鳳凰醫療股價上漲五分之一 能否涅槃重生走着瞧
It should be an easy bet. As China’s population ages and becomes wealthier, money will surely flow into healthcare. Yet there are few obvious ways for investors to benefit. Hong Kong-listed Phoenix Healthcare Group, mainland China’s largest private hospital operator by beds, is one.
這應該是一個勝算很大的賭注。隨着中國人口老齡化且變得更爲富有，資金肯定會流入醫療領域。然而，該領域沒有幾條明顯能讓投資者受益的途徑。按牀位計算的中國內地最大私立醫院運營商、在香港上市的鳳凰醫療集團(Phoenix Healthcare Group)是其中之一。
Yesterday Phoenix’s shares increased by a fifth after the company said that it would buy 50 medical institutions from state-owned enterprise China Resources Healthcare. The deal will double Phoenix’s bed count and almost triple its revenues (there have been no disclosure about the target’s profits).
昨日，鳳凰醫療股價上漲五分之一，此前該公司表示，將從國有企業華潤醫療(China Resources Healthcare)手中收購50家醫療機構。該協議將令鳳凰醫療的牀位數量增加一倍，營收將增至原有水平的近3倍（收購目標的利潤數據至今未披露）。
Phoenix will pay $480m in new shares for the assets, making CRH the company’s largest shareholder with a stake of more than a third.
鳳凰醫療將發行4.80億美元的新股來收購這筆資產，華潤醫療將成爲鳳凰醫療最大股東，持股超過三分之一。
The deal is as much about survival as growth. Phoenix owns a majority stake in just one hospital. It also generates government fees by operating nearly 60 publicly owned medical facilities. Its largest business, contributing more than half of gross profit, is managing hospitals’ supply chains. Purchasing power allows the company to benefit from discounts of about 25 per cent on various medical supplies, according to Bernstein.
該協議對於鳳凰醫療的生存和增長都很重要。該公司目前僅擁有一家醫院的多數股權。它還通過運營近60家公立醫療機構產生政府收入。鳳凰醫療的最大業務是管理醫院的供應鏈，佔毛利的一半以上。根據伯恩斯坦(Bernstein)的數據，該公司的購買力較大，使其能夠在各種醫用耗材上享受約25%的折扣。
Regulations also allow hospitals a 15 per cent mark-up on listed drug prices.
監管規定還允許醫院對目錄藥品價格加價15%。
This business is being eroded. China wants to reduce drug prices. Mark-ups are being phased out. To compensate hospitals, which derive as much as 40 per cent of their revenues from drug pricing, user fees will need to rise.
這項業務正受到侵蝕。中國希望降低藥價。藥品加成做法正逐步取消。爲彌補醫院損失，患者收費需要上調。目前醫院40%的營收來自藥品定價。
Owning more hospitals outright will enable Phoenix to move with this trend, while developing its brand. But patients attending most of the hospitals owned or operated by the company are funded by the state. As China tries to extend medical cover while holding down costs the company risks being caught between conflicting policies.
直接擁有更多醫院將令鳳凰醫療順應這種趨勢，同時發展其品牌。但到該公司擁有或運營的多數醫院看病的患者是有國家醫保的。中國正努力擴大醫保範圍，同時壓低成本，該公司可能被互相沖突的政策夾在中間。
The scarcity of ways to invest in Chinese healthcare does not make Phoenix an easy choice. As in the west, healthcare investing requires a firm grasp of politics.
投資中國醫療行業途徑的稀缺不會讓鳳凰醫療變成一個顯而易見的投資選擇。就像在西方一樣，醫療投資需要緊緊把握政策。
