Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.272 billion yuan, a year-on-year increase of 2.83% [1] - The net profit attributable to shareholders reached 434 million yuan, reflecting a year-on-year increase of 3.04% [1] - For the third quarter alone, the operating revenue was 1.133 billion yuan, showing a slight year-on-year growth of 0.13%, while the net profit attributable to shareholders decreased by 2.37% to 152 million yuan [1] Group 2: Dividend Distribution - The company plans to distribute a cash dividend of 0.9 yuan (including tax) for every 10 shares, totaling 749.2 million yuan, based on the number of shares after deducting the repurchased shares of 83.2 million [1] Group 3: Cost and Margin Analysis - The gross profit margin for the first three quarters of 2025 was 45.03%, a decrease of 1.00 percentage point year-on-year [1] - The selling expense ratio was 13.21%, down by 0.94 percentage points year-on-year, while the management expense ratio was 11.49%, a decrease of 0.08 percentage points [1] - The financial expense ratio increased by 0.24 percentage points to 1.03%, primarily due to reduced bank interest income from investing temporarily idle funds in financial products [1] Group 4: Strategic Development - The company is leveraging its "dual top-tier" advantage to establish a nationwide chain operation service system, focusing on both organic growth and external acquisitions [2] - In 2024, the company successfully acquired Chengdu Aidi Eye Hospital, becoming a large medical chain group with "dual top-tier" eye hospitals [2] - The company has identified 24 key investment provinces in China to build an ophthalmic medical service network through self-construction or acquisition [2] Group 5: Technological Advancement - The company introduced the new Zeiss SMILE pro technology for minimally invasive surgery, completing 2,000 SMILE pro surgeries by September 25, 2025, making it the first single hospital globally to reach this milestone in such a short time [2] Group 6: Revenue and Profit Forecast - The company forecasts operating revenues of 4.206 billion yuan, 4.697 billion yuan, and 5.239 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 4.4%, 11.7%, and 11.5% [2] - The net profit attributable to shareholders is expected to be 499 million yuan, 577 million yuan, and 661 million yuan for the same years, with growth rates of 16.4%, 15.6%, and 14.5% [2]

Investment Rating - The investment rating for the company is "Accumulate" [4][9]. Core Views - The company achieved a revenue of 3.272 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.83%, and a net profit attributable to the parent company of 434 million yuan, an increase of 3.04% year-on-year [1][4]. - The company plans to distribute a cash dividend of 0.9 yuan per 10 shares to all shareholders, totaling 74.92 million yuan [1][4]. - The company is focusing on expanding its national chain of ophthalmology services through both organic growth and acquisitions, having successfully acquired Chengdu Aidi Eye Hospital in 2024 [2][4]. - The introduction of new technologies, such as the Zeiss SMILE pro surgery, has positioned the company as a leader in the field, completing 2,000 surgeries in a record time [2][4]. Financial Performance Summary - For the first three quarters of 2025, the gross profit margin was 45.03%, a decrease of 1.00 percentage points year-on-year [1]. - The company forecasts revenue growth from 4.206 billion yuan in 2025 to 5.239 billion yuan in 2027, with corresponding net profits expected to rise from 499 million yuan to 661 million yuan during the same period [2][8]. - The projected earnings per share (EPS) for 2025 is 0.59 yuan, with a price-to-earnings (P/E) ratio of 33.9 [2][8].

Group 1 - The company, Huaxia Eye Hospital, is actively exploring the application and development of smart medical technologies and products in the field of ophthalmic medical services [1] - The current applications related to smart medical technologies are still in the gradual exploration phase [1] - Investors are advised to pay attention to investment risks associated with these developments [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance meets expectations with steady revenue growth. For the first three quarters of 2025, the operating revenue reached 3.272 billion yuan, a year-on-year increase of 2.83%. In the third quarter alone, the operating revenue was 1.133 billion yuan, growing by 0.13% year-on-year. The overall gross margin remains stable, with a gross margin of 44.71% in Q3 2025, slightly down from 45.44% in Q2 2025. Future growth in gross margin is anticipated as the company continues to focus on high-quality services, awaiting a return to higher revenue growth rates [5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported an operating revenue of 3.272 billion yuan, up 2.83% year-on-year, and a net profit attributable to shareholders of 434 million yuan, an increase of 3.04%. In Q3 2025, the operating revenue was 1.133 billion yuan, with a net profit of 152 million yuan, down 2.37% year-on-year [5][11]. Strategic Initiatives - The company adheres to a dual-driven strategy of "internal growth + external mergers and acquisitions." It leverages the Xiamen Eye Center as a core, utilizing its leading diagnostic and treatment capabilities along with mature hospital management experience. The company has established a standardized high-quality medical service and management system across its chain of hospitals, expanding its ophthalmology network to 64 specialized hospitals and 67 optical centers across 19 provinces and municipalities by mid-2025 [11]. Research and Development - The company emphasizes the "coordinated development of medicine, education, and research," focusing on eye disease treatment. It has established a comprehensive medical education and research system, collaborating with over 40 universities, including Peking University and Xiamen University. This collaboration covers talent training, academic co-construction, and clinical research, with over 380 national and provincial research projects initiated and 1,641 academic papers published by mid-2025 [11]. Profit Forecast and Investment Advice - The company is projected to achieve net profits attributable to shareholders of 540 million yuan, 640 million yuan, and 730 million yuan for 2025, 2026, and 2027, respectively. The current stock price corresponds to price-to-earnings ratios of 30, 25, and 22 times for the respective years, maintaining a "Buy" rating [11].

Group 1 - The conference focused on the theme "AI + Healthcare: Innovative Development of Medical Informatics," gathering experts to discuss topics such as large model medical applications, healthcare data sharing, hospital information trends, and medical information talent cultivation [3] - Zhang Yi, the deputy director of Nanjing Huaxia Eye Hospital, presented an innovative model of "Metaverse + Ophthalmic Diagnosis and Treatment," integrating virtual reality and artificial intelligence to enhance visual function checks and rehabilitation training for children [3][9] - The innovative research showcased the potential of AI technology in improving ophthalmic diagnosis efficiency and optimizing patient experience, receiving high praise from attending experts [3][9] Group 2 - Zhang Yi has extensive experience in pediatric ophthalmology, particularly in the diagnosis and treatment of strabismus and amblyopia, as well as myopia prevention [5][7] - The hospital has been actively involved in public education initiatives, promoting eye health awareness among children through activities like "Science Popularization into Schools" [7] - Nanjing Huaxia Eye Hospital emphasizes technological innovation to enhance service quality, implementing an information management system for streamlined diagnosis and treatment processes [11]

Market Overview - The Shanghai Composite Index closed at 4018.60 points, above the annual line, with a change of 0.53% [1] - The total trading volume of A-shares reached 2,194.371 billion yuan [1] Stocks Breaking Annual Line - A total of 112 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Shede Liquor: 9.90% - Binhai Energy: 8.36% - Pinwo Food: 6.38% [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line: - Shede Liquor (600702): Today's change of 10.01%, turnover rate of 7.58%, latest price 65.63 yuan [1] - Binhai Energy (000695): Today's change of 9.96%, turnover rate of 5.02%, latest price 12.47 yuan [1] - Pinwo Food (300892): Today's change of 8.84%, turnover rate of 16.98%, latest price 36.70 yuan [1] - Other notable stocks include: - Haida Co. (300320): 8.77% change, 9.19% turnover, latest price 10.91 yuan [1] - Huachao City A (000069): 9.92% change, 3.74% turnover, latest price 2.66 yuan [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the annual line include: - Wanxin Media: Minor deviation rate [1] - Chengdu Bank: Minor deviation rate [1] - China Publishing: Minor deviation rate [1]

Core Viewpoint - Huaxia Eye Hospital (301267.SZ) has signed a supplementary agreement to extend the validity of the existing concerted action agreement by three years, until November 7, 2028, to maintain the stability of the company's governance structure and improve decision-making efficiency [1] Shareholding Structure - Mr. Su Qingcan, the chairman and general manager, directly holds 255,405,989 shares, accounting for 30.41% of the total shares [1] - Mr. Su Qingcan controls an additional 214,841,769 shares through an 84% stake in the largest shareholder, Huaxia Medical Investment (Xiamen) Co., Ltd., representing 25.58% of the total shares [1] - In total, Mr. Su Qingcan holds 470,247,758 shares, which is 55.98% of the total shares, through direct and indirect means [1] - Ms. Su Shihua is recognized as a concerted actor with Mr. Su Qingcan, and together they hold a total of 529,194,600 shares, accounting for 63.00% of the total shares [1]

Core Viewpoint - Huaxia Eye Hospital (301267.SZ) has signed a supplementary agreement to extend the validity of the existing concerted action agreement by three years, until November 7, 2028, to maintain the stability of its corporate governance structure and improve decision-making efficiency [1] Shareholding Structure - Mr. Su Qingcan, the chairman and general manager of the company, directly holds 255,405,989 shares, accounting for 30.41% of the total shares [1] - Through holding 84% of Huaxia Medical Investment (Xiamen) Co., Ltd., the largest shareholder, Mr. Su controls an additional 214,841,769 shares, representing 25.58% of the total shares [1] - In total, Mr. Su holds 470,247,758 shares, which is 55.98% of the total shares, either directly or indirectly [1] Concerted Action Agreement - Ms. Su Shihua is recognized as a concerted actor with Mr. Su Qingcan, and together they hold a total of 529,194,600 shares, which constitutes 63.00% of the total shares [1]

关于实际控制人及其一致行动人签署《一致行动协议之补充 协议》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。 华厦眼科医院集团股份有限公司 华厦眼科医院集团股份有限公司（以下简称"公司"）于近日收到公司实际 控制人苏庆灿先生及其一致行动人苏世华女士通知，为保持公司治理结构的稳定 性，提高公司经营决策效率，苏庆灿先生与苏世华女士签署了《一致行动协议之 补充协议》，现将具体情况公告如下： 一、本次签署《一致行动协议之补充协议》的情况 苏庆灿先生与苏世华女士系兄妹关系，且根据苏庆灿先生与苏世华女士于 2017 年 1 月 1 日签署的《一致行动协议》，苏世华女士作为苏庆灿先生的一致 行动人，保证在行使股份表决权时与苏庆灿先生保持一致，且承诺未来持续履行 作为一致行动人在重大权益变动信息披露、要约收购（如适用）等方面的法定义 务。苏世华女士转让、质押其直接或间接持有的公司股份需取得苏庆灿先生的同 意。协议自双方签字后生效，有效期至公司完成首次公开发行股票并上市之日起 满 36 个月止。 经中国证券监督管理委员会《关于同意华厦眼科医院集团股份有限公司首次 公开发行 ...

Core Viewpoint - The company, Huaxia Eye Hospital, has announced the lifting of restrictions on shares issued prior to its initial public offering (IPO), allowing for increased liquidity in the market [1][2]. Group 1: Share Structure and Restrictions - After the IPO, the total share capital of the company is 56 million shares, with 503,663,671 shares subject to trading restrictions, accounting for 89.94% of the total [1]. - As of the announcement date, the total share capital has increased to 84 million shares, with 511,171,125 shares under trading restrictions, representing 60.85% of the total [2]. - The lifting of restrictions involves 238,830,000 shares, which is 28.43% of the total share capital [2]. Group 2: Shareholder Information - The restricted shares are held by two shareholders, with a total of 511,170,000 shares, which is 60.85% of the total share capital [3][4]. - The major shareholders include Huaxia Medical Investment (Xiamen) Co., Ltd. and Su Qingcan, who is the chairman and general manager of the company [4]. Group 3: Financial Performance and IPO Details - The company raised a total of 305.28 million RMB from the IPO, with a net amount of 276.85 million RMB after deducting issuance costs [5]. - The original fundraising target was 77.85 million RMB, indicating a significant oversubscription of 198.99 million RMB [5]. - The company was listed on the Shenzhen Stock Exchange's ChiNext board on November 7, 2022, with an issue price of 50.88 RMB per share [5].