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    中國政法大學商學院【直擊華爾街】Lex專欄:京東健康中期前景不錯

    中國政法大學商學院 2020-12-10 瀏覽量: 1327

    孟令星:中國政法大學商學院講師、MBA教育中心招生部主任、執業律師、清華大學商法學博士、中國人民大學經濟法學博士后、美國哈佛大學進修學者。

    [重點詞匯]well timed合時宜地oligopoly n. 寡占;寡頭買主壟斷

    Lex專欄:京東健康中期前景不錯

    Lex_Telemedicine/JD Health: what the doctor ordered

    京東的醫療保健子公司在香港上市的時機恰到好處。中國是數字醫療的理想測試平臺。不斷壯大的中產階層準備為優質醫療服務付費。

    Waiting to consult doctors at their surgeries is becoming old-fashioned among China’s early adopters. Remote medical consultations via platforms such as JD Health have surged during the pandemic. Expect the trend to outlive coronavirus lockdowns. JD Health’s Hong Kong listing, in which it sold $3.5bn of shares, is well timed.

    在中國的早期采用者中,在醫院等著醫生出手術室后向他們咨詢的做法已經過時了。新冠疫情期間,通過京東健康(JD Health)等平臺進行的遠程問診激增。預計這一趨勢將會在抗疫封鎖結束后延續。京東健康在香港上市、發售35億美元股票的時機恰到好處。

    The stock rose 56 percent on Tuesday, valuing the offshoot of ecommerce giant JD.com at more than $40bn. Hot money stacked up for the postponed Ant Group listing was one reason for the jump. The industry’s potential was the other.

    該股周二大漲56%,對電商巨頭京東(JD.com)的這家醫療保健子公司估值超過400億美元。原本準備追逐螞蟻集團(Ant Group)上市——已被推遲——的熱錢是推高京東健康股價的原因之一。該行業的潛力是另一個原因。

    China is a perfect test bed for digital medicine. Public healthcare is under-resourced. The private sphere lacks a restrictive US-style oligopoly. The large ageing population is prepared to pay for the best doctors.

    中國是數字醫療的理想測試平臺。公共醫療服務資源不足。私營醫療服務領域沒有美國那種限制性的寡頭壟斷。龐大的老齡化人口準備為最優秀的醫生付費。

    The group’s healthcare revenues grew more than three-quarters in the first half to $1.3bn. It is already profitable.

    該集團的醫療保健營收在今年上半年增長逾四分之三,達到13億美元。它已經實現盈利。

    There is room for more. JD Health launched online consultations less than three years ago. The sessions work well for conditions not requiring physical examinations. They are mostly free.

    還有更多增長空間。京東健康不到三年前推出在線問診。對于不需要當場體檢的病癥,這類問診效果不錯。它們大多是免費的。

    Drug sales are the main revenue source, alongside specialist consultations, making JD Health’s the largest online retail pharmaceuticals platform in China. That creates conflicts of interest for online physicians as big as those that conventional practitioners wrestle with.

    除了專家咨詢外,藥品銷售是主要營收來源,使京東健康成為中國最大的在線零售藥品平臺。這給在線醫生帶來利益沖突,就像傳統執業醫生面對利益沖突一樣。

    Charging for consultations would resolve these. Public national medical insurance cannot be used to cover fees from online consultations, absent regulatory reform. But China’s growing middle classes can be persuaded to stump up.

    收取問診費用將解決這些問題。沒有監管改革,就不能使用國家公共醫保來支付在線問診的費用。但在這方面,中國不斷壯大的中產階層是可以被說服自己付費的。

    JD Health’s parent is a bigger concern for investors. JD.com will be hit by Beijing’s new antitrust regulations. JD Health’s main competitors are healthcare units of Alibaba, Ping An and Tencent, tech giants equally exposed to official disapproval of cross-selling and cross subsidies.

    京東健康的母公司對投資者來說是一個更令人擔憂的問題。京東將會受到北京方面新的反壟斷法規的打擊。京東健康的主要競爭對手是阿里巴巴(Alibaba)、平安(Ping An)和騰訊(Tencent)旗下的醫療部門,這些科技巨頭同樣面臨官方對交叉銷售和交叉補貼的不認可。

    It helps that China’s online healthcare sector is worth just $4bn within a $1tn local healthcare market, too small to inspire direct attacks. The desperate need for medical resources during the pandemic has kept regulators friendly, for now. Companies such as JD Health can curry further official favour by helping with a push to digitise medical records.

    在價值1萬億美元的中國醫療保健市場,在線醫療保健行業的價值僅為40億美元,規模太小,不足以招致直接攻擊,這一點有助于該行業的發展。新冠疫情期間對醫療資源的迫切需求,使監管機構迄今保持友好姿態。京東健康等公司還可以幫助推動病歷數字化,從而進一步贏得官方的肯定。

    JD Health’s enterprise value of 14 times trailing sales is high even by US tech standards. But smaller rival Alibaba Health Information Technology trades at 20 times. Medium-term prospects in this increasingly prosperous, urban nation are good. You might even say they are the picture of health.

    即使按照美國科技公司的標準,京東健康14倍于歷史銷售額的企業價值也是偏高的。但是規模較小的競爭對手阿里健康(AliHealth)的市售率達到20倍。在日益繁榮而城市化的中國,京東健康的中期前景不錯。你甚至可以說其前景像是健康的化身。

    編輯:顏回

    (本文轉載自中國政法大學MBA教育中心 ,如有侵權請電話聯系13331155713)

    * 文章為作者獨立觀點,不代表MBAChina立場。采編部郵箱:news@mbachina.com,歡迎交流與合作。

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