关于爱尔眼科医院集团股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 等有关法律法规的要求，华泰联合证券有限责任公司作为爱尔眼科医院集团股份 有限公司（以下简称"爱尔眼科"或"公司"）向特定对象发行股票的保荐人， 于 2025 年 1 月 20 日-1 月 21 日对爱尔眼科 2024 年有关情况进行了现场检查，报 告如下： 现场检查报告 | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：爱尔眼科 | | | --- | --- | | 保荐代表人姓名：丁明明 联系电话：010-56839300 | | | 保荐代表人姓名：高元 联系电话：025-83387686 | | | 现场检查人员姓名：丁明明、陈雪 | | | 现场检查对应期间：2024 年度 | | | 现场检查时间：2025 年 1 月 20 日-1 月 21 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 不适用 | 否 | | 现场检查手段：察看上市公司的主要经营管理场所；查阅公司章程、公司的业务规章制度及 | | | 三会文件等；查阅公司报 ...

Group 1 - The Guangxi Zhuang Autonomous Region Market Supervision Administration announced typical cases of false and illegal advertisements in the livelihood sector for 2024, with 336 cases identified from nearly 5 million advertisements monitored between April and December 2024 [1] - A specific case involved Guigang Aier Eye Hospital Co., Ltd., which published misleading advertisements claiming to lead in the number of myopia correction surgeries and other exaggerated statements not aligned with the approved advertising content [1] - The hospital's actions violated the Medical Advertising Management Measures, leading to administrative penalties imposed by the Guigang Market Supervision Administration in March 2024 [1] Group 2 - Aier Eye Hospital holds a 91.77% stake in Guigang Aier Eye Hospital Co., Ltd., indicating significant ownership and potential influence over its operations and compliance [2]

证券代码：300015 股票简称：爱尔眼科 公告编号：2024-096 爱尔眼科医院集团股份有限公司 关于2021年限制性股票激励计划首次授予部分第三个解除限售期 解除限售股份上市流通的提示性公告 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。 特别提示： 1、本次限制性股票解除限售股份上市流通时间为 2024 年 12 月 16 日； 2、本次实际符合解锁条件的激励对象共 4,582 人，申请解锁的限制性股票共计 20,000,097 股，占公司目前总股本的 0.2144%。 爱尔眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 6 月 14 日召 开第六届董事会第二十三次会议、第六届监事会第十四次会议，审议通过了《关于 2021 年限制性股票激励计划首次授予部分第三个解除限售期解除限售条件成就但 股票暂不上市的议案》。公司董事会认为首次授予部分第三个解除限售期可解除限 售条件已经满足，根据 2020 年年度股东大会对董事会的授权，同意公司按照《公司 2021 年限制性股票激励计划（草案）》（以下简称"本次激励计划"、"激励计划"） 的相关规定办理 ...

证券代码：300015 证券简称：爱尔眼科 公告编号：2024-095 爱尔眼科医院集团股份有限公司 关于控股股东部分股份质押的公告 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"）近日收到公司控股股 东爱尔医疗投资集团有限公司（以下简称"爱尔投资"）的通知，获悉爱尔投资 将持有公司的部分股份进行质押，具体事项如下： 一、股东股份质押的基本情况 | 股东 | 是否为 控股股 东或第 | | 占其所 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一大股 | 本次质押 | 持股份 | 司总 | 股份性质 | 为补 | 质押起 | 质押到期 | 质权人 | 用途 | | 名称 | | 股数（股） | | 股本 | | 充质 | 始日 | 日 | | | | | 东及其 | | 比例 | 比例 | | 押 | | | | | | | 一致行 | | | | | | | | | | | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][7]. Core Insights - The company reported a stable revenue of approximately 16.3 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 1.58%. The net profit attributable to the parent company was about 3.45 billion yuan, up 8.5% year-on-year [3]. - The growth in surgical volume outpaced revenue growth, with outpatient visits increasing by 9.23% and surgical procedures by 6.92% in the first half of 2024. However, the average price per service declined year-on-year [3]. - The company is expanding its network of county hospitals and continuing its internationalization strategy, having acquired 87 medical institutions and 100% of the UK-based Optimax Group [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's gross margin was 51.0%, with a net profit margin of 21.2%. The gross margin for Q3 2024 was reported at 53.9%, showing a decline of 2.4 percentage points year-on-year [3]. - The company expects revenues of approximately 21.14 billion yuan in 2024, with net profits projected at 3.68 billion yuan, reflecting a price-to-earnings (PE) ratio of about 35.8x [4][6]. Growth Projections - Revenue growth is forecasted at 3.8% for 2024, with further increases to 8.8% in 2025 and 5.2% in 2026. Net profit is expected to grow by 9.6% in 2025 and 7.6% in 2026 [6][4]. - The company is anticipated to benefit from a recovering macroeconomic environment, particularly in its domestic business [3]. Strategic Developments - The company is enhancing its county hospital network and pursuing international expansion, which is expected to increase its patient coverage and operational advantages [3]. - The acquisition of Optimax Group is a significant step in entering the UK ophthalmology market, indicating a strong commitment to international growth [3].

Core Viewpoint - Aier Eye Hospital is facing serious allegations of issuing false medical certificates and engaging in commercial bribery, leading to administrative penalties from the National Health Commission [1][3][7]. Group 1: Allegations of False Medical Certificates - Reports indicate that Aier Eye Hospital has been accused of falsifying surgical dates on medical certificates, which are then provided to patients to facilitate passing health checks [2][3]. - Specific cases have emerged, such as a young man who altered the date on his medical certificate to gain employment, which later resulted in severe health consequences and subsequent legal action against the hospital [3][4]. - The National Health Commission has conducted investigations across multiple provinces, uncovering instances of false medical documentation at several Aier facilities [3]. Group 2: Commercial Bribery Issues - Allegations of commercial bribery have surfaced, with reports of Aier Eye Hospital engaging in practices that incentivize referrals from local medical practitioners [7][8]. - A case in Suqian led to the closure of a related medical institution due to bribery allegations, highlighting systemic issues within Aier's operational practices [7]. - The company has faced fines for commercial bribery, including a recent penalty of 200,000 yuan for similar offenses at a facility in Wuxi [8]. Group 3: Management and Operational Concerns - Aier Eye Hospital's management structure has been criticized for prioritizing profit over patient care, with a focus on financial metrics rather than medical outcomes [9][10]. - The company has a significant goodwill value of 8.717 billion yuan, raising concerns about potential impairment risks due to ongoing administrative penalties [9]. - Former employees have reported a culture where the CEO's directives overshadow medical judgment, leading to questionable practices in patient treatment [10]. Group 4: Patient Experiences and Complaints - Numerous patient complaints have emerged regarding unnecessary surgeries and inadequate post-operative care, with some patients alleging they were misled into undergoing procedures [13][19]. - A specific case involved a patient who experienced severe complications after a cataract surgery, raising questions about the hospital's adherence to medical standards [13][19]. - The lack of formal responses to patient complaints has been noted, with some patients feeling ignored by regulatory bodies despite repeated attempts to seek redress [20].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][154]. Core Insights - The company is a global leader in ophthalmic medical services, with a strong brand influence and an expanding medical network, which includes 881 hospitals and clinics worldwide as of the end of 2023 [7][20]. - The company has experienced rapid growth in both revenue and net profit, with projections for net profit reaching 38.08 billion, 42.56 billion, and 49.16 billion yuan for 2024, 2025, and 2026 respectively [7][152]. - The report highlights the increasing demand for ophthalmic services driven by a large population of myopic individuals and an aging population, which is expected to sustain growth in the ophthalmic medical market [9][54]. Summary by Sections 1. Company Overview - The company was founded in 2002 and went public in 2009, establishing itself as a professional ophthalmic chain medical institution [20]. - It has expanded internationally since 2016, with a presence in regions including mainland China, Hong Kong, Europe, the United States, and Southeast Asia [20]. 2. Market Growth - The Chinese ophthalmic medical service market is projected to grow significantly, with the refractive surgery market expected to increase from 5.9 billion yuan in 2015 to 72.5 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 28.51% [9][74]. - The prevalence of myopia among children and adolescents is a major driver for the market, with a reported rate of 51.9% in 2022 [95]. 3. Strategic Development - The company is implementing a "1+8+N" strategic layout to enhance its tiered chain network, aiming to establish a world-class ophthalmic medical center and several regional centers across major cities [8][116]. - The number of hospitals and outpatient departments has increased significantly, with 256 hospitals and 183 outpatient departments in China as of 2023 [119]. 4. Financial Performance - The company reported a revenue of 20.37 billion yuan in 2023, with a year-on-year growth of 26.4% [10]. - The gross profit margin has remained stable around 50%, with net profit margins improving from 14.33% in 2019 to 17.95% in 2023 [47][48]. 5. Research and Innovation - The company has increased its R&D investment from 2.23 billion yuan in 2021 to 3.33 billion yuan in 2023, with a focus on enhancing its medical services and developing innovative treatment methods [129][131]. - It has achieved significant research milestones, including numerous published papers and patents, indicating a strong commitment to advancing ophthalmic care [133][139].

Core Points - The National Health Commission of China has identified four Eye Care hospitals involved in issuing false diagnosis certificates during an investigation in Jiangsu, Anhui, and Hubei provinces [1][3] - The hospitals implicated are Nanjing Eye Care Hospital, Yangzhou Eye Care Hospital, Bengbu Eye Care Hospital, and Xianing Eye Care Hospital [1] - The investigation was prompted by a whistleblower, Dr. Ai Fen, who reported the falsification of surgical dates to help patients pass medical examinations [2] Company Overview - Eye Care is the first private ophthalmology institution listed on the A-share market in China, known as "Eye King," and was listed on the Shenzhen Stock Exchange in October 2009 [2] - The main business segments of Eye Care include refractive projects, cataract projects, vision services, anterior segment projects, and posterior segment projects, with refractive projects contributing approximately 30-40% of total revenue [2] Regulatory Actions - Prior to the recent investigation, local authorities in Jiangsu, Anhui, and Hubei had already taken administrative actions against some Eye Care hospitals based on routine supervision and public complaints regarding the issuance of false diagnosis certificates [3] - The newly discovered violations are currently under further investigation and handling by the authorities [3]

爱尔眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日 召开第六届董事会第二十八次会议、第六届监事会第十七次会议，分别审议通过 了《关于使用部分闲置自有资金进行现金管理的议案》，同意公司在保证日常经 营资金需求和资金安全的前提下，使用不超过人民币 10 亿元的闲置自有资金购 买安全性高、流动性好、风险性低的理财产品，期限为自公司第六届董事会第二 十八次会议决议之日起 12 个月。在上述额度及期限内，资金可循环滚动使用， 由公司财务中心负责具体购买事宜。上述内容详见公司 2024 年 9 月 20 日在巨潮 资讯网（www.cninfo.com.cn）披露的相关公告。 根据上述决议，公司于近期办理了投资理财业务。现就具体事项公告如下： 证券代码：300015 股票简称：爱尔眼科 公告编号：2024-094 爱尔眼科医院集团股份有限公司 关于使用部分闲置自有资金进行现金管理的实施公告 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。 一、本次使用部分暂时闲置自有资金进行现金管理的实施情况 产品名称：平安理财-新启航一年定开 24 号人民币净值型 ...

证券代码：300015 证券简称：爱尔眼科 公告编号：2024-093 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 | | | | 本次质押 | 本次质押 | | | 已质押股份情况 已质押股 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数 | 持股比 | 前质押股 | 后质押股 | 占其所 持股份 | 占公司 总股本 | 份限售和 | 占已 | 未质押股 | 占未质 | | 名称 | 量（股） | 例 | 份数量 | 份数量 | 比例 | 比例 | 冻结、标 | 质押 | 份限售和 | 押股份 | | ...