（编辑 姚尧） 证券日报网讯 何氏眼科9月17日在互动平台回答投资者提问时表示，公司是一家由"专家办院"，集医、 教、研于一体眼健康服务机构，创立以来秉承"贡献社会 患者信赖 共同发展"的经营理念，为大众提供 全生命周期的眼健康服务。公司深耕眼健康领域二十余年，拥有丰富的眼健康服务经验、成熟的医师培 养体系、良好的患者口碑及完善的三级眼健康医疗服务模式，以打造"智慧光明城"为目标，通过精准医 疗和智慧医疗赋能，为患者全面开启数字化、全场景、全生命周期眼健康管理的服务新模式，为患者提 供精准、便捷的眼科健康管理，推动眼科医疗服务向智能化、个性化的方向发展。 ...

Group 1 - The core viewpoint of the article highlights the significant contributions of Aier Eye Hospital Group in charitable donations and its commitment to rural health initiatives, ranking 19th among 1182 companies in the 2025 China Charity List with a total donation of 21.672 million yuan [1] - Aier Eye Hospital integrates support for rural revitalization into its development strategy, aiming for equal access to medical services between urban and rural areas, and has established a leadership group to facilitate this initiative [3] - The company has developed a comprehensive eye health charity support mechanism targeting low-income families, focusing on preventing poverty caused by illness through various outreach programs [5] Group 2 - Aier Eye Hospital has implemented a three-tiered public health service system for eye health, enhancing the capabilities of rural medical institutions and personnel through its "graded chain" model [5][6] - The company has invested in digital ophthalmology technology to improve accessibility and affordability of eye care services, including equipping township health centers with AI imaging devices and providing remote consultation services [6] - Aier Eye Hospital has supported 873 public welfare projects across 31 provinces, helping over 1.5 million patients regain their sight and training more than 6000 rural doctors [6]

Company Overview - Huaxia Eye Hospital (SZ 301267) announced an investor research meeting scheduled for September 16, 2025, where the company’s board secretary and securities representatives will address investor inquiries [1] Financial Performance - For the first half of 2025, Huaxia Eye Hospital's revenue composition is as follows: Refractive services account for 36.9%, comprehensive optometry projects for 24.04%, cataract services for 20.14%, posterior segment projects for 12.94%, and other services for 5.99% [1] - As of the report date, Huaxia Eye Hospital has a market capitalization of 17.9 billion yuan [1]

Core Viewpoint - The report from Guohai Securities indicates a slight increase in net profit for the first half of 2025, with a focus on the company's growth in outpatient and surgical volumes, as well as advancements in AI technology within the ophthalmology sector [1] Financial Performance - The company's net profit attributable to shareholders for 1H2025 is 2.051 billion yuan, reflecting a growth of 0.05% [1] - The net profit excluding non-recurring items is 2.040 billion yuan, showing a significant increase of 14.30% [1] Operational Metrics - In 1H2025, the company achieved an outpatient volume of 9.25 million visits, which is an increase of 16.47% [1] - The number of surgeries performed reached 879,000, marking a growth of 7.63% [1] Changes in Reporting Standards - Starting from 2025, the reporting standard for corneal laser surgeries has changed from "one case per person" to "one case per eye," leading to retrospective adjustments in the previous year's surgical volume data [1] Growth Areas - The refractive and optometry segments are experiencing rapid growth, while cataract procedures are dragging down overall growth rates [1] - The company's overseas medical service network is continuously improving, contributing to a faster growth in foreign income [1] Technological Advancements - The company is developing and enhancing the "AI Smart Ophthalmology Hospital," which aims to improve AI-assisted diagnostic capabilities and has introduced the "AI Ophthalmologist" intelligent system [1] Competitive Position - The company is recognized as a global leader in the ophthalmology medical group, with a deepening domestic and international service network and medical innovation capabilities that create a long-term competitive advantage [1] - The investment rating is maintained at "Buy" [1]

Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on September 15, 2025, with no proposals for increase, change, or rejection [1][3] - The meeting was conducted both in-person and via online voting, ensuring compliance with relevant laws and regulations [2][4] Meeting Details - The meeting was convened by the company's board of directors and was presided over by Director Zhou Jinfeng [3][6] - The in-person meeting took place at 14:00 on September 15, 2025, at a specified location in Shenyang, with online voting available throughout the day [5][6] - A total of 55 shareholders participated, representing 73,359,851 shares, which is 47.2364% of the total voting shares [8] Voting Results - The following proposals were approved during the meeting: - The proposal to reappoint the auditing firm for the 2025 fiscal year received 99.7930% approval [11] - The proposal to amend the company's articles of association was approved with 99.7924% [13] - Various governance rules were revised and approved, including the rules for shareholder meetings and board meetings, with approval rates exceeding 99.79% [16][20][23] - The proposal to use part of the raised funds to acquire 70.65% of the shares of a subsidiary was approved with 99.8024% [30] Legal Opinions - The meeting was witnessed by lawyers from a reputable law firm, confirming that the procedures followed were in accordance with legal requirements [32] Additional Announcements - The company announced the resignation of non-independent director Li Pingping and the election of Li Lijuan as a representative director from the employees [36][37]

Core Insights - The article emphasizes the critical role of artificial intelligence (AI) in addressing the dual challenges of rising myopia rates among youth and increasing age-related eye diseases globally [1][2] - Aier Eye Hospital has launched the "Aier Eye AI Strategic White Paper," outlining a vision for creating a more compassionate AI-driven healthcare system [1][4] Group 1: AI's Role in Eye Health - AI is expected to integrate complex data from multiple sources, transforming it into a replicable and scalable diagnostic knowledge system [2] - The technology aims to enhance the capabilities of primary care physicians, making healthcare services more equitable and improving patient experiences through intelligent interactions [2][9] Group 2: Innovations and Applications - Aier Eye Hospital has developed a complete innovation loop in AI, covering data, technology, application, and ecosystem, with significant achievements in clinical applications [3] - The hospital's AI management system utilizes deep learning to analyze retinal images and identify over ten eye diseases, while a mobile app allows users to assess eyelid lesions [3][5] Group 3: Strategic Framework - The strategic framework outlined in the white paper focuses on integrating "warmth" into AI applications, moving beyond mere efficiency [5][8] - AI tools are designed to facilitate patient education, assist in diagnosis, and enhance follow-up care, embodying a patient-centered approach [7][8] Group 4: Value Reconstruction - The white paper identifies six core areas for value reconstruction, including proactive health management, personalized treatment paths, and improved operational efficiency for healthcare providers [8][9] - AI is positioned as a key variable in revitalizing the eye health ecosystem, promoting equitable access to quality care [9][10] Group 5: Collaborative Responsibility - Aier Eye Hospital's chairman views the white paper as an open invitation for collaboration, emphasizing the importance of shared responsibility in advancing AI applications in eye health [11] - The hospital aims to leverage its extensive data resources and application scenarios to foster sustainable development in the eye health ecosystem [11]

Core Viewpoint - The article discusses the high-quality development of public hospitals, focusing on the innovative practices and experiences of Shandong First Medical University Affiliated Eye Hospital in the field of ophthalmic medical services [1] Group 1: Talent and Research - The quality of hospital services is primarily dependent on talent and research, with a focus on both attracting and retaining skilled professionals [1] - The hospital invests 10% of its annual revenue in talent development, sending promising doctors for training at top hospitals domestically and internationally to learn advanced medical techniques and concepts [1] - The hospital emphasizes the importance of innovation in research, addressing unresolved issues in ophthalmology, such as developing corneal preservation solutions to extend storage time and improve transplant success rates [1] Group 2: Patient Experience and Service Improvement - The hospital aims to enhance patient access to care, improve treatment outcomes, and reduce costs, with a strong focus on the quality of medical services [1] - Various patient-friendly measures have been implemented, including optimizing the patient experience from outpatient guidance to inpatient treatment, and creating a welcoming environment [1] - The introduction of a day surgery model has reduced patient waiting times and increased operational efficiency, benefiting both patients and the hospital [1] Group 3: Community Engagement and Future Development - The hospital leverages its specialized expertise to enhance the capabilities of grassroots ophthalmic medical services through training, expert support, and telemedicine guidance [1] - The establishment of the Shandong Provincial Ophthalmology Society promotes academic exchange and collaborative development in the field of ophthalmology across the province [1] - Future plans include continuing the dual focus on talent and research while exploring new service models such as smart healthcare and telemedicine to provide more convenient and efficient services to patients [1]

Summary of Aier Eye Hospital Conference Call Company Overview - **Company**: Aier Eye Hospital - **Industry**: Ophthalmology in China Key Points and Arguments Industry Growth Potential - The refractive surgery, cataract surgery, and optometry markets in China are expected to grow at rates of 28%, 10%, and 15% respectively from 2020 to 2025, indicating significant growth potential [2][3] - Current treatment rates in China are low compared to developed countries, suggesting room for improvement [2][3] Aier Eye Hospital's Performance - Despite the pandemic and changing consumer environment, Aier Eye Hospital maintained a compound annual growth rate (CAGR) of approximately 15% in refractive surgery [2][5] - The cataract business benefited from contributions from acquired institutions, achieving double-digit growth [2][5] - Price pressures from centralized procurement and DRG payment reforms have largely dissipated, with expectations for a rebound in surgical volume in the second half of the year [2][5] Competitive Advantages - Aier Eye Hospital's core competitiveness lies in its professional and scalable operations [2][6] - The optometry business is experiencing rapid growth due to increased awareness of myopia prevention [2][6] - The company is expanding its supply of specialized hospitals and talent to capture market share from public hospitals [2][6] Impact of the Pandemic - The pandemic disrupted operational rhythms, reduced consumer confidence, and led to a decline in average transaction prices [3][7] - However, the average transaction price has significantly rebounded due to upgraded surgical techniques and new product introductions [3][10] Technological Advancements - New technologies such as the All-Laser 4.0 and All-Laser Pro have driven up the average transaction price in refractive surgery, with All-Laser 4.0 priced at approximately 18,800 RMB, a 30% increase from its predecessor [11] Long-term Demand Drivers - The aging population in China is expected to increase the demand for cataract surgeries significantly over the next 15 to 20 years [12] - The target demographic for refractive surgery remains stable, with potential for laser myopia surgery volumes to double as GDP per capita increases [12][14] Business Model and Expansion Strategy - Aier Eye Hospital employs a tiered chain and multi-hospital model to enhance patient coverage and resource allocation [21][25] - The company is actively pursuing overseas expansion, with international revenue growing from 3% to 13% of total revenue over recent years [24][17] Financial Performance and Projections - Aier Eye Hospital's revenue growth is robust, with significant contributions from both mature and newly established hospitals [22][23] - The company is expected to achieve a growth rate of 10-15% in 2025, with a valuation level around 30 times earnings [33] Market Position and Future Outlook - Aier Eye Hospital's market position is strong, with a significant share of the refractive surgery market and a growing presence in the cataract and optometry sectors [18][13] - The company is optimistic about stable and sustainable revenue growth in the coming years, supported by favorable demographic trends and technological advancements [14][32] Additional Important Insights - The private specialty hospital market in China is expanding, with significant growth potential for Aier Eye Hospital to capture more market share [15] - The supply situation in the ophthalmology industry is improving, with a trend of consolidation among leading players [16] - Aier Eye Hospital's unique business model and management strategies are designed to enhance profitability and operational efficiency [25][26]

作为国际金融中心，凭借在银行、资本市场和资产管理等多方面的优势，香港已经成为很多企业海外融资的首选平台。9月11日，"香港助力内地企业出 海"系列访谈在2025年服贸会举办。香港贸易发展局华北、东北首席代表陈嘉贤表示，今年上半年全球金融格局中，香港资本市场多项指标全球领先，新股 募资规模重回全球第一，港股持续向好进一步为香港和内地资本市场及经济带来积极影响。面对越来越多的内地企业想要"出海"，香港作为第一步或是扩大 市场的关键。 陈嘉贤介绍，为了持续深化京港合作，今年服贸会期间举办的"京港企业服务合作对接座谈会"，筛选有意赴港上市的生物医药、科创企业代表，与香港专业 服务机构、投融资平台精准对接，协助北京企业对接全球资本、拓展海外市场、发掘全球商机，实现更高水平的国际合作与共赢发展。 香港如何把握内地服务贸易发展机遇？陈嘉贤表示，香港是全球服务业主导程度最高的经济体之一，香港服务业占本地生产总值超过90%。香港与内地可以 在金融与专业服务、科技创新合作、医疗与教育服务、文化创意等领域加强合作。 在金融与专业服务领域，以绿色金融为例，香港已先行先试多项新型ESG金融产品和服务模式，可以帮助内地企业进行绿色投融资 ...

Group 1 - Hong Kong has become a preferred platform for overseas financing for many enterprises, leveraging its advantages in banking, capital markets, and asset management [1] - In the first half of this year, Hong Kong's capital market indicators led globally, with new stock fundraising returning to the top position worldwide [1] - The number of mainland enterprises looking to "go global" is increasing, with Hong Kong serving as a critical first step or market expansion point [1] Group 2 - Chaoyue Eye Hospital has completed its listing in Hong Kong, attracted by the market's globalization and the potential for rapid brand influence and expansion [3] - The company has expanded from 17 hospitals to 31 hospitals and 29 optical centers within three years of being listed, doubling its overall scale [3] - The high liquidity of the Hong Kong stock market is drawing more mainland enterprises to choose it for listing, which is seen as a positive investment direction [3] Group 3 - Hong Kong's service industry accounts for over 90% of its GDP, making it one of the most service-oriented economies globally [4] - There are opportunities for collaboration between Hong Kong and mainland China in areas such as financial and professional services, technology innovation, healthcare, education, and cultural creativity [4] - Hong Kong has pioneered various ESG financial products and services to assist mainland enterprises in green financing and internationalizing green assets [4] Group 4 - The "Beijing-Hong Kong Enterprise Service Cooperation Matching Seminar" aims to connect biotech and tech enterprises from Beijing with Hong Kong's professional service institutions and investment platforms [5] - This initiative is designed to help Beijing enterprises access global capital, expand overseas markets, and discover international business opportunities [5]