Core Insights - The company reported a total revenue of 698 million yuan in H1 2025, a year-on-year decrease of 4.91% [1] - The net profit attributable to the parent company was 114 million yuan, down 16.72% year-on-year [1] - The gross profit margin decreased by 3.12 percentage points to 42.63% [1] Revenue Breakdown - Revenue from consumer ophthalmic services was 359 million yuan, a decline of 4.51% year-on-year, accounting for 51.48% of total revenue [1] - Revenue from basic ophthalmic services was 337 million yuan, down 5.53% year-on-year, making up 48.33% of total revenue [1] - The gross margin for consumer ophthalmic services fell by 6.8 percentage points to 41.80%, while the gross margin for basic ophthalmic services increased by 0.9 percentage points to 43.70% [1] Market and Competitive Landscape - The decline in revenue and gross margin is attributed to a slight decrease in outpatient and inpatient visits, pricing adjustments due to centralized procurement, and intense market competition [1] Future Developments - The company plans to build a comprehensive medical facility in Hohhot, covering 66,600 square meters, expected to be completed by the end of October 2026 [2] - The facility aims to enhance the capacity of the company's ophthalmic hospitals, upgrade hardware, and improve patient flow [2] - The company currently operates 31 ophthalmic hospitals and 29 optical centers, with plans to expand its network in North China and the Yangtze River Delta region [2] Financial Projections - Revenue projections for 2025-2027 are 1.365 billion, 1.474 billion, and 1.614 billion yuan, with year-on-year growth rates of -2.91%, 8.00%, and 9.50% respectively [2] - Net profit projections for the same period are 173 million, 178 million, and 193 million yuan, with year-on-year growth rates of -11.54%, 3.33%, and 7.95% respectively [2] - The company maintains a "buy" rating [2]
朝聚眼科(2219.HK)：专注眼科医疗服务 不断扩充专业团队