Gem investment risk tip: after this stock issuance, it is planned to be listed on the GEM market, which has high investment risk. GEM companies have the characteristics of large investment in innovation, uncertainty about the success of the integration of new and old industries, still in the growth stage, high operation risk, unstable performance and high delisting risk. Investors are facing greater market risks. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently. Liaoning He Eye Hospital Group Co., Ltd
(No. 5-1, Tianci street, Hunnan District, Shenyang City, Liaoning Province (607))
Prospectus for initial public offering and listing on GEM
Sponsor (lead underwriter)
(Zhongyuan Guangfa finance building, No. 10, business outer ring road, Zhengdong New District, Zhengzhou)
Issuer statement
Any decision or opinion made by the CSRC and the exchange on this issuance does not indicate that they guarantee the authenticity, accuracy and completeness of the registration application documents and the information disclosed, nor do they indicate that they make substantive judgment or guarantee on the profitability, investment value of the issuer or the income of investors. Any statement to the contrary is a false statement.
According to the provisions of the securities law, the issuer shall be responsible for the changes in the operation and income of the issuer after the shares are issued according to law; Investors independently judge the investment value of the issuer, make investment decisions independently, and bear the investment risks caused by the changes in the operation and income of the issuer or the changes in the stock price after the shares are issued according to law. The issuer and all directors, supervisors and senior managers promise that there are no false records, misleading statements or major omissions in the prospectus and other information disclosure materials, and bear corresponding legal liabilities.
The controlling shareholder and actual controller of the issuer promise that there are no false records, misleading statements or major omissions in this prospectus, and bear corresponding legal liabilities.
The person in charge of the company, the person in charge of accounting and the person in charge of the accounting agency shall ensure that the financial and accounting materials in the prospectus are true and complete.
The issuer and all directors, supervisors, senior managers, controlling shareholders, actual controllers, sponsors and underwriting securities companies promise to compensate investors for losses in securities issuance and trading due to false records, misleading statements or major omissions in the issuer's prospectus and other information disclosure materials.
The sponsor and the securities service institution promise to compensate the investors for the losses caused to the investors due to the false records, misleading statements or major omissions in the documents prepared and issued for the issuer's public offering.
Overview of this offering
Type of shares issued: RMB ordinary shares (A shares)
Number of shares to be issued: the number of shares to be publicly issued this time shall not exceed 30.5 million, and shall not be less than 25% of the total share capital after issuance; The issuing shareholders do not offer shares to the public.
The par value of each share is RMB 1.00
The issue price per share is 42.50 yuan / share
Expected issue date: October 2023
Stock exchange and gem of Shenzhen Stock Exchange to be listed
The total share capital after issuance shall not exceed 121558824 shares
Sponsor and lead underwriter Central China Securities Co.Ltd(601375)
Signing date of prospectus: March 16, 2022
Tips on major issues
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of this prospectus and pay special attention to the following important matters. 1、 The company specially reminds investors to pay attention to the following risks in the "risk factors" (I) market competition risk
With the improvement of Chinese residents' living standards, the popularization of eye health knowledge, the continuous enhancement of public eye health awareness, and the continuous increase in the demand for ophthalmic medical services, the ophthalmic medical industry is facing good development opportunities. At the same time, with the expansion of market scale and the continuous implementation of the state's encouraging policies to support private capital to participate in the development of medical and health undertakings, the number and proportion of private ophthalmic hospitals are increasing year by year, and the competition in ophthalmic medical service industry will continue to intensify.
At present, the company has gradually expanded its business to Beijing Tianjin Hebei region centered on Beijing, Yangtze River Delta region centered on Shanghai, Dawan District centered on Shenzhen and western region centered on Chengdu and Chongqing; The company has established a good brand image of he's ophthalmology by providing high-level diagnosis and treatment services and optometry services and actively participating in social public welfare activities. However, for the increasingly competitive ophthalmic medical service market, if the company cannot maintain and strengthen its competitive advantage and continuously improve the quality of medical service, it will face greater competitive pressure in the future business process. (II) risk of changes in national medical insurance policies
The company's main business is to provide ophthalmic specialist diagnosis and treatment services and optometry services for patients with eye diseases. Among them, the diagnosis and treatment expenses of some eye diseases such as cataract and glaucoma belong to the settlement scope of medical insurance. Therefore, the change of national medical insurance policy has a significant impact on the development of the above businesses. By the end of the reporting period, the main medical institutions under the company had obtained the qualification of designated institutions of medical insurance. If the company's existing medical institutions cannot continue to maintain the qualification of designated institutions of medical insurance, or the newly established medical institutions cannot obtain the qualification of designated institutions of medical insurance in time, or the national medical insurance policy for ophthalmic diseases changes in the future, adjusting the settlement standard, payment proportion or narrowing the settlement scope of medical insurance will reduce the payment ability of patients and reduce the number of patients, This will have an adverse impact on the company's operating performance. (III) risk of changes in industrial regulatory policies
The company's industry is a medical service industry. It is strictly supervised by the National Health Commission, the State Administration of market supervision and administration, the state medical insurance administration, the national development and Reform Commission and other government agencies in terms of market access, business qualification, drugs and medical consumables, medical personnel and medical technology management, medical charges, medical insurance settlement policies, etc.
If the regulatory policies of the industry change in the future, such as raising the threshold of market access, limiting private capital investment in medical institutions, reducing the coverage and payment scale of medical insurance, and limiting the price of drugs and medical services of private medical institutions, it will have a negative impact on the future business development of the company. (IV) risk of medical disputes or accidents
Subject to the limitations of the development of medical science, the complexity of disease types and disease degrees, the differences in the personal physique of patients and the professional level of medical personnel, the particularity that the failure of medical devices can not be completely avoided in the use process, and the irreversible implementation results of some diagnosis and treatment measures, medical services inevitably have certain risks.
As an important branch of medicine, ophthalmic medical services also have certain medical risks.
Most of the diagnosis and treatment activities of ophthalmic diseases are carried out around the eyes, and most of the operations of ophthalmic surgery are completed under the microscope. The eye structure of human body is fine and complex, and the operation is difficult. The operation effect is closely related to many factors, such as the quality of doctors, diagnosis and treatment equipment, patients' personal physique and postoperative nursing. If there are unexpected situations such as doctor's operation error and equipment failure in the process of diagnosis and treatment, or the postoperative situation is inconsistent with the patient's pre-operative expectations, it may lead to medical disputes. The company strictly implements the national and industrial diagnosis and treatment guidelines and operation specifications, and ensures the medical quality through perfect doctor training system and advanced diagnosis and treatment equipment.
As an ophthalmic medical institution, the company faces certain risks of medical disputes or accidents. Medical disputes and accidents will cause the company to face complaints, legal proceedings or economic compensation, which may have an adverse impact on the company's reputation and brand, thus adversely affecting the company's operating performance and financial status. (V) risk of brain drain and talent shortage
The quality of medical service largely depends on the professional level of doctors and the soundness of hospital medical service system. Therefore, excellent doctors and management team are very important for the development of medical institutions. A mature and stable talent team is one of the important factors for the continuous development and growth of the company's business.
After years of development, the company has a number of high-level ophthalmologist teams and high-quality management teams, and has established a perfect doctor training system, effective performance reward system and humanized management mechanism to ensure the stability of core business backbone and management personnel. However, in the context of increasingly fierce industry competition, if the company's human resources policy in the future can not meet the needs of the company's development, it will be difficult to attract and stabilize core personnel, resulting in brain drain; Or with the continuous expansion and development of business, the company cannot maintain the match between talent growth and business expansion through self-cultivation or external introduction, which will have an adverse impact on the company's future business development. (VI) management risks caused by business expansion
At the same time, the company began to lay out the Beijing Tianjin Hebei region centered on Beijing, the Yangtze River Delta centered on Shanghai, the Dawan District centered on Shenzhen and the western region centered on Chengdu and Chongqing, invested in the establishment of Ophthalmology specialized medical institutions in various investment regions, and initially formed the layout of chain networks in various regions of Liaoning and the strategic layout of national key cities. In each period of the reporting period, the company's operating revenue was 6137277 million yuan, 7455638 million yuan, 8384733 million yuan and 46.62 million yuan respectively, showing a steady growth trend.
Through the group controlled three-level eye health medical service model, the company has achieved rapid business growth and highlighted the scale effect and brand effect. With the continuous expansion of business scale, the company will face great challenges in resource integration, medical management, financial management, talent management, market development and other aspects, and the complexity and difficulty of management will gradually increase. If the company cannot improve its management level and service ability in the future, it will have an adverse impact on the operation of the company. (VII) operational risks of market expansion outside Liaoning Province
Although the company has mature experience in hospital management and operation, has conducted detailed research on the markets outside Liaoning Province and fully demonstrated the feasibility of establishing new medical institutions, due to the time required for local patients to understand and recognize new brands, brand awareness and service reputation need to be cultivated, and the establishment of new medical institutions and optometry stores will lead to early rent, decoration Employees' salaries and other costs are large. If the new medical institutions and optometry stores outside Liaoning Province cannot achieve the expected profit target, it may lead to the rise of the company's costs and the decline of performance, which may have an adverse impact on the company's operating performance and financial status. (VIII) the profit mainly comes from the operating risks of some subsidiaries such as Shenyang he's
In 2020, the company's profitable subsidiaries include 11 subsidiaries, including Shenyang Heshi, Dalian Heshi, Huludao Heshi, Jinzhou Heshi, heshiguang and Aimu commerce and trade. Among them, the net profits of Shenyang Heshi, Dalian Heshi and Aimu commerce and trade account for a relatively high proportion, and the total net profits of each period in the reporting period are 879726 million yuan, 1098281 million yuan 1281439 million yuan and 754578 million yuan; During the reporting period, the net profit of the company mainly came from Shenyang Heshi, Dalian Heshi and Aimu trading. The profitability of the company is highly dependent on the above subsidiaries. If the operation of the above subsidiaries is less than expected, it will have an adverse impact on the profitability of the company.
(IX) risk of significant decline in performance in 2021
According to the preliminary prediction of the company, the company can realize the operating revenue of 838.47 million yuan to 1118 million yuan in 2021, an increase of 0.00% to 33.34% compared with 2020, and the net profit attributable to ordinary shareholders is 60.15 million yuan to 85 million yuan, a decrease of 15.20% to 39.99% compared with 2020; After deducting non recurring profits and losses, the net profit attributable to ordinary shareholders ranged from 51 million yuan to 72 million yuan, a decrease of 19.29% to 42.83% compared with 2020. The company expects to achieve year-on-year growth in operating revenue in 2021, but the net profit attributable to ordinary shareholders and net profit attributable to ordinary shareholders after deducting non recurring profits and losses will decline significantly in 2021. The main reasons are: ① affected by the operating characteristics such as losses in the market cultivation period of the medical service industry, it is expected to newly open in 2021 Chongqing he's secondary eye care service organization had a loss of about 29.81 million yuan in that year; ② With the normalization of epidemic prevention and control, the national phased reduction and exemption of some social insurance premiums will no longer be implemented in 2021, and the impact on the company's net profit is expected to be about 15.64 million yuan (the income tax rate is calculated according to the comprehensive income tax rate of the current year); ③ At the beginning of November 2021, there was a new epidemic in Dalian and many places in Liaoning suffered from Blizzard weather. Affected by epidemic prevention and control, Blizzard extreme weather and other factors, the company expects that there will be great uncertainty in November and December 2021, and the profit in the fourth quarter of 2021 is expected to decrease by about 14 million yuan to 35 million yuan compared with the same period of last year. According to the preliminary prediction of the company, the net profit attributable to ordinary shareholders and the net profit attributable to ordinary shareholders after deducting non recurring profits and losses in 2021 will face the risk of significant decline.
As of the signing date of this prospectus, the company's 2021 financial report has been reviewed by Rongcheng Certified Public Accountants (special general partnership), and the review report (Rongcheng zhuanzi [2022] No. 110z0020) has been issued. After review, the company's operating income was RMB 12.397 million, an increase of RMB 2.4581 million compared with that in 2020, with a year-on-year increase of RMB 2.4581 million; The net profit attributable to ordinary shareholders and the net profit attributable to ordinary shareholders after deducting non recurring profits and losses were 863643 million yuan and 758149 million yuan respectively, a year-on-year decrease of 138716 million yuan and 133928 million yuan, a decrease of 13.84% and 15.01%; For details, see "(II) main financial information after the audit deadline" in "XVI. Main financial information and operating conditions after the audit deadline" of "Section VIII Financial Accounting Information and management analysis" of this prospectus. 2、 Important commitments made by relevant entities of this issuance
The company reminds investors to carefully read the company, shareholders, directors, supervisors, senior managers and this issuance
