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Wuhan Anti-epidemic Doctor Ai FenheOphthalmology AierThe medical disputes began to ferment early in the new year. On the first trading day of A shares in 2021,Ophthalmology AierThe share price plummeted by more than 9%,Market valueFrom more than 300 billion yuan to 280 billion yuan at the close of Monday, the market value of a single day evaporated more than 20 billion yuan.
According to Affin’s self-report, in May 2020 an acquaintance introduced her to Wuhan due to a significant decrease in her eyesight.Ophthalmology AierAfter treatment in the hospital, after the examination, Wang Yong, the vice president of the hospital, said that his right eye had a cataract and suggested that he have a multifocal lens. Subsequently, Ai Fen underwent an intraocular lens implantation operation, the right eye lens was removed and the right eye intraocular lens provided by Aier Eye Hospital was implanted. The operation cost about 29,000 yuan. On October 23, he suddenly noticed that his right eye was “hidden by a cloth”, and the field of vision in the lower left corner of his right eye was missing. Aier Ophthalmology diagnosed him with retinal detachment in his right eye. Ai Fen’s own eye condition is a combination of high myopia, a history of trauma, and cataracts.
On the afternoon of January 2, Ai Fen told the CBN reporter that Aier Ophthalmology had not performed a careful examination of his fundus prior to surgery, delaying the detection and treatment of the retinal detachment. intraocular lens implant surgery from Aier OphthalmologymotivationIt is charging more money.
In response to Affin’s claim that “Aier’s right eye retinal detachment caused near-blindness,” on January 4, Aier Ophthalmology issued a verification report on Affin’s diagnosis and treatment process, stating that the surgery cataract is not directly related ”. High myopia is a high risk factor leading to retinal detachment, and it is said that there is no case of surgery without fundus examination.
Aier Ophthalmology stated in the verification report that according to the “Ophthalmology” (National HealthCommitteeIn the “Thirteenth Five Year Textbook”, Ninth Edition of the National Textbook of Higher Education, People’s Medical Publishing House, the indications and contraindications of cataract surgery were explained, combined with the comprehensive evaluation of the results of the preoperative examination by Ms. Ai Fen, the latter has no contraindications for surgery.
“Ms. Ai Fen’s operation proceeded without complications; the retinal detachment occurred 5 months after cataract surgery; the preoperative ocular axis was 29.06 mm, which was a high degree of myopia and was a high factor for retinal detachment. It was verified that the retina of Ms. Ai Fen’s right eye molt is not directly related to this cataract surgery, “said Aier Ophthalmology.
Aier Ophthalmology believes that there are problems in the diagnosis and treatment of the Wuhan Aier Eye Hospital. First, there are only reexamination records from the first day after the operation; the second is that the postoperative re-examination time is not clearly established; the third is the reexamination at other times after the operation. No records or case records were made; fourth, the treating physician did not report adverse events in a timely manner in accordance with hospital regulations.
An ophthalmologist told a China Business News reporter that before performing cataract surgery, it is necessary to clarify whether the patient’s fundus has problems; If it is suitable for intraocular lens implantation surgery, you must also weigh the likelihood of recovery of the patient’s vision.
“Avoid the most important things, confuse the audience, manage the confusion and avoid responsibility.” On January 4, after seeing Aier Ophthalmology’s inspection report, Affin again told the media.
“Our verification report is more clearly worded. The cataract surgery performed by Ai Fen is in line with the surgical indications, so it has been evaluated before the operation. According to expertsopinion, Fundus disease is not the main contraindication for cataract surgery. Furthermore, Aifen only experienced a retinal detachment 5 months after surgery, and the detachment was not directly related to this cataract surgery. “On the morning of January 4, Wu Shijun, secretary of the board of Aier Ophthalmology, told a China Business News reporter.
Another ophthalmologist told a China Business News reporter that for high myopia patients, the most important thing to do before surgery is a wide angle fundus photograph to check for areas of degeneration around the eyes. . If a wide-angle fundus photograph is taken, the Aier Ophthalmology department involved has little responsibility, if not, the responsibility may be relatively large. The CBN reporter learned from Aifen that Aier Ophthalmology has not performed the inspection.
Aier Ophthalmology was launched as the first batch in 2009To start a businessBoardthe companyone Benefit from Chinese Ophthalmologymedical servicemarketIn the 11 years since its listing, Aier Ophthalmology’s market value has skyrocketed, from less than 10 billion yuan in the beginning to more than 300 billion yuan recently. In 2020, the market value will increase by more than 180 billion yuan in one year.
Among Aier Ophthalmology’s revenue streams, cataract surgery is the company’s main revenue business. In the first half of 2020, Aier Ophthalmology achievedOperating income4.164 billion yuan, of which the cataract surgery business earned revenue of 625 million yuan, a decrease of 26.19% over the same period of the previous year. The company’s explanation was that “the epidemic affected the development of cataract surgery services.”
In the first three quarters of 2020, Aier Ophthalmology achieved operating income of 8.565 billion yuan; In the third quarter, the company’s revenue exceeded 4.4 billion yuan, almost double the previous quarter, and net income was 870 million yuan.interest rateAbout 50%,Net profitThe rate is over 23% and the return on investment is close to 20%.
However, in recent years it has promotedPerformanceThe growth factor is more thanMOTHERIt drives the balance sheet, not the growth of your business itself. The 2020 epidemic has not stopped the acquisition of Aier Ophthalmology. According to the third quarter financial report, the 30 hospitals acquired by Aier Ophthalmology in June were included in the company’s consolidated statement on July 1.
MOTHERbackgroundThe Aier Ophthalmology operation can continue to maintain high growth and expand rapidly across the country. According to data from the official website of Aier Ophthalmology, there are currently 3 publicly traded companies, more than 600 hospitals and eye centers around the world, and the annual number of outpatient visits in mainland China exceeds 10 million.
Mergers and acquisitions fundsThe main idea for the operation of the model is the company and financial investors,strategyInvestors jointly establish M&A funds outside the agency and expand in vitro through the acquisition of M&A funds and investment in hospitals; Once the hospital business under the M&A funds expires, they can inject into listed companies and hospital assets through cash transactions, share issuance and asset purchase transactions, etc. Consolidation can greatly improve the revenue growth and performance of listed companies.
Public data shows that since 2014, Aier Ophthalmology has participated in the establishment of Qianhai Dongfang, Hunan Zhongyu, Nanjing Anxing, Liangshi Bank of Communications, Liangshi Changyin, Liangshi Changxing and LiangshiMorning StarThe total amount of funds raised by 7 M&A funds dedicated to the acquisition of hospital assets reached 7.2 billion yuan. The total investment amount of Aier Ophthalmology in M&A funds is estimated at 1,268 million yuan, which means that Aier Ophthalmology spends 1,268 million yuan. It leveraged 7.2 billion yuan of leverage.
Based on a 1.72 billion yuan non-public fundraiser from Aier Ophthalmology in January 2018, underwriters include Aier Ophthalmology’s actual controllers, Chen Bang, Hillhouse Capital,Trust fundEtc., the non-public issuance of fundraising purposes includes the acquisition of 9 ophthalmic hospitals. In this transaction, the total price of 100% of the registered capital of the 9 hospitals was 823.5 million yuan, and the total rate of return was approximately 120.78%.
There is a view that M&A funds have played a role in expanding fundraising capabilities and may be converted to medical services like Aier EyecompanyA booster for rapid development. This is mainly due to the high degree of dependence of the ophthalmology hospital on medical equipment and the high reproducibility, this track is very suitable for acquisition and expansion. Another point of view is that M&A funds, as a kind of external financing tool, have their own major hidden dangers, such as whether they must provide “hedging arrangements” when there is an accident in the M&A project.
FranceOr meDirector of Ze Fund GroupGeneral ManagerAlso Asia Pacific ChinaPresidentChen Yonglan told a China Business News reporter: “China’s demand for health and medical services is great, and the expansion of capital to private hospitals is also normal. The key is whether there are limitations of professionals on themselves. themselves and the limitations of regulators on professionals. ” It should play a positive role and rely on the power of technology to improve the efficiency of medical services without altering the industry’s own laws. “
Chen Yonglan emphasized that investment in the medical field has its own characteristics. The investment cycle is longer than in other industries and the technical expertise requirements are higher. Taking eye surgery as an example, it is mainly divided into “front” and “behind the eye” surgery. The technical threshold for “behind the eye” surgery is higher, and the human resources and high-tech medical equipment of the corresponding doctors are also more technical.
In 2020, China Investment Corporation, France and PakistanBankwithOr meThe Sino-French cooperation fund co-sponsored by Ze Fund invested 80 million euros in the Dutch ophthalmic research center DORC, which is the world’s leading supplier of three vitrectomy equipment. Chen Yonglan told China Business News that the scale of China’s fundus treatment market is expected to reach hundreds of millions. “This is based on the aging of the population and the increased potential needs of patients with diabetes. China is the country with the largest number of potential patients. The population of potential patients with retinopathy is about 100 million,” he said Chen Yonglan.
(Source: China Business News)
(Responsible editor: DF524)
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