin-off and listing of Neusoft's health sector. In addition to Neusoft Xikang, Neusoft Medical and Wanghai Kangxin are also in the process of IPO. Neusoft Medical is the largest domestic CT manufacturer, and Wanghai Kangxin is the largest hospital ERP manufacturer in China. Neusoft Medical aims to IPO on the Hong Kong stock market and has submitted its listings to the Hong Kong Stock Exchange three times in a row. Wanghai Kangxin aims to IPO on the Science and Technology Innovation Board and has completed the third phase of listing guidance.
Liu Jiren, the soul figure of Neusoft, known as the godfather of software, claimed that Neusoft is building a cluster of listed companies.
In 2011, Neusoft Education took the lead in spinning off from the listed company Neusoft Group. After ten years of development, Neusoft Education, whose main business is higher vocational education, was listed on the main board of the Hong Kong Stock Exchange in September 2020, becoming the second listed company in the Neusoft family.
In 2014, Neusoft Healthcare and Neusoft Xikang were successively spun off from Neusoft Group, introducing foreign investors and preparing for overseas IPOs. It is worth noting that after many years of transition, the actual controller of Neusoft Medical and Neusoft Xikang has been transformed from Neusoft Group to Neusoft Holdings controlled by Liu Jiren.
A capital conspiracy, the Neusoft system is taking shape
Liu Jiren, 66, is China's first doctorate in computer science and single-handedly founded Neusoft Group, the country's earliest listed software company.
Neusoft Group was established in Shenyang in 1991, and its controlling shareholder at that time was Northeastern University. In 2011, Liu Jiren teamed up with Northeastern University and Yida Holdings of real estate tycoon Sun Yinhuan to jointly invest in the establishment of Neusoft Holdings as the core shareholding platform of Neusoft. In subsequent operations, Neusoft Holdings acquired equity from Neusoft Group's original shareholders Northeastern University Technology Industry Group and Japan's Alpine Electronics, while increasing its holdings through the secondary market, gradually becoming the largest shareholder of Neusoft Group.
In addition to controlling Neusoft Group, Neusoft Holdings also successively controls Neusoft Education, Neusoft Medical, and Neusoft Xikang, the atomic companies of Neusoft Group, creating a Neusoft capital empire. Liu Jiren holds 40.48% of the shares in Neusoft Holdings and is the largest shareholder; China Life holds 25.59% of the shares and is the second largest shareholder.
With the successful listing of Neusoft Xikang, Liu Jiren's capital scheme has made significant progress, and a cluster of listed Neusoft health companies with Neusoft Holdings as the core is taking shape.
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Text: Bugle-X / Data Ape
