擦边“药转保”受严监管 3年现金流萎缩92% 镁信健康再闯港股IPO能否如愿

Core Viewpoint - The article discusses the challenges faced by Meixin Health, a company involved in the controversial "drug-to-insurance" model, highlighting its financial struggles, regulatory pressures, and ongoing legal disputes [1][3][6]. Business Model and Regulatory Environment - Meixin Health's main revenue comes from two core business segments: "Smart Drug Solutions" and "Smart Insurance Solutions," with the former accounting for 59.3% of total revenue in 2024 [1][4]. - The "Smart Drug Solutions" segment provides commercialization solutions for pharmaceutical companies, which closely aligns with the regulated "drug-to-insurance" business, raising compliance concerns [1][3]. - The regulatory environment has tightened, with authorities issuing warnings and requiring insurance companies to cease operations that do not align with insurance principles, directly impacting Meixin Health's business model [3][4]. Financial Performance - Meixin Health reported a cumulative net loss of 8.1 billion from 2022 to 2024, with losses of 4.46 billion, 2.88 billion, and 757.7 million in those respective years [4]. - Despite revenue growth, the company has faced significant cash flow issues, with cash reserves shrinking by over 92% in just over three years [4][5]. - The low gross margin of the "Smart Drug Solutions" segment poses challenges for profitability, especially as the higher-margin "Smart Insurance Solutions" segment has seen a decline in revenue contribution [5]. Legal Issues - Meixin Health is embroiled in a long-standing commercial secret dispute with Beijing Tianxiao Technology, which includes allegations of bribery and theft of trade secrets [6][7]. - The case has led to criminal investigations and civil lawsuits, complicating the company's reputation and compliance assessments [7].