天使投资人郭涛：“健康160”前两次递表失败主因在于盈利短板与业务模式争议

Core Viewpoint - The digital healthcare service platform "Health 160" has submitted its application for listing on the Hong Kong Stock Exchange for the third time, facing challenges related to profitability and business model controversies [1][4]. Group 1: Reasons for Previous Failures - The primary reasons for "Health 160's" previous failed applications include a lack of profitability and disputes over its business model [4]. - Financially, despite revenue growth, the company has been continuously losing money with a low gross margin, which does not meet the potential profitability stability requirements of the Hong Kong market [4]. - The business model, which combines "medical appointment + health mall," has been criticized for being overly reliant on third-party collaborations for hospital registrations and drug sales, leading to a weak commercial loop [4]. - Regulatory concerns regarding data security and the definition of medical responsibility have further diminished investor confidence [4]. Group 2: Financial and Business Performance - "Health 160" derives over 60% of its revenue from registration service fees and health product sales, but high costs related to technology development and user acquisition have led to increasing losses [5]. - The business model attempts to connect the entire chain from "online registration - consultation - health management - pharmaceutical e-commerce," but each segment faces intense competition from established players [5]. - Despite accumulating a large amount of medical data, the company still needs to validate its monetization paths through precise marketing and insurance collaborations [5]. Group 3: Challenges Faced - "Health 160" faces three core challenges: 1. Policy risks due to regulations like the "Internet Diagnosis and Treatment Supervision Guidelines," which limit its profit model of directing users to offline services [6]. 2. A vague profit model, with low-margin registration and consultation services and challenging health product sales, necessitating exploration of new avenues like "medical + insurance" [6]. 3. Insufficient user stickiness, as the lack of exclusive medical resources makes it vulnerable to being replaced by public hospital apps or regional platforms [6]. - The repeated failures in listing applications have exposed governance issues within the company, and prolonged losses may lead to declining investor confidence and pressure on valuation [6].