" 突破限制，华为Pura 80报复式「堆料」。 " 作者丨 马广宇 编辑丨 相 辉 一场发布会为华为带来了新的"高光时刻"。 6月11日下午，华为正式发布了上半年的旗舰产品：华为Pura 80系列，而这也是自从华为P系列升级到 Pura系列后，影像旗舰系列的第二款产品。 作为华为上半年最重要的产品之一，华为Pura 80系列早早就在线下开启了预售，并通过多次宣传给足了 消费者预期，只不过从价格来看，华为Pura 80系列在售价上，依旧延续了Pura 70的定价策略，出乎了 不少人的意料。 从已公布的售价来看，华为 Pura 80 系列产品中 Pura 80 Pro搭载6.8英寸直屏和一英寸主摄，支持北斗 卫星图片消息，售价6499元起；Pura 80 Pro+升级了第二代玄武钢化昆仑玻璃和一英寸高动态主摄，以 及天通卫星通讯，售价 7999 元；而Ultra版本在Pro+的基础上，加入了"一镜双目"的潜望长焦，售价 9999元起。 技术上的突破让Pura 80 Ultra的影像能力有了进一步的提升，在发布会现场，华为常务董事、终端BG董 事长余承东也表示："华为Pura80系列的拍照能力，绝对对得起那四个字 ...

Core Viewpoint - Aier Eye Hospital, the largest ophthalmology chain globally, has seen its annual revenue grow from approximately 600 million yuan in 2009 to over 20 billion yuan in 2024, yet its stock price has significantly declined in recent years, raising concerns among investors [1]. Financial Performance - Aier Eye Hospital's revenue for 2024 is projected to be 20.983 billion yuan, with a net profit of 3.556 billion yuan and a net profit excluding non-recurring items of 3.099 billion yuan [7][17]. - The company has experienced a notable slowdown in revenue growth over the past five years, with growth rates of 19.24%, 25.93%, 7.39%, 26.42%, and 3.02% from 2020 to 2024 [11][13]. - The net profit growth rates during the same period were 25.01%, 34.78%, 8.65%, 33.06%, and 5.87%, while the net profit excluding non-recurring items recorded a negative growth of -11.82% in 2024, marking the first negative growth since its listing [11][14]. Stock Performance - Since its peak on July 1, 2021, Aier Eye Hospital's stock price has declined nearly 70% as of May 29, 2025 [2][3]. - The stock price as of May 30, 2025, was 12.41 yuan per share, significantly lower than its initial public offering price of 28 yuan [6][17]. Market Position and Strategy - Aier Eye Hospital operates 352 hospitals and 229 outpatient departments, ranking first among domestic peers [19]. - The company is focusing on a "1+8+N" development strategy, aiming to establish a world-class ophthalmology center and regional centers to drive overall growth [23][24]. Industry Outlook - The ophthalmology industry is expected to remain resilient despite economic uncertainties, driven by increasing demand due to factors such as population aging and rising prevalence of eye diseases [6][24]. - The company believes that the potential market size for ophthalmology is vast, with low penetration rates in various sub-specialties, indicating significant growth opportunities [23][24].

"公司发展一直是内生生长和外延并购双轮驱动的，未来公司将以内生生长为主，并购基金已基本完成 历史使命。"5月20日，爱尔眼科医院集团股份有限公司（以下简称"爱尔眼科"）董事长陈邦在2024年年 度股东大会上表示，公司将持续推进"1+8+N"战略，并将在今年制定人工智能发展规划，加速AI赋能眼 科医疗。 2024年，在眼科行业净利普遍下滑的背景下，爱尔眼科仍交出了一份营收、净利润双增长的答卷。报告 期内，公司实现营业收入209.83亿元，同比增长3.02%；归母净利润突破35亿元大关，同比增长5.87%。 同时，公司以每10股派发1.6元（含税）的分红方案持续回馈投资者，派现额度高达14.87亿元。 2025年一季度，爱尔眼科重回高增长轨道，报告期内，实现营业收入60.26亿元，同比增长15.97%；归 母净利润10.5亿元，同比增长16.71%。 "1+8+N"战略落地见效 2024年，爱尔眼科"1+8+N"战略全面落地见效。作为集团战略支点的长沙医学中心持续发挥标杆作用， 八大区域眼科中心建设取得突破性进展——上海、南宁两地旗舰医院率先完成建设任务，湖北、安徽、 沈阳、贵州四区域中心相继投入运营，形成辐射全 ...

Core Viewpoint - The company reported a revenue of 20.98 billion yuan for 2024, with a year-on-year growth of 3.0%, and net profits meeting market expectations. The first quarter of 2025 showed a revenue of 6.03 billion yuan, a year-on-year increase of 16.0%, exceeding market expectations, primarily due to the recovery in consumer business [1]. Group 1: Business Performance - In 2024, the consumer business faced pressure, with refractive and optical revenues growing by 2.3% and 6.4% year-on-year, respectively. However, in Q1 2025, both segments are expected to outperform the overall company revenue growth due to the elimination of price base pressure and the application of new technologies [2]. - The serious medical segment maintained stable growth in 2024, with cataract, anterior segment, and posterior segment revenues increasing by 4.9%, 5.9%, and 8.2% year-on-year, respectively. The company anticipates continued stable performance in Q1 2025 [2]. Group 2: Expansion and Service Improvement - By the end of 2024, the company operated 581 domestic medical institutions and 163 overseas institutions, having acquired nearly 90 domestic medical institutions and the Optimax Group to enter the UK ophthalmology market. This expansion is expected to enhance market positioning and achieve economies of scale [3]. - The company is optimizing service models by extending outpatient hours and building smart hospital platforms to meet diverse patient needs, achieving a patient satisfaction rate close to 99.0% in 2024 [3]. Group 3: Financial Metrics - In 2024, the company reported a gross margin of 48.1%, a sales expense ratio of 10.3%, and a management expense ratio of 14.2%. The net profit margin for the parent company was 16.9% [4]. - In Q1 2025, the company achieved a gross margin of 48.0%, with a reduction in sales and management expense ratios to 9.0% and 12.6%, respectively. The net profit margin for the parent company increased to 17.6% year-on-year [4]. Group 4: Profit Forecast and Valuation - The company adjusted its net profit forecast for 2025-2026 down by 7.73% and 7.94% to 4.09 billion yuan and 4.699 billion yuan, respectively. The current stock price corresponds to a P/E ratio of 29.9x for 2025 and 26.0x for 2026 [5]. - The target price is maintained at 16.0 yuan, corresponding to a P/E ratio of 36.5x for 2025 and 31.8x for 2026, indicating a potential upside of 22.0% from the current stock price [5].