人民网北京12月19日电 （记者乔业琼）"近视手术做完就彻底摆脱近视，度数不会反弹"？市面上 有一些声称能防控近视、改善视力的"近视防控贴""护眼仪"等产品真的有用吗？在国家卫生健康委今日 召开的新闻发布会上，复旦大学附属眼耳鼻喉科医院主任医师周行涛进行了解答。 周行涛表示，近视手术做完就彻底摆脱近视，这种认识是不全面的。因为近视本身是不能治愈，做 完近视手术后，如果没有注意保护眼睛的话，会发生新的近视。当然，近视手术确实可以摆脱对眼镜的 依赖，因为现在角膜激光手术，比如全飞秒、半飞秒，新的Smile Pro，还有眼内镜晶体手术，比如 ICL、V4C或者V5，这类晶体的手术，确实能够让眼睛摆脱眼镜的困扰，而且能够看得清楚。但是在矫 正视力的同时，提倡术后长期关注自己的视力保健，如果长时间没有节制用眼，或者揉眼等不恰当的行 为方式，仍然会让视力受到影响。 在平时，应该如何做才能保护好视力？周行涛表示，最重要的还是规律作息，避免过度用眼，尤其 是避免长时间对着电子屏幕。推荐"20—20"方法，即看电子屏幕时，每20分钟至少休息20秒，当然最好 2分钟。或者看看远处，也就是5米远的距离，可以有效起到让眼睛放松、保护 ...

中新网12月19日电 国家卫生健康委19日召开新闻发布会，介绍时令节气与健康(冬至)有关情况。会上， 有记者提问，市面上有一些声称能防控近视、改善视力的"近视防控贴""护眼仪"等产品，请问这些产品 真的有用吗？ 周行涛表示，对近视防控，应该优先选择经过验证的方法。第一是生活行为方式，每天至少2小时的户 外活动，如果有一些孩子确实很难做到，至少一小时的户外时间是有的，这是一个非常有效的近视防控 的方法。第二是光学手段，现在包括OK镜、框架眼镜当中一部分功能镜，但要在医生的指导下使用。 第三是药物，包括低浓度阿托品等，这些需要在医嘱下使用。 对此，复旦大学附属眼耳鼻喉科医院主任医师周行涛特别强调，这些产品是否有效，当下暂时还没有医 学的证据，所以这些是不推荐的。他表示，选择这些所谓的防控措施(产品)，是忽视了近视目前还不能 治愈的事实。近视发生以后，比如眼轴延长以后，就已经近视了，目前还没有有效的逆转方法。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is a leading domestic manufacturer of artificial lenses and a technology-driven ophthalmic materials and optical platform company. Although the performance in Q3 2025 is under pressure due to the impact of medical insurance cost control, the recovery of the OK lens business and the steady progress of new product pipelines are expected to support long-term growth [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 358 million yuan, a year-on-year decrease of 8.17%, and a net profit attributable to shareholders of 77 million yuan, down 29.85% year-on-year. The decline in cataract surgery volume, influenced by national procurement and adjustments in medical insurance expenditure structures, has significantly pressured the company's performance [2]. Product Lines and Market Strategy - The OK lens business has shown double-digit year-on-year growth in Q3 2025, supported by strengthened sales channel construction and academic promotion. The new generation of OK lenses is expected to be launched in 2026, with industry-leading oxygen permeability [3]. - The high-end product pipeline is clear, with a continuous increase in the proportion of high-end products in the artificial lens sector. The company is also expanding its overseas market presence, leveraging product quality and performance to enhance growth quality and sustainability [4]. Profit Forecast and Valuation - Due to lower-than-expected volume growth in artificial lenses and declining factory prices for contact lenses, the revenue and profit forecasts for 2025-2027 have been adjusted. Expected revenues are 1.537 billion yuan in 2025, 1.894 billion yuan in 2026, and 2.275 billion yuan in 2027, with corresponding net profits of 396 million yuan, 492 million yuan, and 595 million yuan respectively. The company maintains a PE ratio of approximately 24 times for 2026, indicating potential growth driven by new products [5].

Core Insights - The event organized by Shenzhen Stock Exchange aimed to deepen investors' understanding of Aier Eye Hospital's (300015) listed company status and its role in the ophthalmology sector [1] Group 1: Company Overview - Aier Eye Hospital maintains international synchronization and domestic leadership in refractive technology, offering a wide range of surgical procedures that are continuously upgraded [2] - The company emphasizes personalized medical services based on the principle that "the suitable is the best," leading to increased patient recognition of advanced techniques like "All Light Plastic," "All-Femto 4.0," and "All-Femto Pro" [2] Group 2: Business Development - Aier's business structure optimization has resulted in a steady increase in average pricing, demonstrating effective measures against market saturation [2] - The company's vision care business has developed a comprehensive system from prevention to treatment, enhancing its core competitiveness through an integrated medical education and research platform [2] Group 3: Market Expansion - Investors are particularly interested in Aier's international expansion, with the company acknowledging the vast potential of the overseas ophthalmology market [2] - Aier plans to pursue internationalization more actively and cautiously, focusing on healthy growth of existing overseas institutions while enhancing its medical network in surrounding regions [2]

Core Insights - The company achieved a total operating revenue of 653 million yuan in H1 2025, representing a year-on-year growth of 1.72%, and a net profit attributable to shareholders of 38 million yuan, with a year-on-year increase of 33.37% [1] - The gross profit margin increased by 1.86 percentage points, indicating improved profitability [1] Revenue Breakdown - Revenue from proprietary products reached 203 million yuan, up 14.04% year-on-year, accounting for 31.09% of total revenue, an increase of 3.36 percentage points [1] - Revenue from self-produced artificial crystals contributed 171 million yuan, growing by 11.4% year-on-year, driven by national procurement policies and stable growth in overseas markets [1] - Revenue from distribution products was 327 million yuan, down 6.81% year-on-year, making up 50.09% of total revenue [1] Technical Services Performance - The technical services business showed steady growth, with revenue of 119 million yuan in H1 2025, an increase of 8.26% year-on-year, and accounting for 18.24% of total revenue, up 1.10 percentage points [1] - The company has a technical service team of 135 engineers in the Greater China region, serving nearly 14,000 clients across 13 service centers [1] R&D Investment - The company has 252 R&D personnel, representing approximately 28.0% of total employees, with R&D bases in Shenzhen, Suzhou, Wuxi, and Wenzhou domestically, and in the Netherlands and Germany internationally [2] - R&D expenditure for H1 2025 was 43.4 million yuan, a year-on-year increase of 23.6%, accounting for 21.4% of proprietary product revenue [2] Future Projections - Revenue projections for 2025-2027 are 1.564 billion, 1.715 billion, and 1.875 billion yuan, with year-on-year growth rates of 9.48%, 9.67%, and 9.33% respectively [2] - Net profit projections for the same period are 135 million, 180 million, and 214 million yuan, with year-on-year growth rates of 45.85%, 33.71%, and 18.99% respectively [2]

Group 1 - The core viewpoint of the report is that Gaoshi Medical (02407) is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.564 billion, 1.715 billion, and 1.875 billion yuan, representing year-on-year growth rates of 9.48%, 9.67%, and 9.33% respectively [1] - The net profit attributable to the parent company is forecasted to be 135 million, 180 million, and 214 million yuan for the same period, with year-on-year growth rates of 45.85%, 33.71%, and 18.99% [1] - The report maintains a "buy" rating for the company, highlighting its global "4+2" research and development layout and continuous investment in R&D [1] Group 2 - In the first half of 2025, the company achieved total operating revenue of 653 million yuan, a year-on-year increase of 1.72%, and a net profit attributable to the parent company of 38 million yuan, reflecting a year-on-year growth of 33.37% [1] - The gross profit margin increased by 1.86 percentage points [1] - Revenue from self-owned products reached 203 million yuan in the first half of 2025, a year-on-year increase of 14.04%, accounting for 31.09% of total revenue, an increase of 3.36 percentage points [1] Group 3 - The revenue from self-produced artificial crystals was 171 million yuan, with a year-on-year growth of 11.4%, driven by improved customer coverage and usage due to national procurement policies [1] - Revenue from distributed products was 327 million yuan, a year-on-year decrease of 6.81%, accounting for 50.09% of total revenue [1] - The company's technical service business also showed steady growth, with revenue of 119 million yuan in the first half of 2025, an increase of 8.26%, and accounting for 18.24% of total revenue [2] Group 4 - As of the first half of 2025, the company had a technical service team of 135 engineers, serving nearly 14,000 clients across 13 service centers in Greater China [2] - The company has a total of 252 R&D and production personnel, making up approximately 28.0% of the total workforce [2] - R&D expenditures in the first half of 2025 amounted to 43.4 million yuan, a year-on-year increase of 23.6%, representing 21.4% of self-owned product revenue [2]

Group 1 - The core viewpoint of the report is that Gaoshi Medical is expected to see steady revenue growth from 2025 to 2027, with projected revenues of 1.564 billion, 1.715 billion, and 1.875 billion yuan, representing year-on-year growth rates of 9.48%, 9.67%, and 9.33% respectively [1] - The net profit attributable to the parent company is forecasted to be 135 million, 180 million, and 214 million yuan for the same period, with year-on-year growth rates of 45.85%, 33.71%, and 18.99% respectively [1] - The company maintains an "overweight" rating based on its global "4+2" R&D layout and continuous investment in research and development, which has led to an expanding portfolio of proprietary products [1] Group 2 - In the first half of 2025, the company achieved total operating revenue of 653 million yuan, a year-on-year increase of 1.72%, and a net profit of 38 million yuan, up 33.37% year-on-year [1] - The gross margin increased by 1.86 percentage points, indicating improved profitability [1] - Revenue from proprietary products reached 203 million yuan, a year-on-year increase of 14.04%, accounting for 31.09% of total revenue, an increase of 3.36 percentage points [1] Group 3 - The revenue from self-produced artificial crystals contributed 171 million yuan, with a year-on-year growth of 11.4%, driven by national procurement policies enhancing customer coverage and usage, along with stable growth in overseas artificial crystal business [1] - Revenue from distributed products was 327 million yuan, a year-on-year decline of 6.81%, accounting for 50.09% of total revenue [1] Group 4 - The company's technical service business also showed steady growth, with revenue of 119 million yuan in the first half of 2025, an increase of 8.26% year-on-year, and accounting for 18.24% of total revenue, an increase of 1.10 percentage points [2] - As of the first half of 2025, the company had a technical service team of 135 engineers, serving nearly 14,000 clients across 13 service centers in Greater China [2] - The company invested significantly in R&D across various product lines, with R&D expenses of 434 million yuan in the first half of 2025, a year-on-year increase of 23.6%, representing 21.4% of proprietary product revenue [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 5% to 20% over the next 6-12 months [4][9]. Core Insights - The company achieved a total revenue of 653 million yuan in the first half of 2025, representing a year-on-year growth of 1.72%, while the net profit attributable to shareholders reached 38 million yuan, up 33.37% year-on-year [1][4]. - The company's self-owned product revenue increased to 203 million yuan, a growth of 14.04% year-on-year, accounting for 31.09% of total revenue, with significant contributions from self-produced artificial crystals [1][2]. - The company has a robust R&D investment strategy, with R&D expenses amounting to 434 million yuan in the first half of 2025, a 23.6% increase year-on-year, representing 21.4% of self-owned product revenue [2][4]. Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of 1.564 billion, 1.715 billion, and 1.875 billion yuan, with respective growth rates of 9.48%, 9.67%, and 9.33% [2][8]. - The net profit attributable to shareholders is expected to grow to 135 million, 180 million, and 214 million yuan over the same period, with growth rates of 45.85%, 33.71%, and 18.99% respectively [2][8]. - The earnings per share (EPS) are projected to be 0.91, 1.22, and 1.45 yuan for 2025, 2026, and 2027, respectively [2][8].

Summary of Haohai Biology Conference Call Company Overview - **Company**: Haohai Biology - **Date**: September 18, 2025 Key Points Industry and Company Performance - **Revenue Decline**: Haohai Biology's revenue for the first half of 2025 decreased by 34% year-on-year, primarily due to changes in VAT policy affecting hyaluronic acid products, resulting in a profit reduction of approximately 30 million yuan [2][3] - **Overall Revenue**: The company achieved a revenue of 1.304 billion yuan in the first half of 2025, a year-on-year decline of 7% but a quarter-on-quarter increase of about 11% [3] - **Net Profit**: The net profit attributable to shareholders was 210 million yuan, down 10% year-on-year, but up 34% quarter-on-quarter [3] Business Segment Performance - **Aesthetic Medicine Segment**: - Revenue decreased by 9% year-on-year, with hyaluronic acid sales down 17% [2][4] - Human epidermal growth factor sales increased by 14% [2] - High-end hyaluronic acid product "Haimi" saw sales growth exceeding double digits, now accounting for over 40% of the segment [2][7] - **Ophthalmology Segment**: - Revenue decreased by 20% year-on-year, but sales of preloaded aspheric intraocular lenses increased by 74% [2][4] - High oxygen permeability orthokeratology lenses saw an 86% increase in sales [2][5] - **Surgical Segment**: - Revenue grew by 60%, with innovative hemostatic product "Kangrui Gel" contributing 44 million yuan [2][5] - New anti-adhesion surgical products performed well, achieving 40 million yuan in sales shortly after launch [2][24] Product Development and Market Strategy - **High-End Product Focus**: The company is focusing on exporting high-end products, with preparations for "Haimi" and "Haimi Yuebai" underway [10] - **New Product Lines**: The company is expanding its aesthetic medicine offerings, including dermal fillers and light therapy devices, with some products receiving FDA certification [11][12] - **Technological Advantages**: "Haimi" utilizes a unique cross-linking process for smooth injection, while "Haimi Yuebai" employs amino acid cross-linking for safety and effectiveness [9] Market Challenges and Responses - **Impact of VAT Policy**: The adjustment of VAT from 3% to 13% on hyaluronic acid and chitosan products is expected to impact profits throughout 2025, but no similar effects are anticipated in 2026 [2][5] - **Competitive Landscape**: The OK lens segment faced challenges due to competition from new products like defocus frame glasses, leading to a decline in sales [20][21] - **Price Pressure**: The company is increasing R&D investment in mid-to-high-end products to counteract potential price pressures from upcoming procurement policies [15] Future Outlook - **Performance Expectations**: The company remains optimistic about future growth despite current economic uncertainties, focusing on steady marketing efforts and product development [26] - **Market Share Potential**: The domestic multifocal intraocular lens market share is expected to increase due to price adjustments in procurement policies [16] Additional Insights - **Sales of Human Epidermal Growth Factor**: This product has seen significant growth due to its application in aesthetic medicine, with sales increasing since 2024 [13] - **Surgical Product Innovations**: The innovative hemostatic product "Kangrui Gel" has entered the Shanghai medical insurance directory, with plans to expand into other provinces [25] This summary encapsulates the key insights from Haohai Biology's conference call, highlighting the company's performance, strategic focus, and market challenges.

Group 1: Industry Overview - The healthcare sector has experienced a bifurcation, with innovative drugs reviving while consumer healthcare remains in a downturn [1][12] - The innovative drug sector has seen significant growth, with a total transaction volume of $60.8 billion in the first half of the year, a 129% increase year-on-year [2][4] - The number of innovative drug companies with a market capitalization exceeding 100 billion yuan has increased to nine [3] Group 2: Innovative Drug Companies Performance - Hengrui Medicine reported revenue of 15.76 billion yuan and a net profit of 4.45 billion yuan in the first half of the year, with a year-on-year growth of 15.88% and 29.67% respectively [5] - BeiGene achieved revenue of 17.52 billion yuan and a net profit of 450 million yuan, marking its first half-year profit since its listing [7] - China Biologic Products reported revenue of 17.57 billion yuan, a 10.7% increase year-on-year, with innovative product revenue reaching 7.8 billion yuan, up 27.2% [6] Group 3: Consumer Healthcare Challenges - The vaccine sector, particularly for Zhifei Biological, saw a 73.06% decline in revenue to 4.92 billion yuan, resulting in a net loss of 597 million yuan [12] - Other consumer healthcare companies like Opcon Vision and Anke Bio also reported revenue declines, indicating a broader trend of stagnation in the sector [13] - The decline in consumer healthcare is attributed to price wars and changing consumer perceptions regarding product efficacy [13] Group 4: CRO Industry Dynamics - The CRO sector has experienced a divergence, with leading companies like WuXi AppTec reporting significant growth while smaller firms struggle [9][11] - WuXi AppTec's revenue reached 20.8 billion yuan, with a net profit increase of 101.92% [9] - The demand for CRO services is driven by the need for customized technology platforms and compliance capabilities in high-value segments like ADC and GLP-1 [10][11]