Aier(SZ:300015)2025-09-08 04:11Summary of Medical Services Industry Conference Call Industry Overview - The medical services industry experienced a slight revenue increase of 0.2% to 36 billion in the first half of 2024, with a decline in the second quarter due to high base effects from the previous year [1][2] - Consumer medical services, particularly in ophthalmology, showed resilience, while serious medical service companies faced a revenue decline of 15%-20% due to high base effects and DRG/DIP consulting fees [1][4] Key Insights and Arguments - Ophthalmology Sector Performance: - Aier Eye Hospital's refractive and optical businesses achieved double-digit growth, leading the industry [1][5] - Other companies in the cataract business experienced declines due to the impact of crystal procurement, but a recovery is expected in the second half of the year [1][5] - The price war in refractive services is diminishing, and the demand for optical services is expected to rise due to the conclusion of the youth myopia prevention plan [1][5][8] - Medicare Policy Impact: - From January to July, the Medicare fund showed stable income growth of 7% and a spending decrease of 1%, indicating pressure on the expenditure side [9] - Data from cities like Chongqing, Tianjin, and Guangxi suggest steady outpatient visits, with expectations for recovery in demand and reporting in the second half of the year [9] - Aier Eye Hospital's Strategic Expansion: - The company aims to increase its overseas market share from the current 10-15% to 30-50% [1][10] - New business opportunities include advanced refractive procedures, multi-focus cataract upgrades, and presbyopia surgeries, with AI technology expected to enhance operational efficiency [1][10] Company-Specific Performance - Aier Eye Hospital: - Reported a 9% revenue growth and a 14% increase in net profit excluding non-recurring items in the first half of 2024 [3][8] - The average selling price (ASP) in refractive services increased by approximately 5% [5][8] - International Medical: - Faced operational pressure with a 16% revenue decline but managed to reduce net profit loss by 15% through improved diagnostic efficiency and optimized inpatient services [3][11] - The proton center is set to commence operations, and the aesthetic medical business is expected to grow significantly [11] Future Development Expectations - The second half of 2024 is anticipated to show optimistic trends for the medical services industry, with potential stock price opportunities due to accelerated company performance [3][12] - Policy changes, such as the introduction of provincial payment details and the expansion of prepayment and real-time settlement, are expected to positively impact the industry [12][13] - The overall beta slope of the industry is expected to improve, indicating a recovery in company performance and elasticity [13]