--医疗服务行业周报 12.8-12.12 相关研究： 核心要点： 本周医药生物下跌 1.04%，涨跌幅排名位列申万一级行业第 17 位 证券研究报告 2025 年 12 月 13 日 湘财证券研究所 根据 Wind 数据，本周申万一级行业医药生物下跌 1.04%，涨幅排名位列申 万 31 个一级行业第 17 位。沪深 300 指数下跌 0.08%，医药跑输沪深 300 指数 0.96 个百分点。申万医药生物二级子行业医疗服务 II 报收 6239.94 点，上涨 1.67%；中药 II 报收 6503.88 点，下跌 2.03%；化学制药Ⅱ报收 13372.56 点，下跌 0.75%；生物制品Ⅱ报收 6351.43 点，下跌 1.85%；医 药商业Ⅱ报收 5491.33 点，下跌 4.26%；医疗器械 II 报收 6489.33 点，下 跌 1.79%。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 昭衍新药（+23.4%）、美迪西（+12.5%）、阳光诺和（+10.4%）、诺泰生物 （+6.3%）、博腾股份（+6.1%）；表现靠后的公司有：光正眼科（-9.4%）、 兰卫医学（-8 ...

深港通医疗(港币)（983036）指数十大成份股详情如下： 证券之星消息，12月10日，深港通医疗(港币)（983036）指数报收于4327.65点，跌0.28%，成交76.82亿 元，换手率0.9%。当日该指数成份股中，上涨的有21家，可孚医疗以4.14%的涨幅领涨，下跌的有36 家，先健科技以9.14%的跌幅领跌。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002044 | 美年健康 | 2363.08万 | 11.77% | -2076.20万 | -10.34% | -286.88万 | -1.43% | | 300358 楚天科技 | | 1559.21万 | 10.19% | -1529.46万 | -10.00% | -29.75万 | -0.19% | | 300595 欧普康视 | | 1478.63万 | 15.10% | -1776.29万 | -18.14% | 297.66万 | 3.0 ...

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]

Market Overview - The medical services sector increased by 0.56% on November 25, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Medical Services - ST Zhongzhu (600568) closed at 2.57, up 4.90% with a trading volume of 53,900 shares and a turnover of 13.85 million yuan [1] - Chengda Pharmaceutical (301201) closed at 47.78, up 2.97% with a trading volume of 112,700 shares and a turnover of 540 million yuan [1] - Boji Pharmaceutical (300404) closed at 10.10, up 2.75% with a trading volume of 108,600 shares and a turnover of 10.9 million yuan [1] Top Losers in Medical Services - Jiuzhou Pharmaceutical (603456) closed at 18.75, down 0.85% with a trading volume of 181,100 shares and a turnover of 343 million yuan [2] - Tongce Medical (600763) closed at 41.95, down 0.66% with a trading volume of 49,600 shares and a turnover of 210 million yuan [2] - Yingkang Life (300143) closed at 10.12, down 0.49% with a trading volume of 44,700 shares and a turnover of 4.56 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 30.37 million yuan [2][3] - Major stocks like WuXi AppTec (603259) had a net inflow of 67.13 million yuan from institutional investors, while Sunshine Nuohua (688621) saw a net outflow of 2.29 million yuan from retail investors [3] Summary of Individual Stock Performance - Sunshine Nuohua (688621) had a net inflow of 38.24 million yuan from institutional investors, but a net outflow of 3.59 million yuan from retail investors [3] - Chengda Pharmaceutical (301201) also saw a significant net inflow of 36.45 million yuan from institutional investors, with a net outflow of 13.58 million yuan from retail investors [3] - New Mileage (002219) had a net inflow of 14.15 million yuan from institutional investors, while retail investors experienced a net outflow of 6.70 million yuan [3]

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]

证券之星消息，11月19日，普瑞眼科（301239）融资买入568.2万元，融资偿还438.7万元，融资净买入 129.5万元，融资余额8257.58万元，近3个交易日已连续净买入累计227.56万元，近20个交易日中有12个 交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-19 | 129.50万 | 8257.58万 | 1.51% | | 2025-11-18 | 87.52万 | 8128.08万 | 1.45% | | 2025-11-17 | 10.53万 | 8040.56万 | 1.44% | | 2025-11-14 | -336.20万 | 8030.02万 | 1.42% | | 2025-11-13 | 341.12万 | 8366.23万 | 1.46% | 小知识 融资融券：融资就是证券公司借钱给投资者买股票，到期将本金和利息一同还了就行，融券可以理解成 是投资者借股票来卖的意思，到期把股票还回来并支付利息。一般来说，投资者会出于看好股价而融资 买入股票，看空 ...

Market Overview - The medical services sector declined by 0.47% on November 14, with the digital human sector leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable declines in individual stocks include: - Digital Human: closed at 17.28, down 4.85% with a trading volume of 80,400 shares and a turnover of 1.411 million [1] - Haoyuan Pharmaceutical: closed at 77.20, down 3.54% with a trading volume of 30,800 shares and a turnover of 2.4212 million [1] - Yinos: closed at 48.69, down 2.62% with a trading volume of 14,300 shares and a turnover of 7132.217 [1] - Other notable declines include Taige Pharmaceutical, MediX, and WuXi AppTec, all showing declines between 1.28% and 2.08% [1] Capital Flow - The medical services sector experienced a net outflow of 238 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [3] - Notable capital flows for specific stocks include: - Ruizhi Pharmaceutical: net inflow of 38.93 million yuan from institutional investors, but net outflows from retail and speculative investors [3] - Chengda Pharmaceutical: net inflow of 37.96 million yuan from institutional investors, with significant outflows from speculative investors [3] - Other stocks like Sanbo Brain Science and Jinyu Medical also showed varying net inflows and outflows among different investor types [3]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][6]. Core Insights - The company's revenue for the first three quarters of 2025 reached 2.201 billion yuan, a year-on-year increase of 2.99%, while the net profit attributable to the parent company was 16 million yuan, up 3.21% year-on-year. In Q3 alone, revenue was 741 million yuan, reflecting a year-on-year growth of 3.48%, and net profit attributable to the parent company surged by 106.13% to 2 million yuan [3][6]. - The company has improved its profitability, with a gross margin of 37.08% in Q3, up 1.12 percentage points year-on-year, and a net margin of 0.51%, an increase of 4 percentage points year-on-year. The management expenses have significantly decreased, contributing to this improvement [6]. - The company is gradually entering a performance release period with its newly established hospitals, having invested in 36 eye hospitals and 4 outpatient departments across over 20 cities by June 30, 2025. This expansion is expected to support sustained growth in performance as new hospitals mature [6]. Financial Projections - The company is expected to achieve net profits of 52 million yuan, 146 million yuan, and 246 million yuan for the years 2025 to 2027, respectively, reflecting adjustments from previous forecasts [6]. - Revenue projections for the years 2024 to 2027 are 2.678 billion yuan, 2.761 billion yuan, 2.946 billion yuan, and 3.267 billion yuan, with year-on-year growth rates of -1.5%, 3.1%, 6.7%, and 10.9% respectively [5][8]. - The gross margin is projected to be 37.0% in 2024, decreasing to 32.4% in 2025, and then recovering to 35.3% and 37.1% in 2026 and 2027, respectively [8]. Financial Ratios - The company’s asset-liability ratio is projected to decrease from 53.9% in 2024 to 32.6% in 2027, indicating improved financial stability [8]. - The return on equity (ROE) is expected to recover from -4.8% in 2024 to 10.2% in 2027, reflecting a significant turnaround in profitability [8]. - The earnings per share (EPS) is projected to be -0.68 yuan in 2024, turning positive to 0.35 yuan in 2025, and reaching 1.65 yuan by 2027 [8].

Core Insights - The medical services sector experienced a rise of 0.89% on November 10, with Chengda Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Medical Services Sector Performance - Chengda Pharmaceutical (301201) closed at 33.87, with an increase of 8.94% and a trading volume of 99,000 shares, amounting to a transaction value of 330 million [1] - Tongce Medical (600763) saw a closing price of 44.51, up 5.00%, with a trading volume of 174,500 shares and a transaction value of 769 million [1] - Puri Eye Hospital (301239) closed at 38.73, up 4.96%, with a trading volume of 38,500 shares and a transaction value of 148 million [1] - Other notable performers include Hite Bio (300683) with a 4.85% increase, and Aier Eye Hospital (300015) with a 3.40% increase [1] Capital Flow Analysis - The medical services sector saw a net outflow of 185 million from institutional investors, while retail investors contributed a net inflow of 84.71 million [2] - Major stocks like Aier Eye Hospital (300015) experienced a net inflow of 300 million from institutional investors, despite a significant outflow from retail investors [3] - Tongce Medical (600763) had a net inflow of 115 million from institutional investors, but also faced outflows from retail investors [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 42.05 yuan [2][7]. Core Insights - The company reported a revenue of 2.201 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.99%. The net profit attributable to the parent company was 16 million yuan, up 3.21%, while the non-recurring net profit reached 25 million yuan, marking a significant increase of 34.71% [2][7]. - The third quarter alone saw a revenue of 741 million yuan, an increase of 3.48%, and a net profit of 1.68 million yuan, which is a remarkable growth of 106.13% [2][7]. - The company is expected to benefit from the gradual contribution of new hospitals as they ramp up operations, alongside a reduction in capital expenditure outflows, which decreased by 51.03% year-on-year [7]. Financial Performance Summary - For 2024A, total revenue is projected at 2.678 billion yuan, with a slight decline of 1.5% year-on-year. The net profit is expected to be -102 million yuan, reflecting a significant drop of 138.0% [3][8]. - By 2025E, revenue is anticipated to increase to 2.747 billion yuan (+2.6%), with a turnaround in net profit to 33 million yuan, representing a growth of 132.6% [3][8]. - The earnings per share (EPS) is forecasted to improve from -0.68 yuan in 2024A to 0.22 yuan in 2025E, and further to 0.84 yuan in 2026E [3][8]. Strategic Focus - The company is shifting its strategic focus towards internal growth and operational efficiency, with a significant reduction in ongoing construction projects by 74.40% compared to the beginning of the year [7]. - The management expenses have decreased from 14.67% to 10.85% year-on-year, indicating improved cost control as the company slows its expansion pace [7]. - The introduction of new technologies and equipment, such as VisuMax 800, is aimed at strengthening the company's competitive edge in the refractive surgery market [7].