爱尔眼科医院集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 证券代码：300015 证券简称：爱尔眼科 公告编号：2025-077 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 爱尔眼科医院集团股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 适用 □不适用 3.第三季度财务会计报告是否经过审计 □是 否 1 爱尔眼科医院集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 同期增减 | | 营业收入（元） | 5,976,7 ...

Core Insights - The article highlights the significant impact of the Eye Care Charity Foundation in restoring vision to over 1.5 million patients suffering from eye diseases, particularly cataracts, in underprivileged rural areas [1][12] - The foundation's initiatives focus on providing accessible eye care services to elderly individuals who often face financial and logistical barriers to treatment [8][13] Group 1: Patient Stories - Wen Aihua, a 71-year-old woman, underwent successful cataract surgery with the help of the Eye Care Charity Foundation, allowing her to regain her vision after a prolonged period of blindness [1][4] - Qin Guiyu, a 93-year-old woman, faced severe vision impairment and was hesitant to seek treatment due to financial concerns, but ultimately received free surgery through the foundation's programs [2][5] Group 2: Challenges Faced by Patients - Many elderly individuals in rural areas delay seeking medical help for eye diseases due to transportation issues, lack of medical information, and fear of high treatment costs [3][8] - The foundation identifies and reaches out to these vulnerable populations, ensuring they receive necessary medical attention [7][8] Group 3: Foundation's Initiatives - The Eye Care Charity Foundation has launched various projects, such as the "Light Project: Cataract Restoration," to provide free surgeries and medical support to eligible elderly patients [5][12] - The foundation collaborates with local medical institutions and volunteers to conduct eye health screenings and provide follow-up care, emphasizing a sustainable approach to eye health [12][13] Group 4: Impact and Reach - The foundation has invested over 1.6 billion yuan in eye care initiatives, benefiting over 1.5 million patients and conducting nearly 200 million public health education activities [13] - The foundation's projects have reached all provinces in mainland China, showcasing its extensive network and commitment to improving eye health in underserved communities [13]

Core Insights - The article highlights the significant impact of the Eye Care Charity Foundation in restoring vision to elderly individuals suffering from cataracts, emphasizing the importance of grassroots initiatives in addressing healthcare needs in rural areas [1][6][10] Group 1: Patient Stories - Wen Aihua, a 71-year-old woman from Shanxi Province, regained her vision after cataract surgery funded by the Eye Care Charity Foundation, becoming one of 1.5 million patients helped by the organization [1][10] - Qian Guiyu, a 93-year-old woman from Guangxi, faced severe vision impairment and was hesitant to seek treatment due to financial concerns, but ultimately received free surgery through the foundation's programs [3][6] Group 2: Foundation Initiatives - The Eye Care Charity Foundation has launched multiple projects, such as the "Light Project: Cataract Restoration" and "Public Diagnosis Zones," aimed at providing assistance to low-income patients in underdeveloped regions [1][6] - The foundation focuses on identifying and reaching out to elderly individuals with vision problems, utilizing community resources and social workers to ensure that aid reaches those in need [6][9] Group 3: Sustainable Model - The foundation has established a sustainable model for its charitable efforts, collaborating with various organizations, including government bodies and medical institutions, to ensure long-term support for eye health initiatives [9][10] - As of now, the Eye Care Charity Foundation has provided over 1.6 billion yuan in funding and assisted more than 1.5 million patients, with outreach activities reaching nearly 200 million people [10]

Core Viewpoint - Aier Eye Hospital, once regarded as a leader in ophthalmology, is currently facing a dual crisis of trust and operational challenges since its IPO, highlighted by allegations of financial misconduct and stagnant growth [1] Group 1: Charity Fund Flow and Allegations - Aier Eye Hospital has been accused of a "donate and recoup" model, where over 55 million yuan was paid to a charity fund, which subsequently funneled money back to Aier's subsidiaries, creating a closed-loop system [2] - Beneficiaries are reportedly required to receive treatment within Aier's network, leading to concerns that charitable donations are effectively converted into corporate revenue [2] - Allegations suggest that Aier profits from insurance reimbursements, with a reported 1,300 yuan received per cataract surgery, despite actual costs being significantly lower, indicating a potential dual-track profit scheme [2] Group 2: Compliance Risks and Penalties - Multiple Aier hospitals have faced penalties for insurance fraud, raising further doubts about the company's operational integrity [3] - Specific fines include 131,500 yuan for project switching at Xiangshan Aier Hospital and 22,400 yuan for overcharging at Yangjiang Aier Hospital, among others [4] - The closed-loop operation of charity funds and insurance reimbursements may violate charity laws, transforming donations into business income and breaching regulatory boundaries [4] Group 3: Financial Performance and Stock Price Decline - Aier's revenue for the first half of 2025 reached 11.507 billion yuan, a 9.12% increase, but net profit only grew by 0.05%, marking the lowest growth rate since its IPO [5] - The second quarter saw a 12.97% year-on-year decline in net profit, indicating significant pressure on core business profitability [5] - Margins for key services have dropped, with the gross margin for refractive projects at 56.12% and optical services at 54.21%, alongside a decrease in surgery prices [5] Group 4: Goodwill and Acquisition Challenges - Aier has relied heavily on acquisitions, resulting in a goodwill of 8.722 billion yuan as of June 2025, more than doubling since 2019 [6] - Despite ongoing acquisitions, the lack of growth raises concerns about potential goodwill impairment, which could adversely affect the profit statement if acquired assets underperform [6] Conclusion - Aier Eye Hospital is confronted with unprecedented systemic risks, including issues of trust, operational integrity, and financial performance, necessitating a reevaluation of its balance between commercial interests and social responsibility [7][8]

Group 1 - The core point of the news is that Aier Eye Hospital Group conducted two block trades on October 23, totaling 1.434 million shares and a transaction amount of 17.595 million yuan, with a transaction price of 12.27 yuan per share [2][3] - In the last three months, Aier Eye Hospital has recorded a total of four block trades, amounting to 37.0813 million yuan [2] - The closing price of Aier Eye Hospital on October 23 was 12.27 yuan, reflecting an increase of 0.57%, with a daily turnover rate of 0.50% and a total trading volume of 484 million yuan [2] Group 2 - The latest margin financing balance for Aier Eye Hospital is 2.595 billion yuan, which has increased by 261 million yuan over the past five days, representing a growth rate of 11.17% [3] - The company was established on January 24, 2003, with a registered capital of 932.539667 million yuan [3] - The block trade details include a transaction volume of 1.269 million shares for 15.5704 million yuan and 165,000 shares for 2.0246 million yuan, both at a price of 12.27 yuan, with no premium or discount [3]

Core Viewpoint - The Medical Health Index (980016) closed at 6646.6 points, down 0.3%, with a trading volume of 19.922 billion yuan and a turnover rate of 0.75% on October 23 [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 16 stocks rose while 31 stocks fell, with Kanglong Chemical leading the gainers at 1.55% and Te Bao Biological leading the decliners at 6.07% [1] - The top ten constituent stocks of the Medical Health Index include: - WuXi AppTec (14.37% weight, latest price 101.90, market cap 304.045 billion yuan) - Hengrui Medicine (11.45% weight, latest price 65.14, market cap 432.347 billion yuan) - Mindray Medical (8.07% weight, latest price 221.80, market cap 268.920 billion yuan) [1] Group 2: Capital Flow - The net outflow of main funds from the constituent stocks of the Medical Health Index totaled 1.072 billion yuan, while retail investors saw a net inflow of 955 million yuan [3] - Detailed capital flow for key stocks includes: - Mindray Medical: Main net inflow of 66.9479 million yuan, retail net inflow of 3.6088 million yuan - Te Bao Biological: Main net inflow of 29.0966 million yuan, retail net outflow of 41.3737 million yuan [3]

Group 1 - The aging population in China is leading to an increase in presbyopia, with nearly 100% prevalence in individuals over 52 years old, creating a significant public health issue affecting millions [1][3] - Current presbyopia correction methods include optical correction (glasses), surgical correction, and drug treatment, each with its own advantages and disadvantages [1][2] - Surgical correction methods, such as artificial lens implantation and laser correction, are becoming increasingly important as technology advances, with a low current penetration rate in China indicating potential for rapid growth [1][2][3] Group 2 - The cost of presbyopia correction surgery varies, with lens replacement surgery typically costing between 300,000 to 1,000,000 RMB for both eyes, while laser correction ranges from 20,000 to 60,000 RMB [2] - The market for presbyopia correction is expected to grow significantly, driven by increasing awareness and demand among the working population aged 45 to 60 [4][6] - The private sector currently holds about 60% of the presbyopia correction market, benefiting from flexible service mechanisms and rapid technological advancements, while public hospitals focus on basic medical needs [14][15] Group 3 - New treatment methods, such as presbyopia eye drops, are in clinical trials, with the potential to improve vision by pharmacologically constricting the pupil, although they require continuous use and may cause side effects [4][10] - Companies like Aier Eye Hospital and Devision are actively involved in the presbyopia correction market, with Aier focusing on multi-focal lenses to address both presbyopia and myopia [3][10] - The integration of multi-disciplinary teams in eye care is being promoted to address the complexities of treating patients with multiple eye conditions, enhancing the overall patient experience [15]

Market Overview - On October 23, the medical services sector rose by 0.19% compared to the previous trading day, with Bid Pharma leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Gainers in Medical Services - Bid Pharma (688073) closed at 71.15, up 5.27% with a trading volume of 11,500 lots and a transaction value of 799.13 million [1] - ST Zhongzhu (600568) closed at 2.02, up 5.21% with a trading volume of 400,000 lots and a transaction value of 794.03 million [1] - Other notable gainers include *ST Biology (000504) at 9.50, up 2.48%, and Kanglong Chemical (300759) at 31.44, up 1.55% [1] Top Losers in Medical Services - Haitai Bio (300683) closed at 32.06, down 7.15% with a trading volume of 136,900 lots and a transaction value of 440 million [2] - Innovative Medical (002173) closed at 22.32, down 5.10% with a trading volume of 639,200 lots and a transaction value of 143.2 million [2] - Other significant decliners include Chengda Pharmaceutical (301201) at 32.70, down 3.77%, and Heyuan Bio (688238) at 7.49, down 2.60% [2] Capital Flow Analysis - On the same day, the medical services sector experienced a net outflow of 637 million from institutional investors, while retail investors saw a net inflow of 723 million [2][3] - The overall capital flow indicates that while institutional investors were pulling back, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - For Aier Eye Hospital (300015), there was a net outflow of 20.59 million from institutional investors, while retail investors contributed a net inflow of 231,940 [3] - Kanglong Chemical (300759) saw a net inflow of 17.04 million from institutional investors, but a net outflow of 2.59 million from retail investors [3] - Bid Pharma (688073) had a net inflow of 1.08 million from institutional investors, while retail investors contributed a net inflow of 504,580 [3]

Core Insights - The report maintains a positive long-term outlook on innovative drugs and suggests focusing on companies showing signs of bottom reversal in the pharmaceutical and biotechnology sector [1][4]. Investment Strategy - The investment strategy emphasizes the long-term logic of innovative drugs and recommends monitoring companies with high-quality innovation capabilities, such as Kelun-Biotech, Kangfang Biologics, Innovent Biologics, and others [4]. - The report suggests a diversified investment portfolio for October 2025, including both A-shares and H-shares, with specific companies highlighted for their growth potential [4][5]. Clinical Progress and Market Trends - The report notes significant clinical data presentations at the ESMO conference, showcasing the competitive edge of domestic innovative drugs in global markets [4]. - It highlights the increasing trend of Chinese innovative drugs entering overseas markets, with a focus on the importance of global clinical data for commercialization certainty [4]. Medical Device Sector - The medical device sector is expected to experience valuation recovery due to policy optimization, improved market conditions, and performance recovery, with specific companies recommended for investment [4]. - The report indicates a rebound in medical device tenders and a potential reversal in performance for certain companies in Q3 2025 [4]. Macro Data and Industry Performance - The pharmaceutical manufacturing industry reported a cumulative revenue of 15,833.10 billion yuan with a year-on-year decline of 2.0% for the first eight months of 2025 [9]. - The overall performance of the pharmaceutical sector in September 2025 showed a decline of 1.71%, underperforming the CSI 300 index by 4.91% [10]. Company Valuation Overview - The report provides a detailed valuation overview of selected companies, indicating their market capitalization, projected net profits, and various financial ratios such as PE and ROE for 2024 to 2027 [5]. - Companies like Mindray Medical, WuXi AppTec, and Aier Eye Hospital are highlighted for their favorable investment ratings and growth prospects [5].

Core Viewpoint - The conference aims to enhance myopia prevention and control, as well as address pediatric eye diseases, by gathering top ophthalmology experts to discuss strategies for high-quality development in eye care [1][6]. Group 1: Conference Overview - The 9th Maritime Silk Road Vision and Pediatric Difficult Eye Disease Conference was held at Quanzhou Aier Eye Hospital, focusing on myopia prevention and various pediatric eye conditions [1]. - The event was organized by Wenzhou Medical University Affiliated Eye Hospital, supported by Hunan Xiangjiang Public Welfare Foundation, and hosted by Quanzhou Aier Eye Hospital [1]. Group 2: Charity Initiatives - The "Guarding Bright Eyes, Supporting Growth" public welfare project was launched to assist children from impoverished families facing vision difficulties through free eye exams, glasses subsidies, and medical treatment support [3]. - The project aims to alleviate the medical burden on poor families and expand its support network by collaborating with various social sectors [3]. Group 3: Expert Training and Knowledge Sharing - The training session featured over 30 renowned ophthalmology experts presenting 29 specialized lectures on topics such as myopia prevention, strabismus, and rare pediatric eye diseases [6]. - The expert discussions aimed to enhance the professional capabilities of grassroots eye care providers, thereby improving the efficiency of children's eye health services [6]. Group 4: Competitions and Talent Development - The first "Maritime Silk Road Cup" visual training case sharing competition and the "Aier Cup" Fujian Province Optometry Skills Competition were held simultaneously to promote professional development and talent cultivation in the field of visual health [7][8]. - The competitions focused on sharing successful cases and assessing the practical skills of optometry students, ensuring a platform for professional exchange and improvement [8]. - Aier Eye Hospital's extensive medical service network aims to provide timely and high-quality eye care for pediatric patients with complex conditions, addressing the challenges of diagnosis and treatment [8].