Core Viewpoint - The article discusses the challenges faced by Hai Jiayi Medical, highlighting the decline in stock price despite revenue growth, and the shift in the healthcare service model from expansion through acquisitions to a focus on technological innovation [4][10][31]. Group 1: Company Overview - Hai Jiayi Medical is a leading private medical group in China, primarily focused on oncology services, operating a network of chain hospitals [10][16]. - The company has expanded its operations through acquisitions and partnerships, establishing a presence in various provinces, primarily targeting patients underserved by major hospitals in first-tier cities [16][22]. Group 2: Financial Performance - Despite projected revenue growth to a historical high in 2024, the company's stock price continues to decline, indicating a disconnect between revenue and market valuation [6][20]. - The revenue composition for 2024 shows approximately 45% from oncology services and 55% from non-oncology services, reflecting a diversified income stream [17]. Group 3: Market Dynamics - The healthcare market has shifted post-2020, with a decrease in patient demand and increased supply leading to a challenging business environment for private healthcare providers [20][31]. - Policy changes, particularly stricter medical insurance cost controls, have significantly impacted profitability, with a notable decline in gross margins from high-cost oncology services [23][25]. Group 4: Demand and Supply Factors - The demand for oncology services has weakened, with patients showing reduced willingness to pay for high-cost treatments amid economic pressures, leading to stagnant patient visits and declining revenue growth [28][30]. - Increased competition from public hospitals and other private entities has pressured pricing and profitability, with some acquisitions yielding lower net profit margins than initially expected [30][31]. Group 5: Future Outlook - The article suggests that the traditional model of growth through acquisitions in the healthcare sector may be reaching its limits, with future success likely hinging on technological advancements rather than mere expansion [31].
“A杀”海吉亚医！市值蒸发600亿，民营医疗的并购扩张模式崩塌？