前十大流通股东累计持有： 1871.87万股，累计占流通股比： 26.44%，较上期变化： -321.16万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 国寿成达(上海)健康产业股权投资中心(有限合伙) | 360.38 | 5.09 | 不变 | | 深圳永谦私募证券基金管理有限公司-永谦洲水2号私募证券投 资基金 | 291.61 | 4.12 | 不变 | | 融通健康产业灵活配置混合A/B | 190.01 | 2.68 | 新进 | | 深圳市领信基石股权投资基金管理合伙企业(有限合伙)-深圳市 | | | | | 领誉基石股权投资合伙企业(有限合伙) | 167.70 | 2.37 | 不变 | | 王飞雪 | 153.28 | 2.17 | 不变 | | 百年人寿保险股份有限公司-传统保险产品 | 150.00 | 2.12 | 不变 | | 马鞍山幸福基石投资管理有限公司-马鞍山基石智能制造产业 | | | | | 基金合伙企业(有限合伙) | 146.98 | 2.08 ...

Core Viewpoint - He Eye Hospital has officially launched the "EVO ICL Intraocular Lens Specialty Outpatient Clinic," marking an upgrade in the refined management of refractive services [1] Group 1: Company Developments - He Eye Hospital will collaborate with STAAR Surgical to establish "EVO ICL Project Demonstration Centers" in Shenyang and Dalian, and a "EVO ICL Clinical Cooperation Center" in Anshan, creating a precise diagnosis and treatment network in Liaoning [1] - The company aims to standardize the training system for refractive talent and accelerate the promotion of innovative technologies and treatment concepts, providing personalized visual quality solutions with unified technical standards and regulated treatment processes [1] Group 2: Market Insights - China, as the country with the largest population of myopia, has a significant demand for refractive surgery, with the refractive surgery market expected to grow from 5.9 billion yuan in 2015 to 72.5 billion yuan by 2025, representing a compound annual growth rate of 28.51% [1] - The continuous breakthroughs in refractive surgery technology are crucial for improving the quality of life for adults with myopia, enhancing convenience in sports and work, and expanding career development opportunities for young people [1] Group 3: Technological Advancements - ICL implantation surgery is highlighted as a major breakthrough in myopia correction, offering unique advantages such as reversibility, a wide correction range, enhanced night vision, and UV protection, providing safer and more precise solutions for patients [2] - He Eye Hospital has been engaged in refractive services for nearly 30 years, leveraging its expert team and focusing on technological innovation, academic leadership, and service models to continuously upgrade surgical techniques [2] - The AI-driven personalized femtosecond surgery utilizes AI technology to accurately obtain corneal aberration data, creating visualized personalized models and showcasing different aberration optimization schemes, thus meeting diverse patient needs and initiating a new transformation in AI-driven surgical procedures [2]

Core Viewpoint - "Fuxi Huayan" is a groundbreaking AI model in ophthalmology that can diagnose eye diseases and predict overall health conditions from a single retinal image, marking a significant advancement in medical technology [3][4][6]. Group 1: Technology and Innovation - "Fuxi Huayan" utilizes advanced AI technology to provide early diagnosis and precise treatment in the medical imaging field, becoming a highlight in ophthalmology [4]. - The model has absorbed a vast amount of data, including 4.4 million images from 26 countries, enhancing its diagnostic capabilities [7][9]. - The system can now explain its diagnostic reasoning, increasing its credibility and trustworthiness [8][9]. Group 2: Health Monitoring and Predictive Capabilities - "Fuxi Huayan" has transitioned from single-disease diagnosis to a comprehensive health warning system, capable of predicting 38 blood biochemical indicators from an eye image [9][10]. - The model aims to expand its predictive capabilities to include chronic diseases such as hypertension and stroke, enhancing its role in health management [10][11]. Group 3: Accessibility and Implementation - The development team is focused on making "Fuxi Huayan" accessible to the general public, with plans to implement it in hospitals and community health centers [12][13]. - Initial clinical applications will take place in major hospitals, where it will assist doctors and improve diagnostic efficiency [13][14]. - The model is designed to complement rather than replace human doctors, aiming to balance the distribution of quality medical resources [15]. Group 4: Future Prospects - The ongoing development of "Fuxi Huayan" includes creating a patient-friendly application for direct use, enhancing patient access to health monitoring [15][16]. - The ultimate goal is to establish a dynamic health record based on retinal images, allowing continuous tracking of health conditions [10][16].

被称为"眼科茅"的爱尔眼科，在上市近16年后交出首份扣非利润负增长的成绩单。近日爱尔眼科发布的 2024年度报告显示，2024年爱尔眼科实现营业收入同比增长3.02%，远低于2023年的26.4%；扣非净利 润为30.99亿元，同比下降11.82%——这是爱尔眼科自2009年上市以来，首次出现扣非净利负增长的情 况。尽管公司营收仍保持微增，但扣非净利润首次出现负增长，叠加商誉高企、医疗纠纷频发等风险， 爱尔眼科长期增长逻辑面临严峻挑战。值得一提的是，屈光业务作为爱尔眼科最核心的营收支柱，长期 占据着其业务板块的主导地位，然而这一"利润奶牛"近年来纠纷不断。 | | | 2024年 | 2023年 | 本年比上年 | 2022 年 | | --- | --- | --- | --- | --- | --- | | | | | | 增减 | | | 营业收入(元) | | 20.982.894.148.50 | 20.367.156.738.96 | 3.02% | 16.109.946.687.31 | | 归属于上市公司股东的净利 | | 3.556.055.831.70 | 3.358.871.535.71 ...

Financial Performance - The company reported a basic earnings per share of 0.0000 yuan for Q1 2025, a significant improvement from -0.0400 yuan in Q1 2024, marking a 100% increase [1] - Net profit for Q1 2025 was 0.01 billion yuan, compared to a loss of 0.19 billion yuan in Q1 2024, representing a 105.26% increase [1] - Operating revenue for Q1 2025 was 2.08 billion yuan, up 4% from 2 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 0.50% in Q1 2025 from -6.84% in Q1 2024, indicating a 107.31% increase [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 15,177.04 million shares, accounting for 29.87% of the circulating shares, with a slight increase of 9.92 million shares from the previous period [1] - The largest shareholder, Guangzheng Investment Co., Ltd., holds 12,916.87 million shares, representing 25.41% of the total share capital, with no change in holdings [2] - New entrants among the top shareholders include Lin Yande, Hao Caiming, and Hao Chengxiang, while Xun Yanhong, Qiu Wanshu, and Luo Wenhua have exited the top ten list [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - In 2024, Aier Eye Hospital's operating revenue reached 20.983 billion yuan, representing a year-on-year growth of 3.02% [1] - The net profit attributable to shareholders was 3.556 billion yuan, with a year-on-year increase of 5.87% [1] - The growth rates for both revenue and net profit in 2024 marked the lowest in five years, with previous years showing growth rates of 19.24%, 25.93%, 7.39%, and 26.43% for revenue, and 25.01%, 34.78%, 8.65%, and 33.07% for net profit from 2020 to 2023 [1] Executive Compensation - In 2024, the total remuneration paid to the company's directors, supervisors, and senior management was 12.5151 million yuan [4] - The highest-paid executive was Deputy General Manager Tang Shibo, with a salary of 1.8919 million yuan [4] - Both Chairman Chen Bang and General Manager Li Li received a salary of 1.149 million yuan each [4] Executive Profiles - Tang Shibo, born in April 1961, holds a PhD from the University of Munich and has held various significant positions in the field of ophthalmology [6] - He is currently the Deputy General Manager and Chief Medical Officer of Aier Eye Hospital [6]

Core Viewpoint - The company reported its 2024 annual and Q1 2025 results, showing a mixed performance with revenue growth slowing in 2024 but a strong recovery in Q1 2025, driven by improved operational quality and new product launches [1][2][3]. Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 20.983 billion yuan, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.87% year-on-year [1][2]. - The company's non-recurring net profit was 3.099 billion yuan, down 11.82% year-on-year, indicating pressure on core profitability [2]. - Revenue breakdown: Refractive surgery revenue was 7.603 billion yuan (YoY +2.31%), optical business revenue was 5.279 billion yuan (YoY +6.42%), cataract surgery revenue was 3.489 billion yuan (YoY +4.87%), and posterior segment surgery revenue was 1.499 billion yuan (YoY +8.22%) [2]. Group 2: Q1 2025 Results - In Q1 2025, the company reported revenue of 6.026 billion yuan, a year-on-year increase of 15.97%, and a net profit attributable to shareholders of 1.050 billion yuan, up 16.71% year-on-year [1][3]. - The non-recurring net profit for Q1 2025 was 1.060 billion yuan, reflecting a 25.78% year-on-year increase, primarily due to a reduction in government subsidies [3]. - Revenue drivers included increased demand for refractive surgeries and the launch of new products, with a focus on stabilizing prices and enhancing customer value [3]. Group 3: Technological Advancements and Global Expansion - The company launched its AI vertical model AierGPT in September 2024, contributing to the development of an "AI Digital Ophthalmologist" [4]. - The digital human "Eyecho" was officially released in October 2024, enhancing the company's technological capabilities [4]. - By the end of 2024, the company expanded its global network to 163 ophthalmology centers, achieving revenue of 2.625 billion yuan from Hong Kong, Macau, Taiwan, and overseas markets, a year-on-year increase of 13.53% [4]. Group 4: Future Profitability Forecast - The company forecasts revenues of 23.623 billion yuan, 26.836 billion yuan, and 30.567 billion yuan for 2025-2027, with year-on-year growth rates of 12.58%, 13.60%, and 13.91% respectively [4]. - Expected net profits attributable to shareholders for the same period are 4.145 billion yuan, 4.846 billion yuan, and 5.659 billion yuan, with growth rates of 16.55%, 16.92%, and 16.78% respectively [4].

Core Viewpoint - Aier Eye Hospital's 2024 annual report reveals significant challenges in its core business areas, resulting in the lowest revenue growth since its listing and the first decline in net profit since its inception [1] Group 1: Financial Performance - In 2024, Aier Eye Hospital achieved revenue of 20.982 billion yuan, a year-on-year increase of 3.02%, significantly lower than the 26.4% growth in 2023 [1] - The company's net profit after deducting non-recurring items was 3.099 billion yuan, a year-on-year decrease of 11.82% [1] - The refractive surgery segment, which contributes over 30% of total revenue, saw revenue growth slow to 2.31%, with a gross margin of 55.11%, down 2.28 percentage points from 2023 [1] Group 2: Business Segments - The refractive surgery segment, which includes procedures like SMILE and ICL implantation, is under pressure due to declining consumer demand and increased competition, with prices for procedures dropping significantly in various regions [2] - The vision care segment, the second-largest revenue contributor, experienced a revenue growth decline to 6.42%, with a gross margin of 54.49%, down 2.56 percentage points from 2023 [2][3] - The cataract surgery segment faced challenges due to new procurement policies and payment reforms, leading to a 3.25 percentage point decline in gross margin [3] Group 3: Market Outlook - Aier Eye Hospital remains optimistic about future growth, citing increasing demand for eye health services and the potential for market expansion as economic conditions improve [4] - The company reported a strong start to 2025, with first-quarter revenue and net profit after non-recurring items increasing by 15.97% and 25.78%, respectively [4]

本报讯 （记者李勇）4月25日，辽宁何氏眼科医院集团股份有限公司（以下简称"何氏眼科"）发布《2024年环境、社会和 公司治理（ESG）报告》，从多个维度全面展示过去一年公司在ESG领域的布局与实践成果，以及在打造"智慧光明城"，推动 可持续发展道路上的坚定决心与积极作为。 （编辑 张伟） 自创立以来，何氏眼科始终以科技创新为引领，秉持"奉献社会、百姓信赖、创新引领、共创幸福"的核心价值观和"科技 人文"的经营理念，坚持"预防为主、防治结合"的服务理念，依托创新技术和专业人才，为各类眼病患者提供眼科全方位诊疗 服务。公司在白内障、青光眼、玻璃体视网膜病变、干眼症、中医眼科、屈光不正等诊疗领域积累了丰富的临床经验和技术优 势。 报告显示，何氏眼科围绕"健康中国"战略方向和全球眼健康总体方向，以构建"智慧光明城"为战略目标，积极推进医疗健 康产业线上线下融合布局。依托独有的眼健康全产业链生态平台优势，借助大数据、人工智能、基因技术、干细胞技术等创新 手段，通过精准医疗和智慧医疗赋能，为患者提供数字化、全方位、全场景、全生命周期的眼健康管理服务新模式。公司坚持 以人为本，注重激发员工潜能与归属感，打造安全、公平、关 ...

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： KAIZEN投资之道 来源：雪球 今天我们谈谈牧原股份 、 恒瑞医药 、 爱尔眼科 。 在投资的世界里 ， 寻找那些拥有核心竞争 力 、 深筑护城河的企业 ， 就如同在茫茫大海中寻找珍贵的珍珠 。 它们不仅能在市场的风浪中 稳稳当当 ， 更能随着时间推移 ， 散发出愈发夺目的光彩 。 2025年一季报的发布 ， 让牧原股份 、 恒瑞医药和爱尔眼科再次成为大家关注的焦点 。 它们各 自代表了生猪养殖 、 创新药和眼科医疗领域的顶尖水平 ， 不仅展现了强劲的业绩 ， 更透露出 未来增长的无限可能 。 接下来的分析 ， 将带你深入探寻这些企业背后的核心竞争力与护城河 ， 以及它们在投资价值上的对比和未来的市场潜力 。 一 、 牧原股份 ： 周期上行+成本优势 ， 生猪养殖龙头护城河稳固 1.2025年一季报业绩 ： 营业总收入360.61亿元 ， 同比增37.26% ； 净利润46.19亿元 ， 同 比增287.87% ； 归母净利润44.91亿元 ， 上年同期亏损23.79亿元 。 2.核心竞争力与护城河 ...