The subversion and reconstruction of big data on traditional medicine and the value creation ability of "medical big data" have gradually become a consensus that "those who get data get the world".
Subsequently, the medical big data industry has become a new favorite of the capital market.
According to Frost & Sullivan's relevant research, the overall scale of China's medical informatization market will reach 11.997 billion yuan in 2019. According to its prediction, the compound growth rate of China's medical informatization market will reach 25% from 2019 to 2024 and 36.56 billion yuan in 2024.
Because the medical information market includes many fields, such as hospital management information software (his), clinical information system (CIS), electronic medical record (EMR), medical technology information system (imaging, inspection, anesthesia), as well as Internet related systems, big data, AI and other related applications.
There are many track manufacturers in the industry. All types of manufacturers occupy a place in the subdivided track, and the industry concentration is not high.
According to incomplete statistics by reporters reporting the 21st century century economic 21st century by the 21st century'21st century'economic 21st century economic reporter reporter from an incomplete statistical discovery from the reporter's incomplete statistics found that among the participants in the big data of Chinese medical, the first category among the participants in the big data of China's medical big data, the first of the big data of China's medical: the first of the big data of China's medical data, the first of the big data of China's medical data, the first of the big data of China's medical big data, among the participants in the big data of China's medical, the first of the first of the first of the big data of the big data of China '''s medical: the 3 Gold Cup Electric Apparatus Co.Ltd(002533) Gold Cup Electric Apparatus Co.Ltd(002533) 00253 Heren Health Co.Ltd(300550) . SZ).
The second category is the Internet and industrial financial giants represented by "batj", such as Ali health (00241. HK), JD health (06618. HK), Ping an good doctor (01833. HK) under Ping An Insurance (Group) Company Of China Ltd(601318) group, Ping an intelligent medicine, micro medicine, etc.
The third category is medical technology enterprises exploring new business forms, such as Yidu Technology (02158. HK), yimaitong (02192. HK), zero krypton technology, Yuanxin technology, Huimi technology, etc.
Due to the complex needs of customers, a single manufacturer cannot cover all scenarios. The common sales mode is that large software enterprises integrate the product modules of small and medium-sized enterprises and enter the medical information market in the mode of "leading with small corner".
Internet giants will also start with large-scale projects such as smart cities, and then subcontract the medical sector to manufacturers perpendicular to the medical industry to realize efficient link and replacement of resources.
One echelon pattern
In the medical information market, A-share listed companies with both capital and scale advantages undoubtedly occupy the head position.
According to Frost & Sullivan data, the top five market share of China's medical informatization market in 2019 are Winning Health Technology Group Co.Ltd(300253) (12.0%), Neusoft Corporation(600718) (11.7%), B-Soft Co.Ltd(300451) (7.6%), Wonders Information Co.Ltd(300168) (5.2%), Dhc Software Co.Ltd(002065) (4.9%).
Among the electronic medical record information software, Winning Health Technology Group Co.Ltd(300253) has a market share of 9.6%.
These medical information-based enterprises export products and solutions to the target customer groups of big three-A and three-b hospitals and public health (Health Commission and other institutions), and accelerate the penetration of hospitals below level II and related health systems.
China's leader in digital medical solutions Winning Health Technology Group Co.Ltd(300253) entered the medical and health industry in 1994 and was listed on the gem of Shenzhen Stock Exchange in 2011. From 2013 to 2015, it participated in Nari health, key world circle (Key Technology), Haoyitong, Beijing Tianpeng, Zhongkang Shangde and Nalong technology.
Since 2015, we have actively deployed the field of medical health services to promote the development of innovative services such as medical health cloud services under the Internet plus mode.
At present, the company's business covers smart hospitals, regional health, grass-roots health, public health, medical insurance, health services and other fields.
By the end of 2020, Winning Health Technology Group Co.Ltd(300253) serves more than 6000 users of various medical and health institutions, including more than 400 tertiary hospitals. Users are all over 32 provinces, autonomous regions and special administrative regions in China. It is one of the companies with the widest customer coverage in the same industry.
In addition, Nari health is a holding subsidiary of Weining Internet Technology Co., Ltd. (Weining Internet), a holding subsidiary of Winning Health Technology Group Co.Ltd(300253) holding company.
According to the annual report of 3 Tianshan Aluminum Group Co.Ltd(002532) 020, there are more than 6000 medical institutions providing internet medical application services on Nari health platform, including more than 280 Internet hospitals that have signed cooperation and co construction agreements with physical medical institutions (including obtaining medical institution practice license), more than 280000 doctors and more than 24 million patients.
NARI health platform has undertaken 7 provincial Internet hospital supervision platforms, accounting for about 1 / 4 of the cases of provincial Internet hospital supervision platforms built / under construction in China.
Neusoft Corporation(600718) , which landed in Shanghai stock market in 1996 earlier, is not only the first listed software enterprise in China, but also a leading manufacturer of medical informatization.
The company provides software and services for more than 570 tertiary hospitals, more than 2500 medical institutions, more than 43000 grass-roots medical institutions and clinics, and 230000 fixed medical institutions; Neusoft cloud his products cover more than 50000 primary medical service institutions across the country.
In 2020, Neusoft Corporation(600718) provided technical support services during the epidemic period for more than 100 designated hospitals of covid-19 pneumonia and more than 200 non designated hospitals in China, and undertook the information construction of 16 "Xiaotangshan hospitals" in China; It serves medical insurance related departments in more than 20 provinces and cities.
In response to the new round of epidemic at the end of 2020, Neusoft Corporation(600718) developed and launched the "full scene epidemic pathogen detection information system", which has been successively applied to nucleic acid detection in Dalian, Shenyang, Shijiazhuang and Wangkui County of Suihua City, with a total of more than 10 million times.
In addition, Neusoft Corporation(600718) also constructed Neusoft medical, Xikang, Wanghai and other innovative business companies in the "big medical and health" sector.
B-Soft Co.Ltd(300451) , which is also in the first tier of the industry, is also one of the software suppliers that have entered medical and health informatization earlier in China. Since 2016, it has successively acquired many companies such as Weiqin technology, Lantian computer, Zhongtuo information, Huikang IOT (formerly known as botaixin). Botaixin was originally mainly engaged in financial informatization. After being acquired by B-Soft Co.Ltd(300451) it began to focus on the implementation and service of medical informatization, Expand and improve the sales service network of B-Soft Co.Ltd(300451) in China.
B-Soft Co.Ltd(300451) at present, nearly 20000 medical and health information construction projects have been implemented, with more than 7000 industrial users. Public health projects have spread across more than 370 districts and counties across the country, and about 300 million residents' health files have been accumulated.
In 2021, B-Soft Co.Ltd(300451) added 32 ten million orders, and the amount of ten million orders increased by more than 40% year-on-year. During the reporting period, the construction demand of high-level evaluation projects of hospital informatization, clinical informatization and regional health informatization was high.
Big platform "preferences"
According to the 21st Century Business Herald reporter, the Internet and technology giants represented by "batj".
Typical cases, such as Alibaba health, JD health, baidu health, Ping An Insurance (Group) Company Of China Ltd(601318) group and micro medicine, all have layout in medical informatization.
In 2014, Alibaba health backdoor CITIC was successfully listed in Hong Kong stocks in the 21st century. At present, its business is mainly concentrated in pharmaceutical e-commerce and new retail, internet medical, consumer medical, smart medical and other fields.
A year later, Alibaba Health announced that it had reached a strategic cooperation framework agreement with Wuxi Online Offline Communication Information Technology Co.Ltd(300959) (formerly known as "Weining software"), and the two sides agreed to create Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated new health service business and its ecosystem by sharing resources and mutual cooperation in medical services, health services, drug circulation and supervision, medical insurance risk control and other aspects.
At the capital level, Alibaba health invested in a number of medical information enterprises in 2017.
Hongyun jiukang, a subsidiary of Alibaba health, invested in Jiahe Meikang (Beijing) Technology Co., Ltd. and its subsidiary Beijing Jiamei online, with a total investment of about 330 million yuan. After the investment, Alibaba health held 15% of the rights and interests of Jiahe Meikang through Hongyun jiukang.
In 2020, Alibaba health invested in Zhejiang bianque health data Technology Co., Ltd. as the brain carrying Alibaba health data business. In March 2021, Ali health invested in zero krypton technology, a medical big data company.
In addition, ant financial took a strategic stake in Winning Health Technology Group Co.Ltd(300253) , with RMB 1.058 billion in 2018, and obtained 3 Hangzhou Boiler Group Co.Ltd(002534) .98% equity.
Compared with other internet medical companies, one advantage of Alibaba health is that Alibaba Group has a huge self owned system and controls the entry of various business income, including ant financial services, Alibaba cloud and Taobao. These companies are involved in medical payment, medical information services and health service entry, which can complement Alibaba health's business.
As early as the second half of 2014, Tencent laid out the medical and health field with extensive and deep investment.
The internet medical enterprises invested by Tencent include micro medicine, dingxiangyuan, good doctor, Huiyi online, doctors next door, Dr. Robin, Dr. wonderful hand, Penguin almond, senyi intelligence, etc. many of them use cutting-edge technologies such as artificial intelligence, big data and cloud computing to enable medical treatment.
At the same time, Tencent also has in-depth business cooperation with the established manufacturer Dhc Software Co.Ltd(002065) for example, in March 2019, Donghua medical, a wholly-owned subsidiary of Dhc Software Co.Ltd(002065) held a press conference with Tencent cloud, announcing that the two sides jointly promoted the implementation of the "one chain and three clouds" strategy linked by the health chain, and officially released the "imedical cloud his ecosystem".
At the capital level, in January 2020, Tencent technology spent 1.441 billion yuan to acquire Dhc Software Co.Ltd(002065) 504% shares.
It is worth mentioning that Yidu technology, a medical information enterprise invested by Tencent in December 2020, was listed on Hong Kong stocks in early 2021.
Also holding hands with established manufacturers are JD health.
According to incomplete statistics, JD has invested in about 15 major health companies in recent years since it began to build JD medicine in 2013, including Kingdee medical, Winning Health Technology Group Co.Ltd(300253) etc.
JD health has taken shares in Winning Health Technology Group Co.Ltd(300253) , with a shareholding of 7.71%, before listing in December 2020.
Ping An Insurance (Group) Company Of China Ltd(601318) group, another industrial financial giant, also increased the layout of medical and health care and promoted it to the core strategic position a few years ago.
Up to now, Ping An Insurance (Group) Company Of China Ltd(601318) group has established a medical and health ecological territory covering dozens of entities such as ping an good doctor, Ping an intelligent medical treatment and Ping An medical insurance technology.
Among them, good doctor Ping An was established in 2014 and listed on the Hong Kong Stock Exchange on May 4, 2018. Compared with other peers such as Alibaba health and JD health, it mainly focuses on the downstream (such as drug sales). Good doctor Ping An deeply implemented the transformation of focusing on end B, Online + offline and comprehensive consultation fees in 2021.
By the end of 2021, relying on Ping An Group, Ping an good doctor has 423 million registered users and 96000 cooperative institutions. Ping an good doctor has built a huge online + offline service network including hospitals, doctors, pharmacies, physical examination institutions and insurance.
In addition, Ping An smart medical is the key sector of "Ping An smart city" under Ping An group. Its business covers 16 provinces, 37000 medical institutions and 1million + doctors in China. Its products cover intelligent big data platform, intelligent auxiliary diagnosis and treatment, intelligent image screening, medical Consortium / medical community solutions, Internet hospital, public health emergency management platform, intelligent chronic disease management platform, intelligent clinic service supervision platform, etc.
As the first batch of internet medical enterprises, micro medicine originated from the registration network established in 2010 and was upgraded to micro medicine in 2014. Its core business covers medical treatment, medicine, medical examination, health insurance and other fields.
Micro medicine has been favored by various capitals.
Public data show that in 2012, micro Medicine completed a round of financing of US $22 million; In 2014, it completed the round B financing of US $106 million. Since then, micro medicine has carried out a round C financing of US $394 million and a round pre IPO Financing of US $500 million in 2015 and 2018 respectively.
Over the past six years, wechat has received a total of US $1022.4 million in financing from the external capital market and introduced investment institutions such as Tencent, Fosun, Guokai finance, Chenxing venture capital, Qiming venture capital and so on.
Unfortunately, micro medicine submitted an application for listing of Hong Kong stocks as early as 2021, but the application is currently in a "invalid" state.
capital side trend
In addition to A-share listed companies and Internet giants, there are many emerging enterprises that export products and customized services in the medical field with "emerging technologies" as the core.
For example, on April 11, linkdoc technology limited, a medical big data company, applied to the securities and Exchange Commission (SEC) to withdraw its IPO plan.
Prior to this, on June 14, 2021, zero krypton technology publicly disclosed its prospectus in the securities and Exchange Commission of the United States, and planned to be listed on Nasdaq, with Morgan Stanley, Bank of America Securities, China International Capital Corporation Limited(601995) , tiger securities, etc. as its joint underwriters.
As a company deeply engaged in medical big data governance and application, according to frost Sullivan's report, zero krypton technology has built China's largest data-driven precision medical digital infrastructure. In 2020, the revenue of RWS service business was the highest in China, with a market share of more than 10%, and the number of active enterprise customers was 176.
According to public information, zero krypton technology has completed six rounds of financing and obtained more than 2 billion yuan.
In September 2020, zero krypton technology announced the completion of 700 million yuan of D + round financing. Before submitting the IPO application, it obtained the strategic investment of Alibaba health in March 2021.
The two sides said that they would build a full disease cycle service platform for Chinese cancer patients by connecting Ali health platform, zero krypton Internet hospital and cancer patient service center, so as to provide users with more accurate and convenient serious disease services.
In contrast, the listing of Yuanxin technology is progressing more smoothly.
Yuanxin technology submitted its listing application to the Hong Kong Stock Exchange on October 15, 2021.
Five months later, the CSRC approved the issuance of overseas listed foreign shares by Yuanxin technology. After the issuance, Yuanxin technology can be listed on the main board of the Hong Kong stock exchange.
According to the prospectus, since its establishment in 2015, Yuanxin technology has obtained 11 rounds of financing from well-known institutions including Tencent, Sequoia Capital, Qiming capital and Xingjie capital, including round f financing, with an amount of more than 1.5 billion yuan.
Yuanxin technology has three pillar businesses, namely, out of hospital comprehensive patient service, supply side enabling service and Innovation Medical Management Co.Ltd(002173) health service. Doctor miaozhou and Yuanxin Huibao are the business brands of the company.
Although zero krypton technology withdrew its US IPO, it did not affect the continuous injection of new funds into the medical big data track.
According to the incomplete statistics of arterial network database, in March 2022, a total of 98 financing events occurred in the field of global digital health (excluding IPO, private placement, etc.), and the total amount of financing disclosed was close to US $2 billion (about RMB 13.65 billion).
For example, on March 31, AI medical big data company Aiden technology announced that it had completed a round B financing of 200 million yuan. This round of financing was led by Zhongding capital and jointly participated by Lenovo star and Innovation workshop. Previously, the company obtained a round of financing led by Innovation workshop.
