Guan Cha Zhe Wang·2025-04-25 11:08Core Viewpoint - The pharmaceutical distribution giant Jiuzhoutong announced its acquisition of a 20% stake in Aoyuan Meigu for 673 million yuan, aiming to become a potential controlling shareholder post-restructuring, marking a strategic shift from a medical beauty supply chain service provider to an operator of terminal medical institutions [1][2]. Group 1: Acquisition Details - Jiuzhoutong's wholly-owned subsidiary signed an investment agreement to acquire 360 million shares of Aoyuan Meigu, which is undergoing restructuring [2]. - Aoyuan Meigu, despite having well-known medical beauty resources, has faced continuous losses and is in a state of insolvency, prompting Jiuzhoutong to leverage its experience in the medical beauty industry to revitalize this asset [1][6]. Group 2: Industry Context - Aoyuan Meigu, originally listed as Hubei Jinhui in 1996, has undergone multiple ownership changes and business transformations, entering the medical beauty sector in 2020 under Aoyuan Group [6]. - The company has struggled financially, with projected losses of 320 million to 450 million yuan for 2024, leading to its restructuring application in November 2024 [6]. Group 3: Jiuzhoutong's Strategy - Jiuzhoutong has been active in the medical beauty sector since 2016, investing in companies like Aimeike and forming strategic partnerships with major players like Huaxi Biological and Langzi Medical [7][8]. - The company has seen its medical beauty segment revenue double to 342 million yuan in 2023, indicating significant growth potential despite challenges in its core pharmaceutical distribution business [9][11]. Group 4: Financial Performance - Jiuzhoutong's revenue increased from 118.06 billion yuan in 2020 to 150.14 billion yuan in 2023, but net profit declined from 3.075 billion yuan to 2.174 billion yuan during the same period, highlighting the pressures on its traditional business [9][11]. - The company has raised over 6 billion yuan through various financing methods since its listing in 2010, demonstrating its financial flexibility to support new ventures [11]. Group 5: Future Outlook - The successful restructuring of Aoyuan Meigu could allow Jiuzhoutong to transition from a supplier to a terminal service operator, leveraging its supply chain advantages and Aoyuan Meigu's member resources for enhanced product penetration [12]. - The strategic shift into the medical beauty sector is critical for Jiuzhoutong's future growth trajectory and market positioning, as it seeks to establish a second growth curve amid slowing traditional business growth [12].