Group 1 - The core viewpoint of the article highlights the significant contributions of Aier Eye Hospital Group in charitable donations and its commitment to rural health initiatives, ranking 19th among 1182 companies in the 2025 China Charity List with a total donation of 21.672 million yuan [1] - Aier Eye Hospital integrates support for rural revitalization into its development strategy, aiming for equal access to medical services between urban and rural areas, and has established a leadership group to facilitate this initiative [3] - The company has developed a comprehensive eye health charity support mechanism targeting low-income families, focusing on preventing poverty caused by illness through various outreach programs [5] Group 2 - Aier Eye Hospital has implemented a three-tiered public health service system for eye health, enhancing the capabilities of rural medical institutions and personnel through its "graded chain" model [5][6] - The company has invested in digital ophthalmology technology to improve accessibility and affordability of eye care services, including equipping township health centers with AI imaging devices and providing remote consultation services [6] - Aier Eye Hospital has supported 873 public welfare projects across 31 provinces, helping over 1.5 million patients regain their sight and training more than 6000 rural doctors [6]

Core Points - The Medical Health R Index (480016) closed at 8278.77 points, down 0.33%, with a trading volume of 31.765 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 18 stocks rose while 31 fell, with Yirui Technology leading the gainers at a 4.4% increase and Zexin Pharmaceutical leading the decliners at a 5.37% decrease [1] Index Constituents Summary - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.58% and a market cap of 315.96 billion yuan [1] - Hengrui Medicine (sh600276) with a weight of 10.87% and a market cap of 458.96 billion yuan [1] - Mindray Medical (sz300760) with a weight of 8.17% and a market cap of 290.50 billion yuan [1] - United Imaging Healthcare (sh688271) with a weight of 4.14% and a market cap of 126.08 billion yuan [1] - Other notable constituents include Pianzai Shou (sh600436), Yierfu Technology (sz300015), Kelun Pharmaceutical (sz002422), New Hope Liuhe (sz002001), Fosun Pharma (sh600196), and East China Pharmaceutical (sz000963) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 1.638 billion yuan, while retail investors saw a net inflow of 1.098 billion yuan [1] - Notable capital flows include: - Kailai Ying (002821) with a main fund net inflow of 101 million yuan [2] - Mindray Medical (300760) with a main fund net inflow of approximately 90.77 million yuan [2] - Yuyue Medical (002223) with a main fund net inflow of 24.60 million yuan [2]

Core Viewpoint - The report from Guohai Securities indicates a slight increase in net profit for the first half of 2025, with a focus on the company's growth in outpatient and surgical volumes, as well as advancements in AI technology within the ophthalmology sector [1] Financial Performance - The company's net profit attributable to shareholders for 1H2025 is 2.051 billion yuan, reflecting a growth of 0.05% [1] - The net profit excluding non-recurring items is 2.040 billion yuan, showing a significant increase of 14.30% [1] Operational Metrics - In 1H2025, the company achieved an outpatient volume of 9.25 million visits, which is an increase of 16.47% [1] - The number of surgeries performed reached 879,000, marking a growth of 7.63% [1] Changes in Reporting Standards - Starting from 2025, the reporting standard for corneal laser surgeries has changed from "one case per person" to "one case per eye," leading to retrospective adjustments in the previous year's surgical volume data [1] Growth Areas - The refractive and optometry segments are experiencing rapid growth, while cataract procedures are dragging down overall growth rates [1] - The company's overseas medical service network is continuously improving, contributing to a faster growth in foreign income [1] Technological Advancements - The company is developing and enhancing the "AI Smart Ophthalmology Hospital," which aims to improve AI-assisted diagnostic capabilities and has introduced the "AI Ophthalmologist" intelligent system [1] Competitive Position - The company is recognized as a global leader in the ophthalmology medical group, with a deepening domestic and international service network and medical innovation capabilities that create a long-term competitive advantage [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust growth in both domestic and international operations, with a focus on developing ophthalmic medical data and "AI + Ophthalmology" initiatives [2] - In the first half of 2025, the company achieved a revenue of 11.507 billion yuan (up 9.12% year-on-year) and a net profit attributable to shareholders of 2.051 billion yuan (up 0.05%) [5] - The company is expanding its medical service network, with 355 hospitals and 240 outpatient departments in China, and 169 ophthalmology centers and clinics abroad [5] Financial Performance - In 1H2025, the company reported an outpatient volume of 9.25 million visits (up 16.47%) and a surgical volume of 879,000 cases (up 7.63%) [5] - Revenue breakdown for 1H2025 includes: - Refractive income: 4.618 billion yuan (up 11.14%), gross margin 56.12% - Vision service income: 2.72 billion yuan (up 14.73%), gross margin 54.21% - Cataract project income: 1.781 billion yuan (up 2.64%), gross margin 36.34% [5] - The company expects revenues of 22.9 billion yuan, 25.4 billion yuan, and 28.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.9 billion yuan, 4.5 billion yuan, and 5.2 billion yuan [5][7] Market Position and Strategy - The company is a leading global ophthalmology medical group, continuously enhancing its domestic and international service network and medical innovation capabilities [6] - The company is developing AI ophthalmologists and integrating ophthalmic medical data, having consolidated 28 specialized ophthalmic datasets [5] - Collaborations with institutions like the Chinese Academy of Sciences and Huawei Cloud are aimed at advancing research and applications in ophthalmology and AI [5]

Core Insights - The article emphasizes the critical role of artificial intelligence (AI) in addressing the dual challenges of rising myopia rates among youth and increasing age-related eye diseases globally [1][2] - Aier Eye Hospital has launched the "Aier Eye AI Strategic White Paper," outlining a vision for creating a more compassionate AI-driven healthcare system [1][4] Group 1: AI's Role in Eye Health - AI is expected to integrate complex data from multiple sources, transforming it into a replicable and scalable diagnostic knowledge system [2] - The technology aims to enhance the capabilities of primary care physicians, making healthcare services more equitable and improving patient experiences through intelligent interactions [2][9] Group 2: Innovations and Applications - Aier Eye Hospital has developed a complete innovation loop in AI, covering data, technology, application, and ecosystem, with significant achievements in clinical applications [3] - The hospital's AI management system utilizes deep learning to analyze retinal images and identify over ten eye diseases, while a mobile app allows users to assess eyelid lesions [3][5] Group 3: Strategic Framework - The strategic framework outlined in the white paper focuses on integrating "warmth" into AI applications, moving beyond mere efficiency [5][8] - AI tools are designed to facilitate patient education, assist in diagnosis, and enhance follow-up care, embodying a patient-centered approach [7][8] Group 4: Value Reconstruction - The white paper identifies six core areas for value reconstruction, including proactive health management, personalized treatment paths, and improved operational efficiency for healthcare providers [8][9] - AI is positioned as a key variable in revitalizing the eye health ecosystem, promoting equitable access to quality care [9][10] Group 5: Collaborative Responsibility - Aier Eye Hospital's chairman views the white paper as an open invitation for collaboration, emphasizing the importance of shared responsibility in advancing AI applications in eye health [11] - The hospital aims to leverage its extensive data resources and application scenarios to foster sustainable development in the eye health ecosystem [11]

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300015 股票简称：爱尔眼科 公告编号：2025-066 爱尔眼科医院集团股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体接待日 暨半年度业绩说明会活动的公告 为进一步加强与投资者的互动交流，爱尔眼科医院集团股份有限公司（以下 简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有 限公司联合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投 资者网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五） 14:00-17:00。届 时公司管理层将在线就公司 2024 年至 2025 半年度业绩、公司治理、发展战略、 经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告！ 爱尔眼 ...

Core Viewpoint - Aier Eye Hospital experienced a decline in stock price and significant net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - For the first half of 2025, Aier Eye Hospital reported 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, showing a slight growth of 0.05% [2]. - The company has distributed a total of 7.12 billion yuan in dividends since its A-share listing, with 3.6 billion yuan distributed over the past three years [2]. Stock Market Activity - As of September 12, Aier Eye Hospital's stock price was 12.85 yuan per share, with a market capitalization of 119.831 billion yuan [1]. - The stock has seen a year-to-date decline of 1.84%, with a slight decrease of 0.54% over the past five trading days and a 1.53% decline over the past 20 days, although it has increased by 8.35% over the past 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 343,900, while the average number of circulating shares per person increased to 23,064 [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 193 million shares, and various ETFs, with some experiencing changes in their holdings [2]. Business Overview - Aier Eye Hospital, established on January 24, 2003, and listed on October 30, 2009, provides a range of ophthalmic medical services, with its main revenue sources being refractive projects (40.13%), vision care services (23.64%), and cataract projects (15.48%) [1]. - The company operates within the pharmaceutical and biological industry, specifically in the medical services sector, and is involved in various concept sectors including smart healthcare and private hospitals [1].

Summary of Aier Eye Hospital Conference Call Company Overview - **Company**: Aier Eye Hospital - **Industry**: Ophthalmology in China Key Points and Arguments Industry Growth Potential - The refractive surgery, cataract surgery, and optometry markets in China are expected to grow at rates of 28%, 10%, and 15% respectively from 2020 to 2025, indicating significant growth potential [2][3] - Current treatment rates in China are low compared to developed countries, suggesting room for improvement [2][3] Aier Eye Hospital's Performance - Despite the pandemic and changing consumer environment, Aier Eye Hospital maintained a compound annual growth rate (CAGR) of approximately 15% in refractive surgery [2][5] - The cataract business benefited from contributions from acquired institutions, achieving double-digit growth [2][5] - Price pressures from centralized procurement and DRG payment reforms have largely dissipated, with expectations for a rebound in surgical volume in the second half of the year [2][5] Competitive Advantages - Aier Eye Hospital's core competitiveness lies in its professional and scalable operations [2][6] - The optometry business is experiencing rapid growth due to increased awareness of myopia prevention [2][6] - The company is expanding its supply of specialized hospitals and talent to capture market share from public hospitals [2][6] Impact of the Pandemic - The pandemic disrupted operational rhythms, reduced consumer confidence, and led to a decline in average transaction prices [3][7] - However, the average transaction price has significantly rebounded due to upgraded surgical techniques and new product introductions [3][10] Technological Advancements - New technologies such as the All-Laser 4.0 and All-Laser Pro have driven up the average transaction price in refractive surgery, with All-Laser 4.0 priced at approximately 18,800 RMB, a 30% increase from its predecessor [11] Long-term Demand Drivers - The aging population in China is expected to increase the demand for cataract surgeries significantly over the next 15 to 20 years [12] - The target demographic for refractive surgery remains stable, with potential for laser myopia surgery volumes to double as GDP per capita increases [12][14] Business Model and Expansion Strategy - Aier Eye Hospital employs a tiered chain and multi-hospital model to enhance patient coverage and resource allocation [21][25] - The company is actively pursuing overseas expansion, with international revenue growing from 3% to 13% of total revenue over recent years [24][17] Financial Performance and Projections - Aier Eye Hospital's revenue growth is robust, with significant contributions from both mature and newly established hospitals [22][23] - The company is expected to achieve a growth rate of 10-15% in 2025, with a valuation level around 30 times earnings [33] Market Position and Future Outlook - Aier Eye Hospital's market position is strong, with a significant share of the refractive surgery market and a growing presence in the cataract and optometry sectors [18][13] - The company is optimistic about stable and sustainable revenue growth in the coming years, supported by favorable demographic trends and technological advancements [14][32] Additional Important Insights - The private specialty hospital market in China is expanding, with significant growth potential for Aier Eye Hospital to capture more market share [15] - The supply situation in the ophthalmology industry is improving, with a trend of consolidation among leading players [16] - Aier Eye Hospital's unique business model and management strategies are designed to enhance profitability and operational efficiency [25][26]

Core Viewpoint - The medical services sector experienced a decline of 0.77% on September 11, with notable losses from Nuo Si Ge, while the overall market indices, including the Shanghai Composite Index and Shenzhen Component Index, saw increases of 1.65% and 3.36% respectively [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.31, up 1.65% [1]. - The Shenzhen Component Index closed at 12979.89, up 3.36% [1]. - The medical services sector's performance was mixed, with individual stocks showing varying degrees of gains and losses [1]. Group 2: Individual Stock Performance - Notable gainers included: - Shengku Medical (301267) with a closing price of 21.98, up 6.29% on a trading volume of 234,000 shares and a turnover of 510 million yuan [1]. - Yinrui Eye Care (301239) closed at 39.36, up 3.31% with a turnover of 205 million yuan [1]. - Yuaner Eye Care (300015) closed at 13.12, up 2.90% with a turnover of 2.081 billion yuan [1]. - Major decliners included: - Nuo Si Ge (301333) closed at 56.45, down 5.93% with a turnover of 379 million yuan [2]. - Pu Ren Si (301257) closed at 48.35, down 5.29% with a turnover of 301 million yuan [2]. - Tai Ge Medical (300347) closed at 61.22, down 4.67% with a turnover of 2.135 billion yuan [2]. Group 3: Capital Flow Analysis - The medical services sector saw a net outflow of 1.195 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.159 billion yuan [2][3]. - Specific stock capital flows indicated: - Yuaner Eye Care (300015) had a net inflow of 128 million yuan from institutional investors [3]. - Tai Ge Medical (300347) experienced a net outflow of 93.72 million yuan from institutional investors [3]. - International Medical (000516) had a net inflow of 12.97 million yuan from retail investors [3].

Market Overview - The Shanghai Composite Index is at 3823.31 points, above the annual line, with a change of 0.29% [1] - The total trading volume of A-shares is 9900.87 billion yuan [1] Stocks Breaking Annual Line - 22 A-shares have broken above the annual line today, with notable stocks including: - Xinxiangwei (涨幅 14.65%, 乖离率 9.11%) - Dafu Technology (涨幅 8.27%, 乖离率 5.47%) - Phoenix Optical (涨幅 6.82%, 乖离率 3.96%) [1] Stocks with Smaller Deviations - Stocks with smaller deviations just above the annual line include: - Huachangda (乖离率 0.03%) - Aier Eye Hospital (乖离率 0.03%) - Shichuang Energy (乖离率 0.03%) [2]