Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure, but the cataract and eye disease segments are experiencing growth, supporting future expansion [2] - With improvements in the consumer environment and new hospitals moving past their cultivation period, revenue is expected to rebound [2] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 1.42 billion yuan, a 3.08% increase, but net profit attributable to shareholders dropped by 81.56% to 43 million yuan [3] - Q2 2024 revenue was 745 million yuan, up 2.24%, with net profit down 63.59% to 26 million yuan [3] - H1 gross margin was 41.29%, down 4.09 percentage points, and net margin was 3.37%, down 14.08 percentage points, primarily due to revenue pressure and costs associated with new hospital operations [3] Business Segments - The company is optimizing its business structure to avoid over-reliance on refractive surgery revenue, with refractive income at 692 million yuan, down 2.50% [3] - Cataract revenue increased by 13.22% to 311 million yuan, while comprehensive eye disease revenue rose by 14.87% to 226 million yuan [3] Expansion Strategy - The company is advancing its expansion strategy with a focus on "national chain + regional integration," having opened six new hospitals in H1 2024 [3] - As of H1 2024, the company has established 33 specialized eye hospitals across over 20 municipalities and provincial capitals, with more in the pipeline [3] Valuation - The target price is adjusted to 43.03 yuan, based on a 2024 price-to-sales ratio of 2.24x, reflecting a lower valuation compared to industry peers [3][12]

证券代码：301239 证券简称：普瑞眼科 公告编号：2024-052 成都普瑞眼科医院集团股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）和 深圳证券交易所印发的《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作（2023 年 12 月修订）》（深证上〔2023〕1146 号）的规定， 现将成都普瑞眼科医院集团股份有限公司（以下简称"公司"或"本公司"）募 集资金 2024 年半年度存放与使用情况专项说明如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意成都普瑞眼科医院股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕587 号），本公司由主承销商 海通证券股份有限公司采用余额包销方式，向社会公众公开发行人民币普通股（A 股）股票 3,740.4762 ...

证券代码：301239 证券简称：普瑞眼科 公告编号：2024-048 成都普瑞眼科医院集团股份有限公司 第三届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 成都普瑞眼科医院集团股份有限公司（以下简称"公司"）第三届董事会 第二十四次会议通知于2024年8月15日以书面、电子邮件的方式向全体董事发出 并送达，会议于2024年8月27日以现场结合通讯方式召开。本次会议应出席董事 7人，实际出席董事7人。会议由董事长徐旭阳先生主持，公司全体监事和高级 管理人员列席会议。本次会议的召集、召开和表决程序符合《中华人民共和国 公司法》等法律、法规、规范性文件以及《公司章程》的有关规定，所作决议 合法有效。 二、董事会会议审议情况 经与会董事认真审议，表决了以下议案： （一）审议通过《关于公司<2024年半年度报告>全文及其摘要的议案》 具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）披露的《2024年半 年度报告》及《2024年半年度报告摘要》。《2024年半年度报告摘要》同时刊 登在《中国证券报 ...

| | 济南普瑞儿童眼病与视觉运 | 子公司 | 其他应收款 | | 0.90 | 0.90 | 0.00 往来款 | 非经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 动研究所 | | | | | | | 来 | | | 上海益瑞文化传播有限公司 | 子公司 | 其他应收款 | | 279.00 | 0.00 | 279.00 往来款 | 非经营性往 | | | 广州分公司 | | | | | | | 来 | | | 上海昶明医疗科技有限公司 | 子公司 | 其他应收款 | 70.00 | 25.00 | 5.00 | 90.00 往来款 | 非经营性往 来 | | 小计 | | | | 106,911.19 | 37,989.40 | 51,651.74 | 93,248.85 | | | 其他关联方及其附属 | 东莞市常平健明眼科医院有 | 联营企业 | 应收账款 | 31.38 | 104.82 | 74.91 | 61.28 销售商 | 经营性往来 | | 企业 | 限公司 | | | | | | 品 | | | ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15% compared to RMB 1.04 billion in the same period of 2023[2]. - The company's operating revenue for the reporting period was CNY 1,420,361,520.54, representing a 3.08% increase compared to CNY 1,377,971,782.30 in the same period last year[14]. - Net profit attributable to shareholders decreased by 81.56% to CNY 43,294,484.53 from CNY 234,826,276.55 year-on-year[14]. - The net profit after deducting non-recurring gains and losses was CNY 45,317,985.34, down 69.50% from CNY 148,565,165.60 in the previous year[14]. - The gross profit margin improved to 45% in the first half of 2024, up from 42% in the same period last year[2]. - Basic and diluted earnings per share were both CNY 0.29, down 81.53% from CNY 1.57 in the previous year[14]. - The weighted average return on equity was 1.90%, a decrease of 8.85% from 10.75% in the same period last year[14]. - The company achieved operating revenue of ¥1,420,361,520.54, a year-on-year increase of 3.08%[21]. - The company reported a significant increase in financial expenses, which rose by 43.36% to ¥40,977,788.81 due to increased lease financing interest expenses[30]. - The company reported a significant decrease in short-term borrowings from CNY 233,064,992.01 to CNY 48,400,000.00, a reduction of about 79.2%[112]. Patient Services and Growth - The number of patients treated increased by 20% year-on-year, reaching 150,000 patients in the first half of 2024[2]. - The number of outpatient visits increased by 25% year-on-year, totaling 300,000 visits in the first half of 2024[2]. - The cataract project generated revenue of ¥311,056,229.09, up 13.22% year-on-year, and the comprehensive eye disease project revenue reached ¥226,305,230.31, a 14.87% increase[21]. - The company operates over 30 ophthalmology specialty hospitals and multiple outpatient clinics across 23 cities in China as of June 30, 2024[20]. - The company has opened over 30 chain ophthalmology specialty hospitals, covering all municipalities and more than ten provincial capital cities, enhancing its national chain development strategy[24]. - The company plans to expand its market presence by opening 10 new hospitals across various cities in China by the end of 2025[2]. - The company plans to continue its external expansion strategy to enter untapped markets and enhance its national chain and regional integration[21]. - The company is focusing on diversifying its business structure to reduce reliance on refractive surgery revenue[21]. Research and Development - The company is investing RMB 200 million in research and development for new ophthalmic technologies and treatments over the next two years[2]. - The company has made significant progress in establishing a research and academic integration platform in ophthalmology, collaborating with top research institutions[27]. - The company has established a digital development center and formed a team of over 30 members to upgrade existing hospitals towards digitalization, enhancing operational efficiency[28]. - R&D personnel costs include salaries, social insurance, and external labor costs, with allocation based on actual working hours across projects[179]. Market Strategy and Expansion - The company is exploring potential mergers and acquisitions to enhance its service offerings and expand its market share[2]. - The company aims to leverage advanced technologies in refractive surgery to meet the growing demand for vision correction[21]. - The company aims to expand its presence in key strategic regions such as the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area[20]. - The company is actively pursuing strategic locations to bolster its service offerings and patient reach, reflecting a proactive approach to market expansion[83][84][85][86]. Financial Management and Investments - The company has a total of RMB 362.69 million in restricted assets, including cash and fixed assets[38]. - The total amount of raised funds is RMB 1,098.94 million, with RMB 119.26 million invested during the reporting period[42]. - The company has approved the use of RMB 103.80 million for the construction of the Shenzhen Puri Eye Hospital project[46]. - The company has returned RMB 50 million of temporarily used idle raised funds ahead of schedule[48]. - The company has engaged in various charitable activities, including free vision screenings and surgeries, enhancing its brand image and social responsibility[29]. Risks and Challenges - The company faces risks related to regulatory changes and competition in the healthcare sector, which it is actively monitoring and addressing[1]. - The company faces risks from short-term profit fluctuations due to rapid expansion, with new hospitals requiring a three to five-year cultivation period to reach breakeven[57]. - The company is closely monitoring changes in healthcare policies that may impact its competitive environment and operational strategies[59]. - The company is implementing measures to mitigate the risk of talent loss in the highly competitive healthcare sector[60]. Corporate Governance and Compliance - The company has established a comprehensive governance structure to ensure efficient operations and protect shareholder rights[65]. - The company emphasizes internal governance and risk management to ensure sustainable development and protect shareholder interests[65]. - The company is committed to improving information disclosure quality and establishing effective communication channels with investors[65]. - The company has not reported any leasing projects that contributed to over 10% of the total profit during the reporting period, indicating stable financial management[89]. Community Engagement and Social Responsibility - The company conducted eye health public welfare activities, covering nearly 50,000 people and providing nearly 10,000 pairs of glasses[71]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[72]. - The company has not engaged in any significant related party transactions during the reporting period[74].

成都普瑞眼科医院集团股份有限公司 证券代码：301239 证券简称：普瑞眼科 公告编号：2024-053 关于使用部分闲置募集资金暂时补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 成都普瑞眼科医院集团股份有限公司（以下简称"公司"）于2024年8月27 日召开第三届董事会第二十四次会议和第三届监事会第十八次会议，分别审议通 过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用总 额不超过人民币25,000万元的闲置募集资金暂时补充流动资金，使用期限为自第 三届董事会第二十四次会议审议通过之日起不超过12个月，到期归还至募集资金 专用账户。海通证券股份有限公司（以下简称"保荐机构"）对该事项出具了无 异议的核查意见，本事项无需提交股东大会审议。现将相关情况公告如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意成都普瑞眼科医院股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]587号）同意注册，公司首次公开 发行人民币普通股（A股）股票37,404,762股，每股面值人民币1.00元，每股发 行价 ...

证券代码：301239 证券简称：普瑞眼科 公告编号：2024-049 成都普瑞眼科医院集团股份有限公司 第三届监事会第十八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 成都普瑞眼科医院集团股份有限公司（以下简称"公司"）第三届监事会 第十八次会议通知于2024年8月15日以书面、电子邮件的方式向全体监事发出并 送达，会议于2024年8月27日以现场结合通讯方式召开。本次会议应出席监事3 人，实际出席监事3人。会议由监事会主席雷德芳女士主持。本次会议的召集、 召开和表决程序符合《中华人民共和国公司法》等法律、法规、规范性文件以 及《公司章程》的有关规定，所作决议合法有效。 二、监事会会议审议情况 经与会监事认真审议，表决了以下议案： （一）审议通过《关于公司<2024年半年度报告>全文及其摘要的议案》 经审议，监事会认为：公司《2024年半年度报告》全文及摘要符合法律、 行政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完整 地反映了公司的经营情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见同 ...

海通证券股份有限公司关于 成都普瑞眼科医院集团股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为成都普瑞 眼科医院集团股份有限公司（以下简称"普瑞眼科"或"公司"）首次公开发行股票 并在创业板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》、 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求（2022 年修订）》、《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第2号-创业板上市公司规范运作》等有关规定，对公司使用部分闲置 募集资金暂时补充流动资金的事项进行了核查，具体情况如下： 公司已开立了募集资金专项账户，对募集资金进行了专户存储，并与专户开 户银行、保荐机构签订了《募集资金三方监管协议》。上述全部募集资金已按规 定存放于公司募集资金专户。 公司《首次公开发行股票并在创业板上市招股说明书》披露的首次公开发行 股票募集资金投资项目及募集资金使用计划如下： | 序号 | 项目名称 | 项目投资金额 | 拟投入募集资金金额 | | --- | --- | --- | --- | | | ...

证券代码：301239 证券简称：普瑞眼科 公告编号：2024-044 成都普瑞眼科医院集团股份有限公司 第三届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 经与会监事认真审议，表决了以下议案： （一）审议通过《关于使用部分募集资金投资项目节余募集资金永久补充 流动资金的议案》 监事会认为：公司本次拟对部分已达到预定可使用状态的募投项目节余募 集资金共计1,544.28万元（截至2024年8月16日，具体金额以资金转出当日银行 结算余额为准）永久补充流动资金，有利于提高募集资金使用效率，符合公司 长期经营发展规划，不存在损害股东利益的情形，且履行了必要的审议程序， 符合相关法律法规的要求。监事会同意公司将"上海普瑞尚视眼科医院新建项 目""上海普瑞宝视眼科医院新建项目"和"广州普瑞眼科医院新建项目"节 余募集资金永久补充流动资金。 表决情况：同意3票，反对0票，弃权0票。 具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于使用 部分募集资金投资项目节余募集资金永久补充流动资金的公 ...

公司自律监管指引第2号-创业板上市公司规范运作》等有关规定，对公司使用部 分募集资金投资项目节余募集资金永久补充流动资金的事项进行了核查，具体情 况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意成都普瑞眼科医院股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]587 号）同意注册，公司首次公开发 行人民币普通股（A 股）股票 37,404,762 股，每股面值人民币 1.00 元，每股发行 价格为 33.65 元，募集资金总额为 1,258,670,241.30 元，扣除发行费用（含税） 后，实际募集资金净额为 1,098,935,692.69 元。 海通证券股份有限公司关于 成都普瑞眼科医院集团股份有限公司使用部分募集资金 投资项目节余募集资金永久补充流动资金的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为成都 普瑞眼科医院集团股份有限公司（以下简称"普瑞眼科"或"公司"）首次公开 发行股票并在创业板上市持续督导保荐机构，根据《证券发行上市保荐业务管理 办法》、《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》、《 ...