5月13日，辽宁省委省政府对在2024年辽宁全面振兴新突破三年行动攻坚之年作出突出贡献的241户企业予以 通报表扬，何氏眼科（301103）连续第二年荣获此殊荣。 2024年以来，扎根辽宁30年的何氏眼科以科技创新蓄势赋能，增强发展实力，提升服务能力，推动眼健康服 务向智能化、精准化和普惠化转型，助力健康辽宁和数字辽宁建设。 何氏眼科围绕"健康中国"战略和全球眼健康总体方向，以构建"智慧光明城"为战略目标，发挥独有的眼健康 全产业链生态平台优势，借助大数据、人工智能、基因、干细胞等新技术，通过精准医疗和智慧医疗赋能， 加快发展新质生产力，全面开启数字化、全方位、全场景、全生命周期眼健康管理的服务新模式，不断满足 人民群众多层次多样化眼健康和大健康需求。 为切实提高儿童青少年视力健康水平，作为辽宁省青少年近视防控基地，何氏眼科通过科技创新和模式探 索，构建了辽宁特色的"365近视防控体系"。 此外，何氏眼科将数字技术、人工智能与公益相结合，专业医疗技术和百姓需求相结合，持续在辽宁全省范 围内搭建布局广泛的基层眼科医疗服务网络。公司实施的"光明小屋"项目在2024年全国首届社会办医"新质生 产力"案例大赛中荣膺服 ...

Core Viewpoint - The recent removal of Hema Medical from the Hong Kong Stock Connect list has led to significant stock price declines, with a notable drop of 26.92% over the month following the adjustment [1][4]. Company Performance - Hema Medical's stock price fell sharply after being removed from the Hong Kong Stock Connect list, with a 16.25% drop on April 7, reaching a new low of 1.33 HKD [1]. - The company experienced a total of 35 share buybacks in 2023, with 15 occurring in April alone, amounting to 10.81 million shares, or 0.86% of total share capital [4][7]. - Despite the stock price recovery after April 7, trading volume has significantly decreased, indicating low investor interest [7]. Financial Results - For the fiscal year 2024, Hema Medical reported revenues of 1.913 billion HKD, a decrease of 0.56% year-on-year, and a loss attributable to shareholders of 135 million HKD, compared to a profit of 61.99 million HKD in the previous year [7][10]. - The decline in revenue was attributed to a significant drop in sales of COVID-related medical supplies, which fell from 19.43 million HKD to zero [7][12]. Industry Context - The overall ophthalmology market in China has been growing, with expectations of reaching 252.15 billion HKD by 2025, but the sector is facing structural challenges leading to a slowdown in growth [11]. - Major players in the ophthalmology sector, including Hema Medical, are experiencing revenue declines, with Hema's eye care revenue in key cities like Beijing and Shanghai dropping by 2.8% and 16.1%, respectively [12]. - The competitive landscape in the ophthalmology sector has intensified, leading to significant challenges for both private and public hospitals, resulting in a risk of goodwill impairment and reduced profitability [12].

Core Viewpoint - The introduction of the minimally invasive all-laser precise 4.0-VISULYZE technology by Suqian Aier Eye Hospital marks a significant advancement in the refractive surgery field, responding to the increasing demand for safety, precision, and personalization in myopia correction surgeries [1][13]. Group 1: Technological Advancements - The development of refractive surgery has reached multiple milestones, with the introduction of the all-laser SMILE technology representing the 3.0 era, and the new 4.0-VISULYZE technology being a comprehensive upgrade focused on intelligent and personalized care [1][4]. - The 4.0-VISULYZE technology features four core innovations: visualized surgical results, full-process variable control, personalized Nomogram analysis system, and a closed-loop patient management system, ensuring precise control throughout the surgical process [4][6]. Group 2: Precision and Safety Enhancements - The technology utilizes big data algorithms to analyze various patient-specific metrics, allowing for customized surgical plans that move away from traditional one-size-fits-all approaches [6]. - Full environmental, process, and variable management significantly reduces postoperative refractive errors and lowers the risk of complications such as dry eyes and glare, providing a more stable and safer postoperative experience [8]. - Compared to traditional laser and semi-laser technologies, the 4.0 technology reduces the corneal cutting area by approximately 45%, preserving corneal nerve integrity and enhancing postoperative visual quality, leading to quicker recovery and a more comfortable visual experience [11].

Core Viewpoint - The company, Haohai Biological Technology (昊海生科), is facing significant challenges due to insider trading investigations involving its major shareholder, Jiang Wei, and a sharp decline in revenue growth and profitability in its core business segments, particularly in the medical aesthetics sector [1][2]. Financial Performance - In 2024, Haohai's revenue growth plummeted to 1.64%, with net profit only slightly increasing by 1.04%. In Q1 2025, both revenue and net profit further declined, with revenue decreasing by 4.25% and net profit dropping by 7.41% [1]. - The company announced a cash dividend of 231 million yuan in 2024, which accounted for 54.92% of its net profit, raising concerns about its financial sustainability amid declining performance [1][8]. Business Segments - The medical aesthetics segment, particularly the hyaluronic acid business, saw revenue of 742 million yuan in 2024, a significant slowdown from a 95.54% growth in 2023 to just 23.23% [5][6]. - The ophthalmology segment, as the second-largest supplier of artificial lenses in China, experienced a revenue decline of 7.60% in 2024, with specific product lines like artificial lenses and ophthalmic viscoelastic devices seeing drops of 14.06% and 19.53%, respectively [7][8]. Market Challenges - The hyaluronic acid market is facing intense competition, with over 400 brands and more than 50 approved Class III medical devices, leading to market saturation [5][6]. - The rise of alternative materials, such as collagen-based products, is impacting the demand for hyaluronic acid, with the retail market for collagen products projected to reach 173.8 billion yuan by 2027 [6]. - Regulatory changes have also affected the radiofrequency and laser equipment business, with new classifications requiring re-approval, leading to a 6.97% revenue decline in this segment [6]. Governance and Control - Jiang Wei and his wife, You Jie, control approximately 45.82% of the company’s shares, allowing them significant influence over corporate decisions despite Jiang not holding an official position [5][1]. - Concerns about corporate governance have been heightened due to the ongoing investigation into Jiang Wei, which may reflect deeper issues within the company's management practices [1][2].

[Table_Reportdate] 2025年05月09日 买入（维持） 报告原因：业绩点评 [华厦眼科（ Table_NewTitle] 301267）：业绩短期承压，消 费眼科稳健增长 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：行业政策不确定性风险，医疗事故风险，外延扩张管理风险等。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,027.01 | 4,463.88 | 4,965.08 | 5,519.62 | | 增长率（%） | 0.35% | 10.85% | 11.23% | 11.17% | | 归母净利润（百万元） | 428.64 | 514.61 | 605.41 | 697.01 | | 增长率（%） | -35.63% | 20.06% | 17.64% | 15.13% | | EPS（元/股） | 0.51 | 0.61 | 0.72 | 0.83 | | 市盈率（P/E） | 3 ...

Core Viewpoint - As of May 8, 2025, the stock price of Puri Eye Hospital (301239) closed at 43.0 yuan, reflecting a decrease of 1.17% with a turnover rate of 2.33% and a trading volume of 16,500 shares, amounting to a transaction value of 71.48 million yuan [1]. Group 1: Business Operations - Puri Eye Hospital operates as a large-scale non-public ophthalmology specialty medical group, with all its hospitals included in the medical insurance designated point system [2]. - The company has a dual pricing logic for its products and services: it has full pricing autonomy for selective consumer projects and high-end examinations (outside the medical insurance catalog), while it strictly adheres to national medical insurance cost control policies for basic treatments and routine examinations (within the medical insurance catalog) [2]. - The company is leveraging the benefits of medical insurance cost control policies, such as centralized procurement price reductions and optimized payment methods, to enhance the accessibility and affordability of eye disease treatments for patients [2]. Group 2: Financial Flow - On May 8, 2025, the financial flow for Puri Eye Hospital showed a net outflow of 3.06 million yuan from major funds and a net outflow of 2.09 million yuan from speculative funds, while retail investors saw a net inflow of 5.15 million yuan [2].

2024年，爱尔眼科毛利率为48.12%，同比下降5.27%；加权平均净资产收益率为17.89%，同比下降0.99个百分点；经营活动现金净流入48.82亿元，同比下降 16.86%，主要因应收账款规模扩大及政府补助减少；期末资产负债率为34.41%，同比微增0.75个百分点，流动比率为1.45，速动比率为1.26，短期偿债能力 保持健康。 业务板块表现，2024年爱尔眼科屈光项目收入为76.02亿元，同比增长2.31%，收入占比36.23%，受益于全光塑、全飞秒4.0等新技术推广，客单价稳步提 升；视光服务收入为52.78亿元，同比增长6.42%，收入占比为25.16%，青少年近视防控需求驱动角膜塑形镜、离焦镜渗透率提升；白内障项目收入为34.89 亿元，同比增长4.87%，收入占比为16.63%，主要受医保控费影响增速下降。 2024年，爱尔眼科研发投入为3.2亿元，研发费用率为1.53%。2024年，爱尔眼科推出眼科大模型AierGPT，智能客服系统处理201万人次咨询，服务效率提升 30%；数字人"爱科"覆盖200余家医院，实现虚拟导诊、健康科普等功能；拟向全体股东每10股派发现金红利1.6元（含税）。 ...

仅以昊海生科的公告信息推测，蒋伟牵涉的内幕交易大概率系其个人投资。 智通财经记者 | 黄华 智通财经编辑 | 谢欣 5月8日，昊海生科公告称，公告控股股东、实控人之一的蒋伟近日被中国证监会出具《立案告知书》， 理由是涉嫌内幕交易；据公司了解，这一事项与公司股票无关。 昊海生科还表示，前述事项系对蒋伟的个人调查，蒋伟不参与公司日常经营管理，预计事项不会对公司 日常经营活动产生重大影响。 5月8日，就前述事件，昊海生科向智通财经记者表示，暂无更多可披露信息，相关情况以企业公告为 准。 二级市场上，5月8日，昊海生科A股低开，截至午市收盘，企业报52.8元/股，跌0.7%，总市值约123亿 元。 蒋伟及其夫人游捷是昊海生科共同的实控人。截至2024年末，蒋伟、游捷的持股比分别为28.53%、 17.29%。 另据企业招股书，蒋伟生于1964年，籍贯为山东菏泽；蒋伟、游捷二人直接或间接控制的企业较多，包 括昊海化工、上海昊澜、联合气雾、东元精化、海锡实业、颐祥科技、中医大药业等。 通过控股昊海生科，蒋伟、游捷夫妇近四年收获的分红也不少。2021年-2024年，该公司的分红金额分 别为1.22亿元、0.69亿元、1.6 ...

Core Viewpoint - The company, Haohai Biological Technology (688366.SH), is facing scrutiny as its controlling shareholder, Jiang Wei, has been notified of an investigation by the China Securities Regulatory Commission for suspected insider trading, which has raised concerns among investors [1][3]. Company Overview - Haohai Biological Technology is a well-known producer of hyaluronic acid in China, with its founders Jiang Wei and You Jie being the controlling shareholders [1]. - The company has been listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange, making it the first biopharmaceutical company to achieve dual listing on the "H+ Sci-Tech Innovation Board" [1]. Financial Performance - In 2024, Haohai Biological Technology reported total revenue of 2.698 billion yuan, a year-on-year increase of 1.64%, while the net profit attributable to shareholders decreased by 1.12% to 379 million yuan [2]. - The overall gross margin slightly declined from 70.46% to 69.89% in 2024, attributed to a significant drop in sales prices of certain products due to new rounds of national or provincial procurement [2]. - The company's revenue from the ophthalmology sector saw a notable decline, with the cataract product line generating 420.73 million yuan, down 15.33% year-on-year [2]. Market Reaction - Following the announcement of Jiang Wei's investigation, Haohai Biological Technology's stock experienced a decline of 4.81% in early trading on May 8, closing down 0.70% at 52.80 yuan, with trading volume significantly increasing compared to the previous day [3].

不过智通财经也注意到阿托品2024年的业绩表现低于券商预期，公司表示产品正处于推广的过程。另外，兴齐眼药"唯一性"或将被打破，诸多公司已闯入了 赛道，兴齐眼药的领先地位又将会保持多久？ 滴眼剂2024年营收翻倍 记者｜赵阳戈 兴齐眼药（300573.SZ）披露的2024年年报和2025年一季报数据表现亮眼，尤其是国内首发的低浓度阿托品，在经历1年推广后，成为营收占比超10%的拳头 产品。 兴齐眼药2024年实现19.43亿元的营业收入，同比增长了32.42%，净利润3.38亿元，同比增幅为40.84%；2025年一季度数据更是亮眼，营业收入5.36亿元，同 比增幅53.24%，净利润1.46亿元，同比变动率高达319.86%。2024年公司的分配计划为10转4派10。 | 兴齐眼药 | 最新动态 | | 公司资料 | 股东研 | | --- | --- | --- | --- | --- | | i问董秘 300573 | 新闻公告 | | 概念题材 | 主力持 | | | | 财务诊断 | 财务指标 | 指标变动说明 | | 按报告期 | 按年度 | 按单季度 | | | | 科目 年度 | | 2025- ...