Core Viewpoint - The article discusses the transformation of the private health examination market in China, highlighting the shift from a "scale is king" approach to a more constrained growth model due to increasing operational costs and competitive pressures [4][5]. Market Overview - The health examination market in China has evolved significantly since 2018, with major players like Aikang Guobin and Meinian Health facing new challenges [5]. - The market size grew from 749 billion CNY in 2014 to approximately 2,922 billion CNY in 2023, with the number of health examinations increasing from 373 million to 492 million [6]. Competitive Landscape - The period around 2015 was marked by intense competition among major private health examination providers, with significant capital investment aimed at rapid expansion [7]. - Aikang Guobin and Meinian Health both experienced substantial growth in the number of examination centers, with Aikang expanding from 45 centers in 2014 to 110 in 2017, and Meinian growing from 263 centers in 2016 to 599 in 2019 [7][8]. Financial Performance - Aikang's revenue increased from 2 billion USD in 2014 to 5.6 billion USD in 2018, but its net profit margin fell from 11% to -3% during the same period, indicating rising operational pressures [15]. - Meinian's financial structure also showed a declining trend in profitability, although it managed to optimize results through acquisitions of well-performing centers [17]. Operational Challenges - The industry faces increasing operational costs due to heightened competition, leading to a potential decline in average revenue per center and overall profitability [13][19]. - The reliance on B-end clients, primarily large companies, creates a dependency that may misalign with the core service of health screening, resulting in operational pressures for both large and small examination centers [19]. Future Outlook - The article suggests that the capital enthusiasm for the health examination sector is waning, which may hinder further expansion and intensify competition among existing players [13][19].