爱尔眼科(300015)：持续强化医疗服务能力提升

Core Viewpoint - The company reported its mid-year results for 2025, showing overall performance in line with expectations, with revenue and net profit growth indicating a stable operational environment [1][2]. Financial Performance - In the first half of 2025, the company achieved total revenue of 11.507 billion yuan, a year-on-year increase of 9.12% [1]. - The net profit attributable to shareholders was 2.051 billion yuan, reflecting a slight increase of 0.05% year-on-year [1]. - The net profit after deducting non-recurring items was 2.04 billion yuan, showing a year-on-year growth of 14.3% [1]. Business Operations - The company enhanced its medical service capabilities, with outpatient visits reaching 9.2483 million, a year-on-year increase of 16.47% [2]. - Surgical procedures totaled 879,000, marking a year-on-year growth of 7.63% [2]. - Revenue from various services in the first half of 2025 included: - Refractive services: 4.62 billion yuan (up 11.1%) - Cataract services: 1.78 billion yuan (up 2.6%) - Anterior segment services: 1.03 billion yuan (up 13.1%) - Posterior segment services: 790 million yuan (up 9.0%) - Vision care services: 2.72 billion yuan (up 14.7%) [2]. Geographic Revenue Growth - Domestic revenue across various regions included: - Central China: 2.78 billion yuan (up 3.1%) - East China: 1.86 billion yuan (up 11.4%) - Southwest: 1.53 billion yuan (up 10.4%) - South China: 1.40 billion yuan (up 8.8%) - North China: 990 million yuan (up 18.3%) - Northeast: 960 million yuan (up 5.4%) - Northwest: 470 million yuan (up 3.1%) [2]. - International revenue reached 1.52 billion yuan, a year-on-year increase of 16.5%, with Europe and Southeast Asia contributing 1.22 billion yuan and 210 million yuan, respectively [2]. Industry Outlook - The demand for ophthalmic medical services in China is expected to grow significantly due to an aging population, increasing prevalence of age-related eye diseases, and rising myopia rates among youth [3]. - The shift towards higher quality visual services is driven by technological advancements and increased public awareness of eye health [3]. - The market for ophthalmic medical services in China is projected to expand further as new technologies are applied clinically [3]. Investment Recommendation - As the largest global chain of ophthalmic medical institutions, the company is continuously integrating global resources to enhance its core competitiveness [3]. - Earnings per share are projected to be 0.44 yuan and 0.51 yuan for 2025 and 2026, respectively, with current price-to-earnings ratios of 31 times and 27 times [3].