21 Century Economic Herald reporter Han Yongxian Beijing reported that
was in the registration stage of the Shenzhen Stock Exchange GEM to be listed to Huaxia Ophthalmology. On September 9th,
HTML, Securities Regulatory Commission issued inquiries to Huaxia Ophthalmology, asking the company to clarify issues such as business expansion and goodwill impairment, Xiamen Ophthalmology Center civilian non -restructuring, and medical reform new policy.Previously, the application draft of Huaxia Ophthalmology has been inquired with four rounds of inquiries from the Shenzhen Stock Exchange GEM, and only passed the Shenzhen Stock Exchange GEM on June 24 this year. The situation is really rare. Whether
can successfully pass the last level of the IPO will have a significant impact on the ophthalmological hospital company currently in line.
According to the 21st Century Economic Herald reporter statistics, the Ophthalmology of A shares currently queues in addition to Huaxia Ophthalmology. Listing.
has industry sources pointed out that this time, the CSRC conducts key inquiries on the expansion model of Huaxia Ophthalmology and the influence of the new medical reform policy. The listing process of ophthalmology hospitals has an impact.
Ophthalmology Hospital has set off a wave of listing
According to statistics from the 21st Century Business Herald, the ophthalmology hospital has been listed since this year.
looks at the market of A shares and Hong Kong stocks. Before 2021, the two markets were only the three ophthalmology medical listed companies in Er Eye, Guangzheng Ophthalmology and Hima Ophthalmology. The Liscover company of the home ophthalmology is the first launch of Elominology, and the Lights Eye Department is listed on the asset reorganization curve. The Hong Kong stock market only has a hobe ophthalmology hospital in 2018. In the second half of the
2020, ophthalmology hospitals have opened application applications. Huaxia Ophthalmology, Prove to Ophthalmology, and He's Ophthalmology have submitted the prospectus, intending to log in to the A -share GEM market .
On June 24, 2021, Xiamen Huaxia Ophthalmology Application Draft was first reviewed by the GEM of the Shenzhen Stock Exchange through four rounds of inquiry by the Shenzhen Stock Exchange GEM.
（图说：华夏眼科提交注册申请）
7月9日，创业板上委员会2021年第38次审议会议公告，成都普瑞眼科首发获通过，拟募资2.86亿元；8月19日，辽宁何After three rounds of inquiries, the IPO application of the Eye Eye Board meets the issuance conditions, listing conditions and information disclosure requirements of GEM, and the first sends are passed. At present, the two eye hospitals have not submitted a registered manuscript.
plus the listing hearing of through the Hong Kong Stock Exchange in July, in July 2021, the Chaoju Eye Department, which was successfully launched on the main board of the Hong Kong Stock Exchange. The climax of the hospital's piles, and the number of newly listed ophthalmology hospitals will exceed the number of listing. Why does
choose to be listed on the market? Analysts from Northeast Securities told the 21st Century Business Herald reporter that the driving factor behind the ophthalmology company behind the listing mainly comes from changes in business competition and the industry environment.
The above -mentioned analysts said that the previous Elomin Department of Elominology, the Elomin Department of Eye Medicine, was widely sought after in the capital market. At the end of 2020, the market value once exceeded 300 billion yuan. The medical insurance reimbursement policy implements strict supervision of the reimbursement of private institutions. The relevant company's insurance business is facing shrinking, and the growth of industry performance is under pressure. The current ophthalmology company is still at a high time, and choosing to obtain a high valuation now when choosing to go public. At the same time,
, at the same time, from the perspective of the industry environment, the competition in the ophthalmology market is seriously homogenized, the marketing model is similar, the development of corporate development depends on the development trend of the industry, and rapid capitalization will occupy the market initiative. Many disadvantages have begun to expose, and the market operating environment is facing changes, and it may usher in strict industry supervision.
takes the lead in the business expansion model and medical reform policy impact of Huaxia Ophthalmology, which is the first to break through the CSRC, and has attracted the attention of regulators. Whether related ophthalmology companies are successfully listed or faced with changes. In fact,
"Light R & D" and other issues highlight
In fact, the market and investors' questioning of the development of the industry have been continuously submitted from the above -mentioned ophthalmology hospital.
21 Century Economic Herald reporters checked the prospectus of many ophthalmology hospitals and found that their listing and investment projects were all used for new ophthalmic hospitals, converted existing ophthalmic hospitals, and supplementary mobile funds. Light research and development, dependence on mergers and acquisitions to achieve large -scale expansion, have become a model of industry development. Relevant listed companies generally face risks brought about by market competition, changes in national medical insurance policies, changes in industry supervision policies, and business expansion.
He's Ophthalmology reported from 2018 to 2020, with revenue of 613 million yuan, 756 million yuan, and 838 million yuan, respectively, while R & D investment was only 2.16 million yuan, 1.6104 million yuan and 1.6036 million yuan. It is less than 0.4%than long -term; the proportion of R & D investment during the reporting period during the first three quarters of 2017 to 2020 is 0.69%, 0.66%, 0.78%, and 0.71%, respectively. R & D investment is zero all year round.
(Photo: R & D investment in ophthalmology hospitals accounted for the proportion of revenue)
and from 2018 to 2019, the average advertising and promotion rates of each company reached 4.50%, 5.09%, and 4.07%, respectively. The cost ratio even exceeds 10%, which means that the operating performance of ophthalmology depends mainly on promotion and marketing. On the other hand,
, on the other hand, the expansion of the ophthalmology market business that has not been developed by technology can only be achieved by opening a new hospital or acquiring more hospitals through mergers. This expansion model has made it difficult for relevant companies to bear weight.
According to a reporter from the 21st Century Business Herald, only 11 of the 35 subsidiaries owned by He's Ophthalmology as of the end of 2020, and the remaining 24 were losing money. Among them, 42 losses and 25 profits; Purien Eye Department of 33 first -class subsidiaries as of the end of 2020, eight of the 18 hospitals losing money, and nine unreasonable hospitals were also in a loss. Looking at the explanation given by various companies,
is the early stage of hospital construction. It has not yet obtained market recognition, and the income scale is small. At the same time, there are necessary fixed costs in the operation of the hospital. Essence The cost pressure brought by this dependence on scale expansion is becoming a performance resistance that is difficult to bypass each company. At the same time, the
is at the same time, and the sharp expansion strategy of ophthalmological institutions will face another layer of heat -related competition.
The " China Eye Healthy White Paper " released by , , mentioned that there are currently a shortage of ophthalmologists in China. As of the end of 2019, there are less than 50,000 domestic ophthalmologists. At present, ophthalmology hospitals do not have the ability to train practitioners. Most of the practicing doctors of industry companies are hired from the ophthalmology institutions of public hospitals.
21 Century Economic Herald reporters have consulted many ophthalmologists from Trinana Hospital Hospital. These doctors said that although the state has a policy of promoting and standardizing doctors' multiple practices, in the past two years, affected by the medical industry's rectification, the relevant policies have been collected. Tight, public ophthalmologists must compress the practice time. This means that the rapid expansion of private ophthalmology does not have enough professional practicing physician support. Relevant companies generally have the phenomenon of doctors' shortage. In this case, expansion can only be in a state of continuous losses.
, in addition, the most critical impact of the ophthalmology market is the new medical insurance policy.
21 Century Economic Herald reporter noticed that the business of the three ophthalmic medical companies currently planned to be listed is basically homogeneous. The main business is to provide ophthalmidic specialist diagnosis and treatment services to patients with ophthalmic patients. Among them The diagnosis and treatment services are the core business of revenue.
, the diagnosis and treatment service of He's ophthalmology, accounts for 70%of the main business income of each period, the income of Huaxia Ophthalmology Medical Business accounts for 90%of the revenue of each period, and the proportion of Purieo ophthalmology business income is high About 85%. In the ophthalmological medical services of
private ophthalmology institutions, the basic costs of only cataract surgery (excluding high -end crystals, etc.) and some comprehensive eye disease surgery are included in the medical insurance payment category. In the area of payment. In recent years,
has faced excessive expenditure growth in medical insurance funds. Unreasonable medication, excessive increased diagnosis and treatment projects and abuse of drug insurance costs areted. Reduce the unreasonable expenditure of medical insurance funds and increase the use of medical insurance funds, and the state has implemented a wide range of medical insurance control policies.
is affected by this, and all companies have stated that if the company continues to increase its dependence on medical insurance income or cannot smoothly expand other non -medical project revenue, the company's future revenue stability and sustainability of growth are expected to be adversely affected.
HTML August 31st, the National Medical Insurance Administration and National Health and Health Commission and other eight ministries and commissions once again issued a notice on printing and issuing the "Pilot Program for Deepening the Price Reform of Medical Service". Experience of medical service price reform. By 2025, the experience of deepening medical service price reform pilot experience will be promoted nationwide, and the medical service price mechanism with classification management, hospital participation, scientific determination, and dynamic adjustment will be mature, and the price leverage function will be fully exerted. The "Pilot Plan" states that medical consumables will be gradually separated from price projects to play the role of market mechanisms, and implement centralized procurement and "zero -rate" sales. Thechaos began to expose
. In addition, when many private ophthalmology companies collectively sprint the listing, the ophthalmological market with El Ophthalmology continued to expose problems such as medical accidents, false propaganda, and over -diagnosis and treatment.
HTML has been at the end of 20120, because of the medical disputes between Erfen, a patient with Aer Eye Hospital and patients, a well -known anti -epidemic doctor, and director of the emergency department of Wuhan Central Hospital, Alier Eye Ophthalmology has been in the vortex of public opinion.Aifen has previously questioned Alier Ophthalmology through social platforms, saying that it was treated after treating eye diseases by Elominology, and the right eye was almost blind. On July 21 and 22 this year, Aifen released a video again and worked with the other three patients. Exposing the problem of medical accidents in Elominology, the reputation of Er Eye was undoubtedly hit by it. The company's stock price was severely damaged. In half a year, the stock price fell to nearly 100 billion yuan.
(Picture: Recently changes in the stock price of El Ephry)
In fact, in recent years, private ophthalmological institutions have become a high incidence area for medical disputes, and regulatory regulations need to be rectified. According to statistics,
According to statistics, in just 3 years of reporting, He's Ophthalmology has more than 50 medical disputes, and there are no results in cataract surgery disputes. In the reporting period, He's Ophthalmology has ended and involved medical disputes of economic compensation/compensation for medical disputes.
Comprehensive Purieo Eye's application draft, attendance draft and industry and commerce information, reporters from the 21st Century Economic Herald, noticed that from 2017 to the end of 2020, the total violations and penalties involved in the operation of Purieo's ophthalmology also have a total of 49, of which the practice specifications are standardized There are 27 categories, 14 medical announcements, 3 fire protection categories, 3 tax categories, and two environmental protection categories. Illegal matters such as "unlicensed practice" and "exaggerated publicity" have become difficult for the company to get rid of.
21 Century Economic Herald reporter noticed that the above -mentioned ophthalmology companies that were listed on the listing were placed in the same position of medical disputes or accidents in the same position as the changes in industry supervision policies, changes in national medical insurance policies, and market competition. Ophthalmology institutions, facing certain medical disputes or risk of accidents, medical disputes and accidents may cause the company to face complaints, legal lawsuits or economic compensation, which may adversely affect the company's reputation and brand.
has studied that in 2019, the number of Chinese ophthalmology diagnosis and treatment was approximately 128 million, of which the number of diagnosis and treatment of private ophthalmology hospitals accounted for 26.2%, and the number of ophthalmic diagnosis and treatment of comprehensive hospitals accounted for 74.6%. With the private ophthalmology medicine With expansion, under the fierce competition in the market, the potential problems of the industry may continue to be exposed, which will challenge the prospects of private ophthalmic medical institutions that rely on advertising to promote the survival of advertising.
More content, please download 21 Financial APP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-