研报掘金丨平安证券：维持爱尔眼科“推荐”评级，“1+8+N”战略持续推进

Core Viewpoint - The report from Ping An Securities indicates that Aier Eye Hospital's Q3 net profit attributable to shareholders was 1.064 billion yuan, a year-on-year decrease of 24.12%, while the net profit for the first nine months of 2025 was 3.115 billion yuan, down 9.76% year-on-year. The company is experiencing a decline in profit margins but is effectively managing expenses. The implementation of the "1+8+N" strategy has made substantial progress, enhancing both vertical and horizontal network systems, which improves resource allocation efficiency and sharing within regions. The ongoing internationalization strategy is expected to integrate advanced medical service concepts and cutting-edge technologies, aiding the development of domestic medical services and gradually establishing a world-class platform for research, talent, and technological innovation. With macroeconomic policies increasing stimulus efforts, the economy is expected to recover, and the performance in the consumer healthcare sector is likely to improve. As a leading company in the sector, Aier Eye Hospital demonstrates operational resilience and maintains a "recommended" rating [1]. Financial Performance - Q3 net profit attributable to shareholders was 1.064 billion yuan, a decrease of 24.12% year-on-year [1] - Net profit for the first nine months of 2025 was 3.115 billion yuan, down 9.76% year-on-year [1] - Profit margins are declining, but expense management remains effective [1] Strategic Developments - The "1+8+N" strategy has achieved substantial progress, improving the vertical and horizontal network systems [1] - The company is enhancing resource allocation efficiency and sharing within regions [1] - The internationalization strategy is being advanced, integrating international medical service concepts and technologies [1] Market Outlook - Macroeconomic policies are increasing stimulus efforts, suggesting potential economic recovery [1] - Performance in the consumer healthcare sector is expected to improve [1] - Aier Eye Hospital, as a leading company in the sector, shows operational resilience and maintains a "recommended" rating [1]