业绩简评 2025 年 8 月 26 日，公司发布 2025 年半年度报告。25H1 公司实现 营业收入 115.07 亿元（同比+9.12%），归母净利润 20.51 亿元（同 比+0.05%），扣非归母净利润 20.40 亿元（同比+14.30%）。 单季度来看，25Q2 公司实现收入 54.81 亿元（同比+2.47%），归母 净利润 10.01 亿元（同比-13.0%），扣非归母净利润 9.80 亿元（同 比+4.03%）。 经营分析 门诊及手术量稳步增长，屈光、视光业务引领增长。25H1 公司实 现门诊量 924.83 万人次（同比+16.47%），手术量 87.9 万例（同 比+7.63%）。分业务看，屈光项目通过技术升级有效"反内卷"，实 现收入 46.18 亿元（同比+11.14%），毛利率为 56.12%；视光服务 项目受益于"5P 近视防控模式"推广，收入达 27.20 亿元（同比 +14.73%），毛利率为 54.21%；白内障项目在医保支付改革背景下， 通过推广屈光性白内障手术实现收入 17.81 亿元（同比+2.64%）， 毛利率为 36.34%；眼前段项目收入 10.31 亿元（同 ...

"1+8+N"布局稳定推进，全球医疗服务网络持续完善上半年公司"1+8+N"战略取得实质进展，长沙爱 尔、上海爱尔、广州爱尔、四川爱尔、重庆爱尔、湖北爱尔、辽宁爱尔、深圳滨海爱尔等眼科中心已运 营，北京项目正在建设中。截至2025 年6 月30 日，公司境内医院355 家，门诊部240 家。截至2025 年6 月30 日，境外已布局169 家眼科中心及诊所，逐渐形成覆盖全球的医疗服务网络。通过主办第19 届世 界近视眼大会及第18 届世界眼科医院协会年会，进一步提升国际品牌影响力。 投资建议 H1 费用率呈下降态势，营业成本上升拖累毛利率根据Wind 数据，2025 年H1 公司销售费用率9.15%， 同比下降1.47 pct，管理费用率为14.89%，同比下降0.04 pct，财务费用率0.42%，同比下降0.57 pct，研 发费用率1.35%，同比下降0.06 pct。2025H1 公司毛利率48.56%，较上年同期下降0.88 pct，净利率 19.29%，同比下降1.66 pct。 门诊量增长明显，核心业务稳健 根据公司半年报，2025H1 现门诊量924.83 万人次，同比增长16.47%；手术量 ...

2025 年 8 月 27 日 公司研究 核心经营稳健，静待行业回暖 ——爱尔眼科（300015.SZ）2025 半年报点评 要点 事件：公司发布 2025 半年报业绩，25H1 实现营业收入 115.07 亿元（+9.12%， 同比，下同），归母净利润 20.51 亿元（+0.05%），扣非归母净利润 20.40 亿 元（+14.30%）；2025Q2 实现营业收入 54.81 亿元（+2.47%），归母净利润 10.01 亿元（-12.97%），扣非归母净利润 9.80 亿元（+4.03%）。 点评： 屈光业务升级成效显现，视光业务保持较快增长：2025上半年公司门诊量 924.83 万人次，同比增长 16.47%；手术量 87.9 万例，同比增长 7.63%。分业务板块 看，a)屈光项目：25H1 营收达 46.18 亿元，同比增长 11.14%，毛利率 56.12%。 公司通过引进新设备和技术，有效应对市场价格竞争，推动客单价稳步提升，技 术升级成效显现。b)视光服务项目：25H1 营收达 27.20 亿元，同比增长 14.73%， 为各业务板块中增速最快的业务，毛利率为 54.21%。增长主要得益于 ...

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 ...

Company Overview - Huaxia Eye Hospital Group Co., Ltd. specializes in ophthalmology services, with key offerings including cataract projects, posterior segment projects, refractive projects, and comprehensive optometry projects [1] - As of the first quarter of 2025, the company reported revenue of 1.093 billion yuan, representing a year-on-year increase of 11.74%, while net profit was 150 million yuan, showing a year-on-year decrease of 4.00% [1] Financial Metrics - The company's closing stock price on August 15 was 20.67 yuan, with a PE ratio of 41.11 times and a total market capitalization of 17.363 billion yuan [1] - The average PE ratio for the healthcare services industry is 49.76 times, with a median of 64.18 times, placing Huaxia Eye Hospital at the 26th position within the industry [1][2] - The company has a sales gross margin of 44.97% as per the latest financial report [1] Institutional Holdings - As of the first quarter of 2025, five institutions hold shares in Huaxia Eye Hospital, all being funds, with a total holding of 3.5318 million shares valued at 6.8 million yuan [1]

Core Viewpoint - Huaxia Eye Hospital's stock closed at 20.53 yuan, up 3.01%, with a rolling PE ratio of 40.83, marking a new low in 80 days, and a total market value of 17.245 billion yuan [1] Group 1: Company Performance - For Q1 2025, the company reported revenue of 1.093 billion yuan, a year-on-year increase of 11.74%, and a net profit of 150 million yuan, reflecting a year-on-year decrease of 4.00% [1] - The company's gross profit margin stands at 44.97% [1] Group 2: Shareholder Information - As of March 31, 2025, the number of shareholders reached 20,981, an increase of 1,961 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 3: Industry Comparison - The average PE ratio for the medical services industry is 46.96, with a median of 54.55, placing Huaxia Eye Hospital at the 24th position within the industry [1] - The static PE ratio for Huaxia Eye Hospital is 40.23, and the price-to-book ratio is 2.92 [2]

Group 1 - The core viewpoint of the article highlights that Aier Eye Hospital's stock closed at 12.47 yuan, down 1.42%, with a rolling PE ratio of 31.38 times and a total market capitalization of 116.288 billion yuan [1] - The average PE ratio for the medical services industry is 41.83 times, with a median of 45.41 times, placing Aier Eye Hospital at the 22nd position in the industry ranking [1] - As of March 31, 2025, Aier Eye Hospital had 347,329 shareholders, a decrease of 31,805 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Aier Eye Hospital's main business includes diagnosis and surgical services for various eye diseases, with key products being refractive projects, cataract projects, anterior segment projects, posterior segment projects, and vision services [1] - In the latest quarterly report for Q1 2025, the company achieved an operating revenue of 6.026 billion yuan, a year-on-year increase of 15.97%, and a net profit of 1.050 billion yuan, up 16.71%, with a gross profit margin of 48.02% [1]

Group 1 - The core viewpoint of the article highlights Huaxia Eye Hospital's current stock performance, with a closing price of 19.24 yuan, an increase of 1.21%, and a rolling PE ratio of 38.26 times, with a total market value of 16.162 billion yuan [1] - The average PE ratio for the medical services industry is 41.42 times, with a median of 44.32 times, placing Huaxia Eye Hospital at the 28th position in the industry ranking [1] - As of the first quarter of 2025, 18 institutions hold shares in Huaxia Eye Hospital, including 10 funds and 8 other entities, with a total holding of 192.8128 million shares valued at 3.843 billion yuan [1] Group 2 - Huaxia Eye Hospital's main business is specialized ophthalmic medical services, with key products including cataract projects, posterior segment projects, refractive projects, and comprehensive optometry projects [1] - The latest performance report for the first quarter of 2025 shows the company achieved an operating income of 1.093 billion yuan, a year-on-year increase of 11.74%, and a net profit of 150 million yuan, reflecting a year-on-year decrease of 4.00%, with a gross profit margin of 44.97% [1]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Aier Eye Hospital Group, noting its current stock price, market capitalization, and financial metrics [1][2] - As of June 3, Aier Eye Hospital's stock closed at 12.55 yuan, with a PE ratio of 31.58 times, and a total market value of 1170.34 billion yuan [1] - The average PE ratio for the medical services industry is 40.35 times, with a median of 47.21 times, placing Aier Eye Hospital at the 22nd position within the industry [1][2] Group 2 - The company reported a revenue of 60.26 billion yuan for Q1 2025, reflecting a year-on-year increase of 15.97%, and a net profit of 10.50 billion yuan, up 16.71% year-on-year [1] - The gross profit margin for the company stands at 48.02% [1] - In terms of capital flow, on June 3, Aier Eye Hospital experienced a net inflow of 17.35 million yuan, although it has seen a total outflow of 122.57 million yuan over the past five days [1]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Aier Eye Hospital Group, indicating a strong position within the medical services industry despite a lower PE ratio compared to industry averages [1][2] - As of May 29, Aier Eye Hospital's closing price was 12.63 yuan, with a PE ratio of 31.78 times, and a total market capitalization of 117.78 billion yuan [1] - The average PE ratio for the medical services industry is 39.39 times, with a median of 44.30 times, placing Aier Eye Hospital at the 22nd position in the industry ranking [1][2] Group 2 - As of the first quarter of 2025, 107 institutions hold shares in Aier Eye Hospital, including 105 funds, with a total holding of 416,294.56 million shares valued at 55.28 billion yuan [1] - The company's main business includes diagnosis and surgical services for various eye diseases, with key products being refractive projects, cataract projects, and vision services [1] - In the latest financial report for Q1 2025, Aier Eye Hospital achieved a revenue of 60.26 billion yuan, representing a year-on-year increase of 15.97%, and a net profit of 10.50 billion yuan, up 16.71%, with a gross profit margin of 48.02% [1]