网经社陈礼腾： “健康160”财务表现呈现出“增收不增利”的特征

Core Viewpoint - "Health 160" has submitted its application for listing on the Hong Kong Stock Exchange for the third time, facing challenges related to its business model and financial performance [1][3]. Group 1: Reasons for Previous Failures - The previous failures of "Health 160" in listing are attributed to controversies surrounding its business model, heavily reliant on low-margin pharmaceutical sales, which contributed approximately 70% of its revenue from 2022 to 2024 [3]. - The gross margin from this segment has significantly declined from 4.1% to 1.4%, indicating a problematic "price-for-volume" strategy that hampers sustainable growth [3]. Group 2: Financial Performance - "Health 160" exhibits a typical "increasing revenue but decreasing profit" pattern, with revenue projected to grow from 526 million yuan in 2022 to 621 million yuan in 2024 [4]. - The overall gross margin has decreased from 31.4% in 2021 to 22.9% in 2024, primarily due to the high dependency on low-margin sales [4]. - The company has reported net losses of 120 million yuan, 106 million yuan, and 108 million yuan for the years 2022 to 2024, accumulating losses exceeding 300 million yuan [4]. - The asset-liability ratio peaked at 319.33%, with net liabilities reaching 392 million yuan, indicating significant financial strain [4]. - Monthly active users have declined from 3.9 million in 2021 to 3 million in 2024, with a poor conversion rate from registered to paying users, further weakening revenue generation [4]. Group 3: Challenges Faced - "Health 160" faces several challenges, including the need to resolve the contradiction between user growth and engagement, as the platform struggles with user retention and willingness to pay [5]. - Inventory and supply chain management issues are significant hurdles, with a wholesale model requiring substantial stockpiling, leading to low inventory turnover and increased losses due to price wars [5]. - The conservative valuation of the healthcare sector in the Hong Kong market, combined with the company's insufficient profitability, raises uncertainties about the success of its third IPO attempt [5]. - The competitive landscape is intense, with numerous players in the digital health sector, including both listed and unlisted companies [5]. Group 4: Recommendations - To improve its prospects, "Health 160" should restructure its business logic by enhancing supply chain efficiency rather than merely pursuing gross merchandise volume (GMV) [6]. - Strengthening technological barriers in digital healthcare solutions through AI and big data can help increase service premiums [6]. - Exploring deeper integration with health management services could create a second growth curve for the company [6].