Core Insights - The company reported stable revenue growth in H1 2025, with operating income reaching 11.507 billion yuan, a year-on-year increase of 9.12% [1] - The net profit attributable to shareholders was 2.051 billion yuan, showing a slight increase of 0.05%, while the net profit excluding non-recurring items grew by 14.30% to 2.040 billion yuan [1] - The company experienced a decline in gross margin due to rising operating costs, with a gross margin of 48.56%, down 0.88 percentage points from the previous year [1] Financial Performance - In Q2 2025, the company achieved operating income of 5.481 billion yuan, a year-on-year increase of 2.47%, but the net profit attributable to shareholders decreased by 12.97% to 1.001 billion yuan [1] - The company’s expense ratios showed a downward trend, with the sales expense ratio at 9.15%, down 1.47 percentage points, and the management expense ratio at 14.89%, down 0.04 percentage points [1] Operational Highlights - The outpatient volume increased significantly, reaching 9.2483 million visits in H1 2025, a growth of 16.47%, while the number of surgeries performed was 879,000, up 7.63% [2] - Major project revenues showed steady growth, with the refractive project contributing the highest revenue of 4.618 billion yuan, an increase of 11.14%, although the gross margin decreased by 1.07 percentage points [2] Strategic Development - The company’s "1+8+N" strategy is making substantial progress, with 355 domestic hospitals and 240 outpatient departments operational as of June 30, 2025 [3] - The company has established a global network of 169 ophthalmology centers and clinics abroad, enhancing its international brand influence through hosting significant conferences [3] Investment Outlook - Despite overall consumer pressure, the company is expected to maintain stable growth, with revenue forecasts for 2025-2027 set at 23.469 billion, 26.091 billion, and 28.468 billion yuan respectively [4] - The net profit forecasts for 2025-2026 have been adjusted to 4.059 billion and 4.591 billion yuan, reflecting a decrease in gross margins [4]

Group 1 - The company reported a revenue of 2.678 billion yuan in 2024, a year-on-year decrease of 1.46%, and a net profit attributable to shareholders of -102 million yuan, a decline of 138.02% [1] - In Q1 2025, the company achieved a revenue of 742 million yuan, a year-on-year increase of 9.82%, and a net profit attributable to shareholders of 27 million yuan, a growth of 61.18% [1] - The company expects a recovery in 2025, driven by improved consumer environment and policy support [2] Group 2 - In 2024, the company's revenue from refractive projects was 1.227 billion yuan, down 5.31% year-on-year, while cataract project revenue was 576 million yuan, down 3.04% [2] - The gross margin for refractive projects in 2024 was 47.02%, a decrease of 4.56 percentage points compared to the same period in 2023 [2] - The overall gross margin in 2024 was 36.98%, down 7.02 percentage points year-on-year, with a net margin of -3.47%, a decline of 13.7 percentage points [3] Group 3 - The company anticipates net profits of 118 million yuan, 197 million yuan, and 255 million yuan for the years 2025, 2026, and 2027 respectively, reflecting adjustments due to factors like artificial crystal procurement and DRG policy [4] - The company is positioned as a leading private ophthalmology medical enterprise in China, with clear expansion plans in provincial capitals [4] - The aging population is expected to drive demand for medical services, supporting the company's growth trajectory [4]

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]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 2.678 billion RMB in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of -102 million RMB [2]. - In Q1 2025, the company achieved a revenue of 742 million RMB, reflecting a year-on-year increase of 9.82%, with a net profit of 27 million RMB, up 61.18% year-on-year [2]. - The company is focusing on the iterative development of refractive surgery techniques and has seen stable growth in essential projects [3]. Summary by Sections Performance Review - In 2024, the company generated revenue of 2.678 billion RMB, down 1.46% year-on-year, and reported a net loss of 102 million RMB [2]. - For Q1 2025, the company recorded revenue of 742 million RMB, a 9.82% increase year-on-year, with a net profit of 27 million RMB, marking a 61.18% increase year-on-year [2]. Operational Analysis - The refractive surgery segment generated 1.227 billion RMB in revenue in 2024, down 5.31% year-on-year, with a gross margin of 47.02% [3]. - The cataract project revenue was 576 million RMB, down 3.04% year-on-year, influenced by national procurement policies [3]. - The company is introducing new technologies to enhance its competitive edge and is focusing on high-end products to mitigate the impact of price reductions [3]. Expansion Strategy - The company is implementing a "national chain + local integration" strategy, focusing on urban centers and gradually maturing new hospitals to drive future growth [4]. Profitability Forecast - The company is expected to achieve net profits of 130 million RMB, 161 million RMB, and 202 million RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.87, 1.07, and 1.35 RMB [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported a revenue of 2.678 billion RMB in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of -102 million RMB [2]. - In Q1 2025, the company achieved a revenue of 742 million RMB, reflecting a year-on-year increase of 9.82%, and a net profit of 27 million RMB, up 61.18% year-on-year [2]. - The company is focusing on the iterative development of refractive surgery techniques and has introduced new technologies to strengthen its competitive edge [3]. - The cataract project generated a revenue of 576 million RMB in 2024, down 3.04% year-on-year, influenced by national procurement policies [3]. - The company is implementing cost control measures, resulting in a gross margin of approximately 39.34% in Q1 2025, indicating improved profitability [3]. - The company is expanding its network with a focus on urban areas, which is expected to contribute to future growth [4]. - Profit forecasts for 2025-2027 predict net profits of 130 million, 161 million, and 202 million RMB, respectively, with corresponding EPS of 0.87, 1.07, and 1.35 RMB [5]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.678 billion RMB, with a net profit of -102 million RMB and a non-recurring net profit of -85 million RMB [2]. - For Q1 2025, the company reported a revenue of 742 million RMB, with a net profit of 27 million RMB and a non-recurring net profit of 28 million RMB [2]. Operational Analysis - The refractive surgery segment generated 1.227 billion RMB in revenue in 2024, down 5.31% year-on-year, with a gross margin of 47.02% [3]. - The cataract segment's revenue was 576 million RMB, down 3.04%, with a gross margin of 38.93% [3]. - The company is enhancing service efficiency and attracting patients through expert recruitment and high-end product promotion [3]. Expansion Strategy - The company is pursuing a "national chain + local integration" strategy, focusing on major cities and expanding its presence [4]. - New hospitals are expected to gradually contribute to growth and improve profitability [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 130 million, 161 million, and 202 million RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.87, 1.07, and 1.35 RMB [5].

经济观察报记者张英 4月24日晚，"眼茅"爱尔眼科（300015）(300015.SZ)披露2024年年报，由于三大核心业务承压，其营业 收入增速创下上市16年以来新低，扣非净利出现上市以来首次负增长。 2024年，爱尔眼科实现营业收入209.82亿元，同比增长3.02%，远低于2023年的26.4%；扣非净利润为 30.99亿元，同比下降11.82%。 北京一家知名民营眼科医院高管告诉经济观察报，随着消费需求下降，屈光项目市场竞争激烈，整体价 格在走低。北京的屈光手术价格已从2万元左右降至目前的1.7万元，其他城市价格更低，例如贵州的价 格已经接近1.1万元。 爱尔眼科的视光项目也出现与屈光项目相似的变化。视光项目是爱尔眼科营收占比第二的业务，主要包 括近视防控、斜弱视诊断，以及验光配镜等，例如近年火热的用于孩子近视防控的OK镜便属于该业 务。视光项目的营收增速除了2022年的11.85%以外，历年均维持在30%上下，但2024年跌到了历史最低 的6.42%。同时，其毛利率为54.49%，相较2023年下滑了2.56个百分点。 对于视光项目营收增速放缓原因，爱尔眼科未在年报中解释。同行何氏眼科的视光项目20 ...