| 华厦眼科医院集团股份有限公司 | | 2025 年半年度报告全文 | | --- | --- | --- | | 华厦眼科医院集团股份有限公司 | | | | 华厦眼科医院集团股份有限公司 2025 年半年度报告全文 | | | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 | | | | 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 | | | | 个别和连带的法律责任。 | | | | 公司负责人苏庆灿、主管会计工作负责人陈凤国及会计机构负责人(会计 | | | | 主管人员)陈鹭燕声明：保证本半年度报告中财务报告的真实、准确、完整。 | | | | 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议： | | | | 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 | | | | 苏庆灿 董事长 因个人原因 陈凤国 | | | | 本报告涉及未来发展规划和经营计划等前瞻性描述不构成公司对投资者的 | | | | 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 | | | | 解规划、计划、预测与承诺之间 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance in 2024 met expectations, with total revenue of 4.027 billion yuan, a year-on-year increase of 0.35%. However, the net profit attributable to the parent company decreased by 35.63% to 429 million yuan [6][12]. - The revenue breakdown for 2024 shows a decline in cataract project revenue by 11.56% to 873 million yuan, while the revenue from refractive projects increased by 7.44% to 1.296 billion yuan. The overall growth slowdown is attributed to changes in the industry environment, a temporary slowdown in demand, and intensified competition [2][12]. - The company is advancing its strategic acquisitions to expand its ophthalmology service network, having established 62 specialized hospitals and 66 optical centers across 48 cities in China by 2024 [12]. - The company emphasizes clinical discipline development and quality improvement in medical services, with two top-tier ophthalmology hospitals supporting clinical diagnosis, research innovation, and talent cultivation [12]. - The company has formed a three-tiered research innovation platform system and has received approval for five new research innovation platforms in 2024, along with 60 new medical research projects [12]. - Profit forecasts for the company indicate net profits of 540 million, 640 million, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 29, 25, and 22 times [12]. Financial Summary - In 2024, the total revenue is projected at 4.027 billion yuan, with a gross profit of 1.780 billion yuan, resulting in a gross margin of 44% [17]. - The company expects to see a gradual increase in revenue and net profit over the next three years, with total revenue projected to reach 5.235 billion yuan by 2027 [17].