上海市锦天城律师事务所 关于华厦眼科医院集团股份有限公司 2025 年第一次临时股东会的 上海市锦天城律师事务所 关于华厦眼科医院集团股份有限公司 2025 年第一次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 法律意见书 致：华厦眼科医院集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受华厦眼科医院集团股份有 限公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东会（以 下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东会规则》等法律、法规、规章和其他规范性文 件以及《华厦眼科医院集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 上海市锦天城律师事务所 法律意见书 一、 本次股东会召集人资格及召集、召开的程序 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则 ...

证券代码：301267 证券简称：华厦眼科 公告编号：2025-030 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更前次股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、股东会届次：2025 年第一次临时股东会。 2、会议召开时间 2025年第一次临时股东会决议公告 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。 特别提示： 华厦眼科医院集团股份有限公司 7、本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 （二）会议出席情况 1、通过现场和网络投票的股东 111 人，代表股份 675,792,277 股，占公司有 表决权股份总数的 81.1790%。 （1）现场会议时间：2025 年 9 月 10 日下午 15:00； （2）网络投票时间：2025 年 9 月 10 日； 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 9 月 10 日 9:15-9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a revenue of 2.139 billion yuan for H1 2025, representing a year-over-year increase of 4.31%, and a net profit attributable to shareholders of 282 million yuan, up 6.20% year-over-year [4][10] - The introduction of new surgical techniques has significantly boosted the company's refractive business, leading to a revenue of 789 million yuan in H1 2025, which is a 13.75% increase year-over-year [12] - The company has established a nationwide medical network with 64 specialized eye hospitals and 67 vision centers, enhancing its service coverage across various regions [13] Financial Performance Summary - For H1 2025, the company's gross margin was 45.20%, a slight decrease of 0.64 percentage points year-over-year, but improved in Q2 2025 to 45.44%, reflecting a recovery from previous impacts [11] - The company expects revenues for 2025-2027 to be 4.379 billion, 4.878 billion, and 5.479 billion yuan respectively, with year-over-year growth rates of 8.74%, 11.39%, and 12.32% [14] - The net profit attributable to shareholders is projected to be 570 million, 692 million, and 811 million yuan for the same period, with growth rates of 33.05%, 21.27%, and 17.21% respectively [14]

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 2 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 11.其他（包括经营环境、业务发 | | | | 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 2025 年半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 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关 ...

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company's refractive business is experiencing good growth, leading to a stable and positive performance [1][4] - The company has achieved a revenue of 2.139 billion yuan in the first half of 2025, representing a year-on-year increase of 4.31%, and a net profit of 282 million yuan, up 6.20% year-on-year [4][5] - The company continues to expand its network of specialized eye hospitals and vision centers, with a total of 64 eye hospitals and 67 vision centers established across 19 provinces and municipalities [4][5] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.046 billion yuan, a decrease of 2.47% year-on-year, while the net profit for the same quarter was 132 million yuan, an increase of 20.73% year-on-year [4] - The gross profit margin for H1 2025 was 45.20%, a slight decrease of 0.64 percentage points year-on-year, while the net profit margin increased by 0.71 percentage points to 14.04% [4] Business Segments - The refractive segment generated revenue of 789 million yuan in H1 2025, a year-on-year increase of 13.75%, making it the main growth driver [4] - The cataract segment saw a revenue decline of 7.33% year-on-year, totaling 431 million yuan, primarily due to high base effects from the previous year [4] Growth Strategy - The company is focused on a dual strategy of "internal growth + external mergers and acquisitions," aiming to enhance its national presence in the eye care sector [4] - The company has introduced advanced surgical technologies and high-end artificial lenses to improve service quality and expand its offerings [4] Earnings Forecast - The company expects net profits of 515 million yuan, 605 million yuan, and 697 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61 yuan, 0.72 yuan, and 0.83 yuan [5][6]

Core Insights - The conference held by Huaxia Eye Hospital Group focused on advancing myopia prevention strategies and enhancing service quality, aiming for high-quality development in myopia control in China [1][4][6] Group 1: Conference Highlights - The "2025 Autumn Myopia Prevention Work Promotion Conference" took place in Nanjing, gathering leaders and representatives to discuss strategies for myopia prevention [1] - The launch of the "11th National Myopia Prevention Awareness Month" and the "Multi-City Action for Children's Eye Health" initiative aims to create a nationwide public welfare platform for children's eye health services [2] - 45 hospitals were recognized for their exemplary campus screening services, receiving awards for their contributions to public welfare in myopia prevention [3] Group 2: Strategic Development - The conference emphasized the importance of internal development as a foundation for enhancing core competitiveness and service quality [4] - Group leaders outlined a transformation strategy focusing on proactive adaptation and deepening internal development to navigate market changes [4] - Key implementation points were discussed, including quality improvement in screenings, talent optimization, brand collaboration, AI technology integration, and the establishment of a "5 Action Plan" [4][5] Group 3: Innovation and Technology - The "Eye Care通" platform was showcased for its role in utilizing big data to optimize business processes and enhance service experiences [5] - The focus on adult visual management needs was highlighted, with solutions presented to bridge the gap in myopia prevention implementation [5] Group 4: Commitment and Accountability - The conference included a recognition ceremony for outstanding teams and individuals in myopia prevention, reinforcing commitment to goals through the signing of responsibility agreements [6] - A total of 15 core work consensus points were established, marking a transition from discussion to actionable execution [7]

Core Viewpoint - The ophthalmology medical industry is experiencing a slowdown in the growth of refractive surgery revenue, with many companies reporting single-digit growth rates in this segment, while a few are still achieving double-digit growth. Group 1: Industry Overview - The refractive surgery business, a significant revenue source for private ophthalmology institutions, has shown a general trend of slowing growth in recent years [1] - Among five listed ophthalmology companies in A-shares, three reported refractive project revenue growth at single-digit levels or below in the first half of the year [1] - Specific growth figures include: - Puyi Eye Hospital (301239.SZ) with a 4.13% increase to 720 million yuan, accounting for 49% of total revenue [1] - He’s Eye Hospital (301103.SZ) with a 3.26% increase to 135 million yuan, accounting for 24% of total revenue [1] - Guangzheng Eye Hospital (002524.SZ) with a 0.32% increase to 142 million yuan, accounting for 32.71% of total revenue [1] - Aier Eye Hospital (300015.SZ) and Huaxia Eye Hospital (301267.SZ) are exceptions, achieving revenue growth rates of 11.4% and 13.75%, respectively [1] Group 2: Company Strategies - Aier Eye Hospital attributes its revenue growth in refractive projects to the acceptance of new surgical techniques such as All-Laser LASIK and the expansion of its medical network, enhancing patient coverage [3] - Puyi Eye Hospital is focusing on introducing authoritative expert teams and updating high-end diagnostic equipment to cultivate new growth points in the competitive refractive and vision care market [3] Group 3: Market Demand and Trends - The current refractive surgery patient population is divided into two categories: those with essential needs due to academic or professional requirements and those seeking aesthetic improvements [4] - Despite a stable demand from the essential needs group, the decision-making cycle for non-essential consumers is lengthening due to macroeconomic factors [4] - There is significant unmet demand in the refractive surgery market, with approximately 700 million myopic patients in China, but only about 1 million undergoing surgery annually [4] - The Z generation shows a personalized and urgent demand for vision correction, driving innovation and iteration in refractive surgery technologies [4] - Aierkon has introduced new refractive surgery solutions, such as All-Laser LASIK, which allows for personalized treatment based on various eye data [4] Group 4: Technology Adoption - Aierkon's All-Laser LASIK equipment has seen over 50,000 surgeries performed since its launch at the 2023 China International Import Expo, with over 100 hospitals equipped nationwide [5] - The company emphasizes the need for continued market education to enhance the penetration of new technologies [5]

Core Viewpoint - The refractive surgery business of private ophthalmology medical institutions is experiencing a slowdown in revenue growth, with several companies reporting single-digit growth rates in their refractive project revenues [1][2]. Group 1: Revenue Growth Analysis - Among five listed ophthalmology medical companies, three reported refractive project revenue growth at single-digit levels or below in the first half of the year. Specifically, Purui Eye Hospital (301239.SZ) saw a 4.13% increase to 720 million yuan, accounting for 49% of its total revenue; He’s Eye Hospital (301103.SZ) reported a 3.26% increase to 135 million yuan, making up 24% of its revenue; and Guangzheng Eye Hospital (002524.SZ) had a 0.32% increase to 142 million yuan, representing 32.71% of its revenue [1]. - In contrast, Aier Eye Hospital (300015.SZ) and Huaxia Eye Hospital (301267.SZ) managed to maintain double-digit growth rates in their refractive project revenues, with increases of 11.4% and 13.75%, respectively [1]. Group 2: Competitive Strategies - To navigate the competitive refractive surgery market, companies are leveraging new technologies. Aier Eye Hospital reported that its revenue growth in refractive projects is driven by the acceptance of new surgical techniques such as all-laser and full-femtosecond procedures, which have improved the business structure and increased average prices [2]. - Purui Eye Hospital is also responding to market competition by continuously introducing authoritative expert teams and updating high-end diagnostic equipment to cultivate new growth points [2]. Group 3: Market Demand and Trends - The current refractive surgery patient population can be divided into two groups: one with essential needs due to academic or professional requirements, and another seeking aesthetic improvements by eliminating glasses or contact lenses [2]. - Despite the large number of myopic patients in China, estimated at around 700 million, only about 1 million undergo refractive surgery annually, indicating significant unmet demand and potential for market penetration [3]. - The Z generation shows a personalized and urgent demand for vision correction, pushing for technological innovation and customization in refractive surgery [3].

Core Viewpoint - The company reported a stable performance in the first half of 2025, with a revenue of 2.139 billion and a net profit of 282 million, indicating a year-on-year growth of 4.31% and 6.20% respectively. The second quarter showed a slight decline in revenue but a significant increase in net profit [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.139 billion, a year-on-year increase of 4.31%, and a net profit of 282 million, up 6.20% [1]. - For Q2 2025, the company reported a revenue of 1.046 billion, a decrease of 2.47% year-on-year, while the net profit was 132 million, reflecting a growth of 20.73% [1]. Revenue Breakdown - The revenue from refractive projects reached 789 million, growing by 13.75% year-on-year [2]. - The revenue from comprehensive optometry projects was 514 million, an increase of 3.42% [2]. - The cataract project revenue was 431 million, showing a decline of 7.33% [2]. - The posterior segment project revenue was 277 million, with a growth of 5.52% [2]. Strategic Development - The company is focusing on a strategy of "internal growth + external mergers and acquisitions," having established 64 specialized eye hospitals and 67 optometry centers across 49 cities in 19 provinces and municipalities in China by mid-2025 [3]. - The company emphasizes talent development and collaboration with over 40 universities, including Peking University and Xiamen University, to enhance clinical research and training [3]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are estimated to be 540 million, 640 million, and 720 million respectively, with corresponding price-to-earnings ratios of 32, 27, and 24 times [3].