Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 16.302 billion RMB in the first three quarters of 2023, representing a year-on-year increase of 1.58%. The net profit attributable to shareholders was 3.452 billion RMB, up 8.50% year-on-year [1] - In Q3 2024, the company reported a revenue of 5.756 billion RMB, a decrease of 0.68% year-on-year, and a net profit of 1.402 billion RMB, down 4.56% year-on-year [1] - The company is expanding its medical service network, having approved the acquisition of stakes in 35 hospitals for a total of 0.898 billion RMB, which is expected to enhance its market position [2] - The company is establishing itself as a leader in pediatric dry eye treatment, having launched guidelines and opened nearly 50 specialized clinics [2] Summary by Sections Performance Overview - For the first three quarters of 2023, the company reported a revenue of 16.302 billion RMB, with a net profit of 3.452 billion RMB, and a non-recurring net profit of 3.113 billion RMB [1] - In Q3 2024, the revenue was 5.756 billion RMB, with a net profit of 1.402 billion RMB, and a non-recurring net profit of 1.328 billion RMB [1] Operational Analysis - The company maintained stable expense ratios in Q3 2024, with management expenses at 13.65%, sales expenses at 10.06%, and R&D expenses at 1.43% [2] - The financial expense ratio was 0.40%, and the net cash flow from operating activities was 4.299 billion RMB, down 22.88% year-on-year [2] Profit Forecast and Valuation - The company is expected to achieve net profits of 3.842 billion RMB, 4.541 billion RMB, and 5.259 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14%, 18%, and 16% [3] - The estimated EPS for the same years is projected to be 0.41 RMB, 0.49 RMB, and 0.56 RMB, with corresponding P/E ratios of 24, 20, and 18 times [3]

证券代码：300015 证券简称：爱尔眼科 公告编号：2024-088 《2024年第三季度报告》 监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 2024 年第三季度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 此项议案以 3 票同意，0 票反对，0 票弃权获得通过。 特此公告。 爱尔眼科医院集团股份有限公司监事会 2024 年 10 月 30 日 爱尔眼科医院集团股份有限公司 第六届监事会第十八次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）第六届监事会第十八 次会议于 2024 年 10 月 30 日以通讯表决的方式召开，会议通知于 2024 年 10 月 25 日以邮件方式送达，会议由监事会主席宁俊萍女士召集主持，应到监事 3 人， 实到监事 3 人，会议的召开符合《公司法》和《公司章程》的有关规定，会议合 法、有效。经审议，本次会议一致通过如下议案： ...

公司《2024 年第三季度报告》的编制程序符合法律、行政法规和中国证监 会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在虚假记 载、误导性陈述或者重大遗漏。 证券代码：300015 股票简称：爱尔眼科 公告编号：2024-087 爱尔眼科医院集团股份有限公司 第六届董事会第二十九次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）第六届董事会第二十九 次会议于 2024 年 10 月 30 日以通讯表决方式召开，会议通知于 2024 年 10 月 25 日以邮件方式送达，会议由董事长陈邦先生召集。应到董事 7 人，实到董事 7 人，会议的召开符合《公司法》和《公司章程》的有关规定，会议合法、有效。 经审议，本次会议一致通过如下议案： 《2024 年第三季度报告》 该议案已经审计委员会审议通过。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年第 三季度报告》。 此项议案以 7 票同意、0 票反对、0 票弃权获得通过。 特此公告。 爱尔眼科医院集团股份有限 ...

Financial Performance - Revenue for the third quarter was RMB 5.756 billion, a decrease of 0.68% year-over-year[3] - Net profit attributable to shareholders was RMB 1.402 billion, down 4.56% year-over-year[3] - Total revenue for the period reached RMB 16.30 billion, a slight increase from RMB 16.05 billion in the previous year[19] - Net profit attributable to parent company shareholders was RMB 3.45 billion, up from RMB 3.18 billion in the same period last year[20] - Basic earnings per share increased to RMB 0.3746 from RMB 0.3453 year-over-year[21] - Total comprehensive income for the period was RMB 3.66 billion, compared to RMB 3.52 billion in the previous year[21] Cash Flow and Operating Activities - Operating cash flow for the first nine months was RMB 4.299 billion, a decrease of 22.88% year-over-year[3] - Operating cash flow from sales and services was RMB 16.06 billion, up from RMB 15.66 billion in the previous year[22] - Operating cash inflow totaled 16,292,338,112.42 RMB, a slight increase from 15,958,709,458.14 RMB in the previous period[23] - Operating cash outflow increased to 11,993,575,517.60 RMB from 10,384,336,600.64 RMB, primarily driven by higher payments for goods, services, and employee compensation[23] - Net cash flow from operating activities decreased to 4,298,762,594.82 RMB from 5,574,372,857.50 RMB[23] - Net cash flow from investing activities was -2,419,173,893.02 RMB, compared to -2,373,367,243.03 RMB in the previous period[23] - Net cash flow from financing activities was -3,114,958,510.84 RMB, a significant decrease from -2,414,019,859.71 RMB[24] - Cash and cash equivalents at the end of the period were 4,852,300,253.65 RMB, down from 6,793,419,319.65 RMB[24] - Payments for employee compensation increased to 4,974,774,418.08 RMB from 4,206,346,978.03 RMB[23] - Payments for taxes and fees rose to 838,522,341.58 RMB from 761,631,256.67 RMB[23] - Cash received from investments decreased to 974,418,665.10 RMB from 1,100,936,682.02 RMB[23] - Cash paid for acquisitions of subsidiaries and other business units increased to 1,856,519,537.87 RMB from 1,102,763,856.82 RMB[23] Assets and Liabilities - Total assets increased by 9.25% to RMB 32.979 billion compared to the end of the previous year[3] - Fixed assets increased by 31.85% to RMB 5.095 billion due to new hospital acquisitions and subsidiary openings[6] - Goodwill increased by 33.43% to RMB 8.717 billion due to cash payments for non-controlling equity acquisitions[6] - Total assets increased from 30,186,619,945.52 yuan to 32,979,353,178.25 yuan[17] - Fixed assets increased from 3,864,318,150.30 yuan to 5,094,963,750.91 yuan[16] - Goodwill increased from 6,532,827,966.38 yuan to 8,716,742,506.98 yuan[17] - Short-term borrowings decreased from 850,366,666.67 yuan to 700,312,500.00 yuan[17] - Accounts payable increased from 1,809,292,666.97 yuan to 2,234,546,252.26 yuan[17] - Total current liabilities increased from 6,011,230,680.34 yuan to 6,681,450,808.73 yuan[17] - Total liabilities increased to RMB 11.44 billion from RMB 10.16 billion at the beginning of the period[18] - Total equity rose to RMB 21.54 billion, compared to RMB 20.02 billion at the start of the period[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 372,778[9] - Aier Medical Investment Group holds 34.33% of the shares, totaling 455,735,194 shares[9] - Chen Bang holds 15.48% of the shares, totaling 210,068,746 shares, with 1,082,843,918 shares under lock-up[9] - Li Li holds 3.46% of the shares, totaling 101,513,370 shares, with 242,261,245 shares under lock-up[9] - Hong Kong Securities Clearing Company holds 2.29% of the shares[9] - China Bank - Huabao CSI Medical ETF holds 1.68% of the shares[9] - Industrial and Commercial Bank of China - China Europe Medical Health Mixed Fund holds 1.56% of the shares, totaling 145,831,330 shares[10] - Industrial and Commercial Bank of China - E Fund ChiNext ETF holds 1.26% of the shares, totaling 117,632,766 shares[10] - Guo Hongwei holds 1.07% of the shares, totaling 100,000,000 shares[10] - Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF holds 0.95% of the shares, totaling 88,476,005 shares[10] - Total restricted shares at the end of the period: 1,422,010,383 shares[14] Expenses and Investments - Financial expenses surged by 120.03% to RMB 140.818 million due to increased lease interest expenses and exchange rate fluctuations[7] - Investment income rose by 431.10% to RMB 148.922 million due to increased returns from financial products[7] - R&D expenses decreased to RMB 233.15 million from RMB 246.03 million year-over-year[20] - Sales expenses increased to RMB 1.64 billion, up from RMB 1.61 billion in the same period last year[20] - Cash paid for acquisitions of subsidiaries increased by 68.35% to RMB 1.857 billion[8] - Dividends and interest payments increased by 82.35% to RMB 1.649 billion[8] Monetary Funds - Monetary funds decreased from 6,099,082,253.65 yuan to 4,855,500,253.65 yuan[16]

Event Overview - Aier Eye Hospital Group is celebrating its 15th anniversary of being listed on the stock market by launching a "15 Years of Listing, Giving Back to Investors" event [1] - The event aims to thank investors for their long-term trust and promote eye health awareness [1] - The event will provide exclusive benefits and activities for shareholders [1] Event Benefits - Shareholders will receive dedicated consultant services for consultation, appointment, and expert registration [1] - Exclusive discounts on optometry and glasses for myopia, hyperopia, and presbyopia [1] - Special discounts on refractive surgery for myopia correction [1] - Dynamic shareholder-exclusive benefits and networking activities will be offered [1] Event Details - The event is open to all shareholders, including current, previous, and future investors [2] - Initially, the event will be implemented in 33 provincial capital hospitals, with plans to expand coverage gradually [2] - The event will be executed on a long-term basis starting from the announcement date [2] - Participation can be done by scanning a QR code provided in the announcement [2] Contact Information - Contact persons: Li Jinzhou, Li Mi [3] - Phone: 0731-85136739 [3] - Email: zhengquanbu@yeah.net [3] - More details can be found on the "Aier Eye Hospital Investor Relations" official WeChat account (AierIR) on October 30, 2024 [3]

证券代码：300015 证券简称：爱尔眼科 公告编号：2024-085 爱尔眼科医院集团股份有限公司 关于公司实际控制人进行股票质押式回购交易及部分股份 解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）近日接到公司实际控 制人陈邦先生函告，获悉陈邦先生所直接持有本公司的部分股份进行股票质押式 回购交易及部分股份解除质押，具体事项如下： 一、股东股份质押及解除质押的基本情况 | 股东 | 是否为第一大 股东及一致行 | 本次解除质 | 占其所 持股份 | 占公司总股本比 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 押股数（股） | | 例 | | | | | | | | 动人 | | 比例 | | | | | | | | 陈邦 | 是 | 130,000,000 | 9.00% | 1.39% | 2023 11 月 | 年 9 | 2024 10 | 年 ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2024-083 爱尔眼科医院集团股份有限公司 关于举办第六届"全国爱尔眼科医院投资者接待日"活动的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏。 2019 年 10 月 14 日，爱尔眼科医院集团股份有限公司（以下简称"公司"） 第四届董事会第五十一次会议审议通过了《全国爱尔眼科医院投资者接待日制 度》，定于每年 10 月 30 日（公司上市周年日），由全国各地爱尔眼科医院的 CEO、院长等医院管理层接待来访的投资者，解答投资者关心的各类问题，倾听 投资者的意见和建议。历届活动均取得了积极效果，有效增进了投资者对公司一 线基本面的直观了解，同时更多投资者成为眼健康知识的受益者和传播者。 为进一步汇聚市场力量、推进公司高质量发展，公司定于 2024 年 10 月 30 日举办第六届"全国爱尔眼科医院投资者接待日"活动，公开、透明地向资本市 场展示公司及各地医院的发展情况，帮助投资者更好地了解公司和行业，欢迎海 内外投资者报名参加本次活动（包括但不限于本公司股东）。 本次活动有关事项通知如下： 一、参与医 ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2024-084 爱尔眼科医院集团股份有限公司 关于部分募集资金专户销户完成的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 一、募集资金投资项目概述 1、经中国证券监督管理委员会《关于核准爱尔眼科医院集团股份有限公司非公 开发行股票的批复》（证监许可【2017】1999号）核准，并经深圳证券交易所同意， 公司于2017年12月非公开发行人民币普通股（A股）62,328,663股，每股发行价格人 民币27.60元，募集资金总额为人民币1,720,271,098.80元，扣除与发行有关的费用 人民币19,534,873.65元后的实际募集资金净额为人民币1,700,736,225.15元。主承 销商华泰联合证券于2017年12月19日将上述非公开发行股票募集资金划转入本公司 募集资金监管指定账户，募集资金到位情况经中审众环会计师事务所（特殊普通合 伙）予以验证并出具众环验字（2017）010172号验资报告。 2024 年 10 月 25 日 二、募集资金专户销户 （一）本次注销的部分募集资金专项账户基本 ...

证券代码:300015 证券简称: 爱尔眼科 公告编号:2024-082 爱尔眼科医院集团股份有限公司 关于再次回购公司股份期限届满暨回购实施结果的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记 载、误导性陈述或者重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）于 2023 年 10 月 25 日召开第六届董事会第十四次会议和第六届监事会第十次会议审议通过了《关 于再次回购公司股份方案的议案》，独立董事就本次回购事宜发表了同意的独 立意见，同意公司使用自有资金以集中竞价交易的方式回购公司部分社会公众 股份，用于实施股权激励计划或员工持股计划。回购的资金总额不低于 2.00 亿元且不超过 3.00 亿元（均含本数）；回购股份价格不超过 26.98 元/股（含 本数）；回购股份的期限为董事会审议通过回购股份方案之日起不超过 12 个 月。具体内容详见公司分别于 2023 年 10 月 26 日、2023 年 10 月 30 日在巨潮 资讯网披露的《关于再次回购公司股份方案的公告》（公告编号：2023-092） 和《回购报告书》（公告编号：2023-093）。 鉴于公司 2023 ...

Investment Rating - The report gives a "Recommend" rating for the company, with a target price of 14.78 yuan [1][3] Core Views - The company is a leading player in the ophthalmic medical services sector, with a robust business model and strong brand recognition [1] - The "1+8+N" model and merger fund strategy have significantly contributed to the company's rapid expansion and operational efficiency [1][12] - The company's revenue and net profit have shown consistent growth, with a CAGR of 19.49% and 24.93% respectively from 2019 to 2023 [1][15] - The ophthalmic medical services market in China is expanding, driven by a large patient base and low treatment rates, with private institutions playing a significant role [1][28] Financial Performance - In 2024H1, the company achieved revenue of 10.545 billion yuan (yoy +2.86%) and net profit of 2.05 billion yuan (yoy +19.71%) [1] - Revenue is expected to grow at 3.5%, 11.5%, and 10.0% in 2024, 2025, and 2026 respectively, with net profit growth of 14.3%, 9.3%, and 11.9% during the same period [1] - The PE ratio is projected to be 36x, 33x, and 29x for 2024, 2025, and 2026, indicating that the current valuation is at a historical low [1] Market and Industry Analysis - The ophthalmic medical services market in China reached 142.2 billion yuan in 2022, with private institutions accounting for 38.7% of the market [1] - The market is expected to grow further due to the aging population and increasing demand for ophthalmic services [1][28] - The company's "1+8+N" model focuses on building high-level medical centers in key cities, which helps in brand building and resource allocation [1][12] Business Model and Strategy - The company employs a "listed company + PE" model to accelerate regional coverage and improve operational efficiency [1][12] - The "1+8+N" strategy involves building one world-class ophthalmic hospital, eight national-level ophthalmic centers, and multiple regional hospitals to create a comprehensive service network [1][12] - The company has a flexible talent introduction mechanism and a robust incentive system to attract and retain top medical professionals [1][64] Growth Drivers - The company's growth is driven by its strong brand, efficient management, and continuous investment in research and development [1][60] - The increasing penetration of ophthalmic treatments and the aging population are expected to further boost demand for the company's services [1][28] - The company's focus on high-margin services such as refractive surgery and optometry has contributed to its profitability [1][26] Geographic Expansion - The company has a global presence with 881 institutions, including 750 in mainland China and 131 overseas [12] - The company has expanded its international footprint through acquisitions in Hong Kong, the US, Europe, and Southeast Asia [12] Talent and R&D - The company has a strong focus on talent acquisition and R&D, with a 53% CAGR in R&D investment from 2012 to 2023 [60] - The company has implemented multiple talent incentive programs, including stock options and restricted stock, to retain core personnel [64]