Core Viewpoint - The report from CITIC Securities indicates that Aier Eye Hospital's performance in H1 2025 outpaced the industry, with an estimated contribution of 8 percentage points to revenue growth from hospital acquisitions in 2024 [1] Group 1: Revenue Growth - There is a significant divergence in revenue growth between Q1 and Q2, primarily influenced by fluctuations in refractive surgery business [1] - The company expects multiple factors to positively impact business in the second half of 2025, including an anticipated increase in the penetration rate of new refractive surgery techniques, which is expected to stabilize and improve gross margins [1] Group 2: Cost and Profitability - The impact of cataract centralized procurement is projected to gradually dissipate by Q3 2025 [1] - New business trials such as presbyopia clinics and dry eye treatments are expected to become new growth engines for the company in the latter half of 2025 and beyond [1] - Due to economies of scale, the net profit growth in H2 2025 is expected to outpace revenue growth [1] Group 3: Investment Rating - The report maintains a "Buy" rating for the company [1]