Ping an good doctor: it’s a pig in the wind, but it’s more dangerous than before

As expected, Pingan good doctor issued a seemingly good 2020 interim report: the first half of the year’s revenue was 2.747 billion yuan, up 20.9% year-on-year; the net loss was 214 million yuan, a decrease of 22.1%; the proportion of online% in revenue increased from 14.8% in the same period of last year to 25.3%; the number of monthly payment households in June 2020 was 3 million, an increase of 32.3% year-on-year. < p > < p > this is the first financial report handed over by Long Wei Hao, the new director of Ping an good doctor, although he tries to convey the new atmosphere to the outside world. However, the logic behind the seemingly good performance and market value of Ping’an Hao doctor has not changed, just as when Wang Tao was in power: < / P > < p > in addition, the epidemic situation has caused a large number of users to switch to the online market, and the policy of internet medical treatment has made the share price of Ping’an Hao doctor soar, exceeding the normal range of valuation. < / P > < p > under the current background, having a good father is not a disadvantage. Tens of millions of entrepreneurs can’t get it. But for the ping an good doctors who have already crossed the market value of 100 billion, if they want to go further, they have to show their independent survival ability. No matter Wang Tao, the former trader, or Fang Weihao, a good doctor in Ping’an, has no shares. In terms of human nature, this lack of motivation to fight hard, and the blood and determination to survive independently will be affected. < / P > < p > in addition, most of the competition faced by Pingan good doctors came from small and medium-sized players, and most of the giants are still in the stage of small-scale water testing in this field. Under the background of the epidemic situation, the east wind of the policy has blown up the share price of Ping’an good doctors. At the same time, the big companies have felt the wind direction, so they have entered the market in a large scale this year. < p > < p > Alibaba health, which is also listed in Hong Kong stock market and has a market value of twice that of Ping an good doctor, will become more and more similar in terms of income composition, which is already a direct competitive relationship. < p > < p > on August 17, Ping An Hao doctor announced the launch of famous doctor’s studio. On August 18, Jingdong Health announced the official launch of family doctor service product – “Jingdong home medicine”. < / P > < p > with the help of a strong take out logistics system, meituan and famo can sell medicines as they should be; their instant logistics capabilities can support users’ immediate medication needs; meituan and famo can use high-frequency catering with low-frequency drugs, and they can have a large number of users without advertising. They are even more competitive than alihealth and Jingdong health in selling medicines Struggle. < / P > < p > in addition, it is difficult to see the strategic intention behind the newly acquired encyclopedia famous doctor. However, it is unlikely to follow the old road of Baidu. It only makes money by selling medical advertisements. It is likely that it will enter Internet medical treatment in the future.

make complaints about Baidu, which is deeply rooted in the medical field. As for the micro doctors who have repeatedly postponed their listing, in addition to lacking a good backing, their overall strength may not be worse than that of Ping an good doctors. < p > < p > in the first half of 2020, the revenue of Ping An Hao doctor was 2.747 billion yuan, and the net loss was 214 million yuan, the corresponding P / s multiple was 22.5 times. This p / s multiple can be given to chip companies representing the core technology direction (such as Cambrian), or to e-commerce companies (such as pinduoduo) with a Gmv growth of 100%. Even, to the industry leader Ali health also makes sense. Indeed, after being included in the Hang Seng technology index, Ping an good doctor has been favored by major international securities companies, and has raised its target price. But these international securities companies have a common problem, that is, they may not have experienced the services of Ping an good doctor and other players. Of course, although these international securities companies have not compared their services, they know the big truth: there are enough reasons to believe in the general manager of Ping An Group, Mr. Ma Mingzhe. < / P > < p > Fang Weihao faces a very difficult task. In 2019, Ping’an Hao doctor claimed to have more than 300 million registered users. If such a large number of data goes up sharply, it is easy to feel fake. However, the “drug sales” (mall) and “consumer medical” businesses, which account for the main revenue, will obviously fail to beat the e-commerce platforms such as Ali, Jingdong and meituan. Online medical service is a good story, but it’s not easy to make money. < p > < p > to further integrate the internal resources of Ping An Group, the parent company, is one of Fang Weihao’s few choices. In the words of Citibank, the new CEO of Ping an good doctor has strengthened the synergy between the company and Ping An Group and is likely to increase its long-term participation in commercial insurance in China. < p > < p > in a more straightforward way: with the endorsement of Ping’an group, Ping’an good doctors can establish cooperation with local governments faster than their counterparts, open up the medical insurance reimbursement of internet medical platform, and peddle the commercial insurance of Ping An group. < p > < p > Fang Weihao will not adhere to the flow playing method of his predecessor Wang Tao. First, he can’t beat the Internet e-commerce platform. Second, as a more pure Ping’an person, Fang Weihao, who is also the chairman of Ping’an medical insurance technology and Ping’an leasing, is more motivated to integrate and revitalize Ping’an’s internal resources. < / P > < p > a paradox is that the more ping an good doctors integrate into Ping’an, as investors, they should buy Ping’an group rather than Ping’an good doctors. < / P > < p > the greater challenge is that after Jingdong health enters Hong Kong stock market, Ping an good doctor will become the third choice of Internet Medical shares. Past experience shows that the third place is really not favored by investors. From this point of view, safe and good doctors are more dangerous than before.