The fifteen-year-old Aier Ophthalmology is in the midst of a beautiful "flower season". As of 2018, Aier Ophthalmology has established more than 250 professional eye hospitals in 30 provinces and municipalities in mainland China, and its chain number is far ahead of other ophthalmic chain enterprises. In terms of revenue, Aier Ophthalmology maintains a growth rate of 20%-50% almost every year. Not only that, the 12-year-old Aier Ophthalmology began to go abroad, and its "study abroad" footprints spread throughout the United States, Europe and Hong Kong.
However, according to the rumors, before the birth of Aier Ophthalmology, its founder Chen Bang ended in failure. In the 1980s, Chen Bang was demobilized because of red and green blindness; when he went to the sea to do real estate, his market suddenly "collapsed"; the creation of a cultural industrial park, millions of assets have been squandered.
But nowadays, Chen Bang, who is the "big father" of Aier Ophthalmology, has already had billions of wealth. In October 2017, Hurun Research Institute released the "36 Count Hurun Report 2017", and Aier Ophthalmology Chen Bang was ranked among the 18 billion. Behind this billion-dollar wealth, of course, has nothing to do with Aier Eye.
From birth to the present ten years, Aier Ophthalmology, which is not a "rich second generation", has been steadily striving on its own, and its achievements are obvious to all. In fact, the cultivation of this ophthalmology chain "excellent students" is not easy.
Chain "triple jump"
At the end of the twentieth century, Chen Bang, the "big father" of Aier Ophthalmology, ushered in a turning point in fate. Chen Bang earned the first pot of gold through the establishment of an "institutional hospital" model for eye specialists in public hospitals. However, the good times did not last long. After the follow-up government began to rectify the "institution of the hospital," Chen Bang decided to build a hospital. However, on the one hand, it was restricted by funds, talents, licenses, etc., on the other hand, the patients lacked awareness of private hospitals at that time. Not quite satisfactory. Chen Bang, who refused to accept the loss, decided to make a final stroke. After 2002, Chen Bang took the form of joint venture with others or institutions to open the road of ophthalmology chain. No one ever thought that the way of chain brands made Aier Ophthalmology come back to life and it was out of control.
Ireland eye on January 24, 2003 was established, its main business is to provide diagnosis of various eye diseases to patients, medical treatment and eye care services such as optometry. In the 15 years of medical treatment, Aier Ophthalmology has experienced a chain of "triple jumps."
From 2003 to 2009, Aier Ophthalmology only had 1 parent sand branch and 20 holding subsidiaries, which expanded at a rate of 2.7 per year, which was slower. This is the primary of the first jump of the ophthalmic chain. stage.
The "second jump" took place from 2009 to 2014. During this period, Aier Ophthalmology took a major turning point – listing, and landed on the GEM in 2009. With sufficient financial support and cooperation from all parties, Aier Ophthalmology began to accelerate the pace of expansion through new construction and mergers and acquisitions.
In the network expansion plan of Aier Ophthalmology, in 2020, Aier Ophthalmology will complete the opening of 8 central city hospitals, 20 provincial city hospitals, 200 prefecture-level city hospitals and 1,000 county-level hospitals. The realization of this "ambition" is not simple. The new M&A model at that time could not meet the expansion needs of Aier Ophthalmology. Just in 2014, Aier Ophthalmology put a big move – setting up a M&A fund, this is the “third jumpâ€.
Through the establishment of the M&A fund, Aier Ophthalmology can obtain more funds on one hand to speed up the expansion of outlets, and on the other hand, it avoids the risk of mergers and acquisitions. For listed companies, the high quality of the M&A target can easily affect the fluctuation of the stock price, thus damaging the investor's confidence. From this perspective, the establishment of M&A funds seems to be a win-win situation, but it is not.
Some shareholders have pointed out that the move is in the shareholder "wool". Through industrial capital mergers and acquisitions, Aier Ophthalmology has formed a 1.6 billion good reputation. The company’s nearly 100 total assets generated 770 million profits, which is higher than bank interest, while Changsha’s total assets of 139 million net assets reached 100 million. The yield is 70%.
Aier Ophthalmology also made an official response. In fact, at the time of the merger, the valuation of the project is higher than the corresponding net assets and the goodwill is generated. It is a normal phenomenon in the merger. The key is the performance of the project and the valuation at that time. Expected to match. As long as it is not lower than originally expected, there is no need to make provision for impairment and it will not adversely affect the profit and loss of the listed company. Every year, the company conducts impairment test on goodwill test.
I don’t know how the future of Aier’s ophthalmology will be, “White Horse†will continue to “white�
Al's global "ambition"
In addition to the layout of the Chinese mainland, the Aier Ophthalmology chain has extended its reach to overseas, and wants to be the “overlord†of the global ophthalmology chain.
Since the acquisition of 100% equity of Hong Kong Asia Medical Group for 182 million in 2015, Aier Ophthalmology has started its internationalization.
At the end of 2016, Aier Ophthalmology established Aier (USA) International Holdings Co., Ltd., a wholly-owned subsidiary of the United States, and acquired AW Healthcare Management, a well-known American ophthalmology center, in 2017, at a cost of US$18 million. Then on August 31, 2017, Aier Ophthalmology acquired ClÃnica Baviera for 152 million euros, S. A. .
It is reported that ClÃnica Baviera, S. A. Founded in 1992 and listed on the Spanish Stock Exchange in 2007, it has been in development for 25 years and is the leader of European ophthalmology. It mainly provides optometry medical services including laser surgery and intraocular lens surgery. Its refractive surgery ranks first in Spain and Germany.
After taking ClÃnica Baviera, the Aier Ophthalmology Eye Care Network has now expanded to Hong Kong, the United States and Europe. According to the company's 2017 annual report, projects in Hong Kong, Europe and the United States achieved revenues of 134 million yuan, 285 million yuan and 0.5 billion yuan, respectively, accounting for 7.88% of the company's total revenue.
In fact, this time the overseas move is not just to grab the overseas market, the pattern of Aier Ophthalmology is bigger than expected.
Wu Shijun, the director of Aier Ophthalmology, once pointed out in the media interview: "Europe and the United States are more advanced and mature in ophthalmic medical technology. Through mergers and acquisitions, the most advanced technology, expert talents and other resources in the world can be grafted to the country better and faster. Road overtaking."
It seems that the eye of Aier Ophthalmology is very fine. On the one hand, developed countries such as Europe and the United States have many places to learn from in terms of technology and management. Through internationalization, they can “use the ocean for medium use†and promote the development of domestic ophthalmology. On the other hand, good financial indicators for mergers and acquisitions can also increase. The performance of the listed companies is significant and the synergy effect is significant.
"White Horse" also "lost"
Since its launch in 2009, Aier Ophthalmology's operating income has been rising. The annual operating income realized from 2009 to 2017 is: 606 million, 865 million, 1.310 billion, 1.640 billion, 1.985 billion, 2.402 billion, 3.166 billion, 40. 00 billion, 5.966 billion, the trend line of its operating income is a smooth curve that slopes upwards. However, from the line chart of the growth rate of revenue, it can be seen that in 2012, the growth rate of Aier Ophthalmology quickly fell from 51.54% to 25.14%, and the growth rate dropped by more than half. "White Horse" is also "lost"?
The decline in this revenue is not accidental. It must start from the "sealing of the knife." It is reported that in February 2012, Taiwanese eye specialist Cai Ruifang announced that he will stop the excimer refractive surgery because he found that the surgery has sequelae. According to his observation, many patients who received "LASIK" or "laser correction myopia surgery" many years ago showed a significant decline in visual acuity after more than ten years. The "Knife Door" incident triggered a big discussion about the safety of the surgery, which had a huge impact on the performance of Aier Ophthalmology. The growth rate of the year was only 25.14%.
The project of excimer refractive surgery is a star product of Aier Ophthalmology, and its profit has been high, but after the incident, it is undoubtedly a good thing for Aier Ophthalmology.
After the "sealing of the knife door" in 2012, Aier's ophthalmology attitude was still positive, and a series of measures were taken. The safety of the excimer surgery was recognized by various experts and the Ministry of Health, and the storm gradually subsided. However, the sequela of "Fengdaomen" still affects the performance of Aier Ophthalmology for two years. In 2013 and 2014, the growth rate of Aier Ophthalmology was only 21.02% and 24.02% respectively. However, since 2015, it has improved. In 2017, Aier Ophthalmology's revenue growth rate has reached 49.06%.
For medical companies, medical safety has always been the sword of Damocles hanging over the head. This expert's remarks can significantly reduce the amount of business of a listed company, and the risk of medical safety can be seen.
In fact, the guarantee of medical safety is also a long-term thinking of major hospitals and enterprises. Medical equipment and medical personnel are important determinants, and equipment can be bought, and talents are hard to find. In this regard, since 2014, Aier Ophthalmology has implemented the “Partners Program†to realize the transformation of doctors from “employees†to “shareholders†and retain key talents.
It is said that in July this year, the director of Aier Ophthalmology reduced the average price of 33.37 yuan to 4.45 million shares, which is also a fund for investing in hospitals for medical talents and business partners. However, many shareholders have volatility in this reduction, and Aier Eye executives are not optimistic about the industry and the company? In this regard, the official shouted "we are not the same" to reject.
From 2010 to 2017, Aier Ophthalmology's total assets and total liabilities, although the asset-liability ratio of Aier Ophthalmology has increased, but the overall low. What will happen to the future of Aier Ophthalmology? We will wait and see.
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