Core Viewpoint - The report from CICC maintains the EPS forecast for Chaoyujian Ophthalmology (02219) at 0.28 CNY and 0.30 CNY for 2025 and 2026, respectively, with a target price of 3.90 HKD, indicating a 30.0% upside potential from the latest closing price [1] Group 1: Financial Performance - In 1H25, the company reported revenue of 698 million CNY, a year-on-year decrease of 4.9%, and a net profit attributable to shareholders of 114 million CNY, down 16.7%, primarily due to the impact of high-value consumables procurement and price adjustments in certain refractive surgeries [1] - The overall performance was in line with CICC's expectations [1] Group 2: Operational Metrics - The number of outpatient visits decreased by 8.6% to 522,000, while inpatient visits fell by 2.7% to 35,000, and optical center visits dropped by 5.8% to 49,000 in 1H25 [2] - Despite the decline in visit volumes, the average spending per outpatient increased by 4.3% to 797 CNY, and the average spending per optical center customer rose by 12.7% to 978 CNY [2] - The revenue from consumer ophthalmology services was 359 million CNY, down 4.6%, accounting for 51.5% of total revenue, while basic ophthalmology services generated 337 million CNY, down 5.6%, making up 48.3% of total revenue [2] Group 3: Competitive Strategies - The company has adopted new refractive techniques in its four hospitals, providing differentiated pricing options, with a significant increase in the adoption rate and market acceptance [3] - The company plans to enhance the promotion of these new techniques in the second half of the year, expecting a substantial increase in the average price of refractive surgeries [3] Group 4: Profitability and Cost Management - The gross margin for 1H25 was 42.6%, a decrease of 3.1 percentage points year-on-year, while the net profit margin was 16.3%, down 2.3 percentage points, mainly due to price reductions in the all-laser refractive surgery and the impact of high-value consumables procurement [4] - The company has shown improved cost control, with combined management and sales expense ratios decreasing by 1.5 percentage points to 21.6% [4]

Core Viewpoint - The company, Chaoyou Ophthalmology (02219), experienced a significant decline in stock price by 12% following the release of its mid-term results for 2025, indicating challenges in revenue and profit performance [1] Financial Performance - The company reported revenue of 698 million HKD, representing a year-on-year decrease of 4.91% [1] - The profit attributable to the parent company was 114 million HKD, down 16.72% compared to the previous year [1] - The company announced that it would not declare an interim dividend [1] Operational Challenges - The decline in revenue was primarily attributed to a slight decrease in outpatient and inpatient visits, which are mainly focused on basic ophthalmic services [1] - The company is facing intensified market competition and is responding to the national policy of volume-based procurement (VBP) in China by implementing internal pricing adjustments starting in the second half of 2024 [1]

Core Viewpoint - The company reported a decrease in revenue and profit for the six months ending June 30, 2025, primarily due to a decline in outpatient and inpatient visits, as well as pricing adjustments in response to market competition and national policies [1] Financial Performance - The company achieved revenue of 698 million, a year-on-year decrease of 4.91% [1] - Profit attributable to the parent company was 114 million, reflecting a year-on-year decrease of 16.72% [1] - Basic earnings per share were 0.16 [1] Operational Challenges - The decline in revenue was attributed to a slight decrease in outpatient and inpatient visit numbers, which are primarily focused on basic ophthalmic services [1] - The company plans to implement internal pricing adjustments starting in the second half of 2024 to address increasing market competition and the impact of the national volume-based procurement (VBP) policy [1]

Core Viewpoint - The company, Chaoyue Eye Care (02219.HK), reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to decreased patient visits and pricing adjustments in response to market competition and national policies [1] Financial Performance - Revenue decreased by 4.9% to RMB 698 million [1] - Net profit fell by 17.1% to RMB 110 million [1] - Profit margin declined from 18.2% in the same period of 2024 to 15.9% for the six months ending June 30, 2025 [1] - Basic earnings per share decreased by 17.2% from RMB 0.20 in 2024 to RMB 0.16 [1] Operational Challenges - The decline in revenue was attributed to a slight decrease in outpatient and inpatient visits primarily focused on basic ophthalmic services [1] - The company implemented internal pricing adjustments starting in the second half of 2024 to cope with increasing market competition and the national volume-based procurement (VBP) policy [1]

Financial Performance - The group's revenue decreased by 4.9% from RMB 734.3 million in the same period of 2024 to RMB 698.3 million for the six months ending June 30, 2025[2]. - Gross profit fell by 11.4% from RMB 336.0 million in 2024 to RMB 297.7 million in 2025, with a gross margin decline from 45.8% to 42.6%[2]. - Profit before tax decreased by 14.8% from RMB 179.6 million in 2024 to RMB 153.1 million in 2025, resulting in a profit margin before tax of 21.9% compared to 24.5% in the previous year[2]. - Net profit declined by 17.1% from RMB 133.6 million in 2024 to RMB 110.7 million in 2025, with a net profit margin dropping from 18.2% to 15.9%[3]. - Non-IFRS adjusted net profit decreased by 18.2% from RMB 144.8 million in 2024 to RMB 118.4 million in 2025, with an adjusted net profit margin of 17.0% compared to 19.7% in the previous year[3]. - Basic earnings per share fell by 17.2% from RMB 0.20 in 2024 to RMB 0.16 in 2025[4]. - Total revenue for the six months ending June 30, 2025, was RMB 698.3 million, down 4.9% from RMB 734.3 million for the same period in 2024[14]. - Revenue from consumer ophthalmic services accounted for 51.5% of total revenue, totaling RMB 359.5 million[15]. - Revenue from basic ophthalmic services represented 48.3% of total revenue, amounting to RMB 337.5 million[15]. Operational Metrics - Outpatient visits decreased to 522,051 from 571,087, representing a decline of approximately 8.6%[12]. - Average outpatient spending per visit increased to RMB 797 from RMB 764, reflecting a growth of about 4.3%[12]. - Inpatient visits slightly decreased to 34,844 from 35,814, a decline of about 2.7%[12]. - Average inpatient spending per visit decreased to RMB 6,688 from RMB 7,052, a drop of approximately 5.2%[12]. Cost and Expenses - Other income and gains increased by 47.1% from RMB 25.7 million to RMB 37.8 million, mainly due to government subsidies and increased fair value gains on financial assets[35]. - Selling and distribution expenses decreased by 22.5% from RMB 63.0 million to RMB 48.8 million, due to more efficient advertising spending[36]. - Administrative expenses reduced by 3.9% from RMB 106.4 million to RMB 102.2 million, primarily due to the end of certain management share incentive amortization periods[37]. - Other expenses surged by 290.6% from RMB 6.4 million to RMB 25.0 million, mainly due to impairment losses on goodwill and intangible assets from underperforming hospitals[38]. Investments and Expansion Plans - The company continues to invest in advanced ophthalmic equipment and treatment plans, enhancing service quality and patient safety[20]. - The group plans to continue expanding its network in North China and aims to acquire and establish more hospitals and optical centers in the coming years, particularly in the Yangtze River Delta region[25]. - The group has not yet entered into any letters of intent or agreements regarding acquisitions and has not identified any specific acquisition targets as of the announcement date[25]. - The group has received various awards and recognitions in 2025, including being named a "High Growth Leading Enterprise" and a "Demonstration Enterprise of Integrity"[23]. Financial Position and Cash Flow - Cash and cash equivalents decreased by RMB 497.0 million for the six months ended June 30, 2025, primarily due to net cash inflow from operating activities of RMB 181.6 million and net cash outflow from investing activities of RMB 579.2 million[49]. - Trade receivables decreased by 5.5% from RMB 74.4 million as of December 31, 2024, to RMB 70.3 million as of June 30, 2025, mainly due to earlier insurance claims affecting medical receivables[46]. - Trade payables increased by 19.6% from RMB 53.6 million as of December 31, 2024, to RMB 64.1 million as of June 30, 2025, mainly due to increased payables for medical supplies and pharmaceuticals[50]. - Other payables and accrued expenses increased by 15.9% from RMB 231.0 million as of December 31, 2024, to RMB 267.8 million as of June 30, 2025, primarily due to increased engineering payables[51]. - The group is in a net cash position as of June 30, 2025, making the debt-to-asset ratio not applicable[61]. Governance and Compliance - The independent auditor, Ernst & Young, reviewed the interim financial data, confirming compliance with applicable accounting standards and regulations[87]. - The board believes that the current governance structure does not undermine the balance of power and authority between the board and management[69]. - The board has considered the proposed changes to the use of net proceeds from the global offering and believes that reallocating these funds will help effectively allocate financial resources and strengthen the group's future development[76]. Shareholder Returns - The board has decided not to declare any interim dividend for the six months ending June 30, 2025, compared to HKD 0.1307 in the same period of 2024[4]. - The company declared a final dividend of HKD 11.93 per ordinary share for the year ended 2024, down from HKD 22.08 per share in 2023, resulting in total dividends of RMB 75,981,000 compared to RMB 187,134,000 in the previous year[113]. - The board believes that the share repurchase can enhance earnings per share, benefiting shareholders overall[79].

Core Viewpoint - The company, Chaoyu Eye Care (02219), announced that its indirect wholly-owned subsidiary, Chaoyu Medical Technology, will further subscribe to a financial product from the Bank of China with a total principal amount of RMB 30 million, funded by the group's surplus cash rather than proceeds from a global offering [1] Group 1 - The subscription amount for the financial product is RMB 30 million [1] - The funding for this subscription comes from the company's surplus cash [1] - The subscription is scheduled for August 22, 2025 [1]

Group 1 - The company, Chaoyu Eye Care (02219), announced that on August 22, 2025, its indirect wholly-owned subsidiary, Chaoyu Medical Technology, will further subscribe to a financial product from the Bank of China with a total principal amount of RMB 30 million [1] - The subscription will be funded by the group's surplus cash rather than proceeds from a global offering [1]

Group 1 - The core point of the article is that Chaogu Medical Technology, a wholly-owned subsidiary of Chaogu Eye Care, has further subscribed to a financial product from the Bank of China with a total principal amount of RMB 30 million, effective August 22, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Chaoju Eye Care Holdings Limited 朝聚眼科醫療控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2219） 認購理財產品 茲提述本公司日期為二零二四年九月二十七日及二零二五年六月二十四日 的 公 告，內 容 分 別 有 關 認 購 本 金 總 額 為 人 民 幣 240 百 萬 元（「九月存款產品」） 及人民幣 100 百 萬 元（「六月存款產品」）的 中 國 銀 行 結 構 性 存 款 產 品。 董 事 會 宣 佈，於 二 零 二 五 年 八 月 二 十 二 日，朝 聚 醫 療 科 技（本 公 司 的 間 接 全 資 附 屬 公 司）進 一 步 認 購 本 金 總 額 為 人 民 幣 30 百 萬 元 的 中 國 銀 行 理 財 產 品。 認 ...

格隆汇8月14日丨朝聚眼科(02219.HK)公布，董事会会议将于2025年8月29日(星期五)举行，藉以(其中包 括)考虑及批准集团截至2025年6月30日止六个月的中期业绩及其发布，并考虑派发中期股息(如有)。 ...