Core Viewpoint - The ophthalmology industry has experienced a price war in refractive surgery over the past couple of years, but the situation is expected to improve starting from Q3 2024 due to brand reputation and advancements in surgical techniques [1] Company Summary - Aier Eye Hospital (300015) indicated that the average transaction price for refractive surgeries is stabilizing and expected to rise continuously from Q3 2024 onwards, benefiting from its brand reputation and the iterative upgrade of surgical methods [1]

Core Viewpoint - The event on June 6, 2025, marks the 30th National "Eye Care Day," focusing on public awareness of common eye diseases and their prevention and treatment strategies, particularly in the context of an aging population [1][4]. Group 1: Common Eye Diseases - Cataracts, glaucoma, age-related macular degeneration, presbyopia, and dry eye syndrome are prevalent eye diseases that significantly impact quality of life [1][4]. - Cataracts are linked to natural aging and UV exposure, with sunglasses recommended as a preventive measure [3]. - Glaucoma results from increased intraocular pressure leading to irreversible damage to the optic nerve, often associated with stress and irregular lifestyles [3]. Group 2: Prevention and Treatment Strategies - Preventive measures for glaucoma include self-care, stress management, aerobic exercise, and various treatment options such as medication, laser therapy, and surgery [3]. - Dietary recommendations for age-related macular degeneration include consuming foods rich in lutein, such as carrots and corn, alongside mainstream treatment options like medication and surgery [3]. - Presbyopia, a functional disease due to aging, can be managed with appropriate eyewear, medication, and surgical interventions [3]. Group 3: Public Awareness and Education - There is a need for increased public awareness regarding the scientific understanding of these eye diseases, emphasizing the importance of early detection, intervention, and treatment to prevent irreversible damage [4].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 该研究利用 跨域协同学习 （CdCL） 算法和 超广角 （UWF） 眼底图像，开发了一种 AI 模型—— WARM ， 能够识别诊断多达 25 种眼底病，并给出相应的转 诊建议。 欢迎进群分享/讨论 生物医学领域 AI 智能体 研究进展 传统的眼底照相机主要用于眼底筛查，其覆盖的眼底区域仅约 15%，提供的病变信息有限。相比之下，新兴的 超广角扫描激光检眼镜 能够在一次无创拍摄中捕 捉到高达 200° 广角的视网膜 （覆盖眼底面积的 82%） ，甚至无需散瞳。该技术能够高效识别周边视网膜和后部视网膜区域，从而有助于在一张图像中诊断可 能存在的黄斑或周边视网膜及血管病变。 眼底病 （OFD） 相关视力损害是全球主要的公共卫生问题之一。目前，全球有超过 22 亿人患有视力损害或失明，其中中国有 5500 万人，眼底病患者占所有失 明病例的一半以上。预计到 2050 年，由于全球人口老龄化和增长，失明人数可能会增加两倍，这可能会严重降低生活质量，造成经济负担，并危及整体公共健 康。然而，眼底病患者数量众多，而全球范围内可及的视网膜专家数量却严重不足，这进一步加大了大规模及时干 ...

Company Overview - Guangzheng Eye Hospital Group Co., Ltd. specializes in the investment and management of eye hospitals, with main products including refractive projects, cataract projects, vision services, and steel structure manufacturing and installation [1]. Financial Performance - For Q1 2025, the company reported revenue of 208 million yuan, representing a year-on-year increase of 4.32%. The net profit was 573,800 yuan, showing a significant year-on-year growth of 103.06%. The gross profit margin stood at 37.61% [1]. Shareholder Information - As of March 31, 2025, the number of shareholders for Guangzheng Eye Hospital was 47,404, an increase of 4,390 from the previous count. The average market value of shares held per shareholder was 352,800 yuan, with an average holding of 27,600 shares [1]. Market Metrics - The company's stock closed at 4.38 yuan, up 1.15%, with a latest price-to-book ratio of 19.91, marking a new low in 56 days. The total market capitalization is 2.271 billion yuan [1]. Industry Comparison - The company has a trailing twelve months (TTM) price-to-earnings (PE) ratio of -14.62 and a static PE ratio of -13.00, compared to the industry average PE ratios of 41.42 (TTM) and 47.58 (static) [2].

Group 1 - The "Eye Care Cup" second national children's painting collection activity was officially launched on June 6, aiming to encourage children to express their creativity while promoting eye health awareness [1][3] - The first edition of the event received over 157,000 entries from more than 10 provinces, showcasing children's imagination and artistic skills [3] - This year's event has expanded its scope and content, incorporating scientific education elements and encouraging participation in eye health-themed children's dramas [3][4] Group 2 - The theme for this year's activity is "Guarding the Window of the Soul, Chasing the Light of Dreams," focusing on eye care and vision protection for children aged 5-18 [4] - The overall myopia rate among children and adolescents in China is currently at 52.7%, with significant rates among different educational levels: 35.6% for primary school students, 71.1% for middle school students, and 80.5% for high school students [5] - The prevention of myopia is recognized as a long-term societal responsibility, with the government integrating it into national health strategies and educational planning [5][6] Group 3 - Experts emphasize that 80% of myopia cases stem from poor eye habits, such as excessive screen time and close reading, highlighting the importance of increasing outdoor activities [6] - Aier Eye Hospital has developed a comprehensive myopia prevention system and innovative technologies for myopia correction, including wearable devices and AI-assisted tools [6][7] - The organization has also launched various educational initiatives and activities to promote eye health awareness among children and adolescents [7]

Core Viewpoint - The article emphasizes the investment strategy of "buying primary assets in the secondary market," which is a value investment approach that can yield excess returns by identifying undervalued stocks that exhibit characteristics of primary market investments [2][5]. Group 1: Concept of "Buying Primary Assets in the Secondary Market" - The primary market serves as a "incubation ground" for capital, where investors support companies' growth from inception, while the secondary market acts as a "trading venue" where stock prices can be distorted by emotions and external factors [4][5]. - This strategy involves identifying companies engaged in value-creating activities such as technological research, mergers and acquisitions, and market expansion, but whose stock prices do not yet reflect their long-term value [5][6]. Group 2: Identifying Investment Opportunities - Key indicators for identifying suitable investments include significant asset restructuring, major technological breakthroughs, and the exploration of new business avenues [7]. - Investors should be cautious of "hype-driven" stocks that lack substantial investment in genuine growth initiatives, distinguishing between companies with real financial commitments and those merely riding trends [7]. Group 3: Market Mispricing and Management Insight - Look for stocks with price-to-earnings (PE) ratios below 70% of the industry average or market capitalizations below their replacement costs, as these may indicate mispricing [8]. - Assess management's "primary market thinking" by examining their professional backgrounds and the proportion of shares they hold, with a higher ownership stake (over 30%) suggesting stronger alignment of interests [9]. Group 4: Conclusion and Investment Philosophy - The essence of the primary market is "value discovery," while the secondary market offers opportunities for "price negotiation." The intersection of these two aspects can lead to excess returns [11]. - When observing a company investing heavily in research and development or acquiring assets at low prices while its stock price declines, it may present an opportunity to "buy primary assets in the secondary market" [11].

Core Viewpoint - The article highlights the increasing prevalence of myopia among Chinese youth, with over 600 million myopia patients reported, and emphasizes the need for collaborative efforts from society, schools, families, and medical institutions to protect children's vision health [1][5]. Group 1: Myopia Prevalence and Awareness Initiatives - The World Health Organization reports that China has the highest youth myopia rate globally, with a trend towards earlier onset [1]. - The "Love Eye Cup" painting competition aims to raise awareness about eye health among children and promote good eye care habits, receiving over 157,000 submissions from children across more than 10 provinces [1][2]. - The initiative seeks to engage children creatively, allowing them to express their understanding of eye health through art, which is more effective than traditional teaching methods [2][7]. Group 2: Educational and Preventive Measures - The article discusses the importance of reducing the incidence of high myopia, which is a leading cause of irreversible blindness, contrasting it with cataracts, which can be treated [5]. - A series of educational activities, including lectures and workshops, have been organized to inform children about myopia prevention and eye care, with over 52.22 million youth screened for myopia in 2024 [5][11]. - The "20-20-20" rule and the significance of outdoor activities are key messages conveyed in these educational efforts, which are reflected in children's artwork [5][11]. Group 3: Innovative Approaches and Technological Advancements - The Eye Care Hospital Group has developed various technologies and devices for myopia prevention, including wearable devices and AI-assisted tools [8]. - The "Natural Classroom" project, which simulates outdoor environments indoors, has been highlighted as a novel approach to combat the rising rates of myopia [8]. - The organization has established a network of over 800 medical institutions to support local governments in conducting annual eye health screenings for children [11]. Group 4: Community Engagement and Future Directions - The article emphasizes the importance of community involvement in promoting eye health, with various engaging activities designed to educate and entertain [11]. - The Eye Care Hospital Group plans to continue leveraging technology and innovative solutions to enhance myopia prevention strategies and improve children's vision health in the future [11].

Core Insights - Guangzhou has launched the "Eye Care Map," the first street-level digital map focused on eye health, allowing citizens to access eye-friendly travel routes through a mini-program [1] - The map provides quantifiable evaluation standards and decision-making basis for government and urban planning departments, aiming to enhance urban design for eye health [1] Group 1: Development and Collaboration - The map was developed by a team led by Professor Lin Haotian from the National Key Laboratory of Eye Disease Prevention and the Zhongshan Ophthalmic Center, in collaboration with various academic departments [1] - The project integrates multidisciplinary research resources, including ophthalmology, public health, remote sensing, artificial intelligence, and urban planning [1] Group 2: Environmental Factors and Indicators - The research identified significant correlations between environmental factors such as green space, building density, and air pollution with the risk of eye diseases [1] - Five key indicators related to environmental eye health were proposed: green visibility rate, sky visibility, street enclosure, average visible distance, and air pollution rate [2] Group 3: Technological Integration and User Experience - The team utilized various technologies, including remote sensing satellites and AI algorithms, to generate real-time eye care indices for each street in the city [2] - The "Eye Care Map" features a navigation function that dynamically recommends optimal routes based on real-time environmental data, enhancing the travel experience for users [2] Group 4: Data Security Compliance - All data collection and application processes comply with national data security and information protection regulations [3]

Core Viewpoint - The increasing use of electronic devices and poor eye care habits are leading to a rise in eye health issues such as myopia and eye fatigue across all age groups [1] Group 1: Myopia Understanding - The distinction between true myopia and pseudo-myopia is best determined through cycloplegic refraction, which involves using a cycloplegic agent to relax the eye muscles before testing [2] - True myopia persists after dilation, while pseudo-myopia may resolve or significantly decrease, indicating it is related to eye strain rather than structural changes [2] - Myopia can be corrected through optical means such as glasses or contact lenses, but it cannot be fundamentally cured as the elongation of the eyeball is irreversible [2] Group 2: Genetic Factors and Myopia - High myopia can be hereditary, particularly when caused by genetic abnormalities, which typically manifests early and at high degrees [2] - Most myopia is influenced by environmental factors, such as excessive near work, and while early onset and rapid progression can lead to severe myopia, this is not directly inherited but rather an increased susceptibility under similar conditions [2] Group 3: Eyewear and Myopia Progression - Wearing glasses does not worsen myopia; in fact, not wearing appropriate eyewear can accelerate its progression [3] - Studies indicate that adolescents wearing properly prescribed glasses experience slower myopia progression compared to those with under-corrected lenses [3] - Regular eye examinations are recommended to ensure that prescriptions remain accurate, especially for children [3] Group 4: Eye Health and Device Usage - Viewing screens in dark environments can be harmful due to increased pupil dilation and exposure to harmful blue light, which may damage the retina over time [4] - Reduced blinking while focusing on screens can lead to dry eyes and discomfort; using night mode and ambient lighting is advised to mitigate these effects [4] Group 5: Eye Fatigue Management - To alleviate eye fatigue, it is essential to control screen time, with recommendations to take breaks every 30 to 40 minutes and follow the "20-20-20" rule [4] - Maintaining appropriate lighting and screen settings can also help reduce eye strain [4] Group 6: Myopia Management - Effective myopia management focuses on early detection, intervention, and regular monitoring under professional guidance [6] - Parents are advised to avoid non-medical claims of vision recovery and seek professional evaluation if they notice a decline in their child's vision [6]

Core Viewpoint - The article emphasizes the increasing prevalence of myopia among children and adolescents in China, highlighting the need for awareness and preventive measures to combat this public health issue [2][3][4]. Group 1: Myopia Statistics and Trends - As of 2022, the overall myopia rate among children and adolescents in China is 51.9%, with specific rates of 36.7% in elementary school, 71.4% in middle school, and 81.2% in high school [2]. - The myopia rate for first-grade students is approximately 10%, which escalates to nearly 60% by sixth grade, indicating an average increase of about 9 percentage points per grade [2]. Group 2: Contributing Factors - Environmental factors, such as academic pressure and increased screen time, are significant contributors to the rise in myopia among children [3]. - Insufficient outdoor activity is also a critical factor, as lack of exposure to natural light can increase the risk of developing myopia [3]. Group 3: Preventive Measures - Experts recommend developing good eye habits, engaging in outdoor activities, and maintaining a healthy diet to mitigate myopia risks [3]. - The "20-20-20" rule is suggested as an effective method for eye relaxation, which involves looking at an object 20 feet away for 20 seconds after every 20 minutes of close-up work [3]. Group 4: Vision Check Recommendations - Regular vision checks are advised, with specific frequencies based on the child's risk level: once a year for low-risk children, every six months for those with mild myopia, and every 3-4 months for those with moderate to high myopia [4]. - Establishing a refractive development record for children is recommended to monitor vision changes and enable early intervention [4]. Group 5: Collaborative Efforts - The Henan Provincial Eye Hospital is collaborating with local education departments to create refractive health records for students and provide on-site guidance on eye health [4]. - A big data platform for myopia prevention is being developed to identify high-risk students early and promote healthy behaviors [4]. Group 6: Treatment Options - The article discusses the use of OK lenses (orthokeratology lenses) for myopia control, which reshape the cornea overnight to improve daytime vision [6]. - Caution is advised for certain children regarding the use of OK lenses, particularly those with active eye conditions or poor hygiene practices [6][7].