<p><strong>亚马逊</strong>（AMZN -0.87%）主要以其电子商务市场和云计算基础设施业务而闻名。但信不信由你，亚马逊还在多个其他终端市场运营，包括流媒体、娱乐、广告等。</p>
<p>亚马逊多年来能够实现业务多元化的一种方式是通过一系列收购。虽然亚马逊的大多数收购都集中在技术领域，但近年来该公司在医疗保健领域也进行了些许低调的布局。</p>
<p>2018 年，亚马逊以 7.53 亿美元收购了在线药房业务 PillPack。此外，该公司在 2023 年以 39 亿美元收购了基于会员的初级医疗服务提供商 1Life Healthcare。</p>
<p>这两家公司帮助亚马逊在医疗服务方面取得了领先，主要通过亚马逊药房。接下来，我将分析我认为亚马逊可能收购的下一家公司，并解释为什么我认为这笔交易在现在非常有意义。</p>
<h2>亚马逊应该收购 Hims &amp; Hers Health</h2>
<p><strong>Hims &amp; Hers Health</strong>（HIMS 1.21%）是一家专注于提供多种生活方式和健康产品的远程医疗公司，包括护肤、头发生长、减肥、焦虑、性健康等治疗。</p>
<p>去年 11 月，亚马逊药房宣布扩展其产品范围，包括 “常见的健康、美容和生活方式问题”，如抗衰老护肤、头发生长和勃起功能障碍。</p>
<p>我立刻看到 Hims &amp; Hers 平台与亚马逊通过其在线药房增强的产品之间有很多重叠。接下来，我将深入探讨 Hims &amp; Hers 为何对亚马逊的生态系统特别具有吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvcGhhcm1hY3ktY3VzdG9tZXItMTQxOTI0NzY0OC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvcGhhcm1hY3ktY3VzdG9tZXItMTQxOTI0NzY0OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么 Hims &amp; Hers Health 和亚马逊可能是天作之合</h2>
<p>根据下图，投资者可以看到 Hims &amp; Hers Health 的绝大多数收入来自在线销售。根据该公司的 10Q 文件，“我们在线收入的主要部分是基于订阅的，客户同意定期收费，以便产品和服务自动送达他们。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvc2NyZWVuc2hvdC0yMDI0LTEyLTI0LTEzNDMxNS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvc2NyZWVuc2hvdC0yMDI0LTEyLTI0LTEzNDMxNS5qcGcmdz03MDA"/></p>
<p>图片来源：Hims &amp; Hers 投资者关系。</p>
<p>我认为 Hims &amp; Hers Health 对亚马逊如此具有吸引力的原因归结为一点：亚马逊 Prime，这是一项订阅服务，为会员提供一系列福利，如免费送货和通过公司的流媒体平台访问某些娱乐内容。</p>
<p>正如我之前提到的，亚马逊近年来的两项主要医疗相关收购包括 PillPack 和 1Life Healthcare。1Life Healthcare 是 Prime 会员的独家福利，而 PillPack 和亚马逊药房整体更倾向于 Prime 订阅者（尽管您实际上不需要成为 Prime 会员才能访问亚马逊药房的一些产品）。</p>
<p>我认为这里显而易见的协同机会是，亚马逊可以将 Hims &amp; Hers Health 的订阅用户整合到 Prime 会员平台中，从而进一步增强其在线药房能力，并在此过程中增加一条稳定的高利润、经常性收入流。</p>
<h2>现在看起来是达成交易的机会</h2>
<p>Hims &amp; Hers Health 是一个有趣的案例研究。尽管今年股价飙升了 216%，但该股票在 12 月却下跌了近 13%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.png"/></p>
<p>HIMS 数据来源于 YCharts</p>
<p>影响 Hims &amp; Hers Health 近期价格走势的一个主要趋势源于减肥市场。目前，类似 Ozempic、Wegovy、Mounjaro 和 Zepbound 的胰高血糖素样肽-1（GLP-1）激动剂被用于治疗糖尿病和慢性体重管理。这四种重磅药物均由 <strong>诺和诺德</strong> 或 <strong>礼来</strong> 生产。</p>
<p>虽然 GLP-1 市场的竞争相对较少，但 Hims &amp; Hers 通过提供像 Ozempic 这样的治疗的复合版本找到了自己的独特市场。复合药物未获得食品和药物管理局（FDA）的批准，但一些患者会因为其低成本和易于获取而选择这些仿制药。</p>
<p>几个月以来，诺和诺德和礼来对复合 GLP-1 治疗发表了公开评论，并采取了自己的措施，试图使其减肥药物更具可负担性和更易获取。</p>
<p>此外，就在本周，FDA 将 Mounjaro 和 Zepbound 的主要成分 tirzepatide 从短缺清单中移除。这意味着复合药物设施有有限的时间（根据某些监管框架为 60 到 90 天）继续销售复合 GLP-1。一旦停止，Hims &amp; Hers 在减肥市场的渗透将面临更大挑战，其增长可能会显著放缓。</p>
<p>在我看来，这些发展直接导致了 Hims &amp; Hers Health 股票的当前抛售。以 62 亿美元的市值，亚马逊可以轻松用其资产负债表上的现金收购 Hims &amp; Hers Health。</p>
<p>考虑到亚马逊药房与 Hims &amp; Hers Health 之间的产品重叠，加上亚马逊可以纳入其 Prime 会员福利的强大经常性收入基础，我认为双方之间的交易是天作之合。</p>

亚马逊

HIMS

<p>亚马逊正在考虑收购 Hims & Hers Health，这是一家远程医疗公司，旨在增强其医疗服务。这是继亚马逊之前在医疗领域的收购，包括 PillPack 和 1Life Healthcare 之后的又一举措。Hims & Hers 专注于生活方式和健康产品，其收入的很大一部分来自基于订阅的在线销售。这笔潜在的收购与亚马逊将医疗服务整合到其 Prime 会员中的战略相一致，为其提供稳定的收入来源。尽管最近股票下跌，Hims & Hers 仍然是亚马逊在医疗市场扩张的一个有吸引力的目标</p>

<p><strong>Amazon</strong>(AMZN -0.87%) is primarily known for its e-commerce marketplace and cloud computing infrastructure business. But believe it or not, Amazon also operates within several other end markets including streaming, entertainment, advertising, and more.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -0.87%）主要以其电子商务市场和云计算基础设施业务而闻名。但信不信由你，亚马逊还在多个其他终端市场运营，包括流媒体、娱乐、广告等。</p>
</div><p>One way that Amazon has been able to diversify its business over the years is through a series of acquisitions. While the majority of Amazon's buyouts have revolved around the technology sector, the company has made some quiet moves in the healthcare space in recent years.</p>
<div class="lb-trans"><p>亚马逊多年来能够实现业务多元化的一种方式是通过一系列收购。虽然亚马逊的大多数收购都集中在技术领域，但近年来该公司在医疗保健领域也进行了些许低调的布局。</p>
</div><p>In 2018, Amazon acquired online pharmacy business PillPack for $753 million. Moreover, the company acquired membership-based primary healthcare provider 1Life Healthcare for $3.9 billion in 2023.</p>
<div class="lb-trans"><p>2018 年，亚马逊以 7.53 亿美元收购了在线药房业务 PillPack。此外，该公司在 2023 年以 39 亿美元收购了基于会员的初级医疗服务提供商 1Life Healthcare。</p>
</div><p>These two companies have helped Amazon spearhead its healthcare services, primarily through Amazon Pharmacy. Below, I'm going to break down which company I think Amazon could acquire next and explain why I think the deal makes a lot of sense right now.</p>
<div class="lb-trans"><p>这两家公司帮助亚马逊在医疗服务方面取得了领先，主要通过亚马逊药房。接下来，我将分析我认为亚马逊可能收购的下一家公司，并解释为什么我认为这笔交易在现在非常有意义。</p>
</div><h2>Amazon should acquire Hims &amp; Hers Health</h2>
<div class="lb-trans"><h2>亚马逊应该收购 Hims &amp; Hers Health</h2>
</div><p><strong>Hims &amp; Hers Health</strong>(HIMS 1.21%) is a telemedicine company that specializes in providing a number of lifestyle and wellness products, including treatments for skincare, hair growth, weight loss, anxiety, sexual health, and more.</p>
<div class="lb-trans"><p><strong>Hims &amp; Hers Health</strong>（HIMS 1.21%）是一家专注于提供多种生活方式和健康产品的远程医疗公司，包括护肤、头发生长、减肥、焦虑、性健康等治疗。</p>
</div><p>Back in November, Amazon Pharmacy announced that it was expanding its product offerings to include &#34;common health, beauty, and lifestyle concerns&#34; such as anti-aging skincare, hair regrowth, and erectile dysfunction.</p>
<div class="lb-trans"><p>去年 11 月，亚马逊药房宣布扩展其产品范围，包括 “常见的健康、美容和生活方式问题”，如抗衰老护肤、头发生长和勃起功能障碍。</p>
</div><p>Right off the bat, I see a lot of overlap between the Hims &amp; Hers platform and Amazon's bolstered offerings through its online pharmacy. Below, I'll dig into what makes Hims &amp; Hers a particularly attractive asset for Amazon's ecosystem.</p>
<div class="lb-trans"><p>我立刻看到 Hims &amp; Hers 平台与亚马逊通过其在线药房增强的产品之间有很多重叠。接下来，我将深入探讨 Hims &amp; Hers 为何对亚马逊的生态系统特别具有吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvcGhhcm1hY3ktY3VzdG9tZXItMTQxOTI0NzY0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802093%2Fpharmacy-customer-1419247648.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Why Hims &amp; Hers Health and Amazon could be a match made in heaven</h2>
<div class="lb-trans"><h2>为什么 Hims &amp; Hers Health 和亚马逊可能是天作之合</h2>
</div><p>Per the chart below, investors can see that the overwhelming majority of revenue for Hims &amp; Hers Health comes from online. And according to the company's 10Q filing, &#34;the majority of our online revenue is subscription-based, where customers agree to be billed on a recurring basis to have products and services automatically delivered to them.&#34;</p>
<div class="lb-trans"><p>根据下图，投资者可以看到 Hims &amp; Hers Health 的绝大多数收入来自在线销售。根据该公司的 10Q 文件，“我们在线收入的主要部分是基于订阅的，客户同意定期收费，以便产品和服务自动送达他们。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIwOTMvc2NyZWVuc2hvdC0yMDI0LTEyLTI0LTEzNDMxNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802093%2Fscreenshot-2024-12-24-134315.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Hims &amp; Hers investor relations.</p>
<div class="lb-trans"><p>图片来源：Hims &amp; Hers 投资者关系。</p>
</div><p>The reason I see Hims &amp; Hers Health as such an attractive asset for Amazon comes down to one thing: Amazon Prime, the subscription service that offers members a host of benefits such as free shipping and access to certain entertainment content through the company's streaming platform.</p>
<div class="lb-trans"><p>我认为 Hims &amp; Hers Health 对亚马逊如此具有吸引力的原因归结为一点：亚马逊 Prime，这是一项订阅服务，为会员提供一系列福利，如免费送货和通过公司的流媒体平台访问某些娱乐内容。</p>
</div><p>As I referenced above, two of Amazon's major healthcare-related acquisitions in recent years include PillPack and 1Life Healthcare. 1Life Healthcare is an exclusive perk for Prime members, while PillPack and Amazon Pharmacy as a whole are tailored more toward Prime subscribers (although you technically do not need to be a Prime member to access some of Amazon Pharmacy's offerings).</p>
<div class="lb-trans"><p>正如我之前提到的，亚马逊近年来的两项主要医疗相关收购包括 PillPack 和 1Life Healthcare。1Life Healthcare 是 Prime 会员的独家福利，而 PillPack 和亚马逊药房整体更倾向于 Prime 订阅者（尽管您实际上不需要成为 Prime 会员才能访问亚马逊药房的一些产品）。</p>
</div><p>I think the obvious synergy opportunity here is for Amazon to roll up Hims &amp; Hers Health's subscriber base into the Prime membership platform -- thereby bolstering its online pharmacy capabilities even further and adding a steady stream of high-margin, recurring revenue in the process.</p>
<div class="lb-trans"><p>我认为这里显而易见的协同机会是，亚马逊可以将 Hims &amp; Hers Health 的订阅用户整合到 Prime 会员平台中，从而进一步增强其在线药房能力，并在此过程中增加一条稳定的高利润、经常性收入流。</p>
</div><h2>Now looks like the opportunity to get a deal done</h2>
<div class="lb-trans"><h2>现在看起来是达成交易的机会</h2>
</div><p>Hims &amp; Hers Health is an interesting case study. Although shares have soared by 216% this year, the stock is actually down by nearly 13% just in December.</p>
<div class="lb-trans"><p>Hims &amp; Hers Health 是一个有趣的案例研究。尽管今年股价飙升了 216%，但该股票在 12 月却下跌了近 13%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.png" alt="" original-src="https://media.ycharts.com/charts/5f18b30084dbbec12e1917f2d4b71f56.png"/></p>
<p>HIMS data by YCharts</p>
<div class="lb-trans"><p>HIMS 数据来源于 YCharts</p>
</div><p>One of the bigger trends influencing recent price action for Hims &amp; Hers Health stems from the weight loss market. Right now, glucagon-like peptide-1 (GLP-1) agonists such as Ozempic, Wegovy, Mounjaro, and Zepbound are used to treat diabetes and chronic weight management. All four of these blockbuster drugs are made by either <strong>Novo Nordisk</strong> or <strong>Eli Lilly</strong>.</p>
<div class="lb-trans"><p>影响 Hims &amp; Hers Health 近期价格走势的一个主要趋势源于减肥市场。目前，类似 Ozempic、Wegovy、Mounjaro 和 Zepbound 的胰高血糖素样肽-1（GLP-1）激动剂被用于治疗糖尿病和慢性体重管理。这四种重磅药物均由 <strong>诺和诺德</strong> 或 <strong>礼来</strong> 生产。</p>
</div><p>While competition in the GLP-1 landscape is sparse, Hims &amp; Hers has been able to find its own unique pocket by offering patients compounded versions of treatments such as Ozempic. Compounded medications are not approved by the Food and Drug Administration (FDA), yet some patients will opt for these knockoffs purely due to their low cost and ease of access.</p>
<div class="lb-trans"><p>虽然 GLP-1 市场的竞争相对较少，但 Hims &amp; Hers 通过提供像 Ozempic 这样的治疗的复合版本找到了自己的独特市场。复合药物未获得食品和药物管理局（FDA）的批准，但一些患者会因为其低成本和易于获取而选择这些仿制药。</p>
</div><p>For months now, Novo and Lilly have made public comments about compounded GLP-1 treatments and have been making moves of their own to try to make their weight loss medications more affordable and easier to access.</p>
<div class="lb-trans"><p>几个月以来，诺和诺德和礼来对复合 GLP-1 治疗发表了公开评论，并采取了自己的措施，试图使其减肥药物更具可负担性和更易获取。</p>
</div><p>Furthermore, just this week the FDA removed tirzepatide -- the main ingredient in Mounjaro and Zepbound -- from its shortage list. This means that compounding facilities have a limited time (60 to 90 days depending on certain regulatory frameworks) to continue selling compounded GLP-1s. Once this stops, Hims &amp; Hers will likely have a much tougher time penetrating the weight loss market, and its growth could slow down materially.</p>
<div class="lb-trans"><p>此外，就在本周，FDA 将 Mounjaro 和 Zepbound 的主要成分 tirzepatide 从短缺清单中移除。这意味着复合药物设施有有限的时间（根据某些监管框架为 60 到 90 天）继续销售复合 GLP-1。一旦停止，Hims &amp; Hers 在减肥市场的渗透将面临更大挑战，其增长可能会显著放缓。</p>
</div><p>To me, these developments are directly contributing to the current sell-off in Hims &amp; Hers Health stock. With a market capitalization of $6.2 billion, Amazon could easily acquire Hims &amp; Hers Health with cash from the balance sheet.</p>
<div class="lb-trans"><p>在我看来，这些发展直接导致了 Hims &amp; Hers Health 股票的当前抛售。以 62 亿美元的市值，亚马逊可以轻松用其资产负债表上的现金收购 Hims &amp; Hers Health。</p>
</div><p>Given the overlap of product offerings between Amazon Pharmacy and Hims &amp; Hers Health, combined with the robust recurring revenue base that Amazon could roll into its Prime membership perks, I see a deal between the two parties as a match made in heaven.</p>
<div class="lb-trans"><p>考虑到亚马逊药房与 Hims &amp; Hers Health 之间的产品重叠，加上亚马逊可以纳入其 Prime 会员福利的强大经常性收入基础，我认为双方之间的交易是天作之合。</p>
</div>

Prediction: This Will Be Amazon's Next Big Acquisition

- 亚马逊通过收购扩展业务，近期收购了 PillPack 和 1Life Healthcare。  
- Hims & Hers Health 是一家专注于生活方式和健康产品的远程医疗公司。  
- 收购 Hims & Hers 可增强亚马逊的在线药房能力，增加高利润的经常性收入。

预测：这将是亚马逊的下一次重大收购