Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector, specifically for innovative drugs, CXO, domestic replacement of innovative devices, and consumer healthcare recovery [1][3]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs, maintaining "Outperform" ratings for companies such as Jiangsu Heng Rui Medicine, Huadong Medicine, Hansoh Pharmaceutical Group, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, PATEO, and CSPC Pharmaceutical Group [7][28]. - The report highlights the successful progress of Jiangsu Heng Rui Medicine's Hong Kong listing, which is expected to catalyze the innovative drug market. In 2024, innovative drug sales reached RMB 13.89 billion, a 31% year-on-year increase, accounting for nearly half of the company's total revenue [3][28]. - The report notes that the pharmaceutical sector underperformed the market in the first week of May 2025, with the Shanghai Composite Index rising by 1.9% while the SW Pharma Bio index increased by only 1.0% [10][28]. - The report identifies the best-performing subsectors within the pharmaceutical industry, including medical equipment (+1.7%), traditional Chinese medicine (+1.5%), and biologics (+1.1%) [16][28]. - The report indicates that the premium of the pharmaceutical sector over the A-shares market is currently at a normal level, with a relative premium rate of 79.18% as of May 9, 2025 [20][28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs, CXO, Domestic Replacement of Devices, and Consumer Healthcare Recovery - The report continues to recommend innovative drugs with an "Outperform" rating for several key companies, including Jiangsu Heng Rui Medicine, Huadong Medicine, Hansoh Pharmaceutical Group, and others [7][28]. Section 2: Performance of the Pharmaceutical Sector in Early May 2025 - The pharmaceutical sector's performance was weaker than the overall market, with specific subsectors showing varying degrees of growth [10][28].

Core Viewpoint - The recent policy announced by Trump to align U.S. drug prices with the lowest global prices could lead to a significant decrease in prescription drug prices in the U.S., potentially by 30% to 80%, raising concerns among pharmaceutical companies, especially those exporting to the U.S. [1][2] Group 1: Market Performance - As of May 13, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index (930965) rose by 2.42%, with notable increases in stocks such as BeiGene (06160) up 4.15% and Innovent Biologics (01801) up 3.14% [1] - The Hong Kong Pharmaceutical ETF (159718) opened high and increased by 2.04%, with a latest price of 0.70 yuan, and a one-month cumulative increase of 3.32% [1] - The CSI Pharmaceutical and Medical Device Innovation Index (931484) increased by 0.87%, with stocks like East China Pharmaceutical (000963) rising by 2.23% [4] Group 2: Trading Volume and Liquidity - The Hong Kong Pharmaceutical ETF had a turnover of 1.72% during the trading session, with a transaction volume of 4.0999 million yuan, and an average daily transaction volume of 95.7602 million yuan over the past month [1] - The latest scale of the Medical Innovation ETF (516820) reached 1.588 billion yuan [4] Group 3: Index Composition - The top ten weighted stocks in the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index accounted for 60.54% of the index, including BeiGene (06160) and WuXi Biologics (02269) [5] - The top ten weighted stocks in the CSI Pharmaceutical and Medical Device Innovation Index represented 66.51% of the index, featuring companies like Hengrui Medicine (600276) and WuXi AppTec (603259) [8]

Investment Rating - The report maintains a positive investment rating for the healthcare sector, particularly focusing on specific companies and segments within the industry [3]. Core Insights - The report emphasizes the recovery of medical device tenders and highlights investment opportunities in segments such as blood dialysis and ultrasound, with a focus on domestic replacements [1][2]. - It suggests that leading companies in the chain pharmacy sector are likely to increase market share due to the exit of smaller players [1]. - The report identifies several key areas for investment, including innovative drugs, CXO services, traditional Chinese medicine, vaccines, and medical devices, among others [1]. Summary by Sections 1. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive innovation policies and a reduction in geopolitical risks [7]. 2. Innovative Drugs - The report notes a slight increase in the A-share chemical preparation sector and highlights recent approvals for innovative drugs, suggesting a focus on ongoing R&D progress [12][67]. 3. Traditional Chinese Medicine - The performance of the traditional Chinese medicine sector has lagged behind broader market indices, indicating potential for future growth [20]. 4. Blood Products - The report highlights the strong pricing power of manufacturers in the blood products sector, driven by increased demand for immunoglobulin products [22]. 5. Vaccine Sector - The vaccine sector is facing challenges due to low birth rates, but there are opportunities in specific areas such as HPV vaccines [26]. 6. Upstream Pharmaceutical Supply Chain - The report suggests focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [28]. 7. IVD Sector - The IVD sector is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic replacements [31]. 8. Medical Devices - The report recommends attention to the domestic continuous glucose monitoring (CGM) market, particularly in relation to GLP-1 drugs [37]. 9. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [42]. 10. Offline Pharmacies - The report indicates that leading pharmacy chains are stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. 11. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [48]. 12. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [51]. 13. Instrument Equipment - The report notes that the scientific instrument sector is expected to recover as demand improves and more domestic support policies are introduced [56]. 14. Low-value Consumables - The report suggests that the low-value consumables sector may see investment opportunities as the industry cycle improves [59].

Core Viewpoint - The introduction of the minimally invasive all-laser precise 4.0-VISULYZE technology by Suqian Aier Eye Hospital marks a significant advancement in the refractive surgery field, responding to the increasing demand for safety, precision, and personalization in myopia correction surgeries [1][13]. Group 1: Technological Advancements - The development of refractive surgery has reached multiple milestones, with the introduction of the all-laser SMILE technology representing the 3.0 era, and the new 4.0-VISULYZE technology being a comprehensive upgrade focused on intelligent and personalized care [1][4]. - The 4.0-VISULYZE technology features four core innovations: visualized surgical results, full-process variable control, personalized Nomogram analysis system, and a closed-loop patient management system, ensuring precise control throughout the surgical process [4][6]. Group 2: Precision and Safety Enhancements - The technology utilizes big data algorithms to analyze various patient-specific metrics, allowing for customized surgical plans that move away from traditional one-size-fits-all approaches [6]. - Full environmental, process, and variable management significantly reduces postoperative refractive errors and lowers the risk of complications such as dry eyes and glare, providing a more stable and safer postoperative experience [8]. - Compared to traditional laser and semi-laser technologies, the 4.0 technology reduces the corneal cutting area by approximately 45%, preserving corneal nerve integrity and enhancing postoperative visual quality, leading to quicker recovery and a more comfortable visual experience [11].

Core Viewpoint - The ChiNext 50 Index has shown strong performance, with significant gains in constituent stocks, indicating a favorable environment for technology growth and investment opportunities in the ChiNext market [1][2]. Group 1: Index Performance - As of May 12, 2025, the ChiNext 50 Index (399673) rose by 2.34%, with stocks like AVIC Chengfei (302132) hitting a 20% limit up and currently up by 17.80% [1]. - The ChiNext 50 ETF (159681) increased by 2.06%, with the latest price at 0.89 yuan [1]. - The latest scale of the ChiNext 50 ETF reached 1.531 billion yuan, ranking it among the top comparable funds [1]. Group 2: Fund Growth and Fees - The ChiNext 50 ETF has seen a significant increase in shares, with a growth of 216 million shares over the past six months, placing it at the top among comparable funds [1]. - The management fee for the ChiNext 50 ETF is 0.15%, and the custody fee is 0.05%, making it the lowest in its category [1]. Group 3: Market Sentiment and Valuation - According to Kaiyuan Securities, the technology growth style is worth focusing on, with a resurgence in mergers and acquisitions and continued domestic policy support for the technology sector [1]. - Guotai Junan Securities suggests that the risk premium in the Chinese stock market is likely to decrease systematically, with the ChiNext 50 Index's price-to-book ratio (PB) at 4.56 times, significantly lower than 84.1% of the time over the past five years, indicating strong valuation attractiveness [1][2]. Group 4: Composition of the Index - The ChiNext 50 Index consists of 50 stocks with high average daily trading volumes, primarily representing well-known, large-cap, and liquid companies in the ChiNext market [2]. - As of April 30, 2025, the top ten weighted stocks in the ChiNext 50 Index accounted for 64.53% of the index, including companies like Ningde Times (300750) and Mindray Medical (300760) [2].

Investment Rating - The investment rating for Aier Eye Hospital Group is Underweight [5][68]. Core Views - The industry view is considered Attractive, indicating a positive outlook for the sector [5][68]. - Aier Eye Hospital Group has experienced solid year-to-date growth in the refractory segment, with over 20% growth driven by improved average selling prices (ASP) and volume [3][8]. - The company plans to upgrade more SMILE 4.0 and Wavelight Plus equipment and launch ICL V5 to enhance its technology lead and drive ASP growth [3][8]. Summary by Sections Refractory Segment - The refractory segment has shown significant growth, with a 20%+ increase in 1Q25, attributed to ASP improvements and a recovery in end-demand [3][8]. - ICL procedures have also reversed the declining trend seen in 2024, contributing positively to year-over-year growth [3]. Cataract Segment - The cataract segment experienced single-digit percentage growth in 1Q25, with volume growth higher year-over-year, although blended prices continued to decline due to value-based pricing (VBP) expansion for intraocular lenses (IOLs) [4][8]. - Multi-focal lenses, which are fully paid out-of-pocket, have shown faster year-over-year growth compared to bifocal lenses, which are under VBP [4]. Financial Metrics - For the fiscal year ending December 2025, the estimated revenue is Rmb22,963 million, with an EPS of Rmb0.45 [5]. - The company is projected to have a P/E ratio of 29.1 and a return on equity (ROE) of 20.2% for the same period [5]. Market Performance - The current market capitalization of Aier Eye Hospital Group is Rmb122,575 million, with an average daily trading value of Rmb1,168 million [5]. - The stock price as of May 7, 2025, is Rmb13.14, with a price target set at Rmb11.50, indicating a potential downside of 12% [5].

Summary of the Conference Call Industry Focus - The report focuses on the pharmaceutical industry, specifically highlighting innovative drugs and contract research organizations (CXO) Core Insights and Arguments - Continuous recommendation of innovative drugs with positive growth outlook, including: - 恒瑞医药 (Hengrui Medicine) - 华东医药 (East China Pharmaceutical) - 翰森制药 (Hansoh Pharmaceutical) - 贝达药业 (Betta Pharmaceuticals) - 信立泰 (Sinopharm) - 科伦药业 (Kelun Pharmaceutical) - 百利天恒 (Baili Tianheng) - 荣昌生物 (Rongchang Biopharmaceutical) - 科伦博泰生物 (Kelun Biotech) - 石药集团 (Shijiazhuang Pharmaceutical Group) [1][1][1] - Recommendation of CXOs showing signs of profit growth turning points, including: - 药明生物 (WuXi Biologics) - 药明康德 (WuXi AppTec) [1][1] - Positive outlook on domestic replacement of innovative medical devices, specifically: - 惠泰医疗 (Huitai Medical) [1] - Anticipation of recovery in consumer healthcare, particularly: - 爱尔眼科 (Aier Eye Hospital) [1] Other Important Points - The report emphasizes the ongoing trend of recommending companies that are positioned well within the pharmaceutical sector, particularly those that are expected to benefit from market dynamics and growth opportunities - The focus on innovative drugs and CXOs indicates a strategic approach to capitalize on emerging trends in the healthcare market - The mention of domestic replacements in medical devices suggests a shift towards local production and innovation, which could impact market competition and supply chains - The recovery in consumer healthcare points to potential growth areas as the market stabilizes post-pandemic

华泰联合证券有限责任公司 关于爱尔眼科医院集团股份有限公司 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金 | | | 小镇 B7 栋 401 | | 主要办公地址 | 北京市西城区丰盛胡同 22 号丰铭国际大厦 A 座 6 层 | | 法定代表人 | 江禹 | | 联系人 | 丁明明、高元 | | 联系电话 | 010-56839300 | 1 三、发行人基本情况 向特定对象发行股票 之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下 ...

关于爱尔眼科医院集团股份有限公司 2024 年度跟踪报告 华泰联合证券有限责任公司 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | 是 | | 但不限于防止关联方占用公司资源的制度、 | | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未列席，已阅会议文件 | | （2）列席公司董事会次数 | 未列席，已阅会议文件 | | （3）列席公司监事会次数 | 未列席，已阅会议文件 | | 5.现场检查情况 | | | （1）现场检 ...

Group 1 - The ChiNext 50 Index (399673) has shown a decline of 0.92% as of May 9, 2025, with mixed performance among constituent stocks [2] - Leading stocks include Runhe Software (300339) up by 5.88%, and Softcom Power (301236) up by 2.26%, while Maiwei Co. (300751) led the decline at 5.78% [2] - The ChiNext 50 ETF (159367) has decreased by 1.16%, with a latest price of 0.94 yuan, but has seen a cumulative increase of 6.28% over the past two weeks [2] Group 2 - The ChiNext 50 Index selects the top 50 stocks from the ChiNext Index based on market capitalization and liquidity, representing leading companies with strong growth potential across various sectors [3] - The ChiNext 50 ETF (159367) has advantages such as a 20% price fluctuation limit and low management fees of 0.15%, making it cost-effective for investors [3] - The index's valuation is at a historical low, with a price-to-book ratio (PB) of 4.61, below 82.99% of the time over the past five years, indicating strong value [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the ChiNext 50 Index include CATL (300750) and East Money (300059), accounting for 64.53% of the total weight [3][5] - The top ten stocks show varied performance, with CATL increasing by 0.79% and East Money decreasing by 1.84% [5] - The recent policy measures are expected to stabilize expectations and boost economic growth, with anticipated increases in social financing and investments in infrastructure and manufacturing [5]