Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for the sector in the next 6-12 months [9][63]. Core Insights - The medical services sector has shown resilience, with a recent performance boost attributed to the seasonal increase in flu cases, despite ongoing cost control pressures from medical insurance [9][63]. - The report highlights the significance of the recent government initiative to promote provincial-level medical insurance coordination, which is expected to enhance the efficiency of fund utilization and improve the overall healthcare system [5][6][61]. - The medical services sector's current Price-to-Earnings (PE) ratio is 31.62, with a Price-to-Book (PB) ratio of 3.18, indicating a slight increase from the previous week [4][29]. Summary by Sections Industry Performance - The pharmaceutical and biological sector experienced a decline of 2.67% this week, ranking 17th among 31 primary industries [2][11]. - The medical services sub-sector reported a slight increase of 1.42%, closing at 6237.83 points [22][23]. Company Performance - Top-performing companies in the medical services sector include ST Zhongzhu (+16.3%), Baihua Pharmaceutical (+11.6%), and Lanwei Medical (+10.6%) [3][27]. - Underperforming companies include Aier Eye Hospital (-1.6%) and WuXi AppTec (-0.7%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.40 from the previous week, while the PB ratio has risen by 0.04 [4][29]. - The maximum and minimum PE ratios over the past year were 41.13 and 28.46, respectively, indicating a relatively stable valuation range [4][29]. Government Policy Impact - The recent government meeting emphasized the importance of provincial-level medical insurance coordination, which aims to balance fund distribution across regions and enhance the overall healthcare system [5][6][61]. - The report identifies structural opportunities for the pharmaceutical industry, particularly in innovative drugs, medical devices, and healthcare information technology, as a result of the new insurance policies [6][62]. Investment Recommendations - The report suggests focusing on high-growth areas such as pharmaceutical outsourcing services and companies with improving profit margins, including WuXi AppTec and Aier Eye Hospital [9][63].

Investment Rating - The report does not explicitly state an investment rating for the ophthalmology industry Core Insights - The ophthalmology medical service market in China is experiencing stable growth, with the market size projected to reach CNY 2,521.5 billion by 2025, reflecting a compound annual growth rate (CAGR) of 16.0% from 2020 to 2025 [7][10] - The revenue structure of companies in the industry is diversifying, with a notable increase in the proportion of refractive and optical services, while the basic medical sector faces pressure from policy changes and demand structure [3][50] - The overall growth rate of ophthalmology hospitals is slowing, with private hospitals expected to increase to 3,044 by 2028, while public hospitals will only expand to 83 [10][11] Company Summaries - Aier Eye Hospital continues to lead the industry with a revenue of CNY 174.84 billion, showing a 7.3% year-on-year growth, demonstrating strong risk resistance [25][29] - Huaxia Eye Hospital reported a revenue of CNY 32.7 billion, with a slight increase of 2.8% year-on-year, while its net profit rose by 3% to CNY 4.3 billion [25][26] - Puri Eye Hospital achieved a revenue of CNY 22.01 billion, with a 3.0% increase, but its net profit saw a significant drop of 66.1% due to new hospital losses and high expenses [25][30] - He Eye Hospital's revenue decreased by 1.1% to CNY 8.6 billion, but its net profit surged by 232.2% to CNY 0.54 billion, benefiting from regional business optimization [25][30] - Xima Medical reported a revenue of CNY 8.6 billion in 2025H1, a 61.29% increase year-on-year, achieving breakeven in mainland China operations [41][41] Market Dynamics - The proportion of refractive income is increasing across companies, with Puri Eye Hospital leading at 49.34%, followed by Aier Eye Hospital at 40.13% [50][47] - The cataract income share is declining, particularly for Huaxia Eye Hospital, which dropped from 22.70% to 20.15% due to the impact of centralized procurement policies [50][51] - The report highlights a trend of increasing high-end surgical procedures, which is driving up average transaction prices in the industry [58]

Core Points - The China Colorful Undertaking Promotion Association held its seventh member representative conference, where Shen Ying was elected as president and Chen Bang, chairman of Aier Eye Hospital Group, was recognized for his contributions to public welfare [2] - Aier Eye Hospital's "cross-subsidy" public welfare model supports sustainable development by using profits from high-end medical services to subsidize low-income eye disease patients, aligning with the core philosophy of the Colorful Undertaking [3] - Aier Eye Hospital aims for equal access to medical services in urban and rural areas, establishing a three-tier eye health public health service system and enhancing grassroots medical capabilities through donations and training [4] - The company has supported 873 public welfare projects across 31 provinces and regions in China, receiving the "Chinese Charity Award" for three consecutive terms [5] Summary by Sections Organizational Developments - The seventh council of the China Colorful Undertaking Promotion Association was elected, with 22 vice presidents and 136 executive directors appointed, highlighting the recognition of Aier Eye Hospital's commitment to public welfare [2] Public Welfare Initiatives - Aier Eye Hospital has developed a comprehensive eye health care system targeting vulnerable groups, including the elderly, children, and disabled individuals, through various public welfare actions [3] - The company has invested over 13.62 million yuan in establishing 592 eye health workstations and training 846 grassroots doctors, enhancing the accessibility of eye care services [4] Achievements and Recognition - Aier Eye Hospital's efforts in public welfare have led to its recognition as a model for private enterprises, with a commitment to combining "blood transfusion" and "blood production" in its charitable actions [5]

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4494.42 points, up 0.15%, with a trading volume of 7.52 billion yuan and a turnover rate of 0.75% [1] - Among the index constituents, 32 stocks rose while 24 fell, with Medical Pulse leading the gainers at 3.65% and Health Road leading the decliners at 3.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (14.56% weight, latest price 196.30 yuan, market cap 238 billion yuan, up 1.50%) [1] - Yier Eye Hospital (11.62% weight, latest price 11.40 yuan, market cap 106.31 billion yuan, down 0.26%) [1] - Lejin Medical (4.85% weight, latest price 15.87 yuan, market cap 29.26 billion yuan, up 0.13%) [1] - Aimeike (4.80% weight, latest price 146.26 yuan, market cap 44.26 billion yuan, up 0.83%) [1] - Yuyue Medical (4.66% weight, latest price 35.70 yuan, market cap 35.79 billion yuan, down 0.67%) [1] - Yingke Medical (3.64% weight, latest price 41.53 yuan, market cap 27.21 billion yuan, up 1.94%) [1] - Furuide (3.59% weight, latest price 67.08 yuan, market cap 17.78 billion yuan, up 1.36%) [1] - Meinian Health (3.58% weight, latest price 5.28 yuan, market cap 20.67 billion yuan, down 1.68%) [1] - Sinopharm (3.35% weight, latest price 18.42 yuan, market cap 57.48 billion yuan, down 0.69%) [1] - Ping An Good Doctor (2.63% weight, latest price 13.66 yuan, market cap 29.52 billion yuan, down 1.83%) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 58.83 million yuan, while retail investors saw a net inflow of 78.07 million yuan [1] - Specific stock capital flows include: - Aimeike: Main fund net inflow of 46.99 million yuan, retail net outflow of 30.07 million yuan [2] - Mindray Medical: Main fund net inflow of 33.08 million yuan, retail net outflow of 17.11 million yuan [2] - Furuide: Main fund net inflow of 13.68 million yuan, retail net outflow of 19.08 million yuan [2] Recent Adjustments - The Shenzhen-Hong Kong Medical Index has undergone adjustments in the last 10 days, with one new stock added [2]

Core Insights - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4391.58 points, up 0.14%, with a trading volume of HKD 8.259 billion and a turnover rate of 0.75% [1] - Among the index constituents, 32 stocks rose while 24 fell, with Mai Rui Medical leading the gainers at 3.65% and Jian Kang Zhi Lu leading the decliners at 3.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index are as follows: - Mai Rui Medical (sz300760) holds a weight of 14.56%, latest price at HKD 196.30, with a market cap of HKD 238 billion and a gain of 1.50% [1] - Yan Er Eye Hospital (sz300015) has a weight of 11.62%, latest price at HKD 11.40, with a market cap of HKD 106.31 billion and a decline of 0.26% [1] - Le Jin Medical (sz300003) has a weight of 4.85%, latest price at HKD 15.87, with a market cap of HKD 2.93 billion and a slight gain of 0.13% [1] - Ai Mei Ke (sz300896) has a weight of 4.80%, latest price at HKD 146.26, with a market cap of HKD 44.26 billion and a gain of 0.83% [1] - Yu Yue Medical (sz002223) has a weight of 4.66%, latest price at HKD 35.70, with a market cap of HKD 35.79 billion and a decline of 0.67% [1] - Ying Ke Medical (sz300677) has a weight of 3.64%, latest price at HKD 41.53, with a market cap of HKD 27.21 billion and a gain of 1.94% [1] - Fu Rui Co., Ltd. (sz300049) has a weight of 3.59%, latest price at HKD 67.08, with a market cap of HKD 17.78 billion and a gain of 1.36% [1] - Mei Nian Health (sz002044) has a weight of 3.58%, latest price at HKD 5.28, with a market cap of HKD 20.67 billion and a decline of 1.68% [1] - China National Pharmaceutical (hk01099) has a weight of 3.35%, latest price at HKD 18.42, with a market cap of HKD 57.48 billion and a decline of 0.69% [1] - Ping An Good Doctor (hk01833) has a weight of 2.63%, latest price at HKD 13.66, with a market cap of HKD 29.52 billion and a decline of 1.83% [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled HKD 58.83 million, while retail investors saw a net inflow of HKD 78.07 million [1] - The detailed capital flow for the top stocks shows: - Ai Mei Ke (300896) had a main fund net inflow of HKD 46.99 million but a retail net outflow of HKD 30.07 million [2] - Mai Rui Medical (300760) experienced a main fund net inflow of HKD 33.08 million with retail outflows [2] - Other stocks like Fu Rui Co., Ltd. (300049) and Li Bang Instruments (300206) also showed mixed capital flows with net inflows from main funds but outflows from retail investors [2] Recent Adjustments - In the past 10 days, there has been an adjustment in the Shenzhen-Hong Kong Stock Connect Medical Index, with one new stock added [2]

Group 1 - The core point of the article is that Aier Eye Hospital (SZ 300015) held its third temporary board meeting on November 27, 2025, to discuss the election of the chairman and vice-chairman [1] - For the fiscal year 2024, Aier Eye Hospital's revenue composition is 99.65% from the medical industry and 0.35% from other businesses [1] - As of the report date, Aier Eye Hospital has a market capitalization of 106.3 billion yuan [1]

爱尔眼科医院集团股份有限公司 2025 年第三次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 爱尔眼科医院集团股份有限公司（以下简称"公司"）2025 年第三次临时股 东大会采用现场表决与网络投票相结合的方式召开。其中通过深圳证券交易所交 易系统进行网络投票的时间为：2025年11月27日上午9:15至9:25、9:30至11:30， 下午 1:00 至 3:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 11 月 27 日上午 9:15 至下午 3:00 期间的任意时间；现场会议于 2025 年 11 月 27 日下午 2:30 在长沙市芙蓉南路一段 188 号爱尔大厦北塔 8 楼闻道厅会议室召 开。本次股东大会由公司董事会召集，董事长陈邦先生主持，公司董事、高级管 理人员、律师等相关人士出席了本次会议。会议的召集、召开与表决程序符合法 律、行政法规、部门规章、规范性文件和《公司章程》的规定 ...

二零二五年十一月二十七日 致：爱尔眼科医院集团股份有限公司 湖南启元律师事务所（以下简称"本所"）接受爱尔眼科医院集团股份有限 公司（以下简称"公司"）的委托，指派本所律师出席了公司 2025 年第三次临时 股东大会（以下简称"本次股东大会"），对本次股东大会的召集和召开程序、 出席会议人员及召集人的资格、表决程序和表决结果的合法有效性进行律师见证， 并发表本法律意见。 湖南启元律师事务所 关于爱尔眼科医院集团股份有限公司 2025年第三次临时股东大会的 法律意见书 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等我国现行法律、法规、规范性文件以及《爱 尔眼科医院集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定 出具本法律意见书。 为出具本法律意见书，本所律师声明如下： 2、出席会议的股东或其代理人的身份证明文件、授权委托书等； 3、本次股东大会股权登记日的公司股东名册、出席现场会议的股东的签到册 及相关资料； 4、网络投票的统计结果； 5、本次股东大会会议决议、表决资料等 ...

证券代码：300015 证券简称：爱尔眼科 公告编号：2025-097 爱尔眼科医院集团股份有限公司 第七届董事会第一次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，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"）2025 年第三次临时股 东大会于 2025 年 11 月 27 日召开，审议通过了公司董事会换届选举事宜，具体 内容详见同日披露的《2025 年第三次临时股东大会决议公告》。公司董事会已完 成换届选举，经全体董事一致同意，公司第七届董事会第一次会议于 2025 年 11 月 27 日在公司会议室以现场和通讯表决相结合的方式召开。会议由董事长陈邦 先生召集主持，应到董事 7 人，实到董事 7 人，会议的召开符合《公司法》和《公 司章程》的有关规定，会议合法、有效。经审议，本次会议一致通过如下议案： 一、《关于选举董事长、副董事长的议案》 根据《公司法》《公司章程》及其他有关规定，经董事会认真审议，选举陈 邦先生为公司第七届董事会董事长，选举李力先生为副董事长，任期自本次董事 会审议通过之日起三年。（简历见附件） 表决结果如下： 1、选举陈邦 ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2025-098 爱尔眼科医院集团股份有限公司 关于董事会完成换届及聘任高级管理人员、证券事务代表的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，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"）于 2025 年 11 月 27 日召开 2025 年第三次临时股东大会，选举产生了第七届董事会非职工代表董事， 与公司 2025 年第一次职工代表大会选举产生的职工代表董事周建军先生共同组 成了公司第七届董事会。同日，公司召开第七届董事会第一次会议，审议通过了 选举公司第七届董事会董事长、副董事长、董事会各专门委员会委员及聘任高级 管理人员、董事会秘书、财务总监、证券事务代表的议案。现将有关情况公告如 下： 一、第七届董事会及董事会各专门委员会组成情况 （一）董事会成员 1、非独立董事：陈邦先生（董事长）、李力先生（副董事长）、吴士君先生 2、独立董事：高国垒先生、刘端女士、田素华先生 3、职工代表董事：周建军先生 公司第七届董事会由 7 名成员组成，任期自公司 2025 年第三次临时股东大 会审议通过之日起三年 ...