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孟令星：中國(guó)政法大學(xué)商學(xué)院講師、MBA教育中心招生部主任、執(zhí)業(yè)律師、清華大學(xué)商法學(xué)博士、中國(guó)人民大學(xué)經(jīng)濟(jì)法學(xué)博士后、美國(guó)哈佛大學(xué)進(jìn)修學(xué)者。

[重點(diǎn)詞匯]well timed合時(shí)宜地oligopoly n. 寡占；寡頭買(mǎi)主壟斷

Lex專(zhuān)欄：京東健康中期前景不錯(cuò)

Lex_Telemedicine/JD Health: what the doctor ordered

京東的醫(yī)療保健子公司在香港上市的時(shí)機(jī)恰到好處。中國(guó)是數(shù)字醫(yī)療的理想測(cè)試平臺(tái)。不斷壯大的中產(chǎn)階層準(zhǔn)備為優(yōu)質(zhì)醫(yī)療服務(wù)付費(fèi)。

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(guó)的早期采用者中，在醫(yī)院等著醫(yī)生出手術(shù)室后向他們咨詢(xún)的做法已經(jīng)過(guò)時(shí)了。新冠疫情期間，通過(guò)京東健康(JD Health)等平臺(tái)進(jìn)行的遠(yuǎn)程問(wèn)診激增。預(yù)計(jì)這一趨勢(shì)將會(huì)在抗疫封鎖結(jié)束后延續(xù)。京東健康在香港上市、發(fā)售35億美元股票的時(shí)機(jī)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(duì)電商巨頭京東(JD.com)的這家醫(yī)療保健子公司估值超過(guò)400億美元。原本準(zhǔn)備追逐螞蟻集團(tuán)(Ant Group)上市——已被推遲——的熱錢(qián)是推高京東健康股價(jià)的原因之一。該行業(yè)的潛力是另一個(gè)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(guó)是數(shù)字醫(yī)療的理想測(cè)試平臺(tái)。公共醫(yī)療服務(wù)資源不足。私營(yíng)醫(yī)療服務(wù)領(lǐng)域沒(méi)有美國(guó)那種限制性的寡頭壟斷。龐大的老齡化人口準(zhǔn)備為最優(yōu)秀的醫(yī)生付費(fèi)。

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

該集團(tuán)的醫(yī)療保健營(yíng)收在今年上半年增長(zhǎng)逾四分之三，達(dá)到13億美元。它已經(jīng)實(shí)現(xiàn)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(zhǎng)空間。京東健康不到三年前推出在線問(wèn)診。對(duì)于不需要當(dāng)場(chǎng)體檢的病癥，這類(lèi)問(wèn)診效果不錯(cuò)。它們大多是免費(fèi)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(zhuān)家咨詢(xún)外，藥品銷(xiāo)售是主要營(yíng)收來(lái)源，使京東健康成為中國(guó)最大的在線零售藥品平臺(tái)。這給在線醫(yī)生帶來(lái)利益沖突，就像傳統(tǒng)執(zhí)業(yè)醫(yī)生面對(duì)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(wèn)診費(fèi)用將解決這些問(wèn)題。沒(méi)有監(jiān)管改革，就不能使用國(guó)家公共醫(yī)保來(lái)支付在線問(wèn)診的費(fèi)用。但在這方面，中國(guó)不斷壯大的中產(chǎn)階層是可以被說(shuō)服自己付費(fèi)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(duì)投資者來(lái)說(shuō)是一個(gè)更令人擔(dān)憂(yōu)的問(wèn)題。京東將會(huì)受到北京方面新的反壟斷法規(guī)的打擊。京東健康的主要競(jìng)爭(zhēng)對(duì)手是阿里巴巴(Alibaba)、平安(Ping An)和騰訊(Tencent)旗下的醫(yī)療部門(mén)，這些科技巨頭同樣面臨官方對(duì)交叉銷(xiāo)售和交叉補(bǔ)貼的不認(rèn)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(jià)值1萬(wàn)億美元的中國(guó)醫(yī)療保健市場(chǎng)，在線醫(yī)療保健行業(yè)的價(jià)值僅為40億美元，規(guī)模太小，不足以招致直接攻擊，這一點(diǎn)有助于該行業(yè)的發(fā)展。新冠疫情期間對(duì)醫(yī)療資源的迫切需求，使監(jiān)管機(jī)構(gòu)迄今保持友好姿態(tài)。京東健康等公司還可以幫助推動(dòng)病歷數(shù)字化，從而進(jìn)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(guó)科技公司的標(biāo)準(zhǔn)，京東健康14倍于歷史銷(xiāo)售額的企業(yè)價(jià)值也是偏高的。但是規(guī)模較小的競(jìng)爭(zhēng)對(duì)手阿里健康(AliHealth)的市售率達(dá)到20倍。在日益繁榮而城市化的中國(guó)，京東健康的中期前景不錯(cuò)。你甚至可以說(shuō)其前景像是健康的化身。