(Text/Observer Network Li Pengtao Editor/Yin Zhe) "Ophthalmology Mao" Aier Ophthalmology third quarter results released.
In the first three quarters, Aier Ophthalmology achieved revenue of 11.596 billion yuan, an increase of 35.38% year-on-year; net profit attributable to the mother was 2.003 billion yuan, an increase of 29.59% year-on-year; but the company's revenue and deduction of non-net profit in the third quarter were negative growth.
"The first half of 2021 is relatively normal, but since the outbreak of the epidemic in Nanjing in July, the outbreak of the epidemic in Guangzhou, Wuhan, Changsha and other places has caused many stores to be unable to operate, and the impact of the epidemic in several provinces in China on Aier Ophthalmology is still very large." Chen Bang, chairman of Aier Ophthalmology, explained at the performance exchange meeting.
However, this explanation does not seem to have been recognized by Zhang Kun, the "first brother of public offerings", and Hillhouse, a hundred billion institutional investors.
As of the end of the third quarter, Hillhouse Capital and Zhang Kun's E Fangda Blue Chip Select Fund have withdrawn in a big way, and have withdrawn from the top ten outstanding shares of Aier Ophthalmology. The "goddess of medicine" Gülen increased her position by 35.5766 million shares, holding more than 100 million shares at the end of the period.
Observer Network noted that Aier Ophthalmology, which takes mergers and acquisitions as the main expansion method, will acquire 13 hospitals in 2021, with a total cost of 743 million yuan.
Performance declines, shareholders "flee"
On the evening of October 25, Aier Ophthalmology disclosed the third quarter performance report of 2021. The report shows that the company achieved revenue of 11.596 billion yuan in the first three quarters, an increase of 35.38% year-on-year; net profit attributable to the mother was 2.003 billion yuan, an increase of 29.59% year-on-year.
From a single quarter, Aier Ophthalmology's revenue in the third quarter was 4.248 billion yuan, a year-on-year decrease of 3.48%; the net profit attributable to the mother was 888 million yuan, an increase of 2.05% year-on-year; and the deduction of non-net profit was 948 million yuan, down 5.38% year-on-year.
It should be pointed out that this is the first year-on-year decline in total revenue and deduction of non-net profit in a single quarter since the second quarter of 2020, and the most recent year-on-year decline in single-quarter revenue was in the first quarter of 2020.
After combing observers, it was found that from the historical data, the revenue of Aier Ophthalmology in the third quarter accounted for the highest proportion of the total revenue of the whole year. From 2018 to 2020, the company's revenue in the third quarter accounted for 29.27%, 29.86% and 36.95% of the total revenue for the year.
For the reduction of revenue and net profit in the third quarter, Aier Ophthalmology explained, "In the case of a higher base in the same period last year, hunan, Hubei, Guangdong, Sichuan, Chongqing, Jiangsu, Xinjiang and other places have repeated epidemics, which has a greater impact on the business development of local hospitals." ”
At the same time, at the third quarter performance exchange meeting, Chen Bang, chairman of Aier Ophthalmology, also explained, "The first half of 2021 is relatively normal, but since the outbreak of the epidemic in Nanjing in July, guangzhou, Wuhan, Changsha and other outbreaks have caused many stores to be unable to operate, and July to August is the peak season of Aier Ophthalmology." ”
In terms of expenses, Aier Ophthalmology's expenses increased significantly in the first three quarters.
Specifically, the company's sales expenses in the first three quarters reached 1.107 billion yuan, an increase of 49.43% year-on-year; management expenses reached 1.531 billion yuan, an increase of 54.62% year-on-year; research and development investment of 157 million yuan, an increase of 61.49% year-on-year.
Aier Ophthalmology said in the financial report that the significant increase in expenses in the first three quarters was mainly due to the expansion of the company's operating scale, the increase in promotion activities and the increase in the salary expenditure of market personnel during the reporting period, as well as the continuous increase in investment in the clinical application of ophthalmic technology and digital construction research during the period.
It is worth noting that the top ten outstanding shareholders of Aier Ophthalmology in the third quarter have changed greatly.
Among the top ten outstanding shareholders of Aier Ophthalmology, Hillhouse Capital, which was ranked fifth and ninth, and E Fangda Blue Chip Select Fund managed by Zhang Kun, have now "fled" and withdrawn from the top ten outstanding shareholders.
In addition, Aier Medical Investment Group Limited, Hong Kong Securities Clearing Company Limited and Guo Hongwei also reduced their shares in Aier Ophthalmology by 500,000 shares, 6,222,500 shares and 14,293,400 shares, respectively.
Contrary to the above shareholders, the "goddess of medicine" Gülen continues to be optimistic about Aier Ophthalmology.
As of the end of the third quarter, the Cele Medical and Health Hybrid Fund managed by Gülen increased its holdings by 35.5766 million shares of Aier Ophthalmology, and its shareholding ratio increased from 1.36% to 2.02%, making it the fourth largest outstanding shareholder of Aier Ophthalmology.
Spent more than 700 million yuan during the year to acquire 13 hospitals
Since its listing in 2009, Aier Ophthalmology has begun to expand frequently around the main business of ophthalmology.
Internally, Aier Ophthalmology carries out network construction through the self-owned funds of listed companies; externally, it actively expands through mergers and acquisitions and industrial fund mergers and acquisitions, and accelerates the deployment of ophthalmology hospitals throughout the country and counties to seize market share.
Since 2014, Aier Ophthalmology has spent 98 million yuan to establish Hunan Aier Zhongyu Ophthalmic Medical Industry M&A Investment Fund, and has invested in 12 industrial funds so far. As of the end of June 2020, its investment scale has reached more than 1.61 billion yuan.
Since then, the pace of expansion of Aier Ophthalmology has accelerated. According to the financial report, the company acquired and built 18 new hospitals such as Hunan Xiangtan and Yunnan Pu'er, as well as 31 outpatient departments and clinics, in 2019 alone.
In addition, Aier Ophthalmology also acquired isEC Ophthalmology Group, a Singapore-listed company, and included 12 of its ophthalmology and general practice clinics. This is also the second cross-border acquisition of foreign ophthalmology listed groups by Aier Ophthalmology after the completion of the acquisition of Bavarian Ophthalmology in Europe.
So far, Aier Ophthalmology has become the only ophthalmic medical chain group in the world that has three listed companies in China, Singapore and Europe. Subsequently, in 2020, Aier Ophthalmology acquired 30 hospitals through Dingdang.
Since 2021, Aier Ophthalmology has not slowed down the pace of acquisitions.
In June this year, Aier Ophthalmology issued an announcement that it intends to acquire 55% of the equity of Dandong Aier, 51% of the equity of Linyi Aier and 80% of the equity of Wanzhou Aier, with transaction amounts of 34.595 million yuan, 37.944 million yuan and 64.64 million yuan respectively, totaling 137 million yuan.
Subsequently, on August 18, Aier Ophthalmology issued an announcement on the acquisition, proposing to acquire 55% of the equity of Rizhao Aier, 51% of the equity of Weihai Aier, 75% of the equity of Heyuan Aier, 65.1% of the equity of Jiangmen Xinhui Aier and 70% of the equity of Zaoyang Aier held by Nanjing Aier Anxing Ophthalmic Industry Investment Center (hereinafter referred to as "Aier Anxing").
The transaction amounts of the above five companies were 49.2965 million yuan, 38.1327 million yuan, 33.675 million yuan, 156.1879 million yuan and 50.015 million yuan respectively, and the total acquisition price was 327 million yuan.
Recently, Aier Ophthalmology once again announced its intention to acquire 5 target hospitals. Among them, Aier Ophthalmology will acquire 55% of the equity of Anshan Aier, 51% of the equity of Cangzhou Aier, 51% of the equity of Fuyang Aier, 72.72% of the equity of Langfang Aier and 80% of the equity of Qinhuangdao Aier, with a total purchase price of 279 million yuan.
"In order to seize the good opportunities for the development of the medical industry, we will take the lead in the future competition." Aier Ophthalmology said for frequent acquisitions that the acquisition of the above companies is conducive to improving the regional market layout as soon as possible, forming a scale effect, further deepening the "hierarchical chain" system throughout the country, and consolidating and enhancing the company's leading position.
According to the official website of Aier Ophthalmology, the company currently has more than 720 hospitals and centers, including 611 Chinese mainland, 7 in Hong Kong, 89 in Europe, 12 in Southeast Asia, and 1 in the United States.
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