Core Viewpoint - The company is closely monitoring the integration of technological innovation with healthcare, particularly the potential applications of smart and augmented reality technologies in ophthalmic medical scenarios [1] Summary by Relevant Categories Company Developments - He Shi Eye Hospital (301103) has indicated its commitment to observing advancements in technology and healthcare integration [1] - The company will fulfill its information disclosure obligations in accordance with regulatory requirements if there are significant developments or if it meets disclosure standards [1] Industry Trends - There is a growing interest in the application of smart and augmented reality technologies within the ophthalmology sector, highlighting a trend towards technological integration in medical practices [1]

Group 1 - The core viewpoint of the article is that He Shi Eye Hospital has initiated a business collaboration with Thunderbird Innovation, focusing on the sale of smart glasses and providing professional optical services to users [1] - The collaboration is based on regular business layout driven by market demand and does not significantly impact the company's financial status or operational results [1] - The company commits to timely information disclosure if any significant matters arise from the collaboration that meet disclosure standards [1]

格隆汇12月3日丨何氏眼科(301103.SZ)在投资者互动平台表示，目前，公司部分下属门店已引入雷鸟创 新智能眼镜产品进行销售，并为相关用户提供配套的专业验光服务。该合作系基于市场需求的常规业务 布局，对公司财务状况及经营成果未构成重大影响。未来，若双方合作涉及重大事项达到信息披露标 准，公司将严格按照监管要求及时履行信息披露义务，敬请投资者理性投资。 ...

Core Viewpoint - He Eye Hospital (301103.SZ) has begun selling Thunderbird innovative smart glasses in some of its stores, providing professional optometry services to related users. This collaboration is part of a routine business layout based on market demand and does not significantly impact the company's financial status or operating results [1] Group 1 - The company has introduced Thunderbird innovative smart glasses in certain stores [1] - Professional optometry services are being offered alongside the new product [1] - The collaboration is based on market demand and is a regular business strategy [1] Group 2 - The partnership does not have a significant impact on the company's financial condition or operating results [1] - The company will comply with regulatory requirements for information disclosure if any significant matters arise from the collaboration [1] - Investors are advised to make rational investment decisions [1]

Investment Rating - The report does not explicitly state an investment rating for the ophthalmology industry Core Insights - The ophthalmology medical service market in China is experiencing stable growth, with the market size projected to reach CNY 2,521.5 billion by 2025, reflecting a compound annual growth rate (CAGR) of 16.0% from 2020 to 2025 [7][10] - The revenue structure of companies in the industry is diversifying, with a notable increase in the proportion of refractive and optical services, while the basic medical sector faces pressure from policy changes and demand structure [3][50] - The overall growth rate of ophthalmology hospitals is slowing, with private hospitals expected to increase to 3,044 by 2028, while public hospitals will only expand to 83 [10][11] Company Summaries - Aier Eye Hospital continues to lead the industry with a revenue of CNY 174.84 billion, showing a 7.3% year-on-year growth, demonstrating strong risk resistance [25][29] - Huaxia Eye Hospital reported a revenue of CNY 32.7 billion, with a slight increase of 2.8% year-on-year, while its net profit rose by 3% to CNY 4.3 billion [25][26] - Puri Eye Hospital achieved a revenue of CNY 22.01 billion, with a 3.0% increase, but its net profit saw a significant drop of 66.1% due to new hospital losses and high expenses [25][30] - He Eye Hospital's revenue decreased by 1.1% to CNY 8.6 billion, but its net profit surged by 232.2% to CNY 0.54 billion, benefiting from regional business optimization [25][30] - Xima Medical reported a revenue of CNY 8.6 billion in 2025H1, a 61.29% increase year-on-year, achieving breakeven in mainland China operations [41][41] Market Dynamics - The proportion of refractive income is increasing across companies, with Puri Eye Hospital leading at 49.34%, followed by Aier Eye Hospital at 40.13% [50][47] - The cataract income share is declining, particularly for Huaxia Eye Hospital, which dropped from 22.70% to 20.15% due to the impact of centralized procurement policies [50][51] - The report highlights a trend of increasing high-end surgical procedures, which is driving up average transaction prices in the industry [58]

Group 1 - The China-Italy Eye Health Innovation Cooperation event was held in Beijing, focusing on practical cooperation in the eye health sector between China and Italy [1] - He Eye Hospital, a technology-driven listed company, aims to create a comprehensive ecosystem for eye health through its "Smart Light City" strategy, integrating AI, genetic technology, and regenerative medicine [1] - The collaboration emphasizes research and product development in key areas such as refractive cataracts, myopia prevention in youth, and dry eye treatment, aiming to provide Chinese patients with access to top global eye health products and services [1] Group 2 - He Eye Hospital has been dedicated to the eye health field for 30 years, combining technological innovation with public welfare services to create a new ecosystem for eye health [2] - The "three-tier eye health medical service model" developed by He Eye Hospital has gained industry recognition as a replicable and sustainable public health model [2] - The successful event marks an important step for He Eye Hospital in promoting international cooperation in eye health and aims to enhance the quality of eye health services through ongoing international collaboration [2]

Group 1 - The event "China-Europe Biopharmaceutical Industry Innovation Cooperation Matchmaking Conference - China-Italy Eye Health Innovation Cooperation Special Session" was held in Beijing, organized by NICTC and the Naples service office of Zhongguancun Enterprises in Italy, with participation from various eye care and technology institutions from China and Italy [2] - He Eye Hospital, a technology-driven listed company, aims to create a comprehensive ecosystem for eye health, focusing on global innovation and serving the Chinese public [2][3] - The collaboration with Italian partners will focus on key areas such as refractive cataract, myopia prevention in youth, and dry eye treatment, promoting the transformation of international innovative technologies into products and clinical applications [2][3] Group 2 - Adaptica's Professor Ksenija Ili introduced a new product developed in collaboration with He Eye Hospital, which will provide public eye health services to youth and underdeveloped regions through AI screening devices [3] - He Eye Hospital has been dedicated to eye health for 30 years, combining technological innovation with public service to create a new ecosystem for eye health, recognized for its sustainable and replicable "three-tier eye health service model" [3] - The successful hosting of the China-Italy Eye Health Innovation Cooperation Special Session marks an important step for He Eye Hospital in promoting international eye health cooperation and contributing to the "Healthy China" initiative [3]

中原证券股份有限公司 钟坚刚 铁维铭 | 保荐机构名称：中原证券股份有限公司 被保荐公司简称：何氏眼科 | | | --- | --- | | 保荐代表人姓名：钟坚刚 联系电话：010-57058342 | | | 保荐代表人姓名：铁维铭 联系电话：010-57058342 | | | 现场检查人员姓名：铁维铭 | | | 现场检查对应期间：2025 年度 | | | 现场检查时间：2025 年 11 月 11 日—2025 年 11 月 12 日 | | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 | 不适用 | | 现场检查手段（包括但不限于本指引第三十三条所列）：（1）访谈公司部分董事、董事会 | | | 秘书等人；（2）查阅公司规章制度、"三会"及相关信息披露文件。 | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | 2.公司章程和三会规则是否得到有效执行 √ | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要 √ | | | 件是否齐备，会议资料是否保存完整 | | | √ 4.三会会议决议是否由出席会议的相关人员签名确认 | | ...

Market Overview - The medical services sector experienced a decline of 2.71% on November 21, with Baihua Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included Yangguang Nuohua, which rose by 4.47% to a closing price of 61.21, with a trading volume of 86,300 shares and a transaction value of 530 million [1] - Baihua Pharmaceutical saw a significant decline of 9.67%, closing at 9.06, with a trading volume of 292,400 shares and a transaction value of 275 million [2] - Other notable decliners included Chengda Pharmaceutical (-9.58%), Berry Genomics (-8.67%), and Guangzheng Eye Hospital (-7.26%) [2] Capital Flow - The medical services sector experienced a net outflow of 1.325 billion in institutional funds, while retail investors saw a net inflow of 1.332 billion [2] - The table of capital flow indicates that major stocks like Yangguang Nuohua had a net inflow of 10.986 million from institutional investors, while retail investors had a net inflow of 1.374 million [3]

Core Insights - He Eye Hospital (301103) experienced a net financing purchase of 2.0382 million yuan on November 20, 2025, with a total financing balance of 58.2326 million yuan, indicating a positive market sentiment towards the stock [1][3]. Financing Activity Summary - On November 20, 2025, the net financing purchase was 2.0382 million yuan, with a financing balance of 58.2326 million yuan, representing 1.73% of the circulating market value [2]. - Over the past three trading days, the cumulative net financing purchase reached 4.3568 million yuan, with 11 out of the last 20 trading days showing net financing purchases [1][2]. - The financing balance increased by 3.63% compared to the previous day, reflecting a strengthening bullish sentiment in the market [3][4]. Margin Trading Summary - The total margin trading balance stood at 58.2348 million yuan on November 20, 2025, with an increase of 2.0382 million yuan, marking a 3.63% rise [4]. - The margin trading balance has shown fluctuations, with a notable decrease of 1.5959 million yuan on November 17, 2025, indicating varying market sentiments [4].