Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

证券研究报告 | 2026年2月11日 ——医药生物行业2026年2月投资策略 关注低估值和业绩修复的服务及消费板块 行业研究 · 行业投资策略 医药生物 投资评级：优于大市（维持评级） 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：马千里 010-88005445 maqianli@guosen.com.cn S0980521070001 证券分析师：张超 0755-81982940 zhangchao4@guosen.com.cn S0980522080001 证券分析师：彭思宇 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈益凌 021-60933167 chenyiling@guosen.com.cn S0980519010002 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 证券分析师：肖婧舒 0755-81982826 xiaojingshu@guosen.co ...

证券代码：300015 证券简称：爱尔眼科 公告编号：2026-007 爱尔眼科医院集团股份有限公司 关于公司实际控制人部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）近日接到公司实际控 制人陈邦先生函告，获悉陈邦先生所直接持有公司的部分股份解除质押，具体事 项如下： 一、股东股份解除质押的基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数 | 持股比 | 本次质押 前质押股 | 本次质押 后质押股 | 占其所 | 占公司 | 已质押股 份限售和 | 占已 | 未质押股 | | | 名称 | 量（股） | 例 | 份数量 | 份数量 | 持股份 比例 | 总股本 比例 | 冻结、标 | 质押 股份 | 份限售和 冻结数量 | 占未质 押 ...

Core Viewpoint - The company, Aier Eye Hospital (300015), experienced a stock price decline of 2.98% to 10.74 yuan as of February 9, 2026, with a trading volume of 1.9961 million shares and a turnover of 2.134 billion yuan [1]. Group 1: Company Operations and Governance - The company clarified that it is not associated with the Xiangyang psychiatric hospital involved in an insurance fraud incident, emphasizing its commitment to legal compliance and adherence to regulations regarding medical services and patient rights [2]. - The company is actively pursuing technological innovation in the field of smart healthcare, focusing on enhancing customer service experiences through AI applications in various operational areas [2]. - The company denied rumors regarding the chairman being detained, stating that the chairman recently chaired a meeting, urging investors to verify information from credible sources [3]. Group 2: Market Activity and Investor Sentiment - On February 9, the main funds saw a net outflow of 304 million yuan, while retail investors contributed a net inflow of 190 million yuan [5][6]. - The trading data indicates a mixed sentiment in the market, with retail investors showing interest despite the overall outflow from institutional investors [6].

Core Viewpoint - The article discusses the challenges faced by Aier Eye Hospital, once a leading player in the ophthalmology market, due to a recent insurance fraud scandal that has led to a significant loss of market trust and a drastic decline in its market value from a peak of 380 billion yuan to around 100 billion yuan [2][25][42]. Group 1: Company Background and Growth - Aier Eye Hospital was established in 2003 and became the first private hospital to go public in China in 2009, capitalizing on the rise of private healthcare [5][27]. - From 2015 to 2024, the company's revenue grew from 3.17 billion yuan to 20.98 billion yuan, with a compound annual growth rate (CAGR) of 23.4%, while its net profit increased from 460 million yuan to 3.01 billion yuan, also with a CAGR of 23.6% [5][27]. Group 2: Market Position and Expansion Strategy - Aier Eye Hospital is the leading player in the private ophthalmology market in China, supported by a favorable market environment and a controversial expansion model [6][29]. - The private ophthalmology market in China is nearing 100 billion yuan, accounting for about 40% of the overall market, with a CAGR of 20.7% from 2015 to 2019 [6][30]. - The company adopted an aggressive expansion strategy through a "private equity fund + partner" model, allowing it to leverage limited capital for significant acquisitions [9][32]. Group 3: Recent Challenges and Scandal - A recent scandal involving alleged insurance fraud at hospitals linked to Aier has raised questions about the company's internal controls and management capabilities [12][34]. - The company's rapid expansion has led to systemic risks and compliance issues, with multiple instances of regulatory violations reported across its facilities [12][38]. - The stock price has dropped significantly since July 2021, losing about 70% of its value, reflecting ongoing operational and reputational challenges [16][39]. Group 4: Future Outlook and Strategic Recommendations - Aier Eye Hospital must focus on core ophthalmology services, reduce unnecessary cross-sector investments, and enhance internal controls to regain market trust [24][43]. - The company is attempting to rectify its issues by conducting compliance checks and restructuring its investment strategies [19][42]. - The ophthalmology market still holds potential, and Aier's established position could allow it to recover if it shifts its focus from aggressive expansion to quality improvement and compliance [40][41].

Group 1 - The company, Aier Eye Hospital (300015), recently responded to investor inquiries on its interactive platform, indicating that the Secretary of the Board just attended a meeting chaired by the Chairman [1]

Core Viewpoint - Aier Eye Hospital (SZ300015) clarifies its non-involvement with Xiangyang Hengtai Kang Hospital amid media reports alleging violations related to mental health care, aiming to protect investor interests and dispel misinformation [2][3]. Group 1: Company Clarification - Xiangyang Hengtai Kang is not a subsidiary of Aier Eye Hospital but a joint venture established by Aier Medical Investment Group and other investors [2]. - Aier Medical Investment does not participate in the daily operations or management of Xiangyang Hengtai Kang [3]. - There is no equity control, business relationship, or management connection between Aier Eye Hospital and Hunan Hengtai Kang Rehabilitation Medical Industry Development Co., Ltd. [3]. Group 2: Management and Financial Performance - Aier Eye Hospital's actual controller, Chen Bang, maintains a strict compliance approach to operations, emphasizing a zero-tolerance policy towards illegal activities [3]. - Chen Bang, born in September 1965, is the founder and chairman of Aier Eye Hospital, with a reported salary of 1.149 million CNY for 2024 [4]. - As of June 30, 2025, Aier Eye Hospital operates 976 facilities globally, with 807 in mainland China, 9 in Hong Kong, 1 in the USA, 141 in Europe, and 18 in Southeast Asia [4]. - For the first three quarters of 2025, Aier Eye Hospital reported a revenue of 17.484 billion CNY, a year-on-year increase of 7.25%, while net profit attributable to shareholders was 3.115 billion CNY, a decrease of 9.76% [4]. Group 3: Market Reaction - Following the clarification announcement, Aier Eye Hospital's stock price fell over 3%, with a current trading price of approximately 11.13 CNY [4][5]. - The stock has experienced a trading range with a 52-week high of 14.40 CNY and a low of 10.84 CNY [5].

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3910.25 points on February 9, 2023, with a gain of 0.71% and a trading volume of 13.76 billion yuan, indicating a positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 42 constituent stocks rise, with Di'an Diagnostics leading the gains at 5.9%, while 8 stocks declined, with Aier Eye Hospital experiencing the largest drop at 2.98% [1]. Group 2: Capital Flow - The net capital outflow from major funds in the ChiNext Medical Index amounted to 250 million yuan, while retail investors contributed a net inflow of approximately 92.97 million yuan [2]. - The net inflow from speculative funds was recorded at 157 million yuan, indicating varied investor interest across different segments [2].

Core Viewpoint - The China Securities Medical Index (399989) closed at 7161.62 points, up 0.6%, with a trading volume of 19.192 billion yuan and a turnover rate of 1.97% on February 9 [1] Group 1: Index Performance - On the same day, 37 of the index's constituent stocks rose, with Sanbo Brain Science leading with a 5.32% increase, while 12 stocks declined, with Aier Eye Hospital falling by 2.98% [1] - The top ten constituent stocks of the China Securities Medical Index are primarily in the pharmaceutical and medical sectors, with WuXi AppTec holding the highest weight at 10.03% [1] Group 2: Stock Details - The top ten stocks include: - WuXi AppTec: Weight 10.03%, Latest Price 98.70, Market Cap 294.97 billion yuan [1] - Mindray Medical: Weight 9.12%, Latest Price 189.17, Market Cap 229.36 billion yuan [1] - United Imaging Healthcare: Weight 7.49%, Latest Price 128.92, Market Cap 106.25 billion yuan [1] - Aier Medical: Weight 6.04%, Latest Price 10.74, Market Cap 100.16 billion yuan [1] - Other notable stocks include Tigermed, Kanglong Chemical, and Yuyue Medical, all within the medical and pharmaceutical industry [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 205 million yuan, while retail investors saw a net inflow of 1.51 billion yuan [1] - Detailed capital flow indicates that major stocks like WuXi AppTec and Mindray Medical experienced varying levels of net inflow and outflow from different investor categories [2]

Core Viewpoint - Aier Eye Hospital (300015.SZ) is facing scrutiny due to allegations of fraudulent activities linked to a psychiatric hospital in Hubei, which is indirectly associated with its chairman, Chen Bang. The company has issued clarifications to distance itself from the allegations and emphasize its commitment to compliance with regulations [1][2][3]. Group 1: Company Response - Aier Eye Hospital clarified that Xiangyang Hengtai Kang Hospital is not part of its corporate structure and is a joint venture established by Aier Medical Investment Group and other investors [3]. - The management team of Xiangyang Hengtai Kang Hospital operates independently, and Aier Medical Investment does not participate in its daily operations [4]. - Aier Eye Hospital and its actual controller, Chen Bang, maintain a strict adherence to legal and regulatory standards regarding medical services and the use of medical insurance funds, expressing a zero-tolerance policy towards any illegal activities [4]. Group 2: Ownership Structure - Xiangyang Hengtai Kang Hospital is a wholly-owned subsidiary of Hunan Hengtai Kang Rehabilitation Medical Industry Development Co., Ltd., which is 90% owned by Hunan Aier Health Industry Development Co., Ltd. [1]. - Aier Medical Investment Group holds a 90% stake in Hunan Aier Health Industry Development Co., Ltd., with Chen Bang being the actual controller of Aier Medical Investment Group, holding 79.9931% of its shares [1].