Core Viewpoint - The report from Western Securities indicates that Aier Eye Hospital's net profit attributable to shareholders for Q1-Q3 2025 is 3.115 billion yuan, a year-on-year decrease of 9.76%, with Q3 net profit at 1.064 billion yuan, down 24.12% [1] Financial Performance - The gross profit margin for Aier Eye Hospital stands at 50.65% [1] - The overseas market shows steady growth, with 169 eye centers and clinics established globally as of June 30, 2025 [1] Strategic Developments - The company has acquired three medical institutions: Tongren Aier, Taojiang Aier, and Mudanjiang Aier, enhancing its competitive edge through synergy and scale effects [1] - Aier Eye Hospital is actively promoting the allocation of quality medical resources in line with the national "graded diagnosis and treatment" policy [1] Investment Rating - The report maintains an "overweight" rating for Aier Eye Hospital [1]

本文复盘先进制造历史行情，细分板块分化度较高，汽车估值处于相对低位。 深度详解六大板块/53 只先进制造指数的编制规则、行业分布、成分股、风 险收益，建议关注新质生产力相关的新能源、电力设备、军工、汽车等领域， 对应基金包括国泰中证新能源汽车 ETF、汇添富中证电池主题 ETF、华泰 柏瑞中证光伏产业 ETF、易方达中证军工 ETF、富国恒生港股通汽车 ETF 等。 【汽车】车载电源行业深度研究报告：龙头强者恒强，奔赴 AIDC 服务器电 源新蓝海 我们认为，车载电源市场空间广阔，且龙头未来有希望向 AIDC 服务器电源 拓展。建议关注护城河高筑且已经向 AIDC 服务器电源布局的头部厂商：推 荐威迈斯、富特科技，建议关注欣锐科技、联合动力、英搏尔。 【银行】分化与重估：二十年银行股行情复盘 晨会纪要 【策略】"自由现金流"洞见（一）：告别内卷，拥抱现金 "反内卷"正在修复制造业的自由现金流，美联储重启降息国民财富加速回 归也正在修复消费行业的自由现金流。我们基于自由现金流的细分项 （FCFF/EBIT/CAPEX/营运资本），结合各行业特征，筛选出自由现金流 （FCFF）正在主动 or 被动修复的细分行业（ ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved total revenue of 17.484 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 7.25%. However, the net profit attributable to shareholders decreased by 9.76% to 3.115 billion yuan, with a gross margin decline of 1.74 percentage points to 49.27% [1][5] - In Q3 2025, the company reported revenue of 5.977 billion yuan, a year-on-year increase of 3.83%, while the net profit attributable to shareholders fell by 24.12% to 1.064 billion yuan, with a gross margin of 50.65% [1][5] - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders, totaling 744 million yuan [1] Financial Performance Summary - For the years 2025 to 2027, the company is projected to achieve revenues of 22.499 billion yuan, 24.878 billion yuan, and 27.490 billion yuan, with year-on-year growth rates of 7.2%, 10.6%, and 10.5% respectively [3] - The net profit attributable to shareholders is expected to be 3.771 billion yuan, 4.249 billion yuan, and 4.892 billion yuan for the same years, reflecting growth rates of 6.0%, 12.7%, and 15.1% respectively [3] - The earnings per share (EPS) are forecasted to be 0.40 yuan, 0.46 yuan, and 0.52 yuan for 2025, 2026, and 2027 respectively [3] Strategic Developments - The company has established 169 overseas ophthalmology centers and clinics, creating a global medical service network. It focuses on retaining local brands and management teams post-acquisition while integrating advanced practices from abroad [2] - The company continues to expand its domestic presence through the "1+8+N" model, enhancing core city hospitals' leadership roles and integrating regional medical resources [2] - Recent acquisitions include three medical institutions for a total of 105 million yuan, with expected combined revenues of 72.13 million yuan and net profits of 13.88 million yuan in 2024 [2]

朝聚眼科(02219)涨超4%，截至发稿，涨4.07%，报2.56港元，成交额138.51万港元。 消息面上，朝聚眼科发布公告，于2025年11月17日，董事会已决议根据公司股东于2025年6月6日举行的 股东周年大会上批准的股份购回授权及(如适用)其后股东不时批准的任何更新或重新订立的股份购回授 权，自2025年11月17日起不时于公开市场购回最多价值5000万港元的公司股份。 公司认为，进行股份购回可展示公司对自身业务展望及前景充满信心，且最终将会为公司带来裨益及为 其股东创造价值。根据市况，董事会可不时增加股份购回授权项下的最高购买总额。倘董事会决定增加 最高购回金额，公司将于必要时根据上市规则作出及时公告。 ...

公司认为，进行股份购回可展示公司对自身业务展望及前景充满信心，且最终将会为公司带来裨益及为 其股东创造价值。根据市况，董事会可不时增加股份购回授权项下的最高购买总额。倘董事会决定增加 最高购回金额，公司将于必要时根据上市规则作出及时公告。董事会认为，公司现有财务资源足以实施 股份购回同时维持稳健的财务状况。 朝聚眼科(02219)发布公告，于2025年11月17日，董事会已决议根据公司股东于2025年6月6日举行的股 东周年大会上批准的股份购回授权及(如适用)其后股东不时批准的任何更新或重新订立的股份购回授 权，自2025年11月17日起不时于公开市场购回最多价值5000万港元的公司股份。 ...

11月10日，爱尔眼科盘中上涨2.07%，截至10:44，报12.31元/股，成交4.96亿元，换手率0.51%，总市值 1147.96亿元。 资金流向方面，主力资金净流入7744.07万元，特大单买入7728.68万元，占比15.57%，卖出2650.95万 元，占比5.34%；大单买入1.21亿元，占比24.37%，卖出9429.21万元，占比19.00%。 爱尔眼科今年以来股价跌5.97%，近5个交易日涨0.82%，近20日跌1.68%，近60日跌3.53%。 截至9月30日，爱尔眼科股东户数34.48万，较上期增加0.27%；人均流通股23002股，较上期减少 0.27%。2025年1月-9月，爱尔眼科实现营业收入174.84亿元，同比增长7.25%；归母净利润31.15亿元， 同比减少9.76%。 分红方面，爱尔眼科A股上市后累计派现71.20亿元。近三年，累计派现36.00亿元。 机构持仓方面，截止2025年9月30日，爱尔眼科十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.63亿股，相比上期减少2998.19万股。华宝中证医疗ETF（512170）位居第四大流通股 东，持股1. ...

Core Viewpoint - Puri Eye Hospital, a well-known ophthalmology chain in China, is facing challenges in revenue growth and profit margins due to industry reforms and low demand for eye care services, but it is expected to see revenue growth in the latter half of 2025 as new facilities begin to contribute to performance [6][7]. Group 1: Company Overview - Puri Eye Hospital was established on March 23, 2006, and went public on July 5, 2022, on the Shenzhen Stock Exchange, with its registered office in Sichuan Province and operational office in Shanghai [1]. - The company provides comprehensive ophthalmic medical services, including diagnosis, treatment, healthcare, and optical services [1]. Group 2: Financial Performance - For Q3 2025, Puri Eye Hospital reported revenue of 2.201 billion yuan, ranking 7th among 15 companies in the industry, while the industry leader, Aier Eye Hospital, reported revenue of 17.484 billion yuan [2]. - The net profit for the same period was 21.5885 million yuan, placing it 9th in the industry, with Aier Eye Hospital leading at 3.367 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 53.52%, higher than the industry average of 46.74%, indicating significant debt pressure [3]. - The gross profit margin was 37.12%, which, despite being lower than the previous year's 39.50%, remains above the industry average of 31.10%, suggesting a competitive profitability position [3]. Group 4: Management Compensation - The chairman, Xu Xuyang, received a salary of 610,600 yuan in 2024, a decrease of 28,400 yuan from 2023 [4]. - The general manager, Sun Qiang, earned 949,700 yuan in 2024, an increase of 57,200 yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.98% to 10,400, while the average number of shares held per shareholder increased by 104.71% to 13,600 [5]. - Notable changes in the top ten circulating shareholders included a decrease in shares held by Rongtong Health Industry Flexible Allocation Mixed A/B and the entry of Yuanxin Yongfeng Medical Health A as a new shareholder [5]. Group 6: Industry Challenges and Outlook - The company faces challenges from DRG/DIP payment reforms and low growth in consumer demand for eye care services, leading to weak revenue growth and compressed profit margins in H1 2025 [6]. - However, new facilities are expected to start contributing positively to revenue in the latter half of 2025, with projected revenues of 2.735 billion yuan, 2.948 billion yuan, and 3.168 billion yuan for 2025 to 2027, respectively [6]. - The company is maintaining a "buy" rating based on the steady growth of its refractive services and the performance of its comprehensive eye disease projects [6][7].

Core Viewpoint - Aier Eye Hospital Group conducted a block trade on October 30, with a transaction volume of 1.1409 million shares and a transaction amount of 13.9988 million yuan, at a price of 12.27 yuan, representing a premium of 1.32% over the closing price of the day [2] Trading Activity - The recent block trade involved a total volume of 1.1409 million shares and a total transaction amount of 13.9988 million yuan, with the transaction price set at 12.27 yuan, which is 1.32% higher than the closing price of the day [2] - Over the past three months, Aier Eye Hospital has recorded a total of five block trades, amounting to 51.0801 million yuan [2] Stock Performance - On the day of the block trade, Aier Eye Hospital's closing price was 12.11 yuan, reflecting a decline of 0.49%, with a turnover rate of 0.86% and a total trading volume of 827 million yuan [2] - The stock has seen a cumulative decline of 1.30% over the past five days, with a total net outflow of funds amounting to 222 million yuan during the same period [2] Margin Financing - The latest margin financing balance for Aier Eye Hospital is 2.525 billion yuan, which has decreased by 69.6292 million yuan over the past five days, representing a decline of 2.68% [2] Institutional Ratings - In the past five days, five institutions have provided ratings for Aier Eye Hospital, with the highest target price estimated by CICC at 16.00 yuan, as reported on October 28 [2] Company Background - Aier Eye Hospital Group was established on January 24, 2003, with a registered capital of 932.539667 million yuan [2]

爱尔眼科公告，2025年第三季度营收为59.77亿元，同比增长3.83%；净利润为10.64亿元，同比下降 24.12%。前三季度营收为174.84亿元，同比增长7.25%；净利润为31.15亿元，同比下降9.76%。 （文章来源：第一财经） ...

Core Viewpoint - The company is actively exploring the application potential of artificial intelligence (AI) and augmented reality (AR) technologies in ophthalmic medical scenarios, collaborating with leading hardware suppliers and research institutions for joint research and investment incubation [1] Financial Performance - In the first half of 2025, the company achieved revenue of 560 million yuan, a year-on-year decrease of 4.22% [1] - The company reported a net profit attributable to shareholders of 44 million yuan, reflecting a year-on-year increase of 84.19% [1] Strategic Initiatives - The company and its affiliate, Shenyang He Eye Industry Group Co., Ltd., have engaged with several industry-leading hardware suppliers and research institutions to explore collaborative research and investment opportunities [1] - The ongoing exploration of AI and AR technologies is not expected to have a significant impact on the company's current main business operations or performance [1]