Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [5]. Core Insights - The company reported a total revenue of 2.139 billion yuan for H1 2025, representing a year-on-year growth of 4.31%. The net profit attributable to shareholders was 282 million yuan, up 6.20% year-on-year, while the gross margin decreased by 0.64 percentage points [1][5]. - In Q2 2025, the company achieved a revenue of 1.046 billion yuan, a decline of 2.47% year-on-year, but the net profit rose by 20.72% to 132 million yuan, with a gross margin increase of 2.45 percentage points to 45.44% [1][5]. - The company has seen a decrease in expense ratios, with the sales expense ratio down by 0.83 percentage points to 12.87%, management expense ratio down by 0.22 percentage points to 11.52%, and R&D expense ratio down by 0.33 percentage points to 1.43% [1]. Revenue Breakdown - The refractive surgery segment generated 789 million yuan in revenue, a growth of 13.75% year-on-year, accounting for 36.90% of total revenue, with a gross margin increase of 0.23 percentage points to 55.21% [2]. - The optical services segment saw a revenue increase of 3.42% to 514 million yuan, but the gross margin decreased by 4.55 percentage points to 41.77% [2]. - The cataract surgery revenue declined by 7.33% to 431 million yuan, although the gross margin improved by 0.33 percentage points [2]. - The posterior segment revenue grew by 5.53% to 277 million yuan, with a gross margin decrease of 2.57 percentage points to 38.73% [2]. Talent Development Strategy - The company has intensified its talent acquisition efforts, hiring over 40 full-time ophthalmology professionals and more than 200 graduates, including 23 master's and doctoral candidates in ophthalmology [2]. - In 2025, the company plans to grant up to 7.52784 million shares to 296 core management and technical personnel to enhance its long-term incentive mechanism [2]. Financial Forecast - The company is projected to achieve revenues of 4.319 billion yuan, 4.820 billion yuan, and 5.389 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.2%, 11.6%, and 11.8% [3]. - The net profit attributable to shareholders is expected to be 513 million yuan, 597 million yuan, and 692 million yuan for the same years, with growth rates of 19.7%, 16.4%, and 15.9% [3].
华厦眼科（301267）：2025H1业绩点评：业绩稳健增长，人才股权激励