Group 1 - The aging population in China is leading to an increase in presbyopia, with nearly 100% prevalence in individuals over 52 years old, creating a significant public health issue affecting millions [1][3] - Current presbyopia correction methods include optical correction (glasses), surgical correction, and drug treatment, each with its own advantages and disadvantages [1][2] - Surgical correction methods, such as artificial lens implantation and laser correction, are becoming increasingly important as technology advances, with a low current penetration rate in China indicating potential for rapid growth [1][2][3] Group 2 - The cost of presbyopia correction surgery varies, with lens replacement surgery typically costing between 300,000 to 1,000,000 RMB for both eyes, while laser correction ranges from 20,000 to 60,000 RMB [2] - The market for presbyopia correction is expected to grow significantly, driven by increasing awareness and demand among the working population aged 45 to 60 [4][6] - The private sector currently holds about 60% of the presbyopia correction market, benefiting from flexible service mechanisms and rapid technological advancements, while public hospitals focus on basic medical needs [14][15] Group 3 - New treatment methods, such as presbyopia eye drops, are in clinical trials, with the potential to improve vision by pharmacologically constricting the pupil, although they require continuous use and may cause side effects [4][10] - Companies like Aier Eye Hospital and Devision are actively involved in the presbyopia correction market, with Aier focusing on multi-focal lenses to address both presbyopia and myopia [3][10] - The integration of multi-disciplinary teams in eye care is being promoted to address the complexities of treating patients with multiple eye conditions, enhancing the overall patient experience [15]

Core Viewpoint - The aging population in China is driving the demand for presbyopia correction technologies, which include optical correction, surgical correction, and drug treatment. The industry is witnessing rapid development, with both public and private healthcare institutions expanding their services in this area [1][3][4]. Industry Overview - The prevalence of presbyopia treatment methods in China is currently low, indicating that the market is still in its early stages, presenting significant growth potential [3][5]. - The aging population is expected to reach over 400 million by 2035, with more than 40% of the population being elderly by mid-century, leading to an increase in age-related eye diseases [3][4]. Company Developments - 德视佳 reported a 2.8% increase in revenue from presbyopia treatments, reaching 121.4 million HKD in the first half of 2025, while revenue from Presbyond treatment rose from 1.2 million HKD in 2024 to 3.6 million HKD [2][6]. - 爱尔眼科 achieved a revenue of 11.507 billion CNY in the first half of 2025, a 9.12% year-on-year increase, with a net profit of 2.051 billion CNY, reflecting a 0.05% growth [6][7]. - 爱尔眼科 is actively promoting awareness and education regarding presbyopia treatments, anticipating significant market growth driven by the increasing payment capacity and quality demands of the aging population [6][7]. Market Dynamics - The demand for presbyopia treatments is expected to continue rising, with the three-focus lens replacement surgery being identified as the most effective method for addressing this condition [7]. - Despite a decline in net profit for 德视佳 in the first half of 2025, the company remains optimistic about the presbyopia treatment market, viewing it as a key growth driver even in challenging economic conditions [7].