以爱尔眼科（300015.SZ）为例，看眼科赛道如何“反内卷”

Core Viewpoint - The trend of "anti-involution" is reshaping the competitive landscape in the consumer healthcare sector, particularly in ophthalmology, as companies transition from "scale expansion" to "quality enhancement" [1][4]. Financial Performance - In the first half of 2025, the company reported revenue of 11.507 billion, a year-on-year increase of 9.12%, indicating robust core business growth and significant structural upgrades [4]. - The refractive surgery segment emerged as a key growth driver, generating revenue of 4.618 billion, up 11.14% year-on-year, attributed to the introduction of advanced technologies [4]. - Vision care services also performed well, with revenue reaching 2.720 billion, a 14.73% increase, supported by the promotion of a comprehensive management model [4]. - The cataract business successfully transformed, achieving revenue of 1.781 billion, a 2.64% increase, despite the impact of medical insurance collection policies [5]. - The company demonstrated effective cost control, with sales and financial expenses decreasing by 6.03% and 53.66%, respectively, leading to improved profitability [6]. Market Position and Valuation - Despite strong performance, the company's valuation remains low, with a PE ratio of 33.88 as of September 5, indicating it has not been fully priced by the market [8]. - The consumer healthcare sector faces pressure due to cautious spending on non-essential medical services, but the company has shown resilience and recovery since Q1 2025 [11]. Strategic Initiatives - The company is actively enhancing its capabilities for high-quality growth through various initiatives, including strengthening discipline capabilities, advancing AI applications in healthcare, and optimizing patient experience [12][16]. - The company is developing an "AI+ ophthalmology" strategy, integrating high-quality data sets and collaborating with institutions to improve diagnostic and management efficiency [12][13]. - Organizational upgrades are underway to enhance resource utilization and operational efficiency, with a focus on international expansion and consolidating market leadership domestically [16]. Industry Outlook - The company's mid-year report serves as a potential model for achieving "anti-involution" in the ophthalmology sector, emphasizing the importance of technological innovation and policy adaptability as core competitive advantages [18].