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民营眼科“上市潮”背后,资本能助其跨区域发展吗

Behind the "listing tide" of private ophthalmology, can capital help its cross-regional development?

投中網 ·  Jul 27, 2021 10:59

Hit healthy | Yang Yan

Behind the expansion vision of competing for listing, is the "golden age" of the ophthalmology track coming to an end or the beginning?

The ophthalmology track is really hot!

With the submission of prospectuses by one ophthalmology institution after another in the past two years, the otherwise rather silent industry has ushered in a wave of "listing" with the naked eye.

Within nearly a month, 02219.HK listed in Hong Kong with a market capitalization of nearly HK $10 billion. Huaxia Ophthalmology and Puri Ophthalmology have also had a meeting and will be listed on the gem of the Shenzhen Stock Exchange. Not only that, Hengrui Medicine, Huaxi Biology and other market hot targets are also aimed at the ophthalmology track, frequent movements.

CVSource hit data show that 2021 is only halfway through, and the total fund-raising amount of the ophthalmology track has reached the highest level in nearly a decade, more than 6.5 billion yuan.

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The data comes from the CVSource hit data platform.

Behind the popularity of capital, medical disputes caused by repeated disputes in the ophthalmology industry, imbalance in regional development, lack of endogenous growth and other issues have also shifted from behind the scenes to the front of the stage, and have been concerned by more investors.

On July 19th, the largest fixed increase plan since the listing of "Eye Komao" 300015.SZ received a letter of inquiry from the Shenzhen Stock Exchange.

Behind the high popularity of the industry, is the ophthalmology track still "short of money" at present? What changes will the influx of capital bring to this health care segment? Looking to the future, where should I look at the "money" scene of the ophthalmology track?

1. Will the logic of growth in the field of ophthalmology continue?

Capital is optimistic about the ophthalmology track, which is inseparable from the wealth-building effect of the industry's "leading brother" Al ophthalmology.

Since 2014, Ayre Ophthalmology has maintained a net profit growth rate of more than 30 per cent for six consecutive years, and even in 2020, when the outbreak broke out, its net profit growth rate was more than 25 per cent, and the company's market capitalization has soared from about 6 billion to about 300 billion in 11 years.

Zhu Yu is in front, other players in the ophthalmology track are naturally also carried by investors with growing confidence and expectations. However, judging from the public data currently disclosed, the next Ayre ophthalmology does not seem to be coming soon.

In terms of revenue volume, Ayre Ophthalmology has achieved 9.99 billion yuan in revenue in 2019, which can be close to the 10 billion mark, while Huaxia Ophthalmology, Puri Ophthalmology, Chaoju Ophthalmology, and Ho's Ophthalmology have a total revenue of only about 5 billion that year. The whole ophthalmology track shows a trend of "one super and more strong".

Wu Shijun, secretary of Ayre ophthalmology, once told Zhongzhong Health that in the entire private ophthalmology track, Aier ophthalmology revenue should account for more than 30%, but in the entire ophthalmology industry, Ayre ophthalmology revenue accounts for less than 10%, about 8% 9%.

Most of the private ophthalmic hospitals in China were established around 2000. In the past 20 years, most public hospitals are good at complicated ophthalmic diseases and large-scale surgery, while private ophthalmic chain hospitals rely on cataract surgery and myopic refractive diseases. the momentum of development is far beyond the former.

In terms of business direction, the four ophthalmology companies that are about to be listed or have been listed this time mainly have three types of business: cataract surgery, refractive treatment (myopia surgery) and optometry services (myopia prevention and control / lens matching).

For private eye hospitals, the number of cataract surgery was once the main source of income for major hospitals. After breaking through the technology of cataract phacoemulsification, the whole process of cataract surgery is relatively simple and standardized, thus reducing the dependence on experts. In addition, medical insurance for cataracts can be reimbursed, and there is also a lot of assistance from the early disabled Persons' Federation and charitable funds. It can be said that the rapid development of private eye hospitals in the past two decades is inseparable from the substantial increase in the number of cataract surgery.

There is an old saying in the ophthalmology industry that to eat well depends on cataract surgery for the elderly (cataract surgery for the elderly), refraction (myopia surgery), and future vision (myopia prevention and control).

Obviously, the number of cataract surgery after the initial stock elimination stage, the current growth space is limited, the number of surgery is also decreasing year by year, not to mention that many of the previous concessions are difficult to sustain. With the increasing public attention to visual health in recent years, the growth of refractive surgery in private eye hospitals is also remarkable. The refractive business of Puri ophthalmology, which we met not long ago, is now the company's largest source of revenue. In addition, the largest amount of funding raised by Huaxia Ophthalmology and Ho's Ophthalmology is directed to the optometry project.

It can be said that, from the perspective of industry trends, the current development speed of several ophthalmic service institutions is determined not only by the current revenue scale, but also by the adjustment and development of their own business structure.

However, from the perspective of fund-raising direction, the current development focus of various institutions is still on the replication and expansion by the point and area. More than 50% of the funds raised by Chaoju ophthalmology will be used for new hospitals and potential acquisitions, according to the prospectus. Ho's Ophthalmology, Huaxia Ophthalmology and Puri Ophthalmology respectively plan to invest the funds raised in local self-built eye hospitals to achieve the goal of moving from the region to the whole country. The fund-raising of Ayre Ophthalmology this year is also a project for the relocation and expansion of local eye hospitals and the construction of new eye hospitals in the future.

China has the largest number of blind and visually impaired patients in the world, and there must be a lot of room for the development of the ophthalmology industry. however, at present, various institutions have invested "heavy assets" in the path of cross-regional replication and expansion. who can achieve stable growth is a difficult problem in the development direction of ophthalmology hospitals.

2. Black swans in ophthalmology

Of course, from the direction of fund-raising, we can also see that these companies that are going public or have already been listed have their own priorities.

The expansion of Chaoju Ophthalmology focuses on Inner Mongolia, North China and Jiangsu and Zhejiang, because of the advantages of health insurance policy and government support in Inner Mongolia, Jiangsu and Zhejiang have a business foundation, and managers are familiar with the local environment. When communicating with investors, he said that the three eastern provinces and Fujian would not consider it for the time being.

This is precisely the home of the other two ophthalmology institutions. He's ophthalmology is deeply cultivated in the markets of the three eastern provinces, while Fujian Province is the most powerful area of ophthalmology in Huaxia. In the fund-raising use of the prospectus, he's ophthalmology aimed at Beijing and Chongqing ophthalmology market, Puri ophthalmology targeted Changchun and Harbin, and Huaxia ophthalmology chose the new ophthalmology hospital project in Tianjin.

Even if the brand awareness such as Ayre ophthalmology, strong areas are more concentrated in central China, in Jiangsu, Zhejiang and other places to develop in general.

Why do ophthalmic institutions always have some problems in the process of cross-regional replication? so far, this question can not be answered with a unified answer, but in the process of development in the past decade, ophthalmic hospitals have basically formed a form of regional centralized development in the whole country, and apart from the separation of various institutions, there is also the problem of uneven regional development.

Judging from the revenue data published in the prospectus, even before the outbreak, there were losses in a number of hospitals in Ho's Ophthalmology, Prior Ophthalmology and Huaxia Ophthalmology.

For investment institutions, ophthalmic malpractice may be the biggest "black swan" incident. In the listing materials of Chaoju Ophthalmology, he's Ophthalmology, Puri Ophthalmology and Huaxia Ophthalmology, no less than 40 medical disputes can be seen, and there are still unresolved cases. In this regard, Eye Ophthalmology may also serve as a warning. From the original "knife closure" to the recent "Aiai dispute", ophthalmology incidents that have aroused national concern may occur occasionally, but the impact on institutions is lasting.

With the development of the industry for a long time, "Black Swan" will always come. After landing in the capital market, how to strike a balance between capital profit and self-growth of ophthalmology institutions is a way to test and distinguish everyone's management level.

Public data show that at present, the penetration rate of the ophthalmic service industry is less than 3%, and the "slow" of the medical industry is also evident in the development of this industry, but private medical service institutions have shown enough vitality in this market.

In the context of the consumption upgrading of the ophthalmology industry in the future, in addition to ophthalmology service institutions, ophthalmology upstream equipment and medicine are also worthy of attention, and the story of the competition for ophthalmology track must be just the beginning.

Website editor: Xue Yukun

The translation is provided by third-party software.


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