In depth report of the medical examination industry Industry part: the industry continues to grow endogenously, leading the industry to improve quality and efficiency, and develop steadily

Core viewpoints

    The scale of the medical examination industry has steadily increased by 100 billion yuan, and the penetration rate still has room for improvement. From 2018 to 2022, the market size of the medical examination industry in China increased from 151.1 billion yuan to 217 billion yuan, with a compound annual growth rate of about 9.46%. The national health awareness has improved, the industry has generated multi-level demand, and the industry's endogenous growth momentum is sustainable. We believe that China's future demand for physical examination and health services is expected to be further released.

    We believe that the following important trends have emerged in the supply and demand of the medical examination industry in recent years. (1) Demand side: increase the proportion of individual inspection, and create the second curve for innovative projects; (2) On the supply side: the industry structure is stable, private medical institutions grow faster than public ones, and AI+assisted medical examinations are upgraded; (3) Marketing end: multiple online retail channels to reform the traditional marketing mode 3 Suggestion: Meinian Health.

    Risk tips: risk of policy changes in the pharmaceutical industry, risk of medical accidents, risk of the company's revenue and profit growth not meeting expectations, risk of chain expansion not meeting expectations, risk of loss caused by new stores