2025年上半年，华厦眼科积极引进国际前沿诊疗新技术、新设备，不断丰富公司在屈光手术、白内障手术及眼病诊疗领域的创新、个性化诊疗方案，持续引领眼科技术革新，推动公司诊疗设备 2025年5月，华厦眼科迎来了屈光手术领域的重大突破。公司下属的厦门眼科中心、郑州华厦视光、成都爱迪等多家医院，率先引进全球首款 2MHz 全飞秒激光设备 —— 蔡司新一代机器人全飞 白内障手术领域，公司率先引入全国首台强生第七代 "Catalys 白力士 7.0" 导航飞秒激光白内障手术系统，在手术精准度、安全性、手术时间和视觉质量上实现了革命性的突破，让白内障 在眼病诊疗方面，公司率先引进国际领先的强脉冲光干眼治疗仪 "OptiLight 点睛之笔"，为干眼患者带来了精准诊疗的新希望。同时，公司还引入了我国首台通过创新医疗器械特别审批的高 眼科医疗服务市场持续扩容，头部企业有望充分受益 近年来，在国家战略及政策的引导下，我国眼科医疗服务体系逐步完善，医疗服务能力持续提升，国民眼健康意识不断增强，推动眼科医疗服务需求持续增长，为眼科医疗行业企业特别是非公医 根据《2024 中国卫生健康统计年鉴》数据统计，2023 年，我国眼科门急诊人次 ...

8月24日下午，华厦眼科(301267)披露半年度报告。2025年上半年，公司交出了一份稳健增长的业绩答 卷，实现营业收入21.39亿元，同比增长4.31%；归母净利润达2.82亿元，同比增长6.20%。经历阶段性 挑战后，上半年公司营收利润重回上升轨道，经营韧性凸显。 上半年，受益于公司在眼科技术领域的持续创新和高端设备引进，屈光业务成为经营核心亮点之一，单 项业务收入同比增长13.75%，达到7.89亿元。同时，人才队伍作为服务质量的关键支撑，公司以"医教 研"协同发展结合激励机制优化，确保了诊疗服务的高水准，也为业绩回升奠定了坚实基础。 创新驱动发展，引领眼科技术革新 2025年以来，华厦眼科在技术创新领域持续发力，屈光和白内障业务成为重点突破方向。中报强调，报 告期内公司积极引进国际前沿诊疗新技术、新设备，不断丰富公司在屈光手术、白内障手术及眼病诊疗 领域的创新、个性化诊疗方案。 值得一提的是，除手术相关设备与技术外，报告期内公司持续深化AI、大数据等先进技术在眼科临床 诊疗中的应用，进一步加快数智化赋能。具体而言，在对外合作方面，上半年公司与厦门大学眼科研究 所联合发布国内首个干眼AI自测工具，以A ...

| 华厦眼科医院集团股份有限公司 | | 2025 年半年度报告全文 | | --- | --- | --- | | 华厦眼科医院集团股份有限公司 | | | | 华厦眼科医院集团股份有限公司 2025 年半年度报告全文 | | | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 | | | | 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 | | | | 个别和连带的法律责任。 | | | | 公司负责人苏庆灿、主管会计工作负责人陈凤国及会计机构负责人(会计 | | | | 主管人员)陈鹭燕声明：保证本半年度报告中财务报告的真实、准确、完整。 | | | | 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议： | | | | 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 | | | | 苏庆灿 董事长 因个人原因 陈凤国 | | | | 本报告涉及未来发展规划和经营计划等前瞻性描述不构成公司对投资者的 | | | | 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 | | | | 解规划、计划、预测与承诺之间 ...

Group 1 - The stock price of Aier Eye Hospital closed at 13.22 yuan on August 18, 2025, with a 1.30% increase from the previous trading day. The trading volume reached 1.394 million hands, and the turnover was 1.843 billion yuan, with a fluctuation of 2.30% [1] - Aier Eye Hospital operates in the medical services sector, focusing on ophthalmic medical services, including myopia correction, cataract surgery, and retinal disease treatment. The company is expanding its medical service network through domestic and international market layouts [1] - The company has indicated that the prevalence of presbyopia treatment in China is relatively low, but its European subsidiary has extensive experience in this area and is performing well. To meet the aging population's needs, the company has opened presbyopia clinics in multiple hospitals and plans to establish a presbyopia study group to promote related diagnostic and treatment services [1] Group 2 - On August 18, the net inflow of main funds was 47.8489 million yuan, while the net outflow over the past five days amounted to 304 million yuan [2]

Group 1: Hong Kong Conglomerates and Real Estate - The rating for Jardine Matheson has been upgraded to "Buy" due to expected earnings improvements driven by Dairy Farm and HKLand [1] - Hong Kong real estate rental companies have outperformed developers, with commercial rents stabilizing earlier than expected [1] - Goldman Sachs favors companies emerging from high capital expenditure cycles, those improving shareholder returns through dividends or buybacks, and those with management or strategic changes [1] Group 2: Chinese Healthcare - The "silver economy" is gaining attention, with the elderly population (50+) expected to drive significant growth in healthcare spending, projected to increase from 221 billion RMB (31 billion USD) in 2024 to 963 billion RMB (135 billion USD) by 2035, at a CAGR of 14.3% [2][3] - High-end medical services not covered by national insurance are expected to benefit from increased out-of-pocket spending by this demographic [3] - Key stocks benefiting from this trend include Aier Eye Hospital, Puren Eye Hospital, and Zhifei Biological Products, with ratings upgraded to "Buy" [3] Group 3: Hong Kong Stock Exchange - The average daily turnover of cash stocks on the Hong Kong Stock Exchange has reached a historical high of over 200 billion HKD, despite stock prices being approximately 20% lower than their peak in 2021 [5][6] - Goldman Sachs has raised EPS estimates for 2025-2027 by about 4% and increased the 12-month target price by 11% to 500 HKD, maintaining a "Buy" rating [6] - Key factors that could drive stock price increases include A-shares listing in H-shares, increased ADR trading, and narrowing bid-ask spreads in cash markets [6] Group 4: Chinese Software Industry - The Chinese software industry is expected to see revenue growth in 2025, driven by improved customer order momentum, although profit recovery may take longer [11] - Key focus areas for upcoming earnings reports include AI product upgrades, IT spending outlook, and new business opportunities [11] - Preferred stocks include Kingsoft Office, Kingdee International, and Yonyou Network, which are favored for their early adoption of AI monetization and healthy cash flows [11]

Core Insights - The company reported a revenue of 20.983 billion yuan for 2024, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.87% [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan, representing a year-on-year growth of 15.97%, and a net profit of 1.050 billion yuan, an increase of 16.71% [1] - The company demonstrated strong operational resilience despite a slowdown in the ophthalmology industry, with outpatient visits reaching 16.9407 million, a 12.14% increase, and surgical procedures totaling 1.2947 million, up 9.38% [1] Business Performance - The company’s refractive project revenue was 7.603 billion yuan, growing by 2.31%, while optical project revenue reached 5.279 billion yuan, increasing by 6.42% [1] - Cataract surgery revenue was 3.489 billion yuan, up 4.87%, and anterior segment surgery revenue was 1.898 billion yuan, growing by 5.95% [1] - Posterior segment surgery revenue amounted to 1.499 billion yuan, reflecting an 8.22% increase [1] Strategic Expansion - The company is enhancing its ophthalmology network, having established the Changsha Medical Center in 2024 to improve medical education and research capabilities [2] - Regional eye centers in Shanghai and Nanning have been completed, while facilities in Hubei, Anhui, Shenyang, and Guizhou are operational, and Beijing Aier Yingzhi is under construction [2] - The acquisition of 87 medical institutions has further strengthened the grassroots hospital network, and the company has entered the UK ophthalmology market through the acquisition of Optimax Group [2] Financial Forecast - Revenue projections for 2025-2027 are 23.681 billion, 27.084 billion, and 31.154 billion yuan, with corresponding growth rates of 12.86%, 14.37%, and 15.03% [3] - Net profit forecasts for the same period are 4.115 billion, 4.761 billion, and 5.615 billion yuan, with growth rates of 15.71%, 15.70%, and 17.95% [3] - The company is expected to maintain a strong position in the ophthalmology service sector, with a three-year CAGR of 16.45% [3]