There are many "firsts" in Xu Jie's life. In 1988, she founded the Jilin Private Trauma Hospital, the first private hospital in Jilin Province. She has served as the legal representative and dean of the company for 8 years. She also witnessed the “first hospital in China†Phoenix Medical in the investment bank in a few years. The high valuation of 10 billion yuan is expected to go to Hong Kong IPO.
In November 2007, Xu Jie and his daughter Xu Xiaojie established Beijing Phoenix Group, the predecessor of Phoenix Medical Group, through Beijing Wantong and Beijing Weico, and declared that “Beijing Phoenix†was formally established in the form of a joint-stock company. In 2013, in the Third Plenary Session, the policy on encouraging private hospitals to run private hospitals and the first private hospitals to enter medical insurance was given a green light for the development of private hospitals. Also in November of this year, Phoenix Medical was listed in Hong Kong.
From the initial hospital prototype to 30 years of development, "Phoenix Medical" has a new name, identity and mission, that is, as China Resources Phoenix Medical Group, as the corner of China Resources Group's main "team" in medical health. From "single soldier combat" to the Asian-scale hospital group, the "revolutionary history" of China Resources Phoenix Medical is worth pondering.
Love, hate, joy and joy: "China Resources" and "Phoenix"
Before the reorganization of China Resources Medical and Phoenix Medical in 2015, the two sides were like two parallel lines. The only intersection may be that the two major medical groups continued to advance on the road of restructuring and mergers and acquisitions.
After the listing of Phoenix Medical, the trend of hospital restructuring and mergers and acquisitions has emerged in China, and social capital has entered public hospitals. Prior to this, Phoenix Medical was also the IOT line, mainly in the management of Mentougou District Hospital, Jingmei Hospital and Mentougou District Chinese Medicine Hospital in 2010, 2011 and 2012 according to the IOT model agreement.
On the other hand, China Resources Medical is also an active player in hospital restructuring and mergers: After its establishment in 2011, China Resources Medical participated in the restructuring of the Kunming Children's Hospital in 2012. In 2013, China Resources Medical and Wuhan Iron and Steel Group signed a joint venture agreement, accounting for 51% of the shares of Wuhan Iron and Steel Hospital. In 2014, China Resources Medical and Yuxi Municipal People's Government signed a cooperation framework agreement, and jointly organized with Yuxi. While developing and expanding the existing children's hospital, it invested 400 million yuan to build a third-grade children's hospital.
The landmark event occurred in April 2015. China Resources Medical announced the restructuring plan with Phoenix Medical at that time. After the transaction was completed, China Resources Medical became the single largest shareholder of Phoenix Medical with more than 35% of its shares. This incident was seen as a “prelude†to the merger of China Resources Medical and Phoenix Medical in 2016.
In April 2016, under the “combination†of China Resources Group, the central enterprise China Resources Medical officially became a “marriage†with Phoenix Medical as the largest shareholder. The two sides merged and officially changed its name to “China Resources Phoenix Medical†after half a year. More notably, however, CITIC Healthcare, one of the “Big Four†medical groups, followed, Phoenix Medical acquired 70% of the shares of Hangzhou Plastic Surgery, a 60% stake in CITIC Huizhou Hospital. After the transaction was completed, CITIC Medical occupied 13.54% of the shares and became the second largest institutional shareholder. This also means that Phoenix Medical, a private medical group, has seized the hands of two national teams and turned into a state-controlled medical group. This transaction was called the flag of the medical field in the industry.
According to industry analysts, China Resources Medical and CITIC Medical are both national teams, which have brought about resource expansion. For the time when the main business focused on the IOT and the supply chain, Phoenix Medical has enhanced its integration capabilities.
However, the “love†of China Resources Phoenix and CITIC Medical has only rushed to end in one year. In May 2017, China Resources Phoenix issued an announcement to terminate the acquisition of the shares of CITIC Medical Hangzhou Plastic Surgery Hospital and CITIC Huizhou Hospital for HK$1.24 billion. CITIC Medical has withdrawn from the Phoenix Medical Mix.
After the original Phoenix founder cleared the share price of China Resources Phoenix in January this year, China Resources Phoenix Medical announced two consecutive announcements. The contradiction between "country" and "people" was finally "exposed" after China Resources entered the country two years later. . The Board of Directors recommended that “China Resources Phoenix Medical Holdings Co., Ltd.†be renamed “China Resources Medical Holdings Co., Ltd.†and announced major changes to the management team. This announcement means that China Resources and Phoenix have “completely brokenâ€, and the hybrid ownership reform of China Resources Group and Phoenix Medical has completely failed.
Leading the change: "Hong Kong" to "Asia"
Despite this, the business results of China Resources Phoenix Medical in the private medical industry still deserve our attention. As the first private medical group of the IOT (Investment-Operation-Transfer) model, Phoenix Medical's investment operation model and the reform of public hospitals and state-owned hospitals are worthwhile.
China Resources Phoenix Medical first "revolved" the life of the hospital, this "gun" is the medical institution IOT custody. IOT's full name is Investment-Operation-Transfer. In short, it is funded by hosting. In essence, it is a link between agreements and investment for operational management. Typically, investors commit to making fixed investments, improving hospital medical facilities and service levels in exchange for management and operations-related hospital rights, collecting agreement-based management fees for a certain agreed period of time, and providing medicines, medical devices, and medical supplies. And return the management and operation to the hospital owner after the agreement is over.
In this way, China Resources Phoenix Medical has obtained the procurement rights for medicines and consumables through the custody of the hospital, which supports and runs through its GPO (centralized procurement) business model. Although public hospitals are custody by social capital, their non-profit attributes have not changed. Therefore, the “heavy burden†of China Resources Phoenix Medical is placed in the IOT management business and the associated supply chain business.
Therefore, it is not difficult to understand that the three service systems of “General Hospital Serviceâ€, “Hospital Management Service†and “Supply Chain†built by China Resources Phoenix Medical Center have become their main source of revenue. “General Hospital Service†mainly obtains income from Jiangong Hospital Medical Service and Phoenix VIP Service. “Hospital Management Service†means that Phoenix Medical has reached an agreement with the owner of the hospital through the opportunity of public hospital reform, thus having possession of them. Management rights, charge a certain management fee. The specific operation mode of the “supply chain†business means that the group purchases medicines, medical equipment and medical consumables from suppliers and then sells them to the hospitals and clinics of the group.
According to the data of China Resources Phoenix Medical 2017 Annual Report, during the reporting period, China Resources Phoenix Medical's third-party supply chain service fee and GPO gross profit increased by approximately 94.45 million yuan compared with 2016, driving the hospital's profit contribution to increase to approximately 609 million yuan. The profit contribution rate increased by 1.3ppt to 9.7%.
In terms of hospital types, the hospitals under China Resources Phoenix Medical are mainly divided into four categories: the first category is for-profit hospitals, including Jiangong Hospital and Sanjiu Clinic; the second category is for holding hospitals, including Guangdong Sanjiu Brain. Hospital, Huai Mine Hospital Group, Xu Mine Hospital and WISCO Hospital Group; the third category is IOT Hospital, including Yanhua Hospital Group, Beijing Media Hospital Group, Mentougou District Hospital, Mentougou District Chinese Medicine Hospital, Mentougou Maternal and Child Health Hospital, Shunyi District Airport Hospital, Shunyi District Second Hospital, Baoding Third Central Hospital; the fourth category is OT Hospital, including Taian High Speed ​​Rail Hospital. It can be seen that in addition to owning hospitals, China Resources Phoenix Medical also creates profit growth points by hosting hospitals.
In 2016, the two “new members†of China Resources Medical and CITIC Medical injected a lot of momentum into Phoenix Medical. Due to the leading resources, performance and landing, the industry generally refers to China Resources Medical, CITIC Medical, Peking University Medical and Fosun Pharma as “four major medical groupsâ€. Although it has not entered the “Four Big†echelon, Phoenix Medical, as a veteran of the Chinese private medical group, has a relatively complete layout in the Beijing-Tianjin-Hebei region, and is known in the country for its public-private partnership PPP model and centralized procurement supply chain management model. .
Under the "concern" of China Resources Medical and CITIC Medical, the Phoenix Medical has undoubtedly obtained more resources for blood injection. In 2016, its number of open beds jumped from 5,809 to 10,000, and the number of outpatients also reached a new high in that year.
According to the data, the medical institutions controlled by China Resources Phoenix Medical Center mainly cover Beijing, Hebei, Wuhan, Anhui, Jiangsu and Guangdong. As of June 2018, the number of medical institutions reached 113. Among the 113, most of them are first-class hospitals, as well as communities and medical clinics. The cities with higher institutions are Beijing, Anhui and Hubei, with 56, 25 and 18 respectively.
From listing in Hong Kong to continuously integrating resources, introducing capital and partners, and continuing to acquire hospitals, China Resources Phoenix Healthcare has become an Asian-level medical services group. Although the covered provinces and cities have certain geographical attributes, just as when China Resources Medical entered Phoenix Medical, it officially saw it as a “potential stock†with strong layout capabilities and operational capabilities in the domestic market. On the other hand, the strong entry of China Resources Medical has also raised a lot of “segments†for Phoenix Medical.
Takeoff opportunity: three carriages to expand the map
2016 is the first year of the 13th Five-Year Plan. At the same time, healthy China has risen to a national strategy. In recent years, the policy orientation and development trend of the medical service industry has also created a good development environment for social capital to run medical treatment.
For China Resources Phoenix Medical, the pace of these two years has not been so brisk. As mentioned above, the profit contribution of China Resources Phoenix Medical mainly comes from the profit of its hospitals and hospital management fees, as well as the GPO gross profit of providing supply chain management services for hospitals. In the context of the new medical reform in China, public hospitals have promoted the separation of medicines, the two-vote system and the zero price difference between drugs. The profit margin of China Resources Phoenix Medical has undoubtedly been squeezed.
China Resources Phoenix Medical is "very optimistic". This time, it is "life" is its own life. In its 2017 annual report, “The Group will seize this historic development opportunity and create a bigger “Troika†driven by hospital lean operation, foreign investment M&A and industry extension innovation. Hospital group derivative value.
In terms of lean operation, China Resources Phoenix Medical is still working hard on its old-fashioned hospital management operation. This management philosophy has been advocated by China Resources Group. By reducing faults and shortening waiting time, the hospital has improved the quality of medical services, reduced waste, improved efficiency, and a service model based on demand rise, and summarized DMAIC. (Definition - Measurement - Analysis - Implementation Improvement - Curing) Practice Template.
At the same time, in recent years, China Resources Phoenix Medical is also expanding its territory. For example, on March 23 this year, China Resources Phoenix signed the operation and management agreement of Taian High-speed Railway Hospital. China Resources Phoenix exported the modern hospital operation management system and medical technology OT (operation-transfer) mode to provide hospital management and discipline construction services.
In the extension of the industrial chain, as the main platform of the China Resources Group and the main platform for the implementation of the 13th Five-Year Plan, China Resources Phoenix Medical will naturally receive the attention of resources. In addition to the "brother company" China Resources Pharmaceuticals, China Resources Group's main business also involves large consumption, electricity, real estate, finance and so on. In business collaboration and cross-border expansion, China Resources Phoenix Medical has a lot of imagination.
At the beginning of this year, Fu Yuning, chairman of China Resources Group, said that by the end of 2017, the turnover of the China Health Group's big health segment had reached 175 billion Hong Kong dollars, accounting for 28% of the group's total turnover. The strategic layout of China Resources Group's “Great Health†business will continue to expand and expand around investment operations, health towns, health funds and health education.
The last carriage is an extension of the industry chain. In addition to the continuation of the original GPO business, China Resources Phoenix Medical is also exploring innovative industries such as the Doctor Group, the Quick Clinic (UCC), and the combination of medical and nursing.
Specifically, under the strategic layout of "Doctor Group +", China Resources Phoenix Medical has established six major doctor groups covering ophthalmology, dermatology, cardiac surgery, brain, wound treatment centers, anorectal and other diseases. It has first opened more than ten UCC Express Clinics based in Beijing, aiming to help graded medical treatment. In terms of medical care, the China Resources Group has been the mainstay.
With such a strong development momentum and seemingly complete business plan, China Resources Phoenix Medical has really stabilized the flag of the private medical group? Not also. Internally, the rectification of the team that frequently changed coaches in China Resources Phoenix Medical and the “rename of the storm†will inevitably affect its short-term development in August this year. Externally, the legality dispute of the IOT model remains a topic of concern to the industry, and the source of profit relies heavily on China Resources Phoenix Medical in the IOT and hospital supply chain will not be "frightened".
2018 is the "year of the year" of China Resources Phoenix Medical. The welcoming of it is the fusion and nirvana of the medical industry. The continuous deepening of medical reform, the wave of non-public medical care, and the advent of an aging era have brought enormous opportunities and challenges. The "small-headed soldier" of the private medical group still needs to find a good wind, and is always ready for the next take-off.
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