Core Viewpoint - The trend of "anti-involution" is reshaping the competitive landscape in the consumer healthcare sector, particularly in ophthalmology, as companies transition from "scale expansion" to "quality enhancement" [1][4]. Financial Performance - In the first half of 2025, the company reported revenue of 11.507 billion, a year-on-year increase of 9.12%, indicating robust core business growth and significant structural upgrades [4]. - The refractive surgery segment emerged as a key growth driver, generating revenue of 4.618 billion, up 11.14% year-on-year, attributed to the introduction of advanced technologies [4]. - Vision care services also performed well, with revenue reaching 2.720 billion, a 14.73% increase, supported by the promotion of a comprehensive management model [4]. - The cataract business successfully transformed, achieving revenue of 1.781 billion, a 2.64% increase, despite the impact of medical insurance collection policies [5]. - The company demonstrated effective cost control, with sales and financial expenses decreasing by 6.03% and 53.66%, respectively, leading to improved profitability [6]. Market Position and Valuation - Despite strong performance, the company's valuation remains low, with a PE ratio of 33.88 as of September 5, indicating it has not been fully priced by the market [8]. - The consumer healthcare sector faces pressure due to cautious spending on non-essential medical services, but the company has shown resilience and recovery since Q1 2025 [11]. Strategic Initiatives - The company is actively enhancing its capabilities for high-quality growth through various initiatives, including strengthening discipline capabilities, advancing AI applications in healthcare, and optimizing patient experience [12][16]. - The company is developing an "AI+ ophthalmology" strategy, integrating high-quality data sets and collaborating with institutions to improve diagnostic and management efficiency [12][13]. - Organizational upgrades are underway to enhance resource utilization and operational efficiency, with a focus on international expansion and consolidating market leadership domestically [16]. Industry Outlook - The company's mid-year report serves as a potential model for achieving "anti-involution" in the ophthalmology sector, emphasizing the importance of technological innovation and policy adaptability as core competitive advantages [18].

根据杠杆原理，找准支点以及相应的工具，便可以利用"巧力"完成更大的任务与挑战。当下，爱尔眼科选中的支点便是科技研发。 近日，爱尔眼科披露了2025年半年度报告。上半年，公司积极拥抱前沿技术、持续强化医疗质量，实现营业收入115.07亿元，同比增长 9.12%；扣非净利润20.40亿元，同比增长14.30%；门诊量924.83万人次，同比增长16.47%。 业绩向好的背后，离不开爱尔眼科对"提质"的全力押注。为了走深、走高、走实，报告期内爱尔眼科围绕主营业务发展，强化学科和医疗 能力建设，提升医疗质量和服务水平，加快"AI+眼科"应用布局。 在9月6日中华医学会第二十九次眼科学术大会上，爱尔眼科主办了"眼科人工智能专题会"，公司携手华为正式发布了《爱尔眼科AI战略白 皮书》，这是爱尔眼科多年来深耕数智诊疗的集中体现。也意味着，多年来，爱尔眼科从技术研发到平台建设，从临床应用到生态共建， 已形成多维度突破。 以AI升级高质量发展"基因" 对于爱尔眼科来说，提质正是当下工作的核心课题。 眼睛，堪称现代人"最忙碌"的器官。器官进化是一个长达数百万年的缓慢过程，与之相比，电子设备在短短数十年间的普及不过是进化尺 度的" ...

4 September 2025 | 12:05PM CST Research | Equity Tianyi Yan +86(21)2401-8609 | tianyi.yan@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Ziyi Chen +852-2978-0526 | ziyi.chen@gs.com Goldman Sachs (Asia) L.L.C. Aier Eye Hospital (300015.SZ): Asia Leaders Conference 2025 — Key Takeaways: Staying encouraged on 2H25 growth Bottom line: We hosted Board Secretary and IR of Aier Eye Hospital at our Asia Leaders Conference on Sep 3, where the company shared insights on 2H25 outlook. It expects less ...

细分领域分析与展望（2025H1）-医疗服务 20250908 摘要 2024 上半年，医疗服务行业上市公司收入微增 0.2%至 360 亿元，一 季度增长后二季度受基数影响下滑。消费型医疗服务（如眼科）表现出 韧性，而严肃医疗服务公司收入下降 15%-20%，受去年高基数和 DRG/DIP 咨询费用影响。 眼科领域，爱尔眼科屈光和视光业务实现双位数增长，领跑行业。白内 障业务除爱尔眼科外普遍下滑，受晶体集采影响，预计下半年提速。屈 光业务价格战影响减弱，视光业务毛利受离焦镜影响，但青少年近视防 控规划收官将带动需求。 医保政策方面，1-7 月医保基金收支稳健，但支出端面临压力。重庆、 天津和广西数据显示，上半年诊疗人次稳健，下半年需求端和报表端有 望修复。医保结算方式调整对国际医学收入产生影响。 爱尔眼科积极拓展海外市场，目标是将海外市场占比从目前的 10-15% 提升至 30-50%。新业务如屈光新术式、白内障多焦升级和老花手术具 有增长潜力，AI 技术赋能也将提升业务效能。 Q&A 2025 年上半年医疗服务板块的整体表现如何？ 2025 年上半年，医疗服务板块整体表现较为一般。尽管宏观挑战持续存在， ...

Core Insights - The conference held in Hangzhou focused on the integration of artificial intelligence (AI) in ophthalmology, highlighting the need for innovative solutions to address the challenges in eye health services [1][2] - The release of the "Aier Eye Care AI Strategic White Paper" marks a significant step in outlining the strategic vision for AI's role in transforming eye health services [9][11] Industry Challenges - The eye health sector in China faces dual pressures: an aging population leading to increased prevalence of eye diseases and a rising rate of myopia among youth, coupled with a significant shortage of ophthalmologists [1][2] AI Integration in Eye Health - AI technology is identified as a key driver for overcoming resource limitations, enhancing service efficiency, and enabling early detection and treatment of eye diseases [2][5] - Aier Eye Care has developed a comprehensive "five-in-one" AI smart hospital system covering the entire cycle of eye health services, from prevention to rehabilitation [5][12] Technological Advancements - The "ADP3.0 Intelligent Medical AI Platform" has been introduced, featuring capabilities for data governance, model training, and clinical validation, enhancing diagnostic accuracy and operational efficiency [8][11] - Aier Eye Care has established partnerships with institutions like the Chinese Academy of Sciences to advance research in imaging-assisted diagnosis and intelligent equipment [11][12] Ecosystem Development - The strategic white paper outlines a vision for building an "eye health ecosystem" through collaboration with various stakeholders, including medical device manufacturers, pharmaceutical companies, and research institutions [9][11] - Aier Eye Care's initiatives have led to the establishment of a robust clinical database and the recognition of its data governance practices as industry benchmarks [11][12]

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Group 1 - The core viewpoint of the news is that Aier Eye Hospital's subsidiary has received preliminary approval for an environmental impact assessment for its expansion project, with a total investment of 20 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that six listed companies recently exposed environmental risks [1] Group 2 - Aier Eye Hospital's main business is in the medical industry, contributing 99.65% to its revenue, while other businesses account for 0.35% [3] - The company's market capitalization is approximately 117.97 billion yuan, with projected revenues of 203.67 million yuan for 2023, 209.83 million yuan for 2024, and 115.07 million yuan for the first half of 2025 [4] - The net profit attributable to the parent company is expected to be 33.59 million yuan in 2023, 35.56 million yuan in 2024, and 20.51 million yuan in the first half of 2025 [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Healthcare Services in China - **Period**: 1H25 - **Context**: The industry is facing rising pricing pressure due to the deepening DRG/DIP 2.0 reform, leading to soft results across hospital operators in China [1][7][25]. Core Insights - **Financial Performance**: - Most hospitals reported robust operating cash flow (OCF) and have become more prudent in managing operating cash flow (OCF), free cash flow (FCF), and expansion plans while prioritizing shareholder returns [1][7]. - Hospitals exposed to public insurance settlements faced severe pricing pressure across various therapeutic areas, including cataract, oncology, IVF, and traditional Chinese medicine (TCM) [7][25]. - **Management Outlook**: - Management comments indicate an earnings bottom in 1H25, with expectations for a more manageable base from 2H25, although the pace of recovery remains uncertain [7][25]. - Companies are focusing on improving efficiency and managing costs, with some reporting significant improvements in cash flow metrics [7][25]. Company-Specific Highlights Aier Eye Hospital Group (300015.SZ) - **Performance**: - 2Q revenue growth of 2.5% YoY, operating profit growth of 7.7% YoY, and recurring profit growth of 4% YoY, although below expectations [9]. - Overseas revenue growth was 16.5% YoY, contributing 13% to group revenue, with a long-term target of 30-50% [9]. Gushengtang Holdings Ltd (2273.HK) - **Performance**: - 1H25 revenue increased by 9.5% YoY, but adjusted net profit was below expectations [9][12]. - Cash flow improved significantly, with OCF up 111% YoY and FCF up 466% YoY [12][14]. - The company lowered its 2025 revenue guidance to 10-15% growth, expecting 30%+ net profit growth in 2025 [12][15]. Hygeia Healthcare Holdings Co., Ltd. (6078.HK) - **Performance**: - Reported a 16.5% YoY decline in revenue, with adjusted net profit down 34.5% YoY [25][26]. - OCF improved by 29.9% YoY, indicating better cash flow management despite revenue pressures [25][26]. - The company expects notable improvements in FCF to support debt repayment and potential expansions via M&A [25][28]. Jinxin Fertility Group Ltd (1951.HK) - **Performance**: - 1H25 total revenue declined by 10.7% YoY, with adjusted net profit down 68.3% YoY due to impairment provisions [38][39]. - The company plans to maintain a dividend payout of no less than 50% and aims for gradual recovery in profitability by 2026 [41][43]. Additional Insights - **Market Dynamics**: - The healthcare sector is experiencing a shift towards more prudent expansion strategies amid regulatory and macroeconomic uncertainties [12][17][25]. - Companies are increasingly focusing on shareholder returns, with commitments to dividends and share buybacks [14][28][41]. - **Technological Integration**: - Gushengtang is exploring AI applications to enhance service efficiency, with initial contributions expected in the tens of millions RMB for 2025 [18][19]. - **Regulatory Challenges**: - The DRG/DIP 2.0 reform continues to exert pressure on pricing and reimbursement, impacting overall profitability across the sector [7][25][30]. Conclusion The healthcare services industry in China is navigating significant challenges due to regulatory reforms and pricing pressures. However, companies are adapting by focusing on cash flow management, prudent expansion, and shareholder returns, with some signs of recovery anticipated in the latter half of 2025.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in performance, driven by technological upgrades in its core business [5] - For the first half of 2025, the company achieved a non-net profit growth of 14.30%, indicating strong operational resilience in its core business [5] - The company is advancing its "AI + Ophthalmology" application layout and has initiated the development of an "AI Ophthalmologist" intelligent system [6][7] Financial Performance - In the first half of 2025, the company reported total revenue of 11.507 billion yuan, a year-on-year increase of 9.12%, and a net profit attributable to shareholders of 2.051 billion yuan, a slight increase of 0.05% [4] - The company achieved a revenue of 5.481 billion yuan in Q2 2025, reflecting a growth of 2.47%, while the net profit attributable to shareholders decreased by 12.97% to 1.001 billion yuan [4] - The revenue structure shows significant contributions from various core business segments, with refractive projects generating 4.618 billion yuan (up 11.14%) and optical services generating 2.720 billion yuan (up 14.73%) [5][6] Future Projections - The company is expected to achieve revenues of 23.239 billion yuan, 26.066 billion yuan, and 29.454 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.8%, 12.2%, and 13.0% [8] - The projected net profit attributable to shareholders for the same years is 4.030 billion yuan, 4.633 billion yuan, and 5.352 billion yuan, with growth rates of 13.3%, 15.0%, and 15.5% [8] Operational Expansion - As of June 30, 2025, the company operates 355 hospitals and 240 outpatient departments domestically, with ongoing key hospital projects in cities like Beijing [6] - The company has expanded its international presence to 169 ophthalmology centers and clinics, enhancing its global resource integration capabilities [7]

Core Viewpoint - Long-term institutional investors are revealing their positions amidst short-term market fluctuations, indicating a deeper judgment on future market trends by renowned fund managers like Zhang Kun and Ge Lan [2][18]. Group 1: Zhang Kun's Portfolio Adjustments - Zhang Kun's management of the E Fund Blue Chip Select has seen a slight reduction in stock positions, with the stock holding ratio decreasing from 94.14% to 92.63%, marking the lowest level in nearly three years [3]. - The fund's top ten holdings now account for 83.84% of its net value, the highest in the past ten quarters, while the "invisible heavyweights" (ranked 11th to 20th) have significantly decreased from 18.05% to 9.22% [3][4]. - Notable adjustments include a reduction in holdings of Meituan-W by 46.43% and an increase in holdings of Fenzhong Media from 1.53 million shares to 2.48 million shares [4][5]. Group 2: Ge Lan's Focus on Innovative Pharmaceuticals - Ge Lan's management of the China Europe Fund has seen a significant increase in the number of holdings in innovative pharmaceuticals, with the top ten holdings including new entries like Xinli Tai and Bai Li Tian Heng [10][12]. - The fund's turnover rate reached 61.3%, indicating a dynamic adjustment strategy, with a notable increase in the number of innovative drug stocks in the top twenty holdings [10][12]. - Ge Lan emphasizes that the pharmaceutical sector will continue to grow driven by innovation, consumer recovery, and domestic substitution, with a focus on the innovative drug industry chain and consumer healthcare [19][20]. Group 3: Market Sentiment and Future Outlook - Zhang Kun challenges the prevailing pessimistic view on domestic demand, arguing that consumer confidence is influenced by expectations rather than just current economic conditions [18][19]. - Ge Lan anticipates that the pharmaceutical industry will rely on innovation breakthroughs and consumer recovery for growth, despite potential risks from global economic fluctuations [19][20].