Group 1: Business Overview - The company's current medical insurance business accounts for a low proportion of overall revenue, with ongoing reforms in payment methods and centralized procurement policies impacting short-term performance [2][3] - The company has identified 24 key investment provinces for future expansion, utilizing both self-built and acquisition strategies to establish a network of ophthalmic medical services [3][4] Group 2: Revenue Structure - In the first half of 2025, the revenue breakdown is as follows: Refractive business at 36.90%, Vision care at 24.04%, Cataract business at 20.14%, and Posterior segment business at 12.94% [4] Group 3: Market Trends - The aging population is driving long-term demand for age-related eye diseases, while the national strategy for myopia prevention remains a challenge for children and adolescents [5] - The penetration rate of eye disease diagnosis in China is still low compared to developed countries, indicating significant market potential for the ophthalmic medical service industry [5] Group 4: Technological Advancements - The company is collaborating with smart hardware firms to explore the application potential of AI glasses in ophthalmic medical services [6][7] - Multiple smart medical platforms have been established to enhance diagnostic and treatment services, including the Eye Tong Smart Diagnosis Service Platform 3.0 and a 5G remote diagnosis platform [7]

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.027 billion, a year-on-year increase of 0.35% [2] - The net profit attributable to shareholders was CNY 429 million, a decrease of 35.63% [2] - As of the end of the reporting period, total assets amounted to CNY 7.924 billion, with net assets of CNY 5.794 billion [3] - In Q1 2025, operating revenue reached CNY 1.093 billion, a year-on-year growth of 11.74%, while net profit was CNY 150 million, down 4.00% [3] Business Segment Performance - In 2024, the cataract business generated revenue of CNY 873 million, a decline of 11.56% due to the implementation of centralized procurement policies [3] - The refractive business achieved revenue of CNY 1.296 billion, growing by 7.44% [3] - The comprehensive optometry business reported revenue of CNY 1.069 billion, an increase of 5.15% [3] - The eye posterior segment business saw revenue of CNY 536 million, a slight increase of 0.19% [3] Market Outlook - The aging population is expected to drive demand for various age-related eye diseases, including cataracts, with an estimated 80% incidence rate among individuals over 60 [8] - By 2050, the number of cataract patients in China is projected to reach 241 million [8] - The prevalence of myopia among children and adolescents is a significant public health issue, with a reported rate of 51.9% in 2022 [9] - The market for eye care services in China is anticipated to grow, driven by increasing demand in various segments [9] Strategic Initiatives - The company plans to expand its operations through mergers and acquisitions or self-built facilities in 24 key investment provinces [10] - There is a focus on enhancing the eye care service network and improving operational efficiency through technology and management systems [7] - The company is actively seeking overseas expansion opportunities, particularly in Europe and Asia, to enhance its global footprint [11]