In the "2024 Hurun Rich List", the founder of Er Eye Chen Bang ranked third in Hunan with 46 billion yuan of wealth.
Compared with last year, Chen Bangs wealth shrinks 34 billion yuan.Compared with 2021, its net worth has decreased by 89 billion yuan in just three years.
Behind this is the Er Eye Department founded in the capital market in recent years.At its peak, the market value of El Ophthalmology was approaching 400 billion yuan, and now it has only less than 150 billion yuan.According to statistics, in the past three years, the annual declines of their stock prices have been about 27%, 4%, and 34%, respectively.
Figure/Visual China
In 1985, Chen Bang, who was discharged from the army due to the founding of red and green blindness, may never think that he had a day -to -day helm in the head of the 100 billion ophthalmology department.Essence
Chen Bang, who was only 20 years old at the time, turned to business, but did nothing to do with medical care.The real first bucket of gold originated from the regional agency rights of coconut coconut juice, and later rely on this accumulation to invest in real estate in Hainan, and made a lot of money.
But the breakdown of Hainan real estate bubbles, coupled with the tens of millions of yuan in the planned Chinese folk culture theme parks planned to build at that time, invested in water drifting, and Chen Bangs wealth was almost zero.And therefore suffered from sudden deafness and hospitalized in Changsha.
In the date of hospitalization, Chen Bang learned a lot about ophthalmology equipment and ophthalmology. In addition, the current contracting hospital department was popular, so that Chen Bang saw business opportunities.
Soon, Chen Bang bought back 30,000 yuan in the ultrasonic emulsification treatment in installments in installments.Subsequently, Chen Bang cooperated with local public hospitals to set up a treatment center to perform cataract surgery outside the conventional ophthalmology examination. Later, he saw that myopia surgery became more and more popular. He introduced standards for laser treatment equipment to further expand the scope of business.
Until the country began to rectify the "Hospital of the Academy", Chen Bang chose to do a single job under the policy of encouraging social medical treatment.Alier Eye also gradually brewed.
If the early Errise Department can only be expanded slowly by its own funds, not much investment and loans -from 2002 to the GEM before listing, El Eye DepartmentA total of 19 hospitals were issued in the country.Then it became the first private medical institution to be listed in 2009, especially after the establishment of a M & A fund in 2014, its growth rate of "self -built+mergers and acquisitions hospitals" seemed to be installed on the flywheel.
Relying on the merger and acquisition fund, El Eye can use less companys own funds -previously, Chen Bang introduced the companys funding ratio in an interview that it will generally be controlled at 10%~ 20%in an interview.Between — Great acquisition of the hospital, and the acquisition of the target still needs to be "in vitro" operation for a period of time, and it will be included in the listed company after reaching a certain profit.
This move successfully caused the hospitals and outpatients of El Eye Department to flow into more cities, and even the country and region.
According to the official website of Er Eye, as of the end of last year, it has a total of 881 ophthalmic medical institutions worldwide, of which 439 are under the name of El Eye Department and 311 in the Industrial M & A Fund under the Industrial M & A FundEssenceIn 14 years, the number of institutions has been 46 times.
On the other side, less capital contribution in El Ophthalmology and the hospital after the hospital is mature. Compared with the self -built hospital, the company allows the companyWith risks, it has kept El Eyes revenue and net profit grow at a high speed in many years.
In 2009, in 2009, El Eye revenue was only 606 million yuan, and net profit was 92.4894 million yuan. In 2020The profit was 1.724 billion yuan; by 2023, the revenue of El Ophthalmology exceeded 20 billion yuan, and the net profit would reach 3.359 billion yuan.
From 2020 ~ 2023, Elomin revenue and net profit status
TenIn the past four years, the average annual compound growth rates of El Eyes revenue and net profit reached 28.53%and 29.30%, respectively.The name of "Eye" is becoming more loud.
During this period, the market value of El Eye also soared from the earliest about 6 billion yuan to approximately 400 billion yuan.
The performance pressure is more difficult to ignore
In July 2021, the Chinese Stock Medical Index was over 19992After the high point, it shook down all the way, and Aliers ophthalmology failed to become a lucky one in the plate, and the stock price began to fall almost at the same time.
Alie Eyes stock price trend in the past five years
Today, the General General Eye OphthalmisaeThe market value has been lower than the peak period, and nearly 250 billion yuan has evaporated.
In the opinion of Bai Wen, vice chairman of the Chinese Enterprise Capital Alliance, the continuous downturn of El Eyes stock price is a reflection of the companys valuation regression in the company.
In other words, in the early years, the stable Erli ophthalmology was entitled "holding the group" to hold a higher valuation, and now it is the stage of continuously squeezing the foam.
In this process, the risks of Alies ophthalmology continued to make mergers and acquisitions are becoming increasingly unlike.
On the one hand, with the expansion of El Ophthalmology, its management radius becomes longer and longer, and the internal control has become more complicated.This has also led to a series of medical accidents and false advertisements such as Alier Eyes hospitals.
Data from Tianyan Check shows that Aier Eye Department and its companies have 413 related referee documents, involving medical damage liability disputes, life rights and health disputes.
In addition, its hospitals also have 149 administrative penalties that have been violated with advertising content management regulations and improper competition behaviors.
On the other hand, Bo Wenxi pointed out that while the acquisition brings rapid growth to El Eye Department, it has also led to its increase in goodwill), This brings a lot of goodwill risk to the company, that is, if the hospitals that acquire meters cannot achieve expected performance, the risk of goodwill impairment will increase, which will affect the companys profitability.
For goodwill risk, Chen Bang responded in an interview: "If the goodwill impairment of goodwill, the rootThe problem is that if it can continue to grow, it is okay to impairment of goodwill, and we also maintain a steady development method.The performance of Er Eye is rarely revealed.
The financial report shows that in the first three quarters of this year, Elomins revenue was 16.302 billion yuan, a slight increase of 1.58%year -on -year; net profit increased by 8.50%year -on -year to 3.452 billion yuan.If you just look at the third quarter, it will usher in rare negative growth -revenue and net profit decreased by 0.68%and 4.56%year -on -year, respectively.
According to its semi -annual report, compared with the same period last year, the growth rate of the project growth in refractive, cataract, front, back, and optical servicesA significant decline.As one of its important revenue pillars, the revenue increased by only 3.16%year -on -year, and cataract projects with a growth rate of more than 60.28%in the first half of last year increased slightly by 3.64%this year.
At the same time, the gross profit margins of El Eyes business segments have also decreased to varying degrees compared with the same period last year.
The figure below is the first three quarters of 2023 and the first three quarters of 2024The situation of various business segments of Er Ophthalmology
"The slowdown in the growth rate of Elbeins ophthalmology, the slowdown in net profit growth may be related to changes in the macroeconomic environment, intensified market competition, and the impact of medical insurance control policies, etc."He Jiyong, the dean of the Institute of Research, told China News Weekly.
Take the refractive project of myopia as an example. This operation is not the medical category of the disease, but it is more consumed.In the context of the decline in consumer wishes, El Ophthalmology may lose a lot of increasing increases.
"In the composition of the operating income of El Eye, the proportion of surgery is very large, and the adjustment of medical insurance policy will affect the companys revenue and profits." He Jiyong said.At the same time, from the perspective of market competition, this years private ophthalmic medical companies are still maintaining the rhythm of mergers and acquisitions, which means that in some areas, each family will face more direct competition. "Competition between hospitals may also make ophthalmology hospitals.The decrease in single -store income has led to a slowdown in the overall growth rate. "
In the first three quarters of this year, some of the performance comparison of private ophthalmic medical enterprises in the market
It is worth mentioningIt is from the performance of the first three quarters of the listed companies in the first three quarters, these may be the predicament that the entire industry is facing.Compared with the decline in revenue of 1.36%and 8.40%of Purieo Ophthalmology and Hes Ophthalmology, as wellTo be stable.
In the Department of Eye Department, finding a strategy of response may be more urgent than before.
参考资料：
《爱尔眼科上市十年，陈邦：从零起步，再战十年》，2019年On October 30th, Investment Network
"El Eye Founder Chen Bang: There is no suspension key for entrepreneurship", September 7, 2022, Entrepreneurship State
Author: Shi Yanxu
Edit: Yuyuan
