HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Xiamen Yan Palace Bioengineering (PHIP Updates) - Some Points Worth the Attention

China’s Ophthalmic Hospital Market – The Major Players, the Business Logic and the Outlook

Hygeia Healthcare Group (6078.HK) - A Decline in Growth Is Inevitable

Aier Eye Hospital Group (300015.CH) 2022/23Q1 - The Era Belonging to Aier Has Come to an End

Aier Eye Hospital Group (300015.CH) - The Truth Behind the Mirage

Aier Eye Hospital Group (300015.CH) 23H1 - Time to Face the Gap Between Ideal and Reality

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Aier Eye Hospital Group / Equity Bottom-Up

<ul>
<li>Aier’s 23Q3 profit growth exceeded expectations. Considering the low base in 22Q4, Aier’s 23Q4 performance could show an obvious rebound. Then, the 2023 full-year results would be more certain.</li>
<li>Aier has a considerable amount of "off-balance-sheet profits" that can be incorporated into statements in the future. So, although Aier's growth rate has decreased, it wouldn’t collapse in short term.</li>
<li>More hidden problems would be exposed in the process of transferring off-balance sheet profits to the on-balance sheet. All the repurchased shares should be cancelled to reduce Aier’s registered capital.</li>
</ul>


Aier’s 23Q3 profit growth exceeded expectations. Considering the low base in 22Q4, Aier’s 23Q4 performance could show an obvious rebound. Then, the 2023 full-year results would be more certain.
Aier has a considerable amount of "off-balance-sheet profits" that can be incorporated into statements in the future. So, although Aier's growth rate has decreased, it wouldn’t collapse in short term.
More hidden problems would be exposed in the process of transferring off-balance sheet profits to the on-balance sheet. All the repurchased shares should be cancelled to reduce Aier’s registered capital.


Aier Eye Hospital (300015.CH) 23Q3 - While Enjoy the Rebound, Recognize the Endgame Behind the Story