Core Insights - The company reported 2024 revenue and net profit of 4.027 billion and 429 million yuan, respectively, showing a year-on-year growth of 0.4% and a decline of 35.6%, which was below the Wind consensus estimate of 563 million yuan, attributed to temporary disruptions from industry demand slowdown and intensified competition, along with increased short-term investments in personnel and equipment [1] - In Q1 2025, the company achieved revenue and net profit of 1.093 billion and 150 million yuan, respectively, reflecting year-on-year growth of 11.7% and a slight decline of 4.0%, with a quarter-on-quarter increase of 29.3% and a significant rise of 1824.0%, indicating a marginal acceleration in performance [1] - The company announced a 2025 employee stock ownership plan, with performance assessment indicators requiring a minimum growth rate of 10%/20%/30% in revenue or net profit for 2025/2026/2027 compared to 2024, demonstrating long-term growth confidence [1] Revenue Growth by Segment - The consumer ophthalmology segment led the overall revenue growth in 2024, with refractive and optometry revenues of 1.296 billion and 1.069 billion yuan, respectively, showing year-on-year increases of 7.4% and 5.2%, supported by an improved diagnostic network and the introduction of various refractive and optometry projects, with expectations for steady growth in 2025 [2] - The posterior segment projects generated 536 million yuan in revenue in 2024, with a slight year-on-year increase of 0.2%, driven by the company's leading capabilities in complex eye disease treatment and clear demand for related services, with positive expectations for 2025 [2] - The cataract segment reported 873 million yuan in revenue, down 11.6% year-on-year, likely due to a high base from the rapid recovery of treatments post-pandemic in 2023; however, with increasing market penetration and a growing share of high-end cataract procedures, the segment is expected to return to growth in 2025 [2] Service Network Expansion - The company has been actively enhancing its service network through a dual strategy of organic growth and acquisitions, having established 62 ophthalmology specialty hospitals and 66 optometry centers by the end of 2024, compared to 57 and 60 at the end of 2023, respectively, creating a nationwide diagnostic service network [3] - Strategic acquisitions in 2024 included four ophthalmology hospitals, and several others have commenced operations, positioning the company as a large medical chain group with "dual top-tier" ophthalmology hospitals [3] Competitive Positioning - The company is expected to leverage the advantages of its benchmark hospitals to continuously enhance its overall competitiveness [4] Profit Forecast and Valuation - Considering the impact of new refractive procedures and increased personnel and equipment investments on sales and management expense ratios, the projected EPS for 2025-2027 is 0.57, 0.66, and 0.76 yuan, reflecting a downward adjustment of 22% for 2025 and 2026 compared to previous estimates [5] - The company is assigned a 40x PE for 2025, compared to a consensus average of 34x for comparable companies, leading to a target price of 22.87 yuan, down from a previous estimate of 27.03 yuan, which corresponded to a 37x PE [5]

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.027 billion, a year-on-year increase of 0.35% [2] - The net profit attributable to shareholders was CNY 429 million, a decrease of 35.63% [2] - As of the end of the reporting period, total assets amounted to CNY 7.924 billion, with net assets of CNY 5.794 billion [3] - In Q1 2025, operating revenue reached CNY 1.093 billion, a year-on-year growth of 11.74%, while net profit was CNY 150 million, down 4.00% [3] Business Segment Performance - In 2024, the cataract business generated revenue of CNY 873 million, a decline of 11.56% due to the implementation of centralized procurement policies [3] - The refractive business achieved revenue of CNY 1.296 billion, growing by 7.44% [3] - The comprehensive optometry business reported revenue of CNY 1.069 billion, an increase of 5.15% [3] - The eye posterior segment business saw revenue of CNY 536 million, a slight increase of 0.19% [3] Market Outlook - The aging population is expected to drive demand for various age-related eye diseases, including cataracts, with an estimated 80% incidence rate among individuals over 60 [8] - By 2050, the number of cataract patients in China is projected to reach 241 million [8] - The prevalence of myopia among children and adolescents is a significant public health issue, with a reported rate of 51.9% in 2022 [9] - The market for eye care services in China is anticipated to grow, driven by increasing demand in various segments [9] Strategic Initiatives - The company plans to expand its operations through mergers and acquisitions or self-built facilities in 24 key investment provinces [10] - There is a focus on enhancing the eye care service network and improving operational efficiency through technology and management systems [7] - The company is actively seeking overseas expansion opportunities, particularly in Europe and Asia, to enhance its global footprint [11]

Company Overview - Huaxia Eye Hospital Group is a large-scale ophthalmology medical chain in China, providing comprehensive eye care services including cataract, refractive surgery, and pediatric ophthalmology [3][4] - The company operates 62 specialized eye hospitals and 66 vision centers across 48 cities in 18 provinces, establishing a nationwide service network [12] Financial Performance - The company has proposed a cash dividend of 2.20 RMB per 10 shares (including tax) for the current reporting period [2] - The company completed a cash dividend distribution totaling approximately 91.71 million RMB for the 2023 fiscal year [15] Industry Development - The demand for ophthalmology services in China is continuously growing, with 127 million outpatient visits recorded in 2022 [4] - The ophthalmology service market is projected to reach 252.15 billion RMB by 2025, driven by factors such as aging population and increased awareness of eye health [4][5] Market Trends - The prevalence of myopia among children and adolescents remains a significant public health issue, with a 51.9% overall myopia rate reported in 2022 [5][6] - The aging population is expected to increase the demand for age-related eye disease treatments, with 80% of individuals over 60 years old affected by cataracts [7] Policy Support - The Chinese government continues to support private healthcare initiatives, enhancing the environment for social medical institutions [9][10] - Recent policies aim to promote the development of private hospitals, which are expected to alleviate the shortage of ophthalmology resources in public hospitals [9][10] Technological Advancements - The integration of new technologies such as AI and big data is enhancing the efficiency and quality of eye care services [11] - The application of smart medical technologies is expected to further improve patient care and expand service reach [11]

中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为华厦 眼科医院集团股份有限公司（以下简称"华厦眼科"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，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》《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》等相关法律、行政法规、部门规章及业务规则的要求， 对华厦眼科使用部分超募资金永久补充流动资金事项进行了核查，具体情况如下： 一、募集资金概况 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 公开发行股票注册的批复》（证监许可〔2022〕2085 号）同意，公司首次公开发 行人民币普通股（A 股）6,000.00 万股，每股发行价为人民币 50.88 元，募集资 金总额为人民币 305,280.00 万元，扣除不含增值税的发行费用人民币 28,430.75 万元后，实际募集资金净额为人民币 276,849.25 万元。上述募集资金已于 2022 年 10 月 28 日到账，容诚会计师事务所（特殊普通合伙 ...

内部控制审计报告 华厦眼科医院集团股份有限公司 容诚审字[2025] 361Z0421 号 容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]361Z0421 号 华厦眼科医院集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了华厦眼科医院集团股份有限公司（以下简称"华厦眼科"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是华厦 眼科董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内 ...

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 关于部分募投项目增加实施方式、实施地点及延长实施期限 的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为华厦眼科医 院集团股份有限公司（以下简称"华厦眼科"或"公司"）首次公开发行股票并在创业板上 市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《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》等有关规定，对华厦眼科部分募投项目增加实施方式、实施地点及延长实施期限的 事项进行了审慎核查，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《关于同意华厦眼科医院集团股份有限公司首次公开发 行股票注册的批复》（证监许可〔2022〕2085 号）同意，公司首次公开发行人民币普通 股（A股）6,000.00万股，每股发行价为人民币50.88元，募集资金总额为人民币305,280.00 万元，扣除不含增值税的发行费用人民币 28,430.75 万元后，实际募集资金净额为人民 币 ...

1、2025 年度日常关联交易概述 根据《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》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等相关法律法规、规范性文件及《公司章程》有关规定，公 司及子公司因日常经营和业务发展需要，预计 2025 年度与关联方发生日常关联交易总 金额不超过人民币 9,305.00 万元，该事项属于董事会审议权限范围内，无需提交公司股 东大会审议，与该关联交易有利害关系的关联董事均已回避表决。本次关联交易为日常 关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组行为。 2、预计 2025 年度日常关联交易类别和金额 单位：万元 关联交易类别 关联人 关联交易内容 关联交易 定价原则 2025 年度 预计金额 截至披露日 已发生金额 上年发生金 额 向关联人采购商 品及接受服务 福建莆田电商投 资管理股份有限 公司 接受服务 参考市场 价格 2,000.00 144.88 1,568.87 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 预计 2025 年度日常关联交易的核查意 ...

审计报告 华厦眼科医院集团股份有限公司 容诚审字[2025]361Z0026 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1-7 | | | 2 | 合并资产负债表 | 1 | | | 3 | 合并利润表 | 2 | | | 4 | 合并现金流量表 | 3 | | | 5 | 合并所有者权益变动表 | 4 | | | 6 | 母公司资产负债表 | 5 | | | 7 | 母公司利润表 | 6 | | | 8 | 母公司现金流量表 | 7 | | | 9 | 母公司所有者权益变动表 | 8 | | | 10 | 财务报表附注 | 9 - | 133 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审 计 报 告 ...

关于华厦眼科医院集团股份有限公司 使用部分闲置募集资金进行现金管理及 使用部分闲置自有资金购买理财产品的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为华厦 眼科医院集团股份有限公司（以下简称"华厦眼科"或"公司"）首次公开发行股票 并在创业板上市及持续督导的保荐机构，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》《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》《深 圳证券交易所创业板股票上市规则》等相关法律、行政法规、部门规章及业务规 则的要求，对华厦眼科本次使用部分闲置募集资金及使用部分闲置自有资金购买 理财产品的事项进行了审慎核查，具体情况如下： 一、募集资金概况 2022 年 9 月 15 日，中国证券监督管理委员会（以下简称"中国证监会"） 发布《关于同意华厦眼科医院集团股份有限公司首次公开发行股票注册的批复》 （证监许可〔2022〕2085 号），同意公司首次公开发行人民币普通股（A 股）股 票 6,000.00 万股，每股发行价格为人民币 50.88 元，募集资金总额为人民币 3 ...

华厦眼科医院集团股份有限公司 内部审计制度 第一条 为了加强华厦眼科医院集团股份有限公司（以下简称"公司"）经 营管理，充分发挥内部审计监督作用，使审计工作制度化、规范化，根据《中华 人民共和国会计法》《中华人民共和国审计法》《中华人民共和国国家审计准则》 《上市公司治理准则》《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》《华厦眼科医院集团股份有限公司公司章程》（以下简称"公 司章程"）和有关法律法规并结合公司实际情况，特制定本制度。 第二条 公司设立内部审计部门，配置专职人员。公司根据自身发展规划， 逐步形成多层次，多功能的审计监督体系。 内部审计部门应当保持独立性，不得置于财务部门的领导之下，或者与财务 部门合署办公。 第三条 内审人员应具有开展审计工作所必要的知识、技能和经验。 第四条 内审人员必须依法审计，忠于职守，坚持原则，客观公正，廉洁奉 公，不得滥用职权，徇私枉法，玩忽职守。公司应视审计人员工作质量对其进行 奖励和处罚。 第五条 内审人员应按审计程序开展工作，对审计事项严守秘密，未经批准 不得公开。 第六条 内审人员依法行使职权，受法律保护。任何部门、个人不得阻挠和 ...