诊疗质效齐升 从业务结构来看，爱尔眼科三大主营业务在上半年呈现出不同亮点，屈光项目、视光服务项目、白内障 业务分别同比增长11.14%、14.73%、2.64%；眼前段项目和眼后段项目也分别增长13.06%、9.02%。其 中，屈光项目通过技术迭代升级落实"反内卷"，全光塑、全飞秒4.0、全飞秒Pro等新术式得到患者普遍 认可，屈光客单价企稳回升。 报告期内，爱尔眼科成功引进了蔡司新一代机器人全飞秒设备VISUMAX800并开始提供全新微创手术 SMILEpro。在该项手术中，屈光微透镜形成时间进一步缩短，每只眼睛仅需10秒，相较于普通全飞 秒"读条时间直接砍半"，手术效率、安全性进一步提升。 新技术带来的积极影响同样在白内障项目上得以显现。公司相关负责人表示，上半年屈光性白内障手术 增长，多焦晶体应用比例加大；飞秒白内障术式、手术导航系统、智能显微镜等应用不断增加，带来更 好的视觉质量的同时满足患者多层次医疗需求。 视光项目方面，公司连续主办第19届世界近视眼大会等重大会议，品牌影响力进一步加大，同时全流程 精细化管理、各分支机构服务标准化效应显现，患者满意度不断提高，小儿眼病、视觉训练以及老花矫 治等项目 ...

Group 1: Overseas Market Strategy - The company views overseas markets as having significant growth potential, with a focus on leveraging technological strength and brand influence for expansion [1] - In Europe, the acquisition of Clínica Baviera S.A. (CB) has led to a revenue of €260 million in 2024, with a network of 137 clinics, nearly doubling since acquisition [1][2] - CB's revenue growth has shown a compound annual growth rate (CAGR) of over 15% since acquisition, with net profit growing at over 20% [2] Group 2: Southeast Asia Expansion - The acquisition of ISEC in Southeast Asia has resulted in a revenue of SGD 74 million in 2024, with 17 clinics established [2] - ISEC has experienced a CAGR of approximately 20% in revenue and nearly 30% in net profit since acquisition [2] - The company is actively seeking opportunities in Southeast Asian markets, which have a population of nearly 700 million, indicating substantial growth potential [2] Group 3: Domestic Growth Potential - The company operates 252 hospitals domestically, with 194 being acquired through funds, indicating a significant existing network [4] - There is considerable growth potential in provincial hospitals, with some generating over CNY 200 million in revenue but still having low penetration rates [4] - County-level hospitals are expected to grow as economic development and public awareness of eye health increase [4][5] Group 4: Cost Reduction and Efficiency - The company emphasizes cost reduction and efficiency improvements regardless of growth rates, aiming for healthier growth [6] - In 2025, the company initiated organizational changes to enhance operational efficiency and attract talent for high-quality development [6] - The focus on patient-centered care and digital transformation aims to convert data and network advantages into new productivity [6] Group 5: Market Opportunities in Presbyopia Treatment - The presbyopia treatment market in China is still in its early stages, with significant growth potential due to low awareness among the elderly [7] - The company plans to develop presbyopia diagnosis and treatment services, including establishing specialized clinics [7] - The European subsidiary has successfully developed presbyopia surgery, indicating a model for future growth in China [7] Group 6: New Technology Promotion - The company maintains a leading position in refractive technology, with new procedures like all-laser LASIK and ICL V5 being introduced [8] - New technologies have improved patient outcomes and helped reverse the trend of declining average prices [8] - The company leverages its network and brand advantages to accelerate the promotion of new technologies in the domestic market [8]

Core Viewpoint - The company emphasizes that chaotic price wars are detrimental to the sustainable development of the medical industry and will harm patient rights [1][2]. Group 1: Company Insights - Aier Eye Hospital has seen a steady recovery in the average price of refractive surgeries since last year, indicating a gradual industry clearing where demand is shifting towards reputable hospitals [1]. - The company plans to launch upgraded surgical techniques in 2024, including All-Laser LASIK and ICLV5 lenses, to meet diverse patient needs [1]. - Aier Eye Hospital's overseas business revenue is projected to account for approximately 12.5% in 2024, reflecting a 1% increase from the previous year, with plans for further expansion in Europe and Southeast Asia [3]. Group 2: Industry Trends - The aging population is driving demand for age-related eye disease treatments, particularly for presbyopia, which is currently under-recognized in China [2]. - The company anticipates significant growth potential in presbyopia treatment, similar to trends observed in developed countries [2]. - The company's profitability is expected to improve as patient volumes increase, benefiting from economies of scale and reduced sales expense ratios [3].

Core Insights - Aier Eye Hospital reported a revenue of 20.983 billion yuan for 2024, representing a year-on-year growth of 3.02% [2] - The net profit attributable to shareholders reached 3.556 billion yuan, an increase of 5.87% year-on-year [2] - The company's basic earnings per share stood at 0.38 yuan [2] Financial Performance - The gross profit margin for 2024 was 48.12%, a decrease of 5.27% compared to the previous year [4] - The weighted average return on equity was 17.89%, down by 0.99 percentage points year-on-year [4] - The net cash inflow from operating activities was 4.882 billion yuan, a decline of 16.86% year-on-year, primarily due to an increase in accounts receivable and a reduction in government subsidies [4] - The year-end debt-to-asset ratio was 34.41%, a slight increase of 0.75 percentage points year-on-year, indicating stable short-term solvency with a current ratio of 1.45 and a quick ratio of 1.26 [4] Business Segment Performance - Revenue from refractive projects was 7.602 billion yuan, growing by 2.31% year-on-year, accounting for 36.23% of total revenue, driven by the promotion of new technologies [4] - Vision care services generated 5.278 billion yuan in revenue, up 6.42% year-on-year, representing 25.16% of total revenue, supported by increased demand for myopia control among youth [4] - Revenue from cataract projects reached 3.489 billion yuan, a growth of 4.87% year-on-year, although the growth rate was impacted by medical insurance cost control [4] Research and Development - Aier Eye Hospital invested 320 million yuan in research and development, with an R&D expense ratio of 1.53% [4] - The company launched the AierGPT ophthalmology model and an intelligent customer service system that handled 2.01 million inquiries, improving service efficiency by 30% [4] - The digital persona "Aiko" was implemented in over 200 hospitals, providing virtual guidance and health education [4] Dividend Distribution - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) to all shareholders [4]

Core Viewpoint - The company reported a steady growth in revenue and profit for 2024, with a notable increase in Q1 2025, indicating resilience in its operations despite external challenges [1][2]. Financial Performance - In 2024, the company's operating revenue reached 20.983 billion (yoy +3.02%), with a net profit attributable to shareholders of 3.556 billion (yoy +5.87%) and a non-recurring net profit of 3.099 billion (yoy -11.82%) [1]. - For Q1 2025, the company achieved an operating revenue of 6.026 billion (yoy +15.97%) and a net profit of 1.050 billion (yoy +16.71%), with a non-recurring net profit of 1.060 billion (yoy +25.78%) [1]. Business Segments - Revenue breakdown for 2024 includes: - Refractive surgery: 7.602 billion (yoy +2.31%) - Vision care: 5.278 billion (yoy +6.42%) - Cataract: 3.489 billion (yoy +4.87%) - Anterior segment projects: 1.897 billion (yoy +5.95%) - Posterior segment projects: 1.499 billion (yoy +8.22%) - Other projects: 1.142 billion (yoy -19.43%) [1]. Growth Drivers - The increase in average customer price for refractive surgery is expected to drive growth in this segment, while the high base effect from cataract surgeries is anticipated to normalize, leading to a potential recovery in growth rates [2]. - The company plans to introduce new surgical techniques, such as All-Laser LASIK and ICL V5, to meet diverse customer needs and further enhance average customer pricing in the refractive segment [2]. Cost Management - The company achieved a gross margin of 48.02% in Q1 2025 (yoy -0.28 percentage points), with reductions in sales, management, R&D, and financial expense ratios, leading to a total decrease in period expense ratio by 1.76 percentage points [2]. Future Projections - Revenue forecasts for 2025-2027 are 23.090 billion, 26.074 billion, and 29.224 billion, with corresponding growth rates of 10.0%, 12.9%, and 12.1% [3]. - Net profit projections for the same period are 4.031 billion, 4.700 billion, and 5.432 billion, with growth rates of 13.3%, 16.6%, and 15.6% [3].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company is expected to see growth in its refractive surgery segment due to an increase in average customer spending, while the cataract segment is anticipated to recover from a high base effect starting in May 2024 [2]. - Cost reduction and efficiency improvements are projected to lead to a decrease in expenses, with a gross margin of 48.02% in Q1 2025 [2]. - The company is positioned as a leading player in the ophthalmology medical service sector, with strengthening brand power and operational resilience [3]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 23.09 billion, 26.07 billion, and 29.22 billion yuan, with corresponding growth rates of 10.0%, 12.9%, and 12.1% [3][4]. - Net profit attributable to shareholders is forecasted to be 4.03 billion, 4.70 billion, and 5.43 billion yuan for the same period, with growth rates of 13.3%, 16.6%, and 15.6% respectively [3][4]. - The report provides a PE ratio forecast of 30, 26, and 23 for the years 2025, 2026, and 2027 [3][4].

Core Insights - Aier Eye Hospital has demonstrated steady financial performance despite a slowing consumer market and intense competition, achieving a revenue of 20.983 billion yuan and a net profit of 3.556 billion yuan in 2024, with year-on-year growth of 3.02% and 5.87% respectively [1] - The company has initiated a new round of transformation and innovation to regain rapid growth, focusing on digitalization, model innovation, and organizational change [2] Financial Performance - In 2024, Aier Eye Hospital reported a revenue of 20.983 billion yuan and a net profit of 3.556 billion yuan, with outpatient visits reaching 16.9407 million, marking a 12.14% increase [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan and a net profit of 1.05 billion yuan, reflecting a year-on-year growth of 15.97% and 16.71% respectively [1] Strategic Initiatives - The "1+8+N" strategic layout has begun to show results, with multiple eye centers operational across major cities in China, and ongoing projects in Beijing and Shenzhen [3] - Aier Eye Hospital has acquired 100% of the UK-based Optimax Group, expanding its international presence with 163 overseas eye centers and clinics [3] Organizational Changes - The company has established an organizational change team to enhance management efficiency, focusing on integrated management and collaborative systems [4] Medical Advancements - Aier Eye Hospital continues to introduce leading diagnostic and treatment technologies, achieving several "firsts" in the country, including the first implantation of advanced artificial lenses [5][6] - The company is committed to enhancing clinical capabilities and expanding its medical specialties, including ocular oncology and pediatric eye care [6] Digital Transformation - Aier Eye Hospital is advancing its digital transformation with projects like the development of a personalized digital human for ophthalmology, enhancing patient interaction and care [7][8] - The establishment of "AI Eye Hospital" aims to leverage AI for health education, diagnosis, and remote medical services, expanding access to care [8]

Group 1 - Refractive surgery is a surgical procedure that corrects vision by altering the eye's refractive system, primarily targeting myopia, hyperopia, and astigmatism [3] - The refractive surgery market is experiencing a new wave of transformation driven by advanced technologies such as precise femtosecond laser 4.0, all-light sculpting, and EVO+ICL, which are expected to significantly increase the average transaction price [1][2] - The domestic refractive surgery market was nearly 35 billion yuan in 2022, with a low penetration rate of 0.7 surgeries per thousand people in 2021, indicating substantial room for growth compared to developed countries like the US, which had 2.6 surgeries per thousand people [1][30] Group 2 - The refractive surgery sector is a core business in private ophthalmology, contributing significantly to profit growth due to its large market size and strong profitability [1][41] - The introduction of new technologies and equipment is anticipated to stimulate demand, leading to a potential price increase in refractive surgeries, alongside a recovery in consumer expectations [1][41] - Companies such as Aier Eye Hospital, Huaxia Eye Hospital, and others are recommended for attention due to their positioning in the growing refractive surgery market [1][41] Group 3 - The evolution of refractive surgery equipment has been steady, with significant advancements occurring approximately every decade, culminating in the upcoming launch of the VISUMAX 800 and SMILE pro in 2025 [8][12] - The new femtosecond laser 4.0 technology offers enhanced precision and customization, with a higher average transaction price compared to previous versions [9][10] - The all-light sculpting technique utilizes a 3D model of the eye and AI algorithms for personalized treatment, marking a significant advancement in refractive surgery [14] Group 4 - The refractive surgery market is expected to see a dual impact on performance and valuation due to technological upgrades and the release of pent-up demand [1][41] - The average age of patients undergoing refractive surgery in China is significantly lower than in Europe, indicating a different demographic focus and potential for market expansion [37][38] - The introduction of new materials like EVO+ICL (V5) and Longjing PR is expected to enhance visual quality and safety for patients, further driving market growth [21][27]