Alier's ophthalmology is missing again, and more than 300 hospitals are expanded crazy.

Industry head companies in the secondary market still difficult to escape the inertia of money to the market.

On July 7, Alier Ophthalmology issued a registration manuscript for the raised manual, which plans to raise more than 3.5 billion yuan from about 35 specific investors.

This is not the first time that Elominology has made up. At the end of 2017, Alier Eye completed a fixed increase of nearly 1.7 billion yuan, and participated in Ere the boss Chen Bang, Jun and Capital, and Gao Ying Capital. After that time, Gao Yan stepped into the top ten shareholders of El Ophthalmology.

After the release of the third quarter of the 2021, Gao Yan Capital disappeared from the top ten shareholders. Considering that the cost was very low when Gao Yan entered the venue, this time the reducing holding of Gao Xun's benefit was up to 5 billion yuan, and it was more than doubled. Of course, all institutions participating in the fixed increase of the year make earns.

This time, Elominology has begun to increase again, can investors still make?

"Thirty Years of Hedong" of the Industrial M & A Fund

The fundraising of Er Eye is mainly used in 7 places: Changsha Ere, Shenyang El Eye Vision, Shanghai Ere, Nanning Ere, Hubei Aier, Anhui Aier, and Guizhou Aier. The first four are expanded projects, and the last three are new projects.

This is very different from the previous expansion model of Alier ophthalmology.

Prior to this, Alier mainly expanded through the industrial M & A fund: listed companies only need to pay a small part of funds to participate in market investment that requires huge funds.

Survival is not easy to survive, especially the ophthalmology clinics are expensive, there are not many professional doctors, and it needs to be continuously marketing. It is not easy to operate. As the leader of the industry, Aier Ophthalmology has set up a large number of subsidiaries by the Industrial Fund, and then the "snowball" of prestige and wealth in the industry through technical personnel and brand output methods can reduce a lot of costs.

As of March 31, 2022, Elominology has signed the "Trademark Font Permits Agreement" with 11 M & A funds, and 319 hospitals received by trademarks. These hospitals use the name of "El" and pay related fees to El ophthalmology.

At the same time, at least 8 industrial M & A funds focusing on the ophthalmology industry chain are involved in the ophthalmology industry chain. Hunan Liang Vision of the Bank of China, Hunan Liangshi Changyin, and Hunan Liangshi Changxing are all included. Nearly 330 investment targets under these funds, most of them are ophthalmological hospitals. When these hospitals develop to a suitable stage, El Eye Department will incorporate it into its own, expand its own brand influence, and add incrementation to revenue.

In 2021, El Ophthalmology acquired some of the equity of 27 eye clinics, and most of them could reach the holding line. This year, the revenue of El Eye Department in South China increased by 27.81%year -on -year, East China revenue increased by 30.94%year -on -year, and revenue in Northwest China increased by 38.46 year -on -year. These revenue growth was closely related to increasing mergers and acquisitions.

However, there are great disadvantages of the industrial fund model: the fund has to withdraw, and the money that is fused always pays it back.

Poor benchmark sample

When reviewing the addition of El Ophthalmology, the Shenzhen Stock Exchange raised questions: Is the industrial expansion of El Ophthalmology the industry universal model?

Alier Ophthalmology really gives the answer: this development model has not appeared in the ophthalmology industry, and the only reference in the industry is the healthy year's health of the main hospital's physical examination.

The growth model of the M & A Fund M & A Fund is the "development model" of specialized private medical institutions. Since the backdoor listing in 2015, the United States has begun to expand the market through the Industrial M & A Fund. At first, this model was indeed smooth and smooth. From 2015 to 2018, the net profit of the healthy year's health increased year by year.

However, in 2019, the performance of Meinian's health suddenly "rolled", because it was the expansion model of the industrial fund.

With the help of industrial funds, Meinian Health opened a large number of medical examination centers outside the listed company. When it was acquired by a listed company, Meinian Health gave each store a high valuation.

But the actual situation is far from the imagination of Yu Rong, chairman of the company. Large -scale repurchase medical examination agencies have caused a large amount of goodwill to the health of the health. In 2019, the goodwill value of Meinian Health was 5.139 billion yuan, accounting for 27.16%of the total assets.

This year, the overall development rate of the medical examination industry has dropped, and the health of Midea Nian Health has encountered huge pressure on goodwill impairment, which has affected the company's net profit. Since the great impairment of goodwill, Meinian's health stock price has been stunned. In particular, it has encountered an epidemic blow, and business development has also been affected to some extent.

This change has directly prompted the capital market to be vigilant for the high -friendly and goodwill brought by the rapid expansion.

The demand for medical examinations is not as rapid as Meisuni's imagination. Why doesn't the ophthalmology not encounter the same situation?

Looking back at El Ophthalmology. According to the 2021 annual report of El Ophthalmology, the initial amount of the goodwill generated by the acquisition of the subsidiary of El Ophthalmology was 5.304 billion yuan, accounting for 24.28%of the total assets.

Some investors have smelled the danger. In 2017, Gao Capital, which entered the top ten shareholders of El Eye, "disappeared" in the third quarter of 2021.

The tragedy of Meinian Health is ahead, and El Eye Department has to consider the status quo. After all, relying on the development of the industrial M & A fund model, there will be risks.

But it takes time to retreat all over the body. Nearly 330 ophthalmology hospitals are waiting to be installed under the El brand, LPs are waiting to withdraw, and El Ophthalmology has to go forward.

Advanced regulatory intensity

After experiencing a high -speed development, El Ophthalmology is trying not to decelerate cornering.

Whether it is withdrawing from the industry mergers and acquisitions funds, or the return on investment in self -built or expanded projects, it requires a sufficient market to undertake. The point is, is the market still the past market? Elominology was established around 2000. At that time, various public hospitals had no time to take care of the development of small subjects such as ophthalmology, dental department, and Err's founder Chen Bang saw the opportunity of the small department. Although there is no study and business experience in the medical industry, Chen Bang has the essential characteristics of entrepreneurs in that era: bold.

The biggest convenience of ophthalmology is that as long as the equipment is introduced, the business can be carried out. Chen Guo, who had already invested once at that time, chose a heavy purchase of ophthalmology equipment. At first, I leased the equipment in the hospital. Later, I saw the prospects of the private hospital, and simply came out. This is the source of El Ophthalmology.

In the first two decades of the 21st century, the domestic Internet developed rapidly, medical and education followed up, and mobile phones also changed from the era of keys to the era of touch screen. The use of eye habits of the whole people is changing, the demand for eye treatment is gradually increasing, and the market prospects seem to be unusually wide.

In fact, at that time, it was not only a high -speed period for the development of ophthalmology, but the entire medical field was in the period of the Chaoyang. The early accumulation of Meinian Health was also completed at that stage.

The world moves, and time comes to 2018. At the end of this year, the horn of the medicine collection sounded. It means that the state balances high -priced pharmaceutical expenditures. This is the wind direction of the times.

Right now, the seventh round of Jicai has ended. Among them, the average price of the first targeted Lelunbuti capsule capsule of liver cancer has dropped from 108 yuan to 18 yuan, a decrease of nearly 97%. High price. Many optimistic pharmaceutical companies had to be cautious.

However, from the perspective of policy trends in recent years, the state's regulation is not only aimed at drugs. Ophthalmology has also been on the string.

In June of this year, the National Health and Health Commission issued a notice that the national random supervision and random inspections in 2022 will focus on investigating and dealt with key areas such as myopia correction, health examination, oral examination, and medical examination.

Alier Ophthalmology is getting more and more concerned.

Risks that can't stop

In the fixed increase of Eye Ophthalmology, the Shenzhen Stock Exchange also inquired about doctors such as Aifen.

The "new hatred and old grievances" of Aifen and El Ophthalmology lasted for more than a year, and it has not been completely resolved. In the face of the Shenzhen Stock Exchange, the most ruthless words in the face of the Shenzhen Stock Exchange: The relevant brand authorized hospitals are limited liability companies that are established in accordance with the law and effectively survive. According to relevant regulations, when doctors and patients are disputes and they need to be held responsible, they are all of them. Property independently bear civil liability.

In other words, more than 300 hospitals that use the "El" name need to try to make major performance in order to eventually be included in listed companies by El Eye Department, but also independently bear business and medical risks.

In short, add branches to El performance.

In fact, there are also many disputes in the hospital in El Ophthalmology. In mid -2021, the State Medical Insurance Bureau officially reported the behavior of deceiving the medical insurance fund in Pu'er Er Eye Hospital in Yunnan Province, involving an amount of 2.659 million yuan. In addition, Fuzhou Ere, Hainan Erl, etc. have also been informed.

In this fundraising instructions, Based on the request of the letter, Alier Eye Department disclosed more than 30 punishment incidents of more than 20 hospitals. In terms of the use of medical insurance funds in violation of regulations, Alier's ophthalmology admits Silver El's punishment.

However, the attitude of El Ophthalmology on this matter is that this fine is not many, and it has not been taken further administrative measures, which is not a serious plot.

Of course, Irly hopes that the ophthalmology market will continue to expand. As of now, except for He's Ophthalmology and Purieo Ophthalmology, which has just logged in to the GEM this year, there are very few ophthalmology.

However, under the pressure of the "double reduction" policy, it is not necessarily whether the ophthalmology market will become bigger. Imagine the future with the high -speed development of the past two decades, which is tantamount to engraving the boat for swords.

Thirty years of Hedong, 30 years in Hexi. In the past 20 years, El Ophthalmology has caught up with the east wind of the times. Now, the market and supervision have increased, and the rapid expansion of the ophthalmology has been the end of the crossbow.

It is obviously impossible to continue to roll snowballs. However, there are 8 industrial funds in their hands to withdraw, and there are more than 300 investors behind them waiting to be collected, and Alier cannot stop.

When I can't run, no one knows.

Writing ｜ Nicotinamide

Edit | Jiang Yun Jia Ting

Operation ｜ Valley

Illustration | Visual China

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