Core Viewpoint - Dingdang Health has been unprofitable since its listing nearly three years ago, with significant losses continuing into 2024, raising concerns about goodwill impairment and overall financial health [2][5][11]. Financial Performance - In 2024, Dingdang Health reported total revenue of 4.669 billion yuan, a year-on-year decrease of 3.87% [2][5]. - The company experienced a shareholder loss of 376 million yuan in 2024, which represents a year-on-year increase of 66.73% [2][5]. - Cumulative losses over three years have reached approximately 3.435 billion yuan [5]. Goodwill Impairment - Dingdang Health recognized a goodwill impairment loss of approximately 199 million yuan and an additional intangible asset impairment loss of 6.8 million yuan for the fiscal year 2024 [2][6]. - Specific impairments related to acquisitions of various pharmacies were detailed, with significant losses attributed to the acquisition of the Renhe Pharmacy Network and others [6]. Market Strategy and Competition - The company has adjusted its strategy by pausing operations in non-core cities like Chongqing and Nanjing, focusing instead on major markets such as Beijing, Shanghai, and Shenzhen [5][9]. - Increased competition in the online healthcare market has pressured Dingdang Health's market share and revenue growth, as traditional retail and e-commerce giants enter the instant delivery space [9]. Cost Structure - Dingdang Health's cost structure remains a significant factor in its ongoing losses, with fulfillment and marketing expenses comprising a large portion of total costs [10]. - In 2023, fulfillment expenses increased by 10.8% to 492 million yuan, while marketing expenses rose by 7.1% to 973 million yuan [10]. Stock Market Performance - Since its IPO, Dingdang Health's stock has seen a dramatic decline, with its market capitalization dropping over 95% from its peak [10][12]. - The stock price fell from an initial offering price of 12 HKD per share to approximately 0.5 HKD per share by March 2023, resulting in a market cap of about 660 million HKD [11][12]. Comparison with Peers - Other listed internet healthcare companies such as JD Health, Alibaba Health, and Ping An Good Doctor have shown better fundamentals, with some achieving profitability in recent fiscal years [13].
上市三年不盈利的叮当健康，又添了商誉减值新问题