Ali Health 2018 continues to change, change coaches, acquisitions, investment three combos, Ma Yun "new medical" flagship platform has become

Ali Health is the flagship platform for Alibaba's layout in the health care field. It is an important player in the Ali Double H strategy, Happiness & Health, and has received much attention since its inception.

Since its inception, Ali Health has enriched its business layout through group resource injection, self-construction, cooperation, investment, etc., and formed four business lines focusing on pharmaceutical e-commerce, smart medical care, product traceability and health management, and built “Internet +” Medical health" business closed loop.

Ali Health's main business areas

Since the beginning of this year, Ali's healthy actions have continued, news of coaching, acquisition of Tmall medical equipment, investment in Saitama civilians, and Chinese health have come one after another, and the industry's discussion on Ali's health has continued to escalate.

Where does Ali's health come from, and where to go? The arterial network intends to comprehensively sort out Ali's past health actions and restore Ali's healthy growth path; and combine the "Internet + medical health" policy environment and industrial environment to judge the health follow-up business of Ali.

Strengthen the layout of offline pharmaceutical retail, “capital + business” efficient collaboration

On June 25-26, 2018, Ali Health broke two consecutive investments: First, it has officially signed a capital increase agreement with the Daiyu civilian pharmacy, with an investment of 454 million yuan and a shareholding ratio of 9.34%; It is a strategic cooperation agreement with Chinese health to deepen the regional pharmaceutical retail market.

Ali Health The two companies that invested and cooperated strategically were all regional pharmaceutical retail chain leaders. Among them, Saitama civilians are rooted in the Shandong market, with more than 1,000 stores, with sales of 2.86 billion yuan in 2017, ranking 11th in the top 100 pharmaceutical retailers; Chinese health rooted in the Anhui market, with more than 500 Guosheng pharmacies The store is one of the largest pharmaceutical retailers in Anhui.

Ali Health's investment in the health of the Saitama civilians and Chinese is the first time that it has entered the regional pharmaceutical retail market by capital. Earlier, Ali Health had launched the "Medical O2O Pioneer Alliance". Ali's Ant Financial and Zhang Zhongjing pharmacy cooperated to lay out "future pharmacies" and opened the ants' marketing, payment and credit capabilities to pharmacies. This round of investment marks that Ali and Ali Health will penetrate deeper into pharmaceutical retail, and there will be more opportunities for cooperation at the capital and business levels.

According to the observation of the arterial network, Ali's health investment in regional chain pharmacies also has some market factors at work. In addition to Ali Health Investment, listed pharmaceutical chain leaders, industrial enterprises, industrial capital, cross-border capital and other chain pharmacies have been “harvested”, especially the regional chain leader, but also the capital of the eyes.

On the eve of New Year's Day, Saitama civilians reached a strategic cooperation with Huatai Health Fund and submitted a new IPO application. On August 28 last year, Chinese Health received the A round of financing led by Huatai Securities Health Fund. Both of them are behind the same capital side, which also represents the enthusiasm of capital for chain pharmacies.

Ali's investment in regional retail pharmacies is more like a “ticket ticket” in the process of capitalizing a chain of pharmacies. More attractive than pure capital injection, Ali Health itself is deeply involved in the pharmaceutical retail market, and it can be effectively linked with the investment target. In the future, there will be many development possibilities in the new retail of medicine, O2O of medicine, and prescription outflow. Hold the group bigger. From this perspective, in the future, Ali Health will invest in more regional pharmaceutical retail leaders and form a “capital + business” synergy model.

Back to the big tree to enjoy the cool, Ali health is very high

Strictly speaking, Ali Health is the first share of “Internet + Medical Health” in China. In January 2014, Alibaba teamed up with Yunfeng Fund to conduct a strategic investment of US$170 million (approximately RMB 1.037 billion) for Hong Kong stocks in the 21st century, and acquired 54.3% of the latter. In October 2014, CITIC changed its name to “Ali Health” in the 21st century, and the stock code 00241 remained unchanged, marking the official establishment of Ali Health.

Under the big tree, it is very cool. The starting point of Ali's health is very high. Starting with strategic investment without any business entity, it not only shows Ali's “money and more willfulness”, but also shows that it is a kind of “money for time”. Strategy – If you build your own business system, it will be difficult to start it in a period of time. Of course, the investment of over 1 billion yuan also shows Alibaba's determination to lay out a medical health business.

Support the horse, send a journey, the group resources continue to inject

In April 2015, Ali Health announced that it will acquire assets from Ali JK Investment and other places for HK$19.448 billion. Ali Health will pay for the acquisition through the issuance of shares and convertible bonds. According to the announcement, the target business injected into Ali involves an online trading platform for online pharmacies to sell products, and said that it intends to make the expansion group become the health care flagship platform of Alibaba Group.

At the same time, Ali Health and Alibaba reached an agreement. According to the agreement, Alibaba Group will transfer the trading rights of Tmall's online pharmaceutical business to Ali Health in exchange for the newly issued shares and convertible bonds of Ali Health. At that time, Tmall platform indirectly held the pilot license for the first third-party Internet drug sales license (95095 platform) through Hebei Huiyan, which can sell drugs to individual consumers through the merchants stationed in the platform, which is related to Ali Health Medicine. The e-commerce platform is highly aligned.

During this period, Ali's main business includes pharmaceutical electronic regulatory code, pharmaceutical e-commerce platform business, Internet hospital and medical O2O business. It is worth noting that Ali Health may be one of the first companies in the industry to try the “prescription outflow” business. In February 2015, Ali Health and Weining Software reached an agreement, and the two sides will cooperate in the fields of Internet hospital construction and electronic prescription sharing.

The mode of electronic prescription sharing is that Ali Health Platform obtains prescription information by connecting with the hospital HIS system, and is connected to the drug delivery store to realize the compliance purchase of prescription drugs. This model was first verified in Hebei, but it was soon put on hold due to the immature policy.

We have seen that at this time, Ali Health wants to be a “closed loop”. Through online hospitals, electronic prescriptions, and medical e-commerce platforms, it will open up all aspects of medical treatment and realize integrated services for diagnosis and treatment. The model is already at the forefront.

Intractable interests, the turmoil of 2016

2016 is a year of continuous storms for Ali Health. At the beginning of the year, a pharmacy in Hunan sued the State Food and Drug Administration, saying that it lacked legality for the electronic supervision code of Ali Health Operation. In February 2016, the State Food and Drug Administration officially issued an announcement and decided to temporarily suspend the drug electronic supervision code. Recycling agency operation rights.

After the drug monitoring code incident, Ali Health decided to build an open, market-oriented third-party traceability platform, continue to use its experience and technical capabilities in the field of traceability system construction, with regulatory authorities, pharmaceutical companies, industry organizations, third-party technology service providers, Together with the public, build a retrospective ecosystem of anti-counterfeiting drugs.

The new platform will be fully compatible with the technical standards of the “China Drug Electronic Supervision Code”, and will provide free services to medical institutions and pharmaceutical companies on the former China Drug Electronic Regulatory Network. Now, product traceability has become an important business line for Ali Health. In addition to the original traceability function, it has also added marketing, interaction and other functions. Some health care products and proprietary Chinese medicine companies have joined the product traceability platform.

In May 2016, the Food and Drug Administration suspended the third-party Internet drug pilot platform (Pilot A certificate) and stipulated that third-party platforms such as the Tmall Medical Center could not sell any OTC products. Ali's health strategy is to make a transition from platform + self-operated mode. In August 2016, Ali Health acquired Guangzhou Wujiu Pharmaceutical Chain Co., Ltd. with the qualification of Class C Internet Drug Trading Service for 16.8 million yuan to start B2C pharmacy. business.

Prior to this, Ali Health, together with 100 chain pharmacies such as Baijia Huisuhe, Deshengtang and Baicaotang, jointly announced the establishment of the “China Pharmaceutical O2O Pioneer Alliance”, which is full of its pharmaceutical O2O platform business.

In September 2016, Ali Health and Tmall signed a service agreement to be 100% approved by the shareholders' meeting. Ali Health obtained the exclusive operation rights of Tmall Medicine. Ali Health will provide a full set of outsourcing and value-added services for Tmall. Develop its medical and healthcare e-commerce business and charge fees.

Throughout 2016, it was a year of continuous storms for Ali Health. Affected by policies and industries, Ali Health carried out business adjustments and laid the foundation for follow-up business development.

Deeply cultivate "Internet + medical", Ali health model stereotype

2017 is a very important year for Ali Health. In this year, its business model was basically stereotyped, and it continued to be deeply cultivated in several business lines, roughly defining the business model and revenue structure.

After obtaining the operation rights of Tmall Pharmaceuticals, Ali Health officially signed a share subscription agreement with Alibaba Group on May 19, 2017. Alibaba Group injected the online business of Tmall platform “Blue Hat” health food into Ali Health, Ali Health Medicine The e-commerce business landscape is further broadened.

The smart medical business is the focus of Ali Health's 2017 landing: On July 7, Ali's health and the signing ceremony of the strategic cooperation framework agreement of the Yuhang District Health and Family Planning Bureau of Hangzhou, Ali announced that it will help Yuhang District to achieve medical brain assisted doctors to see the doctor. The citizens purchase medicines online according to electronic prescriptions and are delivered by professional logistics.

In the same month, Ali Health launched the medical AI system “Doctor You”, which includes clinical medical research diagnostic platform, medical auxiliary testing engine, and physician ability training system.

In October, Yunqi Conference's Wisdom Medical Special Session, Ali Health's first disclosure of the frontier progress - signed with the First Affiliated Hospital of Zhejiang University School of Medicine, the Second Affiliated Hospital of Zhejiang University School of Medicine, and the Xinhua Hospital affiliated to Shanghai Jiaotong University School of Medicine Accelerate the arrival of smart medical care.

In 2017, Ali Health also has a lot of layouts in the vaccine business: On August 15th, Ali Health and GlaxoSmithKline launched the “Net Cervical Cancer Vaccine”; on November 6th, the first-line city of Beishang, Guangzhou, Shenzhen and Hangzhou opened an online appointment. Cervical cancer vaccination; in December, Ali Health and China's largest vaccine company, China Biotechnology Co., Ltd. announced the launch of strategic cooperation, China's biological officially settled in Ali Health's first adult vaccine service platform.

In 2017, the business of Ali's health business continued to precipitate and the business layout gradually became full. For the sake of internal business, the business line was further clear. Externally, the cooperation was further broadened and established well with hospitals, pharmaceutical companies and pharmacies. Connected, opened up the entire process of medical services, and built a closed loop of "Internet + medical health" services.

Revenue is on the rise every year, and self-operated goods sales are the main source.

With the gradual improvement of the business layout, Ali's healthy revenue structure is becoming more and more healthy. The sales of self-operated products are mainly based on the income of the e-commerce platform, which supports its sustainable development.

Ali Health Annual Revenue

Note: Ali's health accounting cycle is from April 1st to March 31st of the following year. For example, the financial report for 2018 is from April 1, 2017 to March 31, 2018. In the annual report, the Hong Kong dollar has been exchanged for RMB and adopted. The principle of rounding.

It can be seen that Ali's health revenue growth rate is very fast, from 30.42 million yuan in FY2015 to 2.443 billion yuan in FY18, and the loss is also narrowing.

In fiscal 2017, Ali's health revenue surged 739.4% to 475 million yuan. The main contribution came from the pharmaceutical e-commerce business. The business line revenue was 379 million yuan, accounting for 80%. The income source included the self-operated Ali Health Pharmacy. , Tmall pharmaceutical generation service services and pharmaceutical O2O services.

In FY 2018, Ali's health performance continued to maintain rapid growth, with revenues of 2.443 billion yuan, up 414.2% year-on-year. "The strong growth in revenue and gross profit was mainly due to the rapid growth of health product sales business and e-commerce platform service revenue this year. Health product sales revenue and e-commerce platform service revenue reached 2.149 billion yuan and 171 million yuan respectively, accounting for about 95%.

It is worth noting that Ali's profit after the elimination of equity incentive fees in FY 2018 reached 8 million, which was the first time to turn losses into profits. This means that Ali Health has already gone out of losses without accident.

In order to further integrate the pharmaceutical e-commerce business and expand its revenue sources, Ali Health announced on May 29, 2018 that it plans to acquire Tmall medical equipment and health products and adult products with approximately 1.828 billion Alibaba Health shares, or HK$10.6 billion. , medical and health services, etc. The industry believes that this will further optimize its revenue structure.

According to official data, as of March 31, 2018, the total annual commodity transaction of Tmall's medical device business has reached RMB 20.561 billion, involving 85.5 million active buyers and more than 3,300 settled merchants, including Omron, Yuyue and Johnson. Well-known brands such as Bausch & Lomb and Durex.

The total transaction volume of Tmall medical products operated by Ali Health and the health food category e-commerce platform service business acquired by Ali Health totaled over RMB 30 billion, and e-commerce platform service revenue reached RMB 171 million, a year-on-year realization of 324.1. %growth of.

This shows that Ali Health has mastered more than 50 billion yuan in the import of medical equipment and health care products business, and Ali's self-operated pharmacy business has huge imagination in the future.

“Internet + medical health” is encouraged, and Ali’s healthy growth is at the time.

Starting from the strategic investment of Ali Group, Ali's healthy growth path is roughly divided into four stages:

The first stage: the capital injection start-up period, the business is mainly based on electronic supervision code and e-commerce services;

The second stage: business adjustment period, testing water Internet hospitals, medical O2O, self-operated e-commerce and other services;

The third stage: the business setting period, the business structure is gradually determined, forming four business lines of pharmaceutical e-commerce, product traceability, smart medical care, and health management;

The fourth stage: continuous deep cultivation period, after several years of exploration, Ali Health has found its position in the industry, and has a steady growth of income sources, followed by continued deep cultivation of the industry, "patching" the existing business .

Under the framework of Ali's health business, it should also be noted that its future may be "linked" with the overall medical health layout of Ali. According to the previous review of the arterial network, Ali's medical layout includes “own” business, Ali Health, Ant Financial, Alibaba Cloud, Taobao, etc., involving medical payment, medical information services, health service portals, etc., which can be used with Ali Health Business. Good combination.

Ali Department of Health and Health Industry Layout

At the same time, Ali Capital invested in Wanliyun, Jiahe Meikang, Huada Gene, Sinopharm Online, Yaoming Bio, Medical Union, Yitu Technology and other companies, may also cooperate with Ali Health to form a complementary effect of resources. This is also good news for the future development of Ali Health.

Ali's healthy growth path is actually a microcosm of the growth of the entire "Internet + medical health" industry. In the early days, everyone was determined to transform the industry and upgrade the industry. However, due to policy restrictions and barriers to interest, many projects have not succeeded. .

With the deepening of the industry, gradually change from the “changer” of the industry to the “energyr”, think about how to use the Internet and information technology to empower the medical industry, solve existing problems, improve industrial efficiency, and enhance user experience. . In this process, it also realized its social and commercial value.

Ali's healthy growth path is a very good sample of the development of "Internet + medical health" industry, how to quickly try and error, how to find a sustainable profit model to support business expansion, how to find a balance between policy and industrial interests, how to Continuous optimization of product and service structures to meet industry needs is a question that newcomers in the industry need to think about.

Under the big tree, it is good to take a cool ride. Resources are only the first step. Too many resources have become the limiting factor. Ali Health has provided experience for the giant to cut into the "Internet + medical health" industry. It is expected that as the policy is pushed forward, more large companies will follow the path of resource injection and strategic transformation.

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