为了进一步扩大党建赋能覆盖面、驱动红色治理引擎，通过党建引领民营经济持续、健康、高质量发 展，6月27日，由中国上市公司协会主办的"民营上市公司党建工作交流会"在青岛召开。会上，爱尔眼 科医院集团(以下简称"爱尔眼科")等4家上市公司代表，在圆桌研讨阶段以"党建引领民营上市公司高质 量发展"为主题分享了民营企业在开展党建工作中的经验和成果。值得一提的是，爱尔眼科是其中唯一 一家民营医疗上市公司。 党建品牌"亮"起来，激活发展新动能 党建是企业发展的"红色引擎"，党建强则企业强，党建兴则企业兴。"只有高质量抓好党的建设，才能 充分发挥党的强大政治优势和组织优势。高质量党建是企业高质量发展的引领和保障。"爱尔眼科集团 党委专职副书记欧建平通过圆桌研讨分享了党建引领企业发展的"爱尔经验"。 创新引领发展，大力推进数字眼科建设 爱尔眼科始终将创新作为发展的核心动力。早在2019年上市十周年之际，爱尔眼科发布了新十年高质量 发展目标，其中就包括"通过全球布局、科技创新为世界眼科学做出贡献"。党的十八大以来，爱尔眼科 坚持把创新作为引领发展的第一动力，狠抓创新驱动，紧扣品牌创新发展的基点，引领带动科技创新、 机制创新、管 ...

"公司发展一直是内生生长和外延并购双轮驱动的，未来公司将以内生生长为主，并购基金已基本完成 历史使命。"5月20日，爱尔眼科医院集团股份有限公司（以下简称"爱尔眼科"）董事长陈邦在2024年年 度股东大会上表示，公司将持续推进"1+8+N"战略，并将在今年制定人工智能发展规划，加速AI赋能眼 科医疗。 2024年，在眼科行业净利普遍下滑的背景下，爱尔眼科仍交出了一份营收、净利润双增长的答卷。报告 期内，公司实现营业收入209.83亿元，同比增长3.02%；归母净利润突破35亿元大关，同比增长5.87%。 同时，公司以每10股派发1.6元（含税）的分红方案持续回馈投资者，派现额度高达14.87亿元。 2025年一季度，爱尔眼科重回高增长轨道，报告期内，实现营业收入60.26亿元，同比增长15.97%；归 母净利润10.5亿元，同比增长16.71%。 "1+8+N"战略落地见效 2024年，爱尔眼科"1+8+N"战略全面落地见效。作为集团战略支点的长沙医学中心持续发挥标杆作用， 八大区域眼科中心建设取得突破性进展——上海、南宁两地旗舰医院率先完成建设任务，湖北、安徽、 沈阳、贵州四区域中心相继投入运营，形成辐射全 ...

2024年，爱尔眼科毛利率为48.12%，同比下降5.27%；加权平均净资产收益率为17.89%，同比下降0.99个百分点；经营活动现金净流入48.82亿元，同比下降 16.86%，主要因应收账款规模扩大及政府补助减少；期末资产负债率为34.41%，同比微增0.75个百分点，流动比率为1.45，速动比率为1.26，短期偿债能力 保持健康。 业务板块表现，2024年爱尔眼科屈光项目收入为76.02亿元，同比增长2.31%，收入占比36.23%，受益于全光塑、全飞秒4.0等新技术推广，客单价稳步提 升；视光服务收入为52.78亿元，同比增长6.42%，收入占比为25.16%，青少年近视防控需求驱动角膜塑形镜、离焦镜渗透率提升；白内障项目收入为34.89 亿元，同比增长4.87%，收入占比为16.63%，主要受医保控费影响增速下降。 2024年，爱尔眼科研发投入为3.2亿元，研发费用率为1.53%。2024年，爱尔眼科推出眼科大模型AierGPT，智能客服系统处理201万人次咨询，服务效率提升 30%；数字人"爱科"覆盖200余家医院，实现虚拟导诊、健康科普等功能；拟向全体股东每10股派发现金红利1.6元（含税）。 ...

（图源：爱尔眼科供图） 当前世界，地缘冲突频繁、贸易保护主义甚嚣尘上，美国近期出台的所谓"对等关税"更是严重冲击全球经贸秩序，接续年初deepseek横空出世对全球AI产业 造成的震撼，重估中国资产价值的讨论更趋热烈。 当然，重估的标的不仅限于科技资产，随着生产效率提升带来的全社会利润率的改善，对中国资产的重估有望逐步扩散至其他板块。这其中，基本面坚实、 规模效应突出的各行业核心龙头将在这轮重估中凸显配置价值。 眼睛是最繁忙的器官，人类获取的外界信息约80%依赖视觉系统，但当代人群正面临日益严峻的眼健康危机。这种危机，涉及全年龄段人群的全生命期，尤 其是儿童青少年和老年群体的眼病呈快速上升趋势，眼科医疗需求随之递增。 国家疾控局监测数据显示，2022年我国儿童青少年总体近视率为51.9% (其中，小学36.7%，初中71.4%，高中81.2%)，近视人群高发化、低龄化、高度化的 形势严峻。叠加移动互联网加剧用眼强度，干眼症、高度近视带来眼疾病等治疗需求持续增长。 与此同时，据国家统计局数据，2024年末，我国60岁及以上老年人口已从2000年的1.26 亿人增加到了3.10亿人，老年人口占比从10.2%上升至 ...

门诊量手术量保持增长，加快"AI+眼科"应用布局。2024 年公司实现门诊量1,694.07 万人次，同比增长 12.14%；手术量129.47 万例，同比增长9.38%；公司基于深度学习和自然语言处理等数字技术，整合海 量眼科领域资源，自主研发的眼科垂直大模型 AierGPT 于 2024 年 9 月在世界近视眼大会上正式发布， 有效赋能眼健康科普、诊疗、培训及健康管理，助力打造"AI 数字眼科医生"。 公司持续分红，回购股份。公司拟向全体股东每 10 股派发现金红利1.6 元（含税）， 合计派发现金红 利14.87 亿元，占 2024 年度归属于上市公司股东净利润的 41.82%。同时，基于对公司未来发展前景的 预期，公司在 2023年至2024 年期间先后实施两期股份回购计划，通过二级市场累计回购31,363,178 股，占公司总股本的0.34%，成交总金额为 5.86 亿元。 事件：公司发布2024 年和2025Q1 业绩公告，2024 年公司实现营业总收入209.83 亿元，同比增长 3.02%；归母净利润35.56 亿元，同比增长5.87%，毛利率降低2.67pct 至48.12%。2025Q1 ...

Group 1: Company Insights - The company achieved a revenue of 11.36 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43% [5] - The net profit attributable to shareholders for Q1 2025 was 2.83 billion yuan, up 11.82% year-on-year, while the non-recurring net profit was 2.75 billion yuan, reflecting a year-on-year increase of 38.71% [5] - The newly launched game "Wanjian Changsheng" contributed significantly to revenue and profit growth in Q1 2025, with a revenue of 3.63 billion yuan [6] Group 2: Industry Trends - The eye care industry is experiencing a slowdown in growth, with the company managing to maintain revenue growth despite external challenges, achieving a revenue of 60 billion yuan in Q1 2025, up 16% year-on-year [8][9] - The company is expanding its international presence, with significant revenue contributions from Europe and Southeast Asia, achieving a total revenue of 210 billion yuan in 2024 [10] - The chemical industry is seeing a substantial increase in revenue, with the company reporting a revenue of 8.59 billion yuan in Q1 2025, a year-on-year increase of 91.68% [12][15] Group 3: Financial Performance - The company reported a net profit of 0.67 billion yuan in Q1 2025, which is a 10.46% increase year-on-year and a remarkable 902.93% increase quarter-on-quarter [12][15] - The net profit margin for the company improved significantly, with a sales net profit margin of 10.80% in Q1 2025, reflecting a year-on-year decrease of 3.1 percentage points [12] - The company is expected to see continued revenue growth, with projected revenues of 41.27 billion yuan, 48.48 billion yuan, and 55.70 billion yuan for 2025, 2026, and 2027 respectively [17]

Core Insights - The company reported a revenue of 20.983 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 3.556 billion yuan, up 6% [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan, representing a 16% increase, and a net profit attributable to shareholders of 1.050 billion yuan, up 17% [1] Operational Analysis - The outpatient and surgical volumes showed steady growth, with outpatient visits reaching 16.94 million (up 12%) and surgical procedures totaling 1.29 million (up 9%) in 2024 [2] - Revenue from refractive projects was 7.603 billion yuan (up 36%), cataract projects generated 3.489 billion yuan (up 17%), and vision service projects brought in 5.279 billion yuan (up 25%) [2] - Domestic revenue was 18.070 billion yuan (up 2.94%) with a gross margin of 48.03%, while overseas revenue reached 2.625 billion yuan (up 15.1%), with European revenue at 2.031 billion yuan (up 18.05%) [2] Business Expansion and AI Integration - The company expanded its network by acquiring 87 medical institutions, enhancing its presence in domestic markets, particularly at the county level [3] - By the end of 2024, the company operated 352 hospitals and 229 outpatient departments, benefiting from a tiered chain model for resource sharing [3] - The company launched the AierGPT model and digital assistant "AiKe," serving 2.01 million users, and collaborated with institutions like the Chinese Academy of Sciences to accelerate AI technology in ophthalmology [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 4.137 billion, 4.806 billion, and 5.561 billion yuan, each reflecting a 16% year-on-year growth [4] - The earnings per share (EPS) are projected to be 0.44, 0.52, and 0.60 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 29, 25, and 21 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][8] Core Insights - The company reported a revenue of 21 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit of 3.56 billion yuan, up 6% year-on-year. In Q1 2025, the company achieved a revenue of 6 billion yuan, a 16% increase, and a net profit of 1.05 billion yuan, a 17% increase [2][4] - The company is focusing on the "AI + Ophthalmology" strategy, enhancing its digital capabilities and expanding its international presence, particularly in Europe [4][5] - The company has maintained growth in patient volume despite a slowing industry, with outpatient visits increasing by 12% and surgeries by 9% in 2024 [4][5] Financial Performance - The company is projected to achieve revenues of 23.75 billion yuan, 26.84 billion yuan, and 30.34 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.2%, 13.0%, and 13.0% [6][7] - The net profit is expected to reach 4.17 billion yuan, 4.88 billion yuan, and 5.71 billion yuan for the same years, with growth rates of 17.2%, 17.1%, and 17.0% respectively [6][7] - The company maintains a strong return on equity (ROE) forecasted to increase from 17% in 2024 to 20% in 2027 [6][7][8] Market Performance - The company's stock has shown a performance of -2.7% over the last month, 6.5% over the last three months, and 5.3% over the last year, outperforming the CSI 300 index in the three-month and one-year periods [3][4] - The current stock price is 13.13 yuan, with a 52-week price range of 9.05 to 19.09 yuan [3][4] Strategic Initiatives - The company is advancing its "1+8+N" layout and international strategy, with a total of 352 domestic hospitals and 163 overseas ophthalmology centers and clinics as of December 31, 2024 [4][5] - The introduction of AI technologies, such as AierGPT and Eyecho, aims to enhance patient care and operational efficiency [4][5]