爱尔眼科医院集团股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 证券代码：300015 证券简称：爱尔眼科 公告编号：2025-077 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 爱尔眼科医院集团股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 适用 □不适用 3.第三季度财务会计报告是否经过审计 □是 否 1 爱尔眼科医院集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 同期增减 | | 营业收入（元） | 5,976,7 ...

来源：环球网 71岁这一年，山西娄烦县的温爱花重新看到了她所生活的村庄。院子的草芥是嫩绿色，菜园里的辣椒叶 片露水滴答，她坐在门口台阶上，看到天空下的成簇小山，屋顶升起炊烟。这些画面落进她眼里，终于 有了轮廓以外的内容。 半年以前，温爱花也总是这样坐着，时常被人看到眼里流淌着泪水。眼前事物的边缘和轮廓是模糊的， 她很难描述出具体的样子，"手指拿到跟前了，也还有两个影子，越来越看不清"。 2025年6月，在爱眼公益基金会的帮助下，温爱花的眼部白内障手术顺利完成，成为基金会帮扶下150万 例重见光明的眼疾患者之一。 根据原国务院扶贫办、国家卫健委2017年的调研，全国建档立卡的9000多万贫困户里，至少有超过60万 的老年人因白内障致盲或者视力低下导致劳动能力及生活自理能力丧失。 "我们看见了群体的痛苦"，爱眼公益基金会理事长彭志坤认为，眼帮扶工作要落实到最基层，延伸到需 求最迫切的群众中，在此愿景之下，基金会先后支持和发起了"光明工程·白内障复明""公益诊疗区"等 多个公益项目，为欠发达地区低收入人群的眼疾患者提供救助，让他们重新"看见"。 困在模糊世界的人 温爱花已太久没有正常的视力，从最初的模糊重影，到眼前 ...

Core Insights - The article highlights the significant impact of the Eye Care Charity Foundation in restoring vision to elderly individuals suffering from cataracts, emphasizing the importance of grassroots initiatives in addressing healthcare needs in rural areas [1][6][10] Group 1: Patient Stories - Wen Aihua, a 71-year-old woman from Shanxi Province, regained her vision after cataract surgery funded by the Eye Care Charity Foundation, becoming one of 1.5 million patients helped by the organization [1][10] - Qian Guiyu, a 93-year-old woman from Guangxi, faced severe vision impairment and was hesitant to seek treatment due to financial concerns, but ultimately received free surgery through the foundation's programs [3][6] Group 2: Foundation Initiatives - The Eye Care Charity Foundation has launched multiple projects, such as the "Light Project: Cataract Restoration" and "Public Diagnosis Zones," aimed at providing assistance to low-income patients in underdeveloped regions [1][6] - The foundation focuses on identifying and reaching out to elderly individuals with vision problems, utilizing community resources and social workers to ensure that aid reaches those in need [6][9] Group 3: Sustainable Model - The foundation has established a sustainable model for its charitable efforts, collaborating with various organizations, including government bodies and medical institutions, to ensure long-term support for eye health initiatives [9][10] - As of now, the Eye Care Charity Foundation has provided over 1.6 billion yuan in funding and assisted more than 1.5 million patients, with outreach activities reaching nearly 200 million people [10]

慈善争议之外，爱尔眼科旗下多家医院因骗保被罚，进一步加剧公众对其经营模式的质疑。 象山爱尔眼科医院因"串换项目收费"被罚13.15万元； 曾被誉为"眼科茅"的爱尔眼科，正面临自上市以来最为严峻的信任与经营双重危机。 近期，网易清流工作室发布调查报告，揭露该公司存在"左手捐钱、右手收钱"的慈善资金流转模式，引 发社会广泛质疑。与此同时，公司业绩增长近乎停滞，股价跌回六年前水平，高企的商誉也成为悬在头 顶的利剑。 一、慈善资金"回流"，被指套取医保差价 调查显示，爱尔眼科通过其发起成立的湖南爱眼公益基金会，在2021年至2024年间向某慈善基金会支付 超过5500万元，用于"眼病防治"。然而这些资金随后被转至爱尔眼科旗下江门、珠海、佛山、重庆、兰 州等地的15家控股子公司。 类似的资金流转链条也出现在与四川、湖南等残疾人福利基金会的合作中。本质上，这是一种"捐款— 基金会立项—子公司执行—资金回流"的闭环模式。受助者被要求必须在爱尔眼科体系内就医，善款最 终又流回企业账户。 更值得关注的是，有前员工透露，白内障手术每例可获得医保基金约1300元，而实际成本远低于此。这 意味着，即便在"免费手术"的名义下，公司仍可 ...

据天眼查APP显示，爱尔眼科医院集团股份有限公司成立于2003年01月24日，注册资本932539.667万人 民币。（数据宝） 爱尔眼科10月23日大宗交易平台共发生2笔成交，合计成交量143.40万股，成交金额1759.50万元。成交 价格均为12.27元。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为3708.13万元。 证券时报·数据宝统计显示，爱尔眼科今日收盘价为12.27元，上涨0.57%，日换手率为0.50%，成交额为 4.84亿元，全天主力资金净流入1802.08万元，近5日该股累计下跌2.00%，近5日资金合计净流出7928.41 万元。 两融数据显示，该股最新融资余额为25.95亿元，近5日增加2.61亿元，增幅为11.17%。 10月23日爱尔眼科大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 126.90 | 1557.04 | ...

Core Viewpoint - The Medical Health Index (980016) closed at 6646.6 points, down 0.3%, with a trading volume of 19.922 billion yuan and a turnover rate of 0.75% on October 23 [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 16 stocks rose while 31 stocks fell, with Kanglong Chemical leading the gainers at 1.55% and Te Bao Biological leading the decliners at 6.07% [1] - The top ten constituent stocks of the Medical Health Index include: - WuXi AppTec (14.37% weight, latest price 101.90, market cap 304.045 billion yuan) - Hengrui Medicine (11.45% weight, latest price 65.14, market cap 432.347 billion yuan) - Mindray Medical (8.07% weight, latest price 221.80, market cap 268.920 billion yuan) [1] Group 2: Capital Flow - The net outflow of main funds from the constituent stocks of the Medical Health Index totaled 1.072 billion yuan, while retail investors saw a net inflow of 955 million yuan [3] - Detailed capital flow for key stocks includes: - Mindray Medical: Main net inflow of 66.9479 million yuan, retail net inflow of 3.6088 million yuan - Te Bao Biological: Main net inflow of 29.0966 million yuan, retail net outflow of 41.3737 million yuan [3]

随着年龄的增长，人们眼睛的调节能力会发生不可逆的下降，老视对人方方面面的工作和生活都会产生影响。 在中国人口老龄化趋势加剧的背景下，老视矫正技术也在快速发展。有研究指出目前老视矫正主要有光学矫正、手术矫正和药物治疗三种方式。即配镜、手 术和用药，那这三种不同治疗手段各有什么优缺点？ 近日，北京德视佳眼科医疗副总监兼主诊医生贺纯纯博士在接受《财经新康养》电话采访时表示，三种矫正方式的核心差异体现在原理、效果和适用场景方 面。 贺纯纯指出，配老花镜的成本较低、安全性高，但佩戴老花镜会使人运动受限，老花人群在不同场景下需要佩戴不同焦距的老花镜，随着年龄的增长，老花 人群的眼镜度数还要进行调整。 如今，随着老视矫正技术不断进步，老视矫正型人工晶状体植入术、激光矫正等技术日益成熟，手术矫正逐渐成为重要方式。 近日，爱尔眼科在邮件中向《财经新康养》表示，老花手术潜在空间非常宽广，目前国内普及率很低，总体上还处于推广阶段，未来有望快速增长。中国老 视人口基数庞大，52岁以上人群发病率接近100%，由于认知不足，绝大多数患者尚未得到有效矫正。老视已成为影响数亿中老年人视觉质量与生活品质的 公共卫生问题。 当然，老花矫正手术也 ...

Market Overview - On October 23, the medical services sector rose by 0.19% compared to the previous trading day, with Bid Pharma leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Gainers in Medical Services - Bid Pharma (688073) closed at 71.15, up 5.27% with a trading volume of 11,500 lots and a transaction value of 799.13 million [1] - ST Zhongzhu (600568) closed at 2.02, up 5.21% with a trading volume of 400,000 lots and a transaction value of 794.03 million [1] - Other notable gainers include *ST Biology (000504) at 9.50, up 2.48%, and Kanglong Chemical (300759) at 31.44, up 1.55% [1] Top Losers in Medical Services - Haitai Bio (300683) closed at 32.06, down 7.15% with a trading volume of 136,900 lots and a transaction value of 440 million [2] - Innovative Medical (002173) closed at 22.32, down 5.10% with a trading volume of 639,200 lots and a transaction value of 143.2 million [2] - Other significant decliners include Chengda Pharmaceutical (301201) at 32.70, down 3.77%, and Heyuan Bio (688238) at 7.49, down 2.60% [2] Capital Flow Analysis - On the same day, the medical services sector experienced a net outflow of 637 million from institutional investors, while retail investors saw a net inflow of 723 million [2][3] - The overall capital flow indicates that while institutional investors were pulling back, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - For Aier Eye Hospital (300015), there was a net outflow of 20.59 million from institutional investors, while retail investors contributed a net inflow of 231,940 [3] - Kanglong Chemical (300759) saw a net inflow of 17.04 million from institutional investors, but a net outflow of 2.59 million from retail investors [3] - Bid Pharma (688073) had a net inflow of 1.08 million from institutional investors, while retail investors contributed a net inflow of 504,580 [3]

Core Insights - The report maintains a positive long-term outlook on innovative drugs and suggests focusing on companies showing signs of bottom reversal in the pharmaceutical and biotechnology sector [1][4]. Investment Strategy - The investment strategy emphasizes the long-term logic of innovative drugs and recommends monitoring companies with high-quality innovation capabilities, such as Kelun-Biotech, Kangfang Biologics, Innovent Biologics, and others [4]. - The report suggests a diversified investment portfolio for October 2025, including both A-shares and H-shares, with specific companies highlighted for their growth potential [4][5]. Clinical Progress and Market Trends - The report notes significant clinical data presentations at the ESMO conference, showcasing the competitive edge of domestic innovative drugs in global markets [4]. - It highlights the increasing trend of Chinese innovative drugs entering overseas markets, with a focus on the importance of global clinical data for commercialization certainty [4]. Medical Device Sector - The medical device sector is expected to experience valuation recovery due to policy optimization, improved market conditions, and performance recovery, with specific companies recommended for investment [4]. - The report indicates a rebound in medical device tenders and a potential reversal in performance for certain companies in Q3 2025 [4]. Macro Data and Industry Performance - The pharmaceutical manufacturing industry reported a cumulative revenue of 15,833.10 billion yuan with a year-on-year decline of 2.0% for the first eight months of 2025 [9]. - The overall performance of the pharmaceutical sector in September 2025 showed a decline of 1.71%, underperforming the CSI 300 index by 4.91% [10]. Company Valuation Overview - The report provides a detailed valuation overview of selected companies, indicating their market capitalization, projected net profits, and various financial ratios such as PE and ROE for 2024 to 2027 [5]. - Companies like Mindray Medical, WuXi AppTec, and Aier Eye Hospital are highlighted for their favorable investment ratings and growth prospects [5].

Core Viewpoint - The conference aims to enhance myopia prevention and control, as well as address pediatric eye diseases, by gathering top ophthalmology experts to discuss strategies for high-quality development in eye care [1][6]. Group 1: Conference Overview - The 9th Maritime Silk Road Vision and Pediatric Difficult Eye Disease Conference was held at Quanzhou Aier Eye Hospital, focusing on myopia prevention and various pediatric eye conditions [1]. - The event was organized by Wenzhou Medical University Affiliated Eye Hospital, supported by Hunan Xiangjiang Public Welfare Foundation, and hosted by Quanzhou Aier Eye Hospital [1]. Group 2: Charity Initiatives - The "Guarding Bright Eyes, Supporting Growth" public welfare project was launched to assist children from impoverished families facing vision difficulties through free eye exams, glasses subsidies, and medical treatment support [3]. - The project aims to alleviate the medical burden on poor families and expand its support network by collaborating with various social sectors [3]. Group 3: Expert Training and Knowledge Sharing - The training session featured over 30 renowned ophthalmology experts presenting 29 specialized lectures on topics such as myopia prevention, strabismus, and rare pediatric eye diseases [6]. - The expert discussions aimed to enhance the professional capabilities of grassroots eye care providers, thereby improving the efficiency of children's eye health services [6]. Group 4: Competitions and Talent Development - The first "Maritime Silk Road Cup" visual training case sharing competition and the "Aier Cup" Fujian Province Optometry Skills Competition were held simultaneously to promote professional development and talent cultivation in the field of visual health [7][8]. - The competitions focused on sharing successful cases and assessing the practical skills of optometry students, ensuring a platform for professional exchange and improvement [8]. - Aier Eye Hospital's extensive medical service network aims to provide timely and high-quality eye care for pediatric patients with complex conditions, addressing the challenges of diagnosis and treatment [8].