"Eyes are the windows of the soul", and in the hot A-share market, eyes are a great opportunity for investment.
On behalf of the company, the original Aier Ophthalmology, 1 1 year went public, and its market value increased to19 billion yuan, an increase of more than 27 times; At present, there is an "Opcon", which went on the market at the beginning of 20 17, and its market value has soared 10 times in three years. As of July 13, its market value has climbed to 40 billion yuan.
Opoconvex earned 650 million yuan in 2065438+09. The main product "Orthokeratology Mirror" has a gross profit margin of 9 1% and a net profit margin of 47%. The two indicators just match Maotai.
The aging of myopia has given birth to the profiteering business behind the eyes.
The magical OK mirror is not bad at all.
Op Vision is located in Hefei High-tech Zone, Anhui Province. Its founder is Tao Yuequn. He is the first college student after resuming the college entrance examination. His major is very high-nuclear physics. /kloc-went to the United States to study in the 1980s and became the first batch of registered network engineers in California.
In 200 1 year, Tao Yuequn, who was in his early forties, raised $500,000 by himself and returned to China to start a business. He didn't choose the promising internet, but plunged into the "orthokeratology mirror", a rare small industry in the past 20 years.
Orthokeratology mirror, commonly known as "OK lens", is a kind of hard contact lens. Their principle is to temporarily change the curvature of the cornea, thus correcting vision. Users usually wear it when sleeping, take it off after getting up, and keep clear naked eyes during the day. The frequency is one to two years.
Tao Yuequn is very careful. He found that American teenagers' myopia rate is not high, and OK glasses are given a cold shoulder, while China teenagers are a group with high myopia incidence, so he has a lot of room for judgment.
I never thought that the company had just registered to recruit people, and the exposure of OK Mirror at CCTV's "3. 15" party triggered a group of adverse reactions, and some users even went blind. The industry instantly fell into a trough, and Op was implicated. Tao Yuequn once thought about giving up and finally chose to stick to it.
The product parameters of OK glasses are non-standard products, which are determined according to patients' vision correction needs. Eye inspection and standard fitting are necessary procedures, which require high technical research and development and production technology.
It was not until 2005 that the team spent four years in research and development, and the core product "Dream David" was approved for orthokeratology product registration certificate, and the business was on the right track. After another four years, the company turned losses into profits.
At the same time, the OK mirror market is very depressed. Tao Yuequn once had to start his old line of IT engineering, and even set foot in the real estate field to make money and subsidize research and development.
It was not until around 20 10 that the OK mirror industry ushered in rapid development, and the performance of Opcon was also rising. In 20 12-20 19, the company's revenue jumped from 68 million yuan to 650 million yuan, and its net profit increased from 30.09 million yuan to 307 million yuan, with compound annual growth rates of 32% and 28% respectively. The gross profit margin of orthokeratology mirror's main business reached an astonishing 9 1%, comparable to Maotai, and the company firmly grasped the pricing power of products.
20 17, Opcom is listed on the growth enterprise market. According to Tao Yuequn, the company had more than 200 million monetary funds in its original account, which was "not bad money" at all, and went public to "make a big advertisement".
Because OK glasses is a new industry, there used to be only ophthalmology, but not optometry (a new interdisciplinary subject that uses modern optical principles and technologies to solve visual impairment). The optometry glasses recognized by the public are very simple, and little is known about Opal's products. "Before we went public, we rarely asked the government for policies. Many people knew about our existence." Tao Yuequn said.
The lens with unit price 1 100 is more than 100.
Opcom's "myth of making wealth" is related to the high barriers of products.
Okscope is in direct contact with eyes, and it belongs to the third-class national medical devices like heart valves and heart stents, and is managed according to the medical devices with the highest risk level.
The clinical use and verification of such medical devices must be approved by the drug supervision and administration department of the State Council, and the time period for registration and approval is quite long. The experience and service network of clinical fitting service also need time to accumulate.
In China, the number of licensed players is very limited. It took 14 years after Opcom obtained the first "license". It is the only manufacturer with OK mirror production license in China. Iponod, the second domestic manufacturer, did not obtain the product registration certificate until 2065,438+09, during which only a few imported enterprises were approved.
Up to now, there are only 8 OK mirror manufacturers approved in China.
Tao Yuequn also flexibly adopted two core strategies: one is to optimize products, and the other is to strengthen channels.
According to the eye characteristics of domestic teenagers, he reformed the traditional OK mirror, and the product optimization was reflected in the correction range, personalized customization and the comprehensive performance of the materials used.
The most important thing is the degree of correction. The developed tear-balanced hydrophilic OK lens can reduce the myopia by up to 600 degrees, while similar products on the market are usually below 500 degrees.
The price strategy is also more close to the people. The price of imported products is usually 1 10,000-10.5 million yuan per pair, while that of domestic products of Opcom is 5000-10.2 million yuan per pair, which is cost-effective and attracts price-sensitive users.
Even so, OK mirror products have not earned less at all, and the gross profit margin is still above 90%. The average unit price of 20 19 years 1 hard mirror is 1 105 yuan, and the average cost is only 107 yuan/piece.
Tao Yuequn also insisted that the product should be updated and iterated. "You can't fight for a lifetime by one product", which is a word he often talks about.
"Dream David" series is the core product line of the company. In order to expand the customer base, 20 18 newly promoted the brand of DreamVision, positioning the high-end. In the first half of 20 19, the DreamVisionGP series of daily contact lenses was released, and the same series of circular design lenses continued to be promoted in the second half of the year to attract users with personalized requirements.
Opcon has also developed a number of distributors with medical device business licenses, authorizing them to sell products to specific regions or specific optometry service institutions, and directly sell products to hospitals.
Since 20 14, the company has successively acquired or built its own sales channels, established a product marketing network and after-sales service system, and its products have entered more than 900 medical institutions nationwide, with a cumulative user of more than 900,000.
In order to expand the business volume, Opcon is also expanding the supporting and peripheral products of contact lenses and building a complex product matrix.
20 19, activities are particularly intensive. We registered the "hard contact lens care solution", developed the cold and hot atomized eye mask, even promoted the "wearable spectacle frame", and even dabbled in intelligent wearing and monitoring equipment, hoping to understand the wearer's eye state through the App. Recently, we set up a drug research and development team and started drug research and development related to myopia prevention and control.
270 million nearsighted young people are broad and blue.
After 20 years of precipitation, Opcon is embracing a broad market.
The number of myopia in China has exceeded 600 million, and it is becoming more and more common. In the age structure of myopia patients, the total number of adolescents with myopia is about 270 million, ranking first in the world. The myopia rate of junior high school students and senior high school students remains above 70% all the year round.
"On the one hand, the pressure of entering a higher school forces children to spend a lot of time reading books, doing homework and practicing exam questions, and the time spent using their eyes at close range increases; On the other hand, more and more technology products (smart phones, tablets, etc. Children often stare at the electronic screen for a long time, which leads to a great increase in eye strength and a decrease in blinking frequency, resulting in decreased vision. " Opcom pointed out the current education method in the financial report.
A huge business opportunity for myopia correction follows.
The mainstream myopia correction methods in the market include frame glasses, contact lenses, surgical correction, drug treatment and so on. The advantage of OK mirror is that it can effectively curb the deepening of myopia, has non-surgical characteristics, and avoids potential postoperative risks. Orthokeratology mirror was also included in the "Guidelines for Prevention and Treatment of Myopia" of the National Health and Family Planning Commission on 20 18.
The market for prevention and control of juvenile myopia has expanded, and the public's awareness, acceptance and ability to pay for OK glasses have continued to improve. Limited by technical barriers and strict examination and approval, only a few people are allowed to enter this blue ocean market.
Opcon gets along well with nature.
The outbreak of COVID-19 epidemic affected the original "peak season" of winter vacation sales, and the income from product orders and optometry services was once greatly reduced.
At the company's annual meeting five years ago, Tao Yuequn set a goal to be "Huawei in the field of optometry" and judged that there would be more than 10 large-scale enterprises focusing on optometry in China. He intends to fully promote the "domestic substitution" of OK glasses.
Opcom has a detail in the prospectus. 2065438+In April 2006, the relevant state departments issued a re-entry certificate, allowing Tao Yuequn to resume China nationality. Before that, he held an American passport.
However, compared with Huawei's big spending on R&D, some people criticized Opcom for its continuous decline in R&D. The R&D expenditure in 20 19 was only160,000, accounting for only 2.5%.
In recent years, the focus of Tao Yuequn's work has gradually shifted to screening targets and looking for suitable investment opportunities. "The era of a company leading the industrial chain from beginning to end has passed." In May this year, when interviewed by the media, he thought that the scale of China optometry single enterprise was too small, and "it can be combined through reorganization and merger to play the effect of 1+ 1 > 2".
"In the United States, the scale of the eye health industry is far larger than that of the eye disease treatment industry, with a ratio of about 7: 3. For China optometry enterprises, there are new opportunities every day, and a good product can often support an industry. " Tao Yuequn said.
As far as OK glasses are concerned, perhaps the first thing to thank is that there are so many nearsighted teenagers in China.