■ "The business of OK lenses (orthokeratology lenses) will definitely get better and better. Isn't the regulatory authority preparing to open some qualified institutions recently." In early July, a staff member of an OK lens distribution company was chatting Tell Red Star Capital Bureau when relevant business.
■ The release of qualifications mentioned by the above-mentioned staff refers to the "Letter from the Medical Administration and Hospital Administration of the National Health Commission on Requesting Opinions on the Management Specifications and Operational Specifications for the Clinical Application of Orthokeratology Lens Technology" recently circulated in the industry. For the medical institutions of OK mirror, the requirement of "Class II (including Class II) and above" is cancelled.
■ The so-called OK lens technology is to change the overall shape of the cornea actively, step by step, and gradually through a specially designed orthokeratology lens to rapidly improve uncorrected vision.
OK lenses can be worn at night to change the curvature of the cornea, thereby correcting daytime vision.
Recently, market demand has superimposed positive expectations for the policy. Many securities companies have released research reports expressing their optimism about the OK mirror market. Many listed ophthalmology companies have experienced a surge in June.
■ The investigation by the Red Star Capital Bureau found that the cost of OK mirrors is not high, but the retail price is not low; even for domestic OK mirrors with lower prices, the difference between the retail price and the ex-factory price is nearly 10 times.
Brokerages are collectively optimistic about the OK lens leader and harvest a round of gains
Myopia, especially juvenile myopia, has become a common problem, and the OK lens, known as the "artifact for correcting myopia", has also become popular.
Since June this year, Essence Securities, Everbright Securities, CITIC Securities, Soochow Securities and many other securities companies have released research reports focusing on ophthalmology and OK mirror, and are optimistic about relevant listed companies.
In June, OPCOM (300595.SZ), a leading OK lens company, rose by 24%, and Aibo Medical (688050.SH) rose by 11%.
Is it scientific to correct myopia?
Wei Wenbin, vice president of Beijing Tongren Hospital and director of the Department of Ophthalmology, once said: So far, there is no drug or surgery that can cure myopia.
The operation for myopia is just to remove glasses for everyone, and the state of myopia will not change.
The principle of OK mirror is the same.
The chief physician of the pediatric ophthalmology department of a tertiary hospital told the Red Star Capital Bureau that OK lenses, like our usual contact lenses, belong to contact lenses.
The OK lens is worn at night, and changes the shape of the cornea through compression, so that the patient's vision can reach normal without wearing glasses during the day. "It is suitable for young people's vision correction. Under normal circumstances, myopia within 400 degrees can play a better role. Effect."
The attending physician of another tertiary hospital also expressed a similar view. The attending physician also pointed out that if you stop wearing it, your vision will return to the state before wearing.
According to the website of the Food and Drug Administration, a total of 13 OK mirror products from 11 companies have obtained the registration certificate issued by the Chinese Food and Drug Administration. Among them, there are 3 Chinese companies with a total of 4 products, namely OPCOM Vision's Dream David, DreamVision, Aibo Medical's Puno pupil, Tianjin Shidajia Technology's "night-wearing OK mirror".
The scope of application of these 13 products is generally less than 400 degrees of myopia and less than 150 degrees of astigmatism.
The retail price is 6,000-15,000, and the wearing cycle of a pair is about one year.
Currently in the market, the retail price of a pair of OK mirrors is between 6,000-15,000 yuan, and the price of imported OK mirrors is generally higher than that of domestic products.
The attending physician of a tertiary hospital told the Red Star Capital Bureau that the price of OK mirrors is generally around 10,000 yuan, and there are also 15,000 and 16,000 yuan.
As for the effect of controlling myopia, the other party said, "The difference in price is not too big, it mainly depends on the effect of adaptation, and the most important thing is the fit."
The wearing cycle of a pair of OK mirrors is generally only one year. During the wearing process, special care solutions must be purchased.
A staff member of Aibo Medical Distribution Company told the Red Star Capital Bureau: "The cycle of this thing is generally one year, and if you don't wear it this year, you can not wear it next year. At present, our company's target group is 9-14 years old. , For example, a child started wearing it when he was 10 years old, and the child only went to primary school, and junior high school must also need it. Moreover, many children are not careful, and they will be broken within half a year (OK mirror), and they need to be reconfigured. Therefore, our product's The repurchase rate is 80%. There is also a care solution, the special care solution (OK mirror) is about 3,000 yuan a year.”
The Red Star Capital Bureau simply estimated that the various expenses are superimposed, and the cost of a user wearing OK glasses for a year may be as high as 20,000 yuan.
News Perspective
The 100 billion business experience under myopia
Although the retail price of domestic OK mirrors is relatively low, there is still a gap of nearly 10 times between the ex-factory price and the retail price.
Even at the ex-factory price, the gross profit margin of OK mirrors is as high as 80%.
A pair of OK mirror costs about 200 yuan
OPCOM Vision and Aibo Medical are the leading domestic OK lens companies in my country.
The company's financial report shows that in 2021, Aibo Medical will sell 215,200 orthokeratology lenses, generating revenue of 107 million yuan.
Based on this calculation, the ex-factory price of each orthokeratology lens is about 497 yuan, and the price of a pair is 995 yuan.
According to the prospectus of Aibo Medical, the unit price of the company's orthokeratology lenses in 2019 is 306.36 yuan/piece, so the price of a pair is 612 yuan.
After OPCOM was listed, it did not separately announce the sales of orthokeratology lenses, but its prospectus showed that in the first half of 2016, the unit price of Dream David was 768.16 yuan per piece, and the price of a pair was about 1,500 yuan.
In 2021, the gross profit margin of Opcon's viewing angle film orthokeratology lens products will be as high as 89.66%, and the gross profit margin of Aibo Medical's orthokeratology lens products will be as high as 83.95%.
From this calculation, the cost of a pair of OK mirrors is about 200 yuan.
The market size is expected to reach 210 billion
According to the survey data of the National Health Commission, in 2020, the overall myopia rate of young people in my country is 52.7%, of which the myopia rates of junior high school students and high school students are 71.1% and 80.5% respectively.
According to estimates by market institutions, the corresponding myopic population aged 6-18 in my country will reach 110 million in 2020.
According to CICC estimates, the market size for myopia prevention and control is expected to reach about 210 billion yuan in 2030, with a ten-year compound growth rate of about 13.7%.
In terms of operating thresholds, in 2001, the "Notice of the Ministry of Health on Strengthening the Management of Fitting Orthokeratology Lenses in Medical Institutions" was released, which clearly stipulated that medical institutions that fit orthokeratology lenses should be above level 2 (including level 2), and doctors should Possess the title of an ophthalmologist or above, and the technician must have the title of an intermediate or above technician.
A few days ago, an online document has been widely circulated. The content of the document shows that the relevant departments of the National Health Commission have studied and drafted the "Management Specification for the Clinical Application of Orthokeratology Lens Technology (Draft for Comment)" and the "Technical Operational Specification for Orthokeratology Lens (For Solicitation"). Commentary)".
Aier Ophthalmology (300015.SZ) expressed its views on the online documents when receiving the investigation of Harvest Fund, pointing out that the requirement of "secondary (including second-level) and above medical institutions" was cancelled in the online documents, and the "medical institutions with the More than 2 years of clinical work experience in ophthalmology, attending physician and above professional and technical position qualifications".
He believes that "relaxing with one hand and tightening with the other has strong rationality".
An industry insider said that even if the threshold for medical institutions is lowered, the threshold for practitioners may not necessarily be lowered, because the requirements for practitioners are stricter.
Some agents give rebates up to 50%
In the face of high profits, medical institutions and distributors have violated regulations and illegally operate OK mirrors.
In May 2022, the official website of the People's Government of Bao'an District, Shenzhen showed that Shenzhen Xin'an Aier Eye Clinic was fined 60,000 yuan by the Bao'an District Health Bureau for failing to fit orthokeratology lenses in accordance with regulations.
The medical institution rating of Shenzhen Xin'an Aier Eye Clinic is "unrated", but the fitting of orthokeratology lenses will be carried out in September 2021, which is an illegal act that does not carry out clinical application of medical technology in accordance with regulations.
In addition, the huge distribution network of OK mirror companies has also brought challenges to industry management. Even in the process of selling its products, the gray chain has become a driving force for high prices.
In July 2020, a criminal ruling published by the Judgment Documents website showed that in 2011, Chen Jingsheng, then director of the ophthalmology department of Jingzhou Maternal and Child Health Hospital, learned about "Dream David" under the introduction of agent Zhang Mou.
In 2013, the Maternal and Child Health Hospital reached a cooperation intention with sales manager Zhang 1, and agreed that the supplier would give the hospital a profit of 15% of its sales.
The rebate rate was then increased to 30% and then to 50%.
Behind the excitement, OK mirror manufacturers still have flaws that need to be resolved.
Chengdu Business Daily-Red Star News reporter Yu Yao Tao Yueyang