投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 | | --- | --- | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及人员 | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）参与 | | 姓名 | 厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体 | | | 接待日活动的投资者 | | 时间 | 2025 年 5 月 15 日（周四）下午 15:40~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 陈凤国先生 董事 | | | 陈鹭燕女士 财务总监 | | 上市公司接待人员 姓名 | 曹乃恩先生 董事会秘书 | | | 王志强先生 独立董事 | | | 赵 冀先生 保荐代表人 | | | 1、请问一下 年公司，持续发展和业务开展做了哪些调 25 | | | 整和创新？ | | | 尊敬的投资者您好，感谢您对华厦眼科的关注。从 2025 | | | 年起，公司将按照《华 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Huaxia Eye Hospital Group, noting its recent stock price increase and market position within the healthcare sector [1][2] - As of May 12, Huaxia Eye Hospital's closing price was 19.35 yuan, with a PE ratio of 38.48, marking a new low in 24 days and a total market capitalization of 16.254 billion yuan [1] - The company ranks 30th in the medical services industry, which has an average PE ratio of 38.15 and a median of 38.48 [1][2] Group 2 - The latest quarterly report for Q1 2025 shows Huaxia Eye Hospital achieved a revenue of 1.093 billion yuan, representing a year-on-year increase of 11.74%, while net profit was 150 million yuan, reflecting a year-on-year decrease of 4% [1] - The company's gross profit margin stands at 44.97% [1] - In terms of capital flow, on May 12, the net inflow of main funds into Huaxia Eye Hospital was 6.9774 million yuan, with a total inflow of 7.664 million yuan over the past five days [1]

[Table_Reportdate] 2025年05月09日 买入（维持） 报告原因：业绩点评 [华厦眼科（ Table_NewTitle] 301267）：业绩短期承压，消 费眼科稳健增长 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：行业政策不确定性风险，医疗事故风险，外延扩张管理风险等。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,027.01 | 4,463.88 | 4,965.08 | 5,519.62 | | 增长率（%） | 0.35% | 10.85% | 11.23% | 11.17% | | 归母净利润（百万元） | 428.64 | 514.61 | 605.41 | 697.01 | | 增长率（%） | -35.63% | 20.06% | 17.64% | 15.13% | | EPS（元/股） | 0.51 | 0.61 | 0.72 | 0.83 | | 市盈率（P/E） | 3 ...

Core Viewpoint - Huaxia Eye Hospital reported a slight increase in revenue for 2024, but significant declines in net profit and net profit after excluding non-recurring gains, primarily due to the impact of centralized procurement policies and rising costs [3][5]. Financial Performance - In 2024, Huaxia Eye Hospital achieved operating revenue of 4.027 billion yuan, a year-on-year increase of 0.35% [3]. - The net profit attributable to shareholders was 428 million yuan, a year-on-year decrease of 35.63% [3]. - The net profit after excluding non-recurring gains was 408 million yuan, down 38.29% year-on-year [3]. - Basic earnings per share were 0.51 yuan, with a weighted average return on equity of 7.57% [3]. Financial Structure Changes - The gross profit margin decreased by 4.84 percentage points to 44.19%, and the net profit margin fell by 6.25 percentage points to 10.63%, mainly due to centralized procurement policies and increased costs [5]. - Selling expenses increased by 9.26% to 582 million yuan, while management expenses rose by 8.97% to 504 million yuan [5]. - Financial expenses surged by 75.26% to 35.065 million yuan [5]. Cash Flow Analysis - The net cash flow from operating activities was 820 million yuan, a year-on-year decline of 14.66% [5]. - The net cash flow from investing activities was -748 million yuan, with a significant decline of 139.16%, primarily due to increased merger and acquisition expenses and cash management costs [5]. - The net cash flow from financing activities was -506 million yuan, attributed to stock buybacks and lease liabilities [5]. Business Segment Performance - In 2024, the main business revenue accounted for 93.71% of total revenue [6]. - Revenue from refractive projects was 1.296 billion yuan, accounting for 32.19%, driven by consumer recovery and new technologies, although growth was hindered in the fourth quarter [6]. - Revenue from comprehensive optometry projects was 1.069 billion yuan, representing 26.55%, with a focus on myopia prevention for children and adolescents [6]. - Revenue from cataract projects was 872 million yuan, making up 21.67%, impacted by centralized procurement policies but improved through the introduction of high-end artificial lenses [6]. Research and Development - In 2024, Huaxia Eye Hospital's R&D expenses were 70.6319 million yuan, accounting for 1.75% of revenue [6]. - The company authorized 21 new patents and published 32 research articles, contributing to the establishment of standardized treatment protocols for diabetic retinopathy [6]. - A cash dividend of 2.20 yuan per 10 shares (including tax) is proposed [6].

Group 1 - The core viewpoint of the article highlights the performance and valuation of Huaxia Eye Hospital Group, noting its recent stock price increase and market position within the medical services industry [1] - As of May 6, Huaxia Eye Hospital's closing price was 19.13 yuan, with a PE ratio of 38.04, marking a 15-day low, and a total market capitalization of 16.069 billion yuan [1] - The company ranks 29th in the medical services industry, which has an average PE ratio of 38.66 and a median of 38.36 [1] Group 2 - As of the first quarter of 2025, 18 institutions hold shares in Huaxia Eye Hospital, including 10 funds, with a total holding of 192.8128 million shares valued at 3.843 billion yuan [1] - The company's main business focuses on ophthalmology services, with key products including cataract projects, posterior segment projects, refractive projects, and comprehensive optometry projects [1] - The latest financial results for the first quarter of 2025 show revenue of 1.093 billion yuan, a year-on-year increase of 11.74%, and a net profit of 150 million yuan, reflecting a year-on-year decrease of 4.00%, with a gross margin of 44.97% [1]

为进一步加强与投资者的互动交流，华厦眼科医院集团股份有限公司（以下 简称"公司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限 公司联合举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体 接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 5 月 15 日（周四）15:40-17:00。 出席本次业绩说明会的人员有：公司董事陈凤国先生、财务总监陈鹭燕女士、 董事会秘书曹乃恩先生以及独立董事王志强先生、保荐代表人赵冀先生。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状 况、员工持股计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告。 证券代码：301267 证券简称：华厦眼科 公告编号：2025-018 华厦眼科医院集团股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会暨 投资者网上集体接待日活动的公告 本公 ...

中国国际金融股份有限公司 关于华厦眼科医院集团股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：华厦眼科 | | --- | --- | | 保荐代表人姓名：周凌轩 | 联系电话：010 65051166 | | 保荐代表人姓名：赵冀 | 联系电话：010 65051166 | 一、保荐工作概述 | 项 目 | 工作内容 核查期间，上海市监察委员会已解除对 | | --- | --- | | | 公司实际控制人、董事长苏庆灿先生的 | | | 留置措施；同时，苏庆灿先生被公安机 | | | 关采取监视居住措施。针对前述情形， | | （3）现场检查发现的主要问题及整改情况 | 公司已对经营管理相关事项做出妥善安 | | | 排，除苏庆灿先生外的公司其他全部董 | | | 事、监事、高级管理人员目前均正常履 | | | 职，公司生产经营及管理情况正常。 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 次 9 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向本所报告情况（现场检查报告除外） | | | （1） ...

公司研究丨点评报告丨华厦眼科（301267.SZ） 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title] 业绩符合预期，稳步夯实眼科服务网络根基 报告要点 [Table_Summary] 业绩短期业绩承压：2024 年公司收入为 40.27 亿元，其中白内障项目收入 8.73 亿元，同比下 滑 11.56%；眼后段项目收入 5.36 亿元，同比增长 0.19%；屈光项目收入 12.96 亿元，同比增 长 7.44%；眼视光综合项目收入 10.69 亿元，同比增长 5.15%。2024 年公司业绩增速放缓， 主要受行业环境变化、行业需求阶段性放缓及竞争加剧等因素影响，未来随着消费需求进一步 释放，眼科医疗行业依然具备良好的发展空间。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 1 华厦眼科（301267.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，稳步夯实眼科服务网络根基 [Tabl ...

公 司 华福证券 医院 2025 年 05 月 06 日 华厦眼科（301267.SZ） 买入（维持评级） 研 究 25Q1 收入增长稳健，员工持股计划有望增强人 才吸引力 投资要点： 公 司 财 报 点 事件：公司公布 2024 年年报及 2025 年一季报，2024 年公司实现收入 40.3 亿 元（+0.35%），实现归母净利润 4.29 亿元（-35.6%）；2025Q1 公司实现收入 10.93 亿元（+11.7%），实现归母净利润 1.5 亿元（-4%），业绩符合预期。 此外，公司公布设立 2025 年员工持股计划。 分业务：屈光和视光实现稳健增长。 评 分业务看，24 年公司屈光业务实现收入 12.96 亿元（+7.44%），毛利率 52.05% （-2.45pct），视光业务实现收入 10.69 亿元（+5.15%），毛利率 45.57%（-4.49pct）， 白内障业务实现收入 8.73 亿元（-11.56%），毛利率 35.16%（-8.53pct），眼后段 业务实现收入 5.36 亿元（+9.21%），毛利率 39.64%（-4.99pct），其他业务收入 2.53 亿元（-5.63%） ...

Core Viewpoint - Recent research conducted by renowned private equity firm Ruiyang Investment on Huaxia Eye Hospital indicates a stable revenue outlook for 2024, with a slight decline in net profit, influenced by healthcare policies and market dynamics [1] Financial Performance - For the year 2024, Huaxia Eye Hospital is projected to achieve revenue of 4.027 billion yuan, representing a year-on-year growth of 0.35%, while net profit is expected to be 429 million yuan, reflecting a year-on-year decline of 35.63% [1] - In the first quarter of 2025, the company reported revenue of 1.093 billion yuan, an increase of 11.74% year-on-year, with net profit at 150 million yuan, down 4.00% year-on-year [1] Business Segments - The company's ophthalmology and cataract services are expected to stabilize due to the impact of medical insurance DRG/DIP policies, while refractive and optometry services are showing good growth [1] - The cataract business has experienced a slight decline due to centralized procurement policies [1] Strategic Initiatives - Huaxia Eye Hospital has launched the "365 Myopia Prevention Model" to enhance optometry center construction and increase outpatient volume, focusing on adult eyewear solutions [1] - The implementation of the "Ophthalmology Medical Service Pricing Project Establishment Guidelines" is expected to standardize pricing and promote technological innovation in myopia prevention [1] Market Trends - The aging population is driving demand for the diagnosis and treatment of age-related eye diseases, while the need for myopia prevention and treatment for dry eye and diabetic patients continues to grow [1] Expansion Plans - The company has outlined a plan to manage 200 hospitals through self-built or acquisition methods, with a focus on expanding in Europe and Asia [1] - Huaxia Eye Hospital is actively recruiting an overseas investment and acquisition director to identify potential acquisition targets and talent [1]