Group 1 - Refractive surgery is a surgical procedure that corrects vision by altering the eye's refractive system, primarily targeting myopia, hyperopia, and astigmatism [3] - The refractive surgery market is experiencing a new wave of transformation driven by advanced technologies such as precise femtosecond laser 4.0, all-light sculpting, and EVO+ICL, which are expected to significantly increase the average transaction price [1][2] - The domestic refractive surgery market was nearly 35 billion yuan in 2022, with a low penetration rate of 0.7 surgeries per thousand people in 2021, indicating substantial room for growth compared to developed countries like the US, which had 2.6 surgeries per thousand people [1][30] Group 2 - The refractive surgery sector is a core business in private ophthalmology, contributing significantly to profit growth due to its large market size and strong profitability [1][41] - The introduction of new technologies and equipment is anticipated to stimulate demand, leading to a potential price increase in refractive surgeries, alongside a recovery in consumer expectations [1][41] - Companies such as Aier Eye Hospital, Huaxia Eye Hospital, and others are recommended for attention due to their positioning in the growing refractive surgery market [1][41] Group 3 - The evolution of refractive surgery equipment has been steady, with significant advancements occurring approximately every decade, culminating in the upcoming launch of the VISUMAX 800 and SMILE pro in 2025 [8][12] - The new femtosecond laser 4.0 technology offers enhanced precision and customization, with a higher average transaction price compared to previous versions [9][10] - The all-light sculpting technique utilizes a 3D model of the eye and AI algorithms for personalized treatment, marking a significant advancement in refractive surgery [14] Group 4 - The refractive surgery market is expected to see a dual impact on performance and valuation due to technological upgrades and the release of pent-up demand [1][41] - The average age of patients undergoing refractive surgery in China is significantly lower than in Europe, indicating a different demographic focus and potential for market expansion [37][38] - The introduction of new materials like EVO+ICL (V5) and Longjing PR is expected to enhance visual quality and safety for patients, further driving market growth [21][27]