Market Performance - The A-share market maintained high volatility with the non-ferrous metals and pharmaceutical sectors leading the gains, while financial stocks like banks experienced a pullback [1] - The Shanghai Composite Index closed at 3875.53 points, up 0.46%, while the Shenzhen Component and ChiNext Index rose by 1.05% and 2.29% respectively [1] - Total trading volume in the Shanghai and Shenzhen markets reached 2.75 trillion yuan, a decrease of 48.3 billion yuan compared to last Friday [1] Stock Competition - The competition between Cambrian and Kweichow Moutai for the title of "stock king" attracted attention, with Cambrian's stock price dropping below 1400 yuan at one point due to news, allowing Moutai to reclaim the title [3][4] - Cambrian's stock price rebounded to above 1450 yuan in the afternoon, closing at 1448.39 yuan, down 2.95% for the day, with a trading volume of 25.07 billion yuan [4][6] - Kweichow Moutai closed at 1476.10 yuan per share, slightly down 0.26%, maintaining a narrow lead over Cambrian by less than 30 yuan [6] Pharmaceutical Sector - The pharmaceutical sector saw significant gains in the afternoon, becoming a key driver for the rise of the ChiNext Index, particularly in the brain-machine interface and ophthalmology segments [10] - Notable stocks included Innovation Medical, Cube Pharmaceutical, and Shapuaisi, which all hit the daily limit, while Xingqi Eye Medicine surged over 14% [10][11] - The launch of the "5G Brain-Heart Vehicle" by Guangzhou Medical University’s affiliated Brain Hospital marked a significant breakthrough in the field of brain health, enabling early screening and intervention for Alzheimer's disease [11]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, performance reports, unlocks, and high transfers [1] - Key announcements are marked in red to assist investors in identifying investment hotspots and preventing potential black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company in the semiconductor sector has completed verification of some new products and received trial orders, focusing on storage chips, third-generation semiconductors, photovoltaics, and superconductors [1] - Another company is collaborating with humanoid robot enterprises to conduct material verification, with a focus on rare earth permanent magnets, humanoid robots, military industry, drones, and chips [1] - A company is advancing over ten innovative drug and medical device projects in the fields of innovative drugs, traditional Chinese medicine, medical devices, and ophthalmic medical care [1]

Market Overview - The A-share market experienced a weak fluctuation, with the ChiNext index leading the decline [1][4] - Major indices closed lower, with the Shanghai Composite Index down by 0.47% to 3347.49 points, and the ChiNext index down by 0.96% to 1993.19 points [2][4] Sector Performance - The top-performing sectors included Agriculture, Forestry, Animal Husbandry, and Fishery (+1.20%), Banking (+0.64%), and Pharmaceutical Biology (+0.37%) [3] - The worst-performing sectors were Automotive (-1.91%), Comprehensive (-1.87%), and Electronics (-1.85%) [3] Concept Performance - Notable concept sectors that performed well included Pork (+2.39%), Poultry Farming (+1.94%), and Innovative Drugs (+1.56%) [3][4] - Conversely, sectors such as Controlled Nuclear Fusion (-3.47%) and Reducers (-3.18%) faced significant declines [3] Future Outlook - The market is expected to maintain a range-bound fluctuation with potential for slight adjustments, particularly around the 3400-point level [6] - The report suggests focusing on sectors such as Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) for potential investment opportunities [6] Policy Developments - During the 2025 Lujiazui Forum, significant financial policies are anticipated to be announced by central financial management departments [5] - The Ministry of Industry and Information Technology has issued a plan to establish a comprehensive computing power interconnection standard by 2026 [5]

Core Insights - The company reported a revenue of 20.98 billion yuan for 2024, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 3.56 billion yuan, up 5.9% year-on-year [1] - In Q1 2025, the company achieved a revenue of 6.03 billion yuan, representing a 16.0% year-on-year growth, with a net profit of 1.05 billion yuan, an increase of 16.7% year-on-year [1] Revenue Breakdown - Medical services generated revenue of 14.49 billion yuan in 2024, a 4.0% increase year-on-year, accounting for 69% of total revenue [1] - Within medical services, refractive projects contributed 7.60 billion yuan (2.3% increase), cataract projects 3.49 billion yuan (4.9% increase), anterior segment revenue 1.90 billion yuan (6.0% increase), and posterior segment revenue 1.50 billion yuan (8.0% increase) [1] - The gross margin for medical services in 2024 was 45.9%, down 3.1 percentage points from 2023, with declines in refractive, cataract, anterior, and posterior segments [1] Vision Care Segment - The vision care segment achieved revenue of 5.28 billion yuan in 2024, a 6.4% year-on-year increase, representing 25.2% of total revenue [2] - The company is expanding its presence through a "ophthalmology outpatient + hospital" model and has seen significant growth in OK lenses and defocus lenses [2] - The company is implementing a "1+8+N" strategic layout to enhance its global medical network, with multiple regional eye centers established and acquisitions of 87 medical institutions to strengthen its grassroots hospital network [2] Future Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 0.43 yuan, 0.49 yuan, and 0.55 yuan respectively [3]

业绩简评 2025 年 4 月 28 日，公司发布 2024 年年度报告，24 年公司实现收 入 26.78 亿元（同比-1.46%），实现归母净利润-1.02 亿元，扣非 归母净利润-0.85 亿元。 同时公司发布 2025 年一季报，25Q1 公司实现营业收入 7.42 亿元 （同比+9.82%），归母净利润 0.27 亿元（同比+61.18%），扣非归母 净利润 0.28 亿元（同比+48.37%）。 经营分析 屈光术式迭代有望驱动增长，强刚需项目稳健增长。分业务看，屈 光项目 2024 年收入 12.27 亿元（同比下降 5.31%），毛利率 47.02% （同比下降 4.56pct）。公司持续引进蔡司全飞秒精准 4.0 等新技 术，有望进一步巩固竞争优势。白内障项目收入 5.76 亿元（同比 下降 3.04%），受人工晶体国采全面落地及 DRG/DIP 支付改革影响， 呈现"量增价减"态势。24 年白内障项目毛利率 38.93%（同比下 降 4.44pct）。公司通过引进专家、提升服务效率吸引患者，并推 广高端晶体应对集采影响。此外视光项目收入 3.86 亿元，同比下 降 2.60%；综合眼病项目收 ...