药是一种特殊商品，理应是拿来治病救人的，但因药太贵"要了患者的命"，就是社会的悲哀。 徐峥的电影《我不是药神里》的台词说"有病没有药是天灾，有药买不起是人祸。"；而现实生活中，有 人通过保险的形式，把高价药卖给你，是"药转保"。虽然国家三令五申打击"药转保"这一灰色地带，但 不乏有平台企业，打着创新的旗号，推广此类业务，甚至还在谋求上市。 2017年创立的镁信健康，以医药多元支付平台企业身份，在2021年上市失败后，近期再次谋求港股上 市。头顶业务监管压力和连续3年8亿亏损的经营现状。镁信健康此次上市能顺利如愿吗？ 业务擦边"药转保"受监管 招股书显示，镁信健康的主营收入几乎全部来自两大核心业务板块："智药解决方案"和"智保解决方 案"。2024年，智药解决方案收入大幅跃升至12.07亿元，占总收入比重回升到59.3%，智保解决方案收 入7.31亿元，占比则降至35.9%。 其中，智药解决方案面向制药企业，提供药品全生命周期的商业化赋能方案，帮助药企和保险公司共同 开发多元支付方案（例如将创新药品纳入商业健康险或惠民保），而这一业务板块与受到国家监管 的"药转保"业务十分"擦边"。 所谓"药转保"，通俗来说， ...

药是一种特殊商品，理应是拿来治病救人的，但因药太贵"要了患者的命"，就是社会的悲哀。 徐峥的电影《我不是药神里》的台词说"有病没有药是天灾，有药买不起是人祸。"；而现实生活中，有 人通过保险的形式，把高价药卖给你，是"药转保"。虽然国家三令五申打击"药转保"这一灰色地带，但 不乏有平台企业，打着创新的旗号，推广此类业务，甚至还在谋求上市。 而在监管排查压力下，镁信健康被迫调整了业务模式，并下架了"女性特药保险"、"安康特药保"等特药 险产品。行业分析人士认为，这种强监管态势，直接影响了镁信健康促成药险交易的业务拓展，迫使其 必须在合规框架内进行业务调整和转型。 三年亏8亿现金流大缩水 而镁信健康自身也面临着严峻的财务现实。招股书显示，镁信健康近年来营收保持增长，2024年突破 20.35亿元。然而，同期公司持续处于净亏损状态，2022年至2024年，归母净亏损分别为4.46亿元、2.88 亿元和7577万元，三年累计亏损高达8.1亿元。 镁信健康在招股书中将持续亏损的原因归结于基础设施的大量前期投资，包括技术开发、平台搭建、运 营体系完善及团队扩充等。这种"先投入、后盈利"的路径被公司管理层视为构建长期竞争优 ...

Core Viewpoint - Magnesium Health is attempting to go public in Hong Kong despite facing significant financial losses and regulatory challenges, with a valuation reaching "hundreds of billions" [1] Financial Performance - Magnesium Health's revenue from 2022 to 2024 is projected to grow from 10.69 billion to 20.35 billion, with a compound annual growth rate of approximately 38% [2] - The company reported net losses of 4.46 billion, 2.88 billion, and 757.7 million over the same period, totaling 8.1 billion in losses [2] - Sales and distribution expenses remain high, reaching 6.74 billion in 2024, despite a decrease in percentage from 52.1% in 2022 to 33.1% in 2024 [4] Business Model - The company operates two main business segments: Smart Drug Solutions and Smart Insurance Solutions, which together account for over 95% of its revenue [3] - Smart Drug Solutions generated 6.59 billion in 2022, while Smart Insurance Solutions contributed 3.82 billion [3] - The gross margin for Smart Insurance Solutions improved from 72% in 2022 to 81.5% in 2024, yet this has not mitigated overall losses [4] Regulatory Challenges - Magnesium Health has faced multiple regulatory issues, particularly concerning its "drug-to-insurance" business model, which has been criticized for violating traditional insurance principles [5][6] - The company was specifically named in regulatory warnings regarding its special drug insurance products, leading to adjustments in its business model [6] - Regulatory scrutiny has raised concerns about the company's future growth in the special drug insurance market, impacting its profitability [6] Legal Disputes - The company is involved in ongoing legal disputes with former partner Tianxiao Technology, which has accused it of trade secret infringement [7] - Magnesium Health's wholly-owned subsidiary, Magnesium Insurance Brokerage, has also faced regulatory penalties for compliance failures [8] Market Sentiment - The company has experienced a significant slowdown in fundraising, with its latest round raising only 178 million compared to over 2 billion in previous rounds [8] - The overall market sentiment is cautious, especially following the poor stock performance of similar companies post-IPO [8]

Core Viewpoint - Magnesium Health is attempting to go public in Hong Kong despite facing significant financial losses and regulatory challenges, with a valuation reaching "hundreds of billions" [1] Company Overview - Magnesium Health, founded in August 2017 by Zhang Xiaodong, operates as a pharmaceutical multi-payment platform connecting patients, insurance companies, and pharmaceutical enterprises [1] - The company offers two main solutions: Smart Drug Solutions and Smart Insurance Solutions, serving as an intermediary in the healthcare payment ecosystem [1] Financial Performance - Revenue projections for Magnesium Health from 2022 to 2024 are 1.069 billion RMB, 1.255 billion RMB, and 2.035 billion RMB, respectively, indicating a compound annual growth rate of approximately 38% [2][4] - Despite revenue growth, the company reported net losses of 446 million RMB, 288 million RMB, and 75.76 million RMB for the same years, totaling 810 million RMB in losses over three years [2][3] Revenue Breakdown - The Smart Drug Solutions and Smart Insurance Solutions account for over 95% of total revenue, with fluctuations in their contributions [3] - In 2022, Smart Drug Solutions generated 659 million RMB (61.7% of total revenue), while Smart Insurance Solutions contributed 382 million RMB (35.8%) [4] - By 2024, Smart Drug Solutions' revenue is expected to rise to 1.207 billion RMB (59.3%), while Smart Insurance Solutions is projected to generate 730 million RMB (35.9%) [4] Business Model and Challenges - The Smart Insurance Solutions have shown a gross margin increase from 72% in 2022 to 81.5% in 2024, yet this has not mitigated overall losses [5] - The company attributes its ongoing losses to significant upfront investments in infrastructure, which management considers necessary for future growth [5] - Sales and distribution expenses remain high, reaching 674 million RMB in 2024, despite a decrease in their percentage of total revenue from 52.1% in 2022 to 33.1% in 2024 [5] Regulatory Issues - Magnesium Health faces ongoing regulatory scrutiny, particularly regarding its "drug-to-insurance" business model, which has been criticized for violating traditional insurance principles [6][7] - The company has been forced to adjust its business model and discontinue certain insurance products due to regulatory pressures [7] - Previous partnerships have led to legal disputes, including accusations of trade secret infringement from a former partner, Tianxiao Technology [8] Funding and Market Position - The company has experienced difficulties in fundraising, with a significant drop in capital raised during its last financing round compared to previous rounds [8] - The overall market sentiment is cautious, especially following the poor performance of other companies in the sector, raising concerns about Magnesium Health's IPO prospects [9]

Core Viewpoint - Magnesium Health has submitted its prospectus to the Hong Kong Stock Exchange, marking the beginning of its listing journey, which has garnered significant attention in the health insurance sector due to its innovative "Internet + Medicine + Pharmacy + Insurance" model [1] Group 1: Financial Performance - Despite receiving substantial capital support through seven rounds of financing, Magnesium Health has accumulated losses exceeding 800 million yuan from 2022 to 2024, with losses of 446 million yuan in 2022, 288 million yuan in 2023, and 75.77 million yuan in 2024 [2] - The company has experienced negative cash flow from operating activities for three consecutive years, indicating that cash inflows are insufficient to cover cash outflows, which raises concerns about its financial sustainability [2] Group 2: Core Business Challenges - Magnesium Health's main business includes smart drug solutions and smart insurance solutions, with the "Hui Min Bao" program being a critical component that has contributed over 90% of its revenue [3] - The "Hui Min Bao" program, which provides affordable medical insurance supported by the government, has seen a significant slowdown in growth, with the number of insured individuals increasing from over 40 million in 2020 to 168 million in 2023, but the growth rate has drastically declined [3][4] Group 3: Market Competition and Risks - The slowdown in the "Hui Min Bao" program is attributed to several issues, including a rising claims ratio due to healthy individuals exiting the program and intense price competition among insurers, leading to reduced profit margins [4] - The company faces compliance risks due to the prohibition of the "drug-to-insurance" model, which has been criticized for creating misleading data and market disruptions [6][7] Group 4: Future Outlook - Magnesium Health's post-financing valuation stands at 11.7 billion yuan, but the performance of competitors like Sipai Health raises concerns about the market's confidence in health insurance TPA companies [9] - The company must demonstrate a sustainable profit model and address the challenges posed by the slowing growth of "Hui Min Bao" and regulatory scrutiny to gain market trust and recognition [9]

Core Viewpoint - Magnesium Health has filed for an IPO on the Hong Kong Stock Exchange, backed by major investors like Shanghai Pharmaceuticals and Ant Group, but faces significant operational challenges and regulatory scrutiny [1][8]. Company Overview - Magnesium Health was established in August 2017, focusing on an "Internet + Medicine + Pharmacy + Insurance" model to connect pharmaceutical companies, insurance firms, hospitals, and patients [1]. - The company has completed seven rounds of financing, achieving a valuation of approximately 11.7 billion RMB [1]. Financial Performance - The company has reported cumulative losses exceeding 800 million RMB from 2022 to 2024, with negative cash flow from operating activities for three consecutive years [1][6]. - Revenue from its core business segments, including smart drug solutions and smart insurance solutions, has shown steady growth, but the company has not yet achieved profitability [6]. Business Segments - Magnesium Health operates primarily in three segments: smart drug solutions, smart insurance solutions, and consumer-facing services, with the first two contributing over 90% of total revenue [2][3]. - The smart drug solutions segment focuses on developing multi-payment solutions in collaboration with pharmaceutical companies and insurers [3]. Market Challenges - The "Hui Min Bao" health insurance program, which is a key part of Magnesium Health's business, has encountered growth challenges, with a significant decline in the growth rate of insured individuals [4][5]. - The number of participants in the Hui Min Bao program grew from over 40 million in 2020 to approximately 168 million in 2023, but the growth rate has drastically slowed [4]. Regulatory Environment - The company has faced regulatory scrutiny due to its "drug-to-insurance" model, which has been criticized for creating "false prosperity" in insurance data [7][8]. - Regulatory actions have led to the suspension of certain products, raising concerns about the sustainability of its business model [8]. Competitive Landscape - Magnesium Health is the largest provider of innovative health insurance solutions in China by policy count, but faces intense competition and operational pressures similar to those experienced by peers like Sipai Health [4][6]. - The valuation of Magnesium Health stands at 11.7 billion RMB, but the company must demonstrate a fundamental breakthrough in its business model to attract investor confidence [8].