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.

2023H2 China Healthcare Investment Strategy and Top Pick

Pre-IPO HighTide Therapeutics - Its Outlook in NASH Field Is Not Optimistic, with High Risks

Moderna Inc (MRNA US) - What Would Happen After Moderna Enters China?

Topchoice Medical (600763.CH) - The “True Secret” of Success and the Lost Luck

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

Aier Eye Hospital (300015.CH) 22H1 - More Downside Ahead; The Long Logic Doesn't Exist

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 performance slowed significantly in 2022, with revenue and net profit growth rates at their lowest in nearly a decade.Although performance rebounded in 23Q1, the growth rate lags behind peers.</li>
<li>In front of increasing competition and difficulty of finding good acquisition targets, Aier’s poor operational capabilities and endogenous growth cannot support rapid growth. The beautiful story has shown obvious cracks.</li>
<li>Future single-digit growth is inevitable. Aier is significantly overvalued due to problematic long logic. It should be noted that there would be four further holdings reductions for Aier this year.</li>
</ul>


Aier’s performance slowed significantly in 2022, with revenue and net profit growth rates at their lowest in nearly a decade.Although performance rebounded in 23Q1, the growth rate lags behind peers.
In front of increasing competition and difficulty of finding good acquisition targets, Aier’s poor operational capabilities and endogenous growth cannot support rapid growth. The beautiful story has shown obvious cracks.
Future single-digit growth is inevitable. Aier is significantly overvalued due to problematic long logic. It should be noted that there would be four further holdings reductions for Aier this year.


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