长沙晚报全媒体记者 傅容容 2003年，陈邦在长沙创办爱尔眼科时，心里装着一个简单的念头：让更多人看清这个世界。二十多年过去，从 最初那间诊室起步，他带领团队将眼科医疗服务延伸到全球 968家机构，让千万双眼睛重获光明。 "一辈子做好一件事" 让"看得见"不再是少数人的幸运，而是更多人触手可及的权利。这个想法后来长成了爱尔的"分级连锁"模式 ——从中心城市医院到省会医院，再到地级市、县级医院，四级网络像一张细密的网，把优质医疗资源"沉"到 基层。这张网如今覆盖全国90%以上省会城市、80%的地级市，触角延伸至国内805家机构。 有人问陈邦，从几个人的小诊所做到五万人的集团，最关键的是什么？他总说："人的生命是有限的，一辈子做 好一件事就够了。" 这 "一件事"，就是让更多人看得清、看得好。这张用二十余年心血织就的光明之网，托起 了亿万人的清晰"视界"，也成了陈邦口中那"一件事"最坚实的注脚。 创新是骨子里的基因 2009年，爱尔眼科登陆创业板，成为中国首家IPO上市的医疗机构。敲钟那天，陈邦拉着团队开了一整天 会。"上市不是目的，是手段。"他在会上说："我们手里拿着医疗行业的好牌，要是打烂了，对不起信任我们的 ...

稿源：掌上长沙 2025-07-29 19:20 长沙晚报掌上长沙7月29日讯（全媒体记者 李朝晖）29日，第六届全国非公有制经济人士优秀中国特色 社会主义事业建设者表彰大会在京召开。会上，100人获得"优秀中国特色社会主义事业建设者"称号。 其中，来自湖南的4位非公有制经济人士获此荣誉，他们是：爱尔眼科医院集团股份有限公司董事长陈 邦，湖南鸣鸣很忙商业连锁股份有限公司董事长晏周，湖南福德电气有限公司党委书记、董事长李稳 根，长沙市开福区佳尝便饭菜馆负责人王心亮。 据了解，首次全国非公有制经济人士优秀中国特色社会主义建设者表彰始于2004年，而上一届表彰是在 2019年。本次获得荣誉的4位非公有制经济人士涵盖了医疗健康、商业连锁、高端制造、民生服务等多 个领域。其中，陈邦、晏周、王心亮来自长沙，他们展现了湘商群体在新时代非公经济发展中的强劲活 力与责任担当。 自2003年创立爱尔眼科以来，陈邦带领集团成长为全球眼科医疗领域的标杆，构建了具有全球范例 的"多院、多所、五站、五中心、五基地、一平台"一体化医教研创新平台，专注前沿性、原创性的眼科 学术研究。在为患者提供更高品质的眼科医疗服务的同时，集团通过开创"交 ...

Core Insights - The rise of the "silver economy" indicates that the high-net-worth elderly population is expected to become a significant growth engine for the market [1][5]. Group 1: Market Dynamics - Goldman Sachs reports that the medical expenditures of individuals aged 50 and above with net assets exceeding 3 million yuan will be a key driver for the growth of the high-end medical market in China [2]. - This demographic, while only representing 3% of the population over 50, currently contributes 5% of total medical expenditures, which is projected to increase to 13% by 2035 as their population share grows to 5% [3][8]. - The medical spending of this group is expected to rise from 221 billion yuan in 2024 to 963 billion yuan by 2035, reflecting a compound annual growth rate (CAGR) of 14.3%, significantly higher than the overall elderly population growth rate of 5.3% and the all-age growth rate of 4.7% [3][7]. Group 2: Self-Payment Market - As national health insurance budgets tighten, the role of out-of-pocket (OOP) medical expenses is becoming increasingly important, with the self-payment ratio expected to rise from 65% in 2024 to 86% by 2035 [4][9]. - This shift indicates that traditional models reliant on insurance reimbursements are inadequate for meeting the needs of this affluent elderly demographic, which prefers high-quality, elective medical services [9]. Group 3: Health Trends and Opportunities - The report highlights a rising incidence of diseases such as tooth loss, cataracts, and diabetes among the over-50 population, suggesting a growing demand for early screening, preventive care, and high-quality treatment options [10]. - Companies that offer high-end and self-paid medical products are expected to benefit significantly, with revenue growth projected at 13%-21% CAGR, outpacing other business segments [11]. Group 4: Emerging Technologies - The report emphasizes the potential of cutting-edge technologies such as brain-machine interfaces, gene therapies, and rehabilitation robotics to reshape the healthcare industry [4][12]. - The global market for gene medicine is estimated to reach $4.8 trillion, driven by advancements in CRISPR/Cas9 technology and decreasing gene sequencing costs [12]. - Although these technologies are still in early stages, their early applications in healthcare present significant opportunities for growth in the high-end self-pay medical market [13].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China Healthcare** industry, particularly the demographic of the **'silver' population** aged 50 and above with significant spending power, defined as having a net worth greater than **Rmb3 million** [3][16]. Core Insights - The **Total Addressable Market (TAM)** for the 50+ >Rmb3 million NW cohort is projected to grow from **Rmb221 billion (US$31 billion)** in 2024 to **Rmb963 billion (US$135 billion)** by 2035, representing a **CAGR of 14.3%** [3][17]. - In 2024, this cohort will account for **3%** of the overall 50+ population but will contribute **5%** of its healthcare spending, expected to rise to **13%** by 2035 [3][17]. - The healthcare needs of this demographic are anticipated to increasingly align with the **out-of-pocket (OOP)** market, with OOP payment share projected to reach **86%** by 2035, up from **65%** in 2024 [3][20]. Key Stocks and Their Positioning - **Aier Eye Hospital**: Upgraded to **Buy**; expected growth in high-end cataract surgeries and improved average selling prices (ASP) due to new technologies [4][12]. - **Eyebright**: Positive outlook on premiumization trends in intraocular lenses (IOL) post VBP, with increasing uptake for OOP cataract surgeries [4][12]. - **Zhifei**: Upgraded to **Buy**; anticipated rebound in vaccine sales despite below-expectation results in 2024 [4][12]. - **Topchoice**: Neutral rating; improving visibility on growth in dental implants with resilient demand [4][12]. - **Straumann**: Buy rating; expected sustained growth in China, benefiting from the 50+ >Rmb3 million NW cohort [4][12]. Demographic and Economic Insights - The 50+ >Rmb3 million NW cohort is expected to grow from **15 million** in 2024 to **29 million** by 2035, representing **5%** of the total 50+ population [16][17]. - This demographic has a net worth approximately **twice** that of the urban average, with higher annual healthcare expenditures [16][17]. - The average annual healthcare expenditure per capita for this cohort is projected to increase from **Rmb15,000** in 2024 to **Rmb34,000** by 2035 [17][22]. Emerging Trends and Technologies - The report highlights the potential of emerging healthcare technologies such as **brain implants, genome medicines, and robotics** to further drive OOP spending [3][20]. - The shift towards OOP spending is becoming a critical component of the healthcare payment system, especially for high-end pharmaceuticals and medical consumables [18][20]. Conclusion - The healthcare spending landscape in China is poised for significant growth, particularly among the affluent 50+ demographic, driven by increasing demand for high-quality healthcare services and a shift towards OOP expenditures. The identified stocks are well-positioned to capitalize on these trends, making them attractive investment opportunities.

Group 1 - Goldman Sachs upgraded Zhifei Biological from Neutral to Buy, with a target price of 29 RMB [1] - Goldman Sachs upgraded Aier Eye Hospital from Neutral to Buy, with a target price of 15 RMB [1]

高盛集团将 爱尔眼科评级上调至买进，目标价15元人民币；将 智飞生物评级上调至买进，目标价29元 人民币。 ...

Group 1 - The 2025 World Artificial Intelligence Conference concluded successfully in Shanghai, where Aier Eye Hospital was awarded the "Local Innovation Internationalization Case" for its leading digital ophthalmology technology and continuous innovation capabilities [1] - Aier Eye Hospital has established a global presence with 974 hospitals, eye centers, and clinics, including 811 in mainland China, contributing to the development of ophthalmology and visual science [3] - The company emphasizes innovation as a key driver for high-quality development, investing in research and development while integrating medical, education, research, production, and investment strategies [3] Group 2 - Aier Eye Hospital prioritizes medical quality and safety management, implementing a systematic quality control system and deepening digital transformation to meet diverse patient needs [4] - The company aims to synchronize medical technology, equipment, and pharmaceuticals with international standards, enhancing global access to innovative technologies [4] - Aier Eye Hospital has pioneered a "digital ophthalmology" model, advancing the digital and intelligent transformation of ophthalmic medical services [4] Group 3 - Leveraging extensive data from its global network, Aier Eye Hospital has established a comprehensive eye health big data center and developed various self-researched medical systems to enhance service delivery [5] - Key projects include optimizing AI management systems for fundus examinations and expanding intelligent screening tools for eyelid tumors [5] - The company is committed to its mission of ensuring eye health access for all, regardless of socioeconomic status, and aims to build a world-class ophthalmology center through its "1+8+N" development strategy [5]

Core Insights - Aier Eye Hospital has been awarded the "ESG New Benchmark Enterprise Award" for its outstanding practices in environmental, social, and governance (ESG) areas, reflecting its commitment to sustainable development [1] - The company aims to ensure eye health rights for all individuals, regardless of their economic status, through its "1+8+N" strategy, focusing on environmental, social, governance, and economic dimensions [1] Governance - Aier Eye Hospital emphasizes governance as the foundation of its ESG efforts, particularly in ensuring patient safety and long-term business sustainability [4] - The company has established a comprehensive medical quality management system and a three-tier quality safety supervision mechanism covering hospitals at various levels [4] - In 2024, Aier conducted special inspections on drug consumption management in 183 hospitals and equipment management in 144 hospitals, achieving significant improvements in medical quality control [4][6] Compliance and Risk Management - The company utilizes digital solutions to enhance compliance and risk management, implementing a medical cloud platform that integrates various data dimensions [6] - Aier's patient satisfaction rate reached 99.0%, with over 16.94 million outpatient visits and more than 1.29 million surgeries performed in the year [6] Social Responsibility - Aier Eye Hospital has developed a "cross-subsidy" sustainable public welfare model, using profits from high-end medical services to support medical assistance for economically disadvantaged groups [7] - The company has established a three-tier public health service system and conducted training for grassroots doctors to improve eye health services in underdeveloped areas [7][9] Technological Innovation - Aier is addressing the uneven distribution of medical resources in China through a tiered network and a "Digital Ophthalmology" strategy, enhancing the efficiency and accuracy of eye disease screenings [9] - The "Eye Health Archive (Fundus AI) Management System" was utilized over 230,000 times in 2024 for various eye screenings, significantly improving early detection and intervention capabilities [9] Talent Development - Aier Eye Hospital focuses on sustainable talent development, integrating the philosophy of "co-progress, co-win, and co-bear" into its operations [10] - The company has trained a total of 483 full-time graduate students, including 132 doctoral and 351 master's students, in collaboration with renowned universities [10] Vision and Mission - The chairman of Aier Eye Hospital articulated the company's journey in ESG as a path to witness the joy of children and the elderly benefiting from improved eye health, symbolizing the company's commitment to overcoming challenges [11]

Summary of Aier Eye Hospital Group Conference Call Company Overview - **Company**: Aier Eye Hospital Group - **Ticker**: 300015.SZ - **Industry**: China Healthcare - **Market Cap**: Rmb118,098 million - **Current Share Price**: Rmb12.66 (as of July 22, 2025) - **Price Target**: Rmb11.50, indicating a downside of 9% from the current price [4][67] Key Financial Insights - **Revenue Growth**: Expected single-digit percentage revenue growth in 1H25, with faster net profit growth anticipated due to acquisitions [3][4] - **Gross Profit Margin (GPM)**: Overall GPM expected to increase year-over-year due to refractory average selling price (ASP) upgrades and ramping of injected hospitals, offsetting GPM pressure in the cataract segment [3][7] - **Net Profit Growth**: Expected to benefit from prudent marketing and operational expense controls [3] Segment Performance - **Refractory Segment**: - Revenue growth projected to be slightly positive in 1H25, with ASP expansion of over 10% year-over-year due to technology upgrades (e.g., SMILE 4.0, SMILE Pro) [7] - Volume decline anticipated due to seasonal and cyclical headwinds [7] - **Cataract Segment**: - Growth could turn negative in 2Q25 due to increased reimbursement pressure and ASP challenges from Value-Based Purchasing (VBP) [7] - **Optometric Segment**: - Stable growth expected in 1H25, with faster growth in de-focal lenses compared to ortho-k lenses [7] Market Dynamics - **Macro Environment**: - Anticipated softer performance in 2Q25 compared to 1Q25 due to macroeconomic pressures and reimbursement challenges [3][7] - **Overseas Growth**: - Faster growth of over 10% in 1H25, aided by UK hospital acquisitions in 2024 [7] Strategic Outlook - **Expansion Plans**: - Company intends to slow down expansion amid macroeconomic uncertainties and does not foresee M&A activities in the near future [7] - **Shareholder Returns**: - Aier remains committed to returning value to shareholders despite the challenging environment [7] Risks and Considerations - **Upside Risks**: - Recovery in demand for ophthalmology services, faster ramp-up of new hospitals, and potential for accelerated M&A [10] - **Downside Risks**: - Increased competition, tightened government policies, and potential medical disputes impacting growth and margins [10] Valuation Methodology - **Valuation Approach**: Discounted cash flow (DCF) with a WACC of 8.5% and a perpetual growth rate of 3% [8] Conclusion Aier Eye Hospital Group is navigating a challenging macroeconomic landscape with mixed performance across its segments. While growth is expected to be slower in the short term, strategic focus on operational efficiency and prudent marketing may support net profit growth. The company’s commitment to shareholder returns and cautious expansion strategy will be critical in the coming quarters.

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].