Core Viewpoint - The company anticipates challenges in revenue growth across its business segments in Q2 2025 due to a slowdown in overall demand and intensified industry competition, particularly affecting its cataract project revenue [1] Group 1: Revenue and Performance - The company's revenue is expected to decline in Q2 2025, influenced by the centralized procurement policy for artificial lenses and reforms in medical insurance payment methods [1] - Despite the anticipated decline in Q2, the company expects stable overall revenue and operating cash flow in the first half of 2025 [1] Group 2: Industry Trends and Technological Advancements - Continuous advancements in ophthalmic medical technology, such as femtosecond-assisted cataract surgery and new techniques like all-laser 4.0 and all-laser pro, are expected to enhance treatment outcomes for patients [1] - These technological improvements may help optimize the company's business structure and elevate performance levels [1] Group 3: Management Outlook - The management expresses confidence in the company's long-term development despite the short-term challenges [1]

Industry Outlook - The ophthalmology medical service industry faces both opportunities and challenges, with a growing market size driven by an aging population and increasing demand for myopia prevention [2] - The market for cataract surgeries is expected to expand, while the refractive surgery market has significant growth potential due to low penetration rates [2] - National policies supporting private healthcare provide a favorable environment for the development of private ophthalmology hospitals [2] Current Market Performance - In 2024, the ophthalmology industry experienced a slowdown in growth due to intense domestic competition, low consumer demand, and policy impacts such as healthcare payment reforms [3] - Larger companies showed better profit resilience amidst these challenges, indicating a trend towards increasing market concentration [3] Company Performance - In Q1 2025, the company reported total revenue of CNY 742 million, a year-on-year increase of 9.82%, and a net profit of CNY 27 million, up 61.18% [4][7] - The company has effectively controlled costs and optimized its business structure through the introduction of new technologies [4] Future Growth Drivers - Future profit growth for the company is driven by six key factors: 1. Aging population and increased awareness of eye health driving demand for cataract and vision care services 2. Business structure optimization and promotion of high-end cataract projects to enhance profit margins 3. Introduction of advanced technologies to improve service attractiveness and gross margins 4. Gradual reduction of losses from newly opened hospitals, enhancing performance flexibility 5. Cost control through centralized procurement and digital management to improve operational efficiency 6. A strategic approach to investment expansion under a "national chain + local integration" model [5]