Group 1: Business Overview - The company's current medical insurance business accounts for a low proportion of overall revenue, with ongoing reforms in payment methods and centralized procurement policies impacting short-term performance [2][3] - The company has identified 24 key investment provinces for future expansion, utilizing both self-built and acquisition strategies to establish a network of ophthalmic medical services [3][4] Group 2: Revenue Structure - In the first half of 2025, the revenue breakdown is as follows: Refractive business at 36.90%, Vision care at 24.04%, Cataract business at 20.14%, and Posterior segment business at 12.94% [4] Group 3: Market Trends - The aging population is driving long-term demand for age-related eye diseases, while the national strategy for myopia prevention remains a challenge for children and adolescents [5] - The penetration rate of eye disease diagnosis in China is still low compared to developed countries, indicating significant market potential for the ophthalmic medical service industry [5] Group 4: Technological Advancements - The company is collaborating with smart hardware firms to explore the application potential of AI glasses in ophthalmic medical services [6][7] - Multiple smart medical platforms have been established to enhance diagnostic and treatment services, including the Eye Tong Smart Diagnosis Service Platform 3.0 and a 5G remote diagnosis platform [7]