证券研究报告 | 2025年12月22日 医药生物周报（25 年第 49 周） 优于大市 政策端支持服务消费力度提升，关注医疗服务相关机会 本周医药板块表现弱于整体市场，化学制药跌幅居前。本周全部 A 股下 跌 0.07%（总市值加权平均），沪深 300 下跌 0.28%，中小板指下跌 0.80%，创业板指下跌 2.26%，生物医药板块整体下跌 0.14%，生物医 药板块表现弱于整体市场。分子板块来看，化学制药下跌 1.74%，生物 制品下跌 0.67%，医疗服务上涨 0.55%，医疗器械上涨 1.16%，医药商 业上涨 4.94%，中药上涨 0.17%。医药生物市盈率（TTM）37.07x，处 于近 5 年历史估值的 79.04%分位数。 近两年我国密集出台支持服务消费的政策，围绕"稳增长、扩内需、提 质量"，持续释放服务消费潜力。政策一方面从供给侧入手，通过扩大 和优化服务供给、放宽准入、提升服务质量与效率，推动医疗、养老、 文旅等重点领域升级；另一方面通过财政、金融和价格等工具，加大对 居民消费和服务业主体的支持，降低成本、激发需求。在此背景下，"犒 赏经济"成为新亮点，居民在满足基本需求后，更愿为健康 ...

Industry Outlook - The ophthalmology medical service industry faces both opportunities and challenges, with a growing market size driven by an aging population and increasing demand for myopia prevention [2] - The market for cataract surgeries is expected to expand, while the refractive surgery market has significant growth potential due to low penetration rates [2] - National policies supporting private healthcare provide a favorable environment for the development of private ophthalmology hospitals [2] Current Market Performance - In 2024, the ophthalmology industry experienced a slowdown in growth due to intense domestic competition, low consumer demand, and policy impacts such as healthcare payment reforms [3] - Larger companies showed better profit resilience amidst these challenges, indicating a trend towards increasing market concentration [3] Company Performance - In Q1 2025, the company reported total revenue of CNY 742 million, a year-on-year increase of 9.82%, and a net profit of CNY 27 million, up 61.18% [4][7] - The company has effectively controlled costs and optimized its business structure through the introduction of new technologies [4] Future Growth Drivers - Future profit growth for the company is driven by six key factors: 1. Aging population and increased awareness of eye health driving demand for cataract and vision care services 2. Business structure optimization and promotion of high-end cataract projects to enhance profit margins 3. Introduction of advanced technologies to improve service attractiveness and gross margins 4. Gradual reduction of losses from newly opened hospitals, enhancing performance flexibility 5. Cost control through centralized procurement and digital management to improve operational efficiency 6. A strategic approach to investment expansion under a "national chain + local integration" model [5]