
Core Viewpoint - The refractive surgery business, a significant revenue source for private ophthalmology institutions, has experienced a slowdown in growth in recent years [3]. Group 1: Revenue Growth Analysis - Among five listed ophthalmology companies in A-shares, three reported single-digit or less revenue growth in their refractive projects for the first half of the year. Specifically, Purui Eye Hospital (301239.SZ) saw a 4.13% increase to 720 million yuan, accounting for 49% of its total revenue; He’s Eye Hospital (301103.SZ) reported a 3.26% increase to 135 million yuan, making up 24% of its revenue; and Guangzheng Eye Hospital (002524.SZ) had a mere 0.32% growth to 142 million yuan, representing 32.71% of its revenue [4]. - In contrast, Aier Eye Hospital (300015.SZ) and Huaxia Eye Hospital (301267.SZ) maintained double-digit growth rates of 11.4% and 13.75%, respectively [4]. Group 2: Market Dynamics and Competition - The refractive surgery market is highly competitive, prompting ophthalmology companies to leverage new technologies for differentiation [6]. - Aier Eye Hospital attributed its revenue growth to the acceptance of new surgical techniques such as All-Laser LASIK and the expansion of its medical network, which increased patient coverage [8]. - Purui Eye Hospital is also focusing on introducing authoritative expert teams and upgrading high-end diagnostic equipment to cultivate new growth points [8]. Group 3: Consumer Demand and Market Potential - The current demographic for refractive surgery includes two main groups: those with essential needs due to academic or professional requirements and those seeking aesthetic improvements by eliminating glasses or contact lenses [8]. - Despite the stable demand from the essential needs group, macroeconomic factors have lengthened the decision-making cycle for non-essential consumers [8]. - There remains significant unmet demand in the refractive surgery market, with approximately 700 million people suffering from myopia in China, yet only about 1 million undergoing surgery annually, indicating substantial growth potential [8]. Group 4: Technological Innovations - Recent reports indicate that Generation Z has a personalized and urgent demand for vision correction, driving innovation and iteration in refractive surgery technologies [9]. - Aierkan has introduced new refractive surgery solutions, such as All-Laser LASIK, which utilizes various data for personalized treatment. Since its launch at the 2023 China International Import Expo, over 50,000 surgeries have been performed, with more than 100 hospitals equipped with the technology [10].