Empowering the 'Silver Hair Economy', Zhejiang Province has launched a health and elderly care service IPO
Empowering the 'Silver Hair Economy', Zhejiang Province has launched a health and elderly care service IPO
Friends of 36Kr
·2024-12-11 11:22
Transferred military personnel are starting their own businesses and planning to go public in the United States
Today (10th), the leisure service sector surged, with Tongqing Tower and Xi'an Catering hitting the daily limit up, and tourism hotel stocks such as First Travel Hotel, Junting Hotel, and Jinjiang Hotel turning red.
On the news front, the Political Bureau of the Central Committee of the Communist Party of China held a meeting on December 9th, mentioning the need to stabilize the real estate and stock markets, implement more proactive fiscal policies and moderately loose monetary policies, as well as vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand.
The hotel and tourism sector is greatly influenced by macroeconomic and policy factors. Since last year, against the backdrop of weak consumption, the stock prices of listed companies such as Junting Hotel and First Travel Hotel have continued to decline, and even tourism ETFs have fallen significantly.
Since the beginning of this year, there have been many policy measures to stimulate consumption, whether it is expanding the scope of visa free entry countries, adding 2 statutory holidays for all citizens, or gradually issuing dining and hotel consumption vouchers in various regions, all of which are conducive to boosting consumption and promoting the development of the tourism industry.
Recently, there have been companies in the tourism and hotel industry rushing to go public on the US stock market.
Gelonghui has learned that recently, the international company has issued a request for supplementary materials to Shan Yuhai, providing additional explanations on the compliance of equity structure construction and return mergers and acquisitions, the actual controller situation, and the main business situation.
The full name of Shan Yu Hai is Shan Yu Hai Health Inc, which secretly submitted its prospectus to the US SEC in March this year and publicly disclosed it on December 3, with the stock code "SYH".
Public information shows that Shanyuhai was founded in 2009, deeply rooted in the Yangtze River Delta region, with the health and elderly care of the middle and high-end population as its core. It integrates advanced concepts from Japan and the United States, and provides multidimensional services such as tourism, vacation, health, medical care, elderly care, social interaction, and lifelong learning to build and innovate a one-stop health platform for medical, elderly care, and tourism, ultimately achieving the construction of a comprehensive health and wellness industry ecosystem.
In the context of aging population, many domestic enterprises are striving for the "silver economy", but few have truly done a good job and expanded their scale. So, what about the situation of Shan Yu Hai, which focuses on the health and wellness tourism industry? Let's explore it today.
Transferred military personnel venture into business and launch a healthy retirement IPO
The founder and chairman of Shanyuhai, Xiong Xiong, was born into a family of teachers in Anji, Zhejiang. He had served in the military and was awarded the title of "National Defense Warrior" in his early 20s.
After switching careers, Xiong Xiong worked in state-owned banks and governments for nearly 10 years. However, he was not satisfied with the status quo and started his own business in his forties. In 2016, he obtained an EMBA degree from Shanghai University of Finance and Economics.
Xiong Xiong, Chairman of Lantau Sea Group, photo source: the company's official account
Xiong Xiong's opportunity to engage in the health and wellness industry originated from his experience of taking his father on a vacation to Hainan. Xiong Xiong once said in an interview that his father had cardiovascular disease, which made him unable to withstand the cold in winter. Later, he also developed Alzheimer's disease. When he learned that the climate and environment in Hainan were particularly suitable for winter, he tried to bring his parents to Hainan in winter, and his father's physical condition also improved.
In 2009, Xiong Xiong established the first base of "Shan Yu Hai Vacation" in Hainan, taking the first step towards migratory bird style vacation; At the end of July 2015, Shanyu Sea was listed on the New Third Board; In 2017, the company began to shift from individual vacation business to integrated health and wellness industry; In 2021, Shan Yu Hai officially entered the field of healthy food and further expanded its business scope.
Nowadays, the main sources of revenue for Shan Yu Hai come from five major businesses: selected products, health camps, health management services, accommodation services, and sales of healthy food.
The company provides selected agricultural products, healthy dietary supplements, high-quality daily necessities, and other products suitable for elderly customers through online platforms; At the same time, it also sells meals and supplementary foods that meet the specific nutritional needs of middle-aged and elderly people offline; And collaborate with hotels of different levels and styles to provide comfortable and health conscious accommodation services; At the same time, Shan Yu Hai also collaborates with travel agencies to provide customers with a leisurely, healthy, and stress relieving travel experience.
According to the prospectus, as of the end of June 2024, Shan Yu Hai has signed written agreements with 101 hotels as accommodation suppliers.
Specifically, in the fiscal year 2024 (ending on June 30th), the sales of healthy food contributed 49.28% of the company's revenue; The proportion of income from accommodation services has decreased, but still remains as high as 34.67%.
Income breakdown by category, image source: prospectus
Mountain&Sea Health Inc was registered and established in the Cayman Islands in September 2022, mainly conducting business in China through its Chinese subsidiaries Zhejiang Xi'an Health Co., Ltd. and Hangzhou Xi'an.
In terms of equity structure, Xiong Xiong and Xiong Linman's father and daughter are the actual controllers of the company, indirectly holding 85% and 15% of the equity of Shan Yu Hai, respectively. Xiong Xiong has been serving as the CEO and Chairman of the Board of Directors since the establishment of the company.
Xiong Linman obtained a Bachelor's degree in Art Management from Xiamen University in 2015 and an MBA degree from Shanghai University of Finance and Economics in 2023. She worked as an assistant manager at Second Technology, responsible for establishing new branches in the Philippines and Indonesia; I have also served as an assistant manager at Shanghai Yuli E-commerce Co., Ltd; From March 2024, Xiong Linman will serve as a director of Shanyu Sea.
Focus on health and elderly care services for high net worth middle-aged and elderly people
The main customers of Shan Yu Hai are individuals aged 50 to 75, who value quality of life and health. The company combines idle commercial housing in scenic spots with the tourism needs of the elderly population, providing migratory bird style vacation services for these "high net worth middle-aged and elderly".
Compared to sightseeing tours that offer a variety of activities such as horse riding, the living and elderly care model can better meet the leisure and health needs of the elderly.
The company adopts a membership system, where customers can join for free, receive personalized health management advice, and participate in health-related activities such as health forums. Customers can also enjoy high-quality travel services for many years by paying a certain fee, and the price is lower than that of regular hotels.
In fact, initially, Shanyu Hai did not target the elderly population and also wanted to attract some young people with better economic conditions. However, practice has proven that the travel customers are mostly elderly people who have both money and leisure time, most of whom are retired corporate managers, university professors, doctors, civil servants, etc.
China has entered a deeply aging society, and with the increase of the elderly population, the market size of the elderly care industry continues to grow.
According to the National Bureau of Statistics, by the end of 2023, there will be 297 million people aged 60 and above in China, accounting for 21.1% of the national population; Among them, there are 217 million people aged 65 and above, accounting for 15.4%. It can be seen that there is a huge number of elderly people.
According to research data from iMedia, the market size of China's elderly care industry will reach 10.3 trillion yuan in 2022, a year-on-year increase of 16.7%. In the future, with the acceleration of the aging process, the market size is expected to continue to expand.
The needs of the elderly are not limited to basic healthcare services and products, but also include interests in leisure and entertainment, mental health, and social activities. These diverse needs create new business opportunities for the health management and elderly care service industries, and also provide development space for companies such as Shan Yu Hai that focus on health and elderly care services for middle-aged and elderly people.
Against the backdrop of the continuous growth of China's elderly care industry, the performance of Shanyuhai is also showing an upward trend.
According to the prospectus, the company's total revenue for fiscal years 2023 and 2024 (as of June 30) is approximately $7.553 million and $12.7378 million, respectively, with net revenue of approximately $1.2374 million and $3.1252 million, respectively.
Consolidated financial statements and comprehensive income, image source: prospectus
Due to the increase in gross profit from the sales of health camps, health management services, accommodation services, and health food, the overall gross profit margin of Lantau Bay has also increased from 43.86% in the 2023 fiscal year to 54.52% in the 2024 fiscal year. Among the five major businesses, the gross profit margin of the company's health food sales is as high as about 80%, and the gross profit margin of accommodation services is about 31%.
It is worth noting that a significant portion of the net revenue of Lantau Island comes from services provided to a related party client, who accounted for approximately 63% and 35% of the company's net revenue in fiscal years 2023 and 2024, respectively. At the same time, the company focuses on individual customers, and if these customers reduce their demand for the company's products and services, or choose products from competitors, it may affect the company's business performance.
Overall, with the accelerated arrival of an aging society, the market size of China's elderly care industry continues to increase, which has also led to the growth of the health and elderly care services for high net worth middle-aged and elderly people. However, due to its relatively short actual business operation cycle, whether it can maintain steady growth in the future still needs time to be verified.
Reference article:
Innovative Case: Annual Revenue of Nearly 100 Million/30% Growth Against the Epidemic, Business Logic of "Big Health Care" of Listed Company Shanyuhai "- AgeClub
Highlights | The lineup of various departments of Shanyu Sea Group is coming! "- Shanyu Sea Health and Wellness
This article is from the WeChat official account "Gelonghui New Shares". The author: Fage said that the new shares, 36 kryptonite, have been authorized to release.
The viewpoint of this article only represents the author himself, and the 36Kr platform only provides information storage space services.
发力“银发经济”，浙江走出一家健康养老服务IPO
今天（10日）休闲服务板块大涨，同庆楼、西安饮食涨停，首旅酒店、君亭酒店、锦江酒店等旅游酒店股纷纷翻红。
消息面上，中共中央政治局12月9日召开会议，提到稳住楼市股市，要实施更加积极的财政政策和适度宽松的货币政策，以及大力提振消费、提高投资效益，全方位扩大国内需求等。
酒店旅游板块受宏观经济、政策影响较大。去年以来，在消费疲软的背景下，君亭酒店、首旅酒店等上市公司股价曾持续下跌，甚至连旅游ETF也跌了不少。
今年以来政策上有不少刺激消费的措施，无论是扩大入境免签国家范围、增加2天全体公民法定节假日，还是各地陆续发放餐饮酒店消费券，都有利于提振消费，促进旅游业的发展。
近期，旅游酒店行业又有公司冲击美股上市。
格隆汇获悉，近日，国际司对山屿海出具补充材料要求，就股权架构搭建及返程并购的合规性、实际控制人情况、主营业务情况等事项补充说明。
山屿海全称为山屿海大健康有限公司（Mountain&Sea Health Inc），其曾于今年3月秘密向美国SEC递交招股书，并于12月3日公开披露，股票代码为“SYH”。
公开信息显示，山屿海创建于2009年，深耕长三角，以中高端人群的健康养老为核心，糅合日本、美国的先进理念，通过旅游、度假、健康、医疗、养老、社交、终身学习等多维服务，搭建并创新医养旅一站式大健康平台，最终实现大康养产业生态圈的构建。
在老龄化背景下，国内许多企业发力“银发经济”，但真正做得好并把规模做大的寥寥无几，那么聚焦康养旅居产业的山屿海情况如何呢？今天就来一探究竟。
转业军人下海创业，干出一家健康养老IPO
山屿海的创始人兼董事长熊雄出生于浙江安吉的一个教师家庭，他当过兵，曾在20岁出头的年纪就获得了“国防勇士”的称号。
转业后，熊雄在国有银行、政府工作近10年，后来不甘于现状的他在不惑之年下海创业，并在2016年获得上海财经大学EMBA学位。
山屿海集团董事长熊雄，图片来源：公司公众号
熊雄从事康养行业的契机起源于带父亲去海南度假的经历。熊雄曾在采访中称，父亲有心血管疾病，一到冬天就受不了严寒，后来又得了老年痴呆症，当他得知海南的气候和环境特别适合过冬，就尝试在冬天把父母接到海南，父亲的身体状况也有好转。
2009年熊雄在海南建立“山屿海度假”第一个基地，迈出候鸟式旅居度假的第一步；2015年7月底，山屿海在新三板挂牌；2017年公司开始从单体度假业务转向综合康养产业集成；2021年山屿海正式进军健康食品领域，业务版图进一步扩大。
如今，山屿海的收入主要来自精选产品、健康营、健康管理服务、住宿服务、健康食品销售五大业务。
公司通过在线平台提供精选的农产品、健康膳食补充剂、优质日用品等适合老年客户的产品；同时还在线下销售满足中老年人特定营养需求的膳食和补充食品；并与不同档次和风格的酒店合作，提供舒适且注重健康的住宿服务；同时山屿海还与旅行社合作，为客户提供悠闲且健康、减压的旅行体验。
招股书显示，截至2024年6月底，山屿海已与101家酒店签订了书面协议，作为住宿供应商。
具体来看，2024财年（截止6月30日），健康食品销售业务为公司贡献了49.28%的收入；住宿服务的收入占比有所下降，但仍高达34.67%。
按类别划分的收入明细，图片来源：招股书
Mountain&Sea Health Inc于2022年9月在开曼群岛注册成立，主要通过其中国子公司浙江习安健康有限公司和杭州习安在中国开展业务。
股权结构方面，熊雄与熊林蔓父女为公司实际控制人，分别间接持有山屿海85%、15%的股权。熊雄自公司成立以来一直担任首席执行官兼董事会主席。
熊林蔓于2015年获得厦门大学艺术管理学士学位，并在2023年获得上海财经大学MBA学位。她曾在Seconds Technology担任助理经理，负责在菲律宾和印度尼西亚建立新的分支机构；还在上海玉立电子商务有限公司担任过助理经理；从2024年3月起熊林蔓担任山屿海董事。
聚焦高净值中老年人健康养老服务
山屿海的主要客户是50岁至75岁的个人，这是一个重视生活质量和健康的群体。公司将景区闲置商品房与老年群体旅游需求结合到一起，为这些“高净值中老年”提供候鸟式旅居度假服务。
相比于走马观花式的旅游观光团，旅居养老模式更能满足老年人休闲、健康养生的需求。
公司采取会员制，客户可以免费加入会员，获得个性化的健康管理建议，并参加健康论坛等与健康相关的活动。客户缴纳一定费用还可以享受为期多年的高品质旅居服务，而且价格低于常规酒店。
其实，起初山屿海并没有把目标用户圈定在老年人群中，也想要吸引一些经济条件较好的年轻人，但实践证明，旅居客户均为“有钱有闲”的老年人，他们大部分为退休的企业管理层、大学教授、医生、公务员等。
我国已进入深度老龄化社会，随着老年人口的增加，养老产业市场规模不断壮大。
国家统计局数据显示，截至2023年底，我国60岁及以上人口为2.97亿人，占全国人口的21.1%；其中65岁及以上人口2.17亿人，占比15.4%。可见老年人群数量之庞大。
据艾媒研究数据，2022年我国养老产业市场规模达到10.3万亿元，同比增长16.7%，未来随着老龄化进程的加快，市场规模有望持续扩大。
而老年人的需求不仅限于基本的医疗保健服务和产品，还包括休闲娱乐、心理健康和社交活动的兴趣，这些多样化的需求为健康管理和养老服务行业创造了新的商机，也为山屿海等聚焦中老年人健康养老服务的公司提供了发展空间。
在我国养老产业规模持续增长的背景下，山屿海的业绩也呈增长趋势。
招股书显示，2023财年和2024财年（截止6月30日），公司的总收入分别约755.3万美元、1273.78万美元，净收入分别约123.74万美元、312.52万美元。
合并报表业务及全面收益，图片来源：招股书
由于健康营、健康管理服务、住宿服务、健康食品销售毛利润增加，山屿海的整体毛利率也从2023财年的43.86%提升至2024财年的54.52%。其中，在五大业务中，公司健康食品销售的毛利率高达80%左右，住宿服务毛利率约31%。
值得注意的是，山屿海净收入的很大一部分来自向一家关联方客户提供的服务，2023财年及2024财年，该客户分别占公司净收入的约63%和35%。同时，公司以个人客户为主，如果这些客户减少对公司产品和服务的需求，或选择竞争对手的产品，可能会影响公司的经营业绩。
总的来说，随着老龄化社会的加速到来，我国养老产业市场规模持续增加，这也让聚焦高净值中老年人健康养老服务的山屿海业绩随之增长，但由于其实际业务运营周期相对较短，未来能否保持稳健增长仍需时间来验证。
参考文章：
《创新案例：年营收近亿/疫情逆势增长30%，上市公司山屿海的“大康养”商业逻辑》——AgeClub
《集锦|山屿海集团各板块阵容来袭！》——山屿海康养
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