爱尔眼科在半年报中表示，屈光项目收入出现增长，一方面，全光塑、全飞秒4.0、全飞秒Pro等新术式 得到患者普遍认可，临床应用加快，推动屈光业务结构不断优化、平均单价同比上升。通过技术迭代升 级落实"反内卷"，扭转了价格战的不良倾向，进一步增强了公司作为屈光手术领先者的行业地位；另一 方面，公司境内、外医疗网络进一步完善，扩大了患者覆盖范围。 普瑞眼科亦在半年报中表示，面对屈光、视光业务领域日益激烈的市场竞争，公司通过持续引进权威专 家团队和更新高端诊疗设备，积极培育新的业绩增长点。 市场进入到了百花齐放的个性化定制时代。 作为民营眼科医疗机构收入大头之一，屈光手术业务近年来普遍出现增长放缓情况。 从A股5家上市眼科医疗企业半年报看，今年上半年，有3家企业屈光项目收入增速处于个位数增长水 平，或者不到个位数增长。 具体看，普瑞眼科（301239.SZ）屈光项目营业收入同比增长4.13%，为7.2亿元，占公司营收比例 49%；何氏眼科（301103.SZ）屈光不正手术矫正服务营收同比增长3.26%，为1.35亿元，占公司营收比 例24%；光正眼科（002524.SZ）屈光项目营收同比增长0.32%，为1.42亿元 ...

作为民营眼科医疗机构收入大头之一，屈光手术业务近年来普遍出现增长放缓情况。 爱尔眼科在半年报中表示，屈光项目收入出现增长，一方面，全光塑、全飞秒4.0、全飞秒Pro等新术式 得到患者普遍认可，临床应用加快，推动屈光业务结构不断优化、平均单价同比上升。通过技术迭代升 级落实"反内卷"，扭转了价格战的不良倾向，进一步增强了公司作为屈光手术领先者的行业地位；另一 方面，公司境内、外医疗网络进一步完善，扩大了患者覆盖范围。 普瑞眼科亦在半年报中表示，面对屈光、视光业务领域日益激烈的市场竞争，公司通过持续引进权威专 家团队和更新高端诊疗设备，积极培育新的业绩增长点。 当前接受屈光手术人群可分为两类，一类人群属于刚需群体，因学业或职业需求需接受近视眼手术；另 外一类人群是追求变美，希望摆脱眼镜或隐形眼镜，因而选择了手术方案。 眼科医疗器械厂商爱尔康中国屈光业务负责人王炯对第一财经记者表示，当前，屈光手术的刚需群体需 求相对增长稳定，而受宏观环境影响，一些非刚需性消费者在消费医疗的决策上周期变长。 不过，在王炯看来，中国近视病人数量庞大，据统计约有7亿，但每年接受屈光手术的病人数仅约100 万，仍存在很多未满足的需求，屈光 ...

Core Insights - The ophthalmology sector is experiencing significant performance differentiation among listed companies, with Aier Eye Hospital leading in revenue and net profit growth, while others like He Eye Hospital and Guangzheng Eye Hospital face revenue declines [1][4][6]. Revenue Performance - Aier Eye Hospital reported a revenue of 11.507 billion, a year-on-year increase of 9.12%, maintaining its leading position in the market [2][4]. - Huaxia Eye Hospital and Purui Eye Hospital followed with revenues exceeding 1.4 billion, while He Eye Hospital and Guangzheng Eye Hospital reported revenues around 500 million, both experiencing year-on-year declines of 4.22% and 9.49% respectively [2][4]. Net Profit Analysis - Aier Eye Hospital's net profit reached 2.051 billion, with a growth rate of 0.05% [2][4]. - He Eye Hospital achieved a remarkable net profit growth of 84.19%, totaling 44 million, making it the fastest-growing listed ophthalmology company in terms of net profit [2][4]. - Purui Eye Hospital's net profit significantly dropped by 66.12%, amounting to 15 million, indicating substantial challenges in profitability [2][4]. Market Dynamics - The ophthalmology market in China is projected to reach 223.1 billion by 2024, with a year-on-year growth of 11.05%, and private institutions holding a 42% market share [4][6]. - Refractive and cataract surgeries account for 47% of the overall market, with refractive surgery alone valued at 73 billion [4][6]. Competitive Landscape - The industry is shifting from "scale expansion" to "quality enhancement," with technological innovation and policy adaptability becoming key competitive barriers [3][8]. - The increasing number of ophthalmology service providers has intensified competition, leading to a "red ocean" scenario where weaker players may exit the market [6][8]. Strategic Responses - Companies like Aier Eye Hospital are focusing on acquisitions and expanding their service networks to enhance market presence and service quality [6][7]. - Huaxia Eye Hospital is improving management systems and accelerating the construction of hospitals and vision centers to strengthen its market position [7][8]. Technological Innovation - Technological advancements, particularly in refractive surgery, are crucial for companies to differentiate themselves and improve profitability [8][9]. - Aier Eye Hospital's refractive project revenue grew by 11.14%, driven by the promotion of new surgical techniques [9][10]. Consumer Trends - The demand for vision correction among the Z generation is characterized by a strong preference for personalized and high-quality services, driving rapid innovation in refractive surgery techniques [10][11]. - The market is transitioning towards a more customized approach in vision correction, with new technologies like All-Laser LASIK gaining traction [10][11].

8月29日，普瑞眼科跌4.63%，成交额2.03亿元。两融数据显示，当日普瑞眼科获融资买入额1865.00万 元，融资偿还2484.24万元，融资净买入-619.24万元。截至8月29日，普瑞眼科融资融券余额合计 8839.85万元。 融券方面，普瑞眼科8月29日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额 8156.00元；融券余量1.26万股，融券余额51.38万元，低于近一年40%分位水平，处于较低位。 融资方面，普瑞眼科当日融资买入1865.00万元。当前融资余额8788.47万元，占流通市值的1.44%，融 资余额低于近一年10%分位水平，处于低位。 资料显示，普瑞眼科医院集团股份有限公司位于上海市长宁区茅台路899号，成立日期2006年3月23日， 上市日期2022年7月5日，公司主营业务涉及为眼科疾病患者提供诊断、治疗、保健及医学验光配镜等眼 科全科医疗服务。主营业务收入构成为：屈光项目49.36%，白内障项目19.77%，综合眼病项目 16.65%，视光项目13.03%，其他(补充)0.90%，其他0.28%。 机构持仓方面，截止2025年6月30日，普瑞眼科十大流通 ...

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

据证券之星公开数据整理，近期普瑞眼科（301239）发布2025年中报。根据财报显示，普瑞眼科增收不 增利。截至本报告期末，公司营业总收入14.59亿元，同比上升2.74%，归母净利润1466.75万元，同比 下降66.12%。按单季度数据看，第二季度营业总收入7.17亿元，同比下降3.69%，第二季度归母净利 润-1261.19万元，同比下降147.83%。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为80.32%） 分析师工具显示：证券研究员普遍预期2025年业绩在8200.0万元，每股收益均值在0.55元。 本次财报公布的各项数据指标表现一般。其中，毛利率37.13%，同比减10.06%，净利率1.22%，同比减 63.75%，销售费用、管理费用、财务费用总计4.63亿元，三费占营收比31.74%，同比减7.4%，每股净资 产14.18元，同比减7.94%，每股经营性现金流1.64元，同比减11.6%，每股收益0.1元，同比减66.03% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's performance in the first half of 2025 met expectations, with total revenue of 1.459 billion yuan, a year-on-year increase of 2.74%, and a net profit attributable to shareholders of 14.67 million yuan, a decline of 66.12% year-on-year [8] - The company is actively pursuing a "national chain + regional integration" strategy, having added two hospitals in the first half of 2025, bringing the total to 36 eye hospitals and 4 outpatient departments [8] - The company's mature hospitals have shown strong profitability, contributing a total profit of 132 million yuan in the first half of 2025 [8] - The revenue from cataract services has declined due to the impact of centralized procurement of artificial lenses, while refractive services remain a strong segment with a revenue increase of 4.13% [8] - The report projects a net profit of 82 million yuan for 2025, with significant growth expected in 2026 and 2027 [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 2.981 billion yuan, with a year-on-year growth rate of 11.3% [7] - The net profit attributable to shareholders is expected to turn positive at 82 million yuan in 2025, with further increases to 166 million yuan in 2026 and 282 million yuan in 2027 [7] - The report indicates a projected price-to-sales (PS) ratio of 2.7X for 2025, with a target price of 54.74 yuan per share, representing a potential upside of 28.0% from the latest closing price [8]

8月28日，普瑞眼科跌0.47%，成交额1.36亿元。两融数据显示，当日普瑞眼科获融资买入额1640.88万 元，融资偿还1501.76万元，融资净买入139.11万元。截至8月28日，普瑞眼科融资融券余额合计9460.73 万元。 融资方面，普瑞眼科当日融资买入1640.88万元。当前融资余额9407.71万元，占流通市值的1.47%，融 资余额低于近一年20%分位水平，处于低位。 融券方面，普瑞眼科8月28日融券偿还100.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.24万股，融券余额53.02万元，低于近一年40%分位水平，处于较低位。 责任编辑：小浪快报 截至6月30日，普瑞眼科股东户数1.06万，较上期增加6.24%；人均流通股6647股，较上期减少5.87%。 2025年1月-6月，普瑞眼科实现营业收入14.59亿元，同比增长2.74%；归母净利润1466.75万元，同比减 少66.12%。 分红方面，普瑞眼科A股上市后累计派现7450.74万元。 机构持仓方面，截止2025年6月30日，普瑞眼科十大流通股东中，融通健康产业灵活配置混合A/B （000727）位 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 普瑞眼科8月28日晚披露2025年半年度报告，公司上半年实现营业收入 14.59亿 元，同比增长 2.74%，实现归属于上市公司股东的净利润1466.75万元，同比下降66.12%，实现归属于 上市公司股东的扣除非经常性损益的净利润2078.09万元，同比下降54.14%。 报告期内，受整体需求增长放缓及行业竞争加剧的双重影响，公司各业务板块的营业收入增速有所下 降；自2024年起，各省市开始全面落地执行国家组织白内障人工晶体集中带量采购的政策，并叠加医保 DRG/DIP 支付方式改革等政策，给公司白内障项目的营业收入带来压力。同时，公司营业收入增长乏 力，利润空间被压缩，各个项目的毛利率均出现一定程度的下降。 自 2021 年起，公司坚定不移地推进"全国连锁化+区域一体化"战略布局，通过新建与并购双轮驱动，持 续优化全国医疗服务网络。截至 2025 年 6 月 30 日，公司已在全国范围内建立起包含 36 家专业眼科医 院和4家专科门诊部的医疗网络。 从各业务板块来看，今年上半年，屈光业务作为公司传统优势项目，继续发挥收入支柱作用，实现营业 收入7.20亿元 ...

（文章来源：证券日报） 证券日报网讯 8月28日晚间，普瑞眼科发布公告称，公司第三届董事会第三十二次会议审议通过了《关 于为全资子公司申请银行授信提供担保的议案》等多项议案。 ...