一场风波打碎行业滤镜，百亿巨头难自救？

Core Viewpoint - The incident involving lawyer Zhang Xiaoling and Aikang Guobin highlights potential flaws in the business model of private health examination institutions, raising concerns about service quality and report accuracy in the rapidly expanding health examination market in China [1][15]. Market Overview - The health examination market in China reached a scale of 292.2 billion yuan in 2024, expected to exceed 371.1 billion yuan in 2025, and potentially reach 500 billion yuan by 2030, with a compound annual growth rate (CAGR) of 12.5% to 14% [1]. - Public hospitals hold a 69% market share, while private chains like Meinian Health and Aikang occupy 23% [1][2]. Private Examination Institutions - The private examination market is fragmented, with the top three companies holding approximately 30% market share, indicating intense competition and price wars among smaller institutions [3]. - Meinian Health reported a revenue of approximately 10.7 billion yuan in 2024, while Aikang's estimated revenue is around 3 billion yuan based on its operational scale [2]. Business Model Challenges - The rapid expansion of private examination institutions has led to a "scale economy" dilemma, where increased scale does not necessarily translate to improved profitability [4][14]. - Meinian's revenue declined by 1.76% in 2024, marking its first annual revenue drop since its listing, with net profit compressed to levels similar to a decade ago [5][12]. Cost Structure and Profitability - The cost structure of private examination institutions shows a significant portion allocated to fixed costs, with Meinian's annual rent and related expenses reaching approximately 799 million yuan in 2024 [8]. - The direct costs associated with examination services have decreased as a percentage of operating costs, raising concerns about the sustainability of service quality [15][16]. Future Directions - The industry may need to shift focus from mere expansion metrics like store count and client volume to enhancing service quality and client retention [17]. - Collaborations with public hospitals for mutual recognition of examination reports and integrated services may provide a pathway for private institutions to navigate current challenges [17].