"1+8+N"布局稳定推进，全球医疗服务网络持续完善上半年公司"1+8+N"战略取得实质进展，长沙爱 尔、上海爱尔、广州爱尔、四川爱尔、重庆爱尔、湖北爱尔、辽宁爱尔、深圳滨海爱尔等眼科中心已运 营，北京项目正在建设中。截至2025 年6 月30 日，公司境内医院355 家，门诊部240 家。截至2025 年6 月30 日，境外已布局169 家眼科中心及诊所，逐渐形成覆盖全球的医疗服务网络。通过主办第19 届世 界近视眼大会及第18 届世界眼科医院协会年会，进一步提升国际品牌影响力。 投资建议 H1 费用率呈下降态势，营业成本上升拖累毛利率根据Wind 数据，2025 年H1 公司销售费用率9.15%， 同比下降1.47 pct，管理费用率为14.89%，同比下降0.04 pct，财务费用率0.42%，同比下降0.57 pct，研 发费用率1.35%，同比下降0.06 pct。2025H1 公司毛利率48.56%，较上年同期下降0.88 pct，净利率 19.29%，同比下降1.66 pct。 门诊量增长明显，核心业务稳健 根据公司半年报，2025H1 现门诊量924.83 万人次，同比增长16.47%；手术量 ...

Group 1: Company Strategy and Development - The establishment of Jialong (Kaiping) Food Co., Ltd. aims to implement the company's development strategy, enhance industry layout, and expand market share, with soy sauce being the main business [1] - The company has a comprehensive internal control system to ensure the safety and integrity of cash, covering various management aspects [2] Group 2: Financial Performance - The main factors for the company's turnaround to profitability include a significant decrease in raw material prices, leading to lower sales costs and an increase in gross margin [2] - The company has implemented cost-saving measures and efficiency improvements to enhance economic benefits [2] Group 3: Marketing and Brand Development - In 2025, the company plans to expand its soy sauce business, optimize distributor structure, and enhance brand visibility through new media marketing strategies [2] - The company will focus on online channel promotion and explore new marketing avenues to increase product sales [2] Group 4: Future Business Expansion - Currently, the company's main business is focused on domestic sales, with no export operations planned yet; however, there is an intention to monitor overseas market demands for future expansion [3]