Guangzheng Ophthalmology Hospital Group Co., Ltd. (002524)

Equity Research Report　|　Industry: Private Ophthalmology Medical Services Chain　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; technical-indicator snapshot as of September 10, 2026. A complete set of technical indicators recalculated after the September 11 close was not available.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

The most decision-relevant fact about Guangzheng Ophthalmology is that the company’s core operating profitability has not yet stabilized. In 2025, revenue was RMB 885 million, down 0.86% year on year, while net profit attributable to the parent was a loss of RMB 19.4974 million. In the first half of 2026, revenue was RMB 390 million, down 10.55% year on year. Although net profit attributable to the parent increased 1,152.76% year on year to RMB 17.7758 million, net profit attributable to the parent after deducting non-recurring items remained a loss of RMB 3.2317 million. The return to profitability was mainly driven by a low base and non-recurring factors, and its sustainability remains to be verified.

The company’s business is now centered on ophthalmology medical services. In 2025, ophthalmology medical services generated revenue of RMB 759 million, accounting for 85.70% of total revenue. Refractive and cataract services together accounted for approximately 59.9% of total revenue, with gross margins of 45.79% and 47.26%, respectively. By contrast, the steel-structure business generated approximately RMB 101 million in revenue, with a gross margin of only 6.74%. The company covers 10 major cities through 14 ophthalmology hospitals and three optometry clinics, but its network scale and economies of scale remain weaker than those of major private ophthalmology chains. In 2026, the company increased the capital of Chengdu New Vision Eye Hospital by RMB 30 million and transferred equity in its energy segment, indicating further concentration of resources on its core ophthalmology business.

Improvement in profitability depends on higher surgical volumes and equipment utilization at mature hospitals, development of high-margin businesses such as refractive services and optometry, strengthening of physician and specialty capabilities, and control of consumables, labor and rental-amortization costs. Meanwhile, acquisitions historically created initial goodwill of approximately RMB 617 million, with cumulative goodwill impairment provisions of approximately RMB 376 million. Goodwill impairment has materially affected past results. As of the end of 2025, accounts receivable stood at RMB 96.1091 million, up 14.83% year on year, exceeding revenue growth over the same period. Working-capital usage also warrants attention.

As of the September 11, 2026 close, the company’s share price was RMB 4.00, below the MA5, MA10 and MA20. The MACD histogram was negative, and the stock fell on increased volume that day, indicating weak short-term technical conditions. However, short- and medium-term RSI readings had not clearly turned bearish, which is insufficient to confirm a trend decline. Based on market data, the company’s total market capitalization was approximately RMB 2.061 billion. As net profit attributable to the parent remained negative over the most recent four quarters, the PE ratio was negative. PB was approximately 18x to 22x under different calculation methods, while the valuation lacked support from stable profitability and institutional consensus expectations.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Mix

• Ophthalmology medical services: Includes refractive, cataract, anterior-segment, posterior-segment, optometry, comprehensive ophthalmology and other eye-disease diagnosis and treatment services. Revenue in 2025 was RMB 759 million, accounting for 85.70% of operating revenue.
• Steel-structure business: Mainly includes steel-structure fabrication, installation and construction. Revenue in 2025 was approximately RMB 101 million, accounting for 11.42% of operating revenue, with a gross margin of 6.74%.
• Energy and other businesses: Energy operations include gas and petroleum products. Revenue in 2025 was approximately RMB 25.48 million, accounting for 2.88% of operating revenue. The company also generated other revenue, including rental income.
• Ophthalmology product mix: In 2025, refractive services generated revenue of RMB 270 million, accounting for 30.46% of total revenue; cataract services generated RMB 261 million, accounting for 29.45%; optometry services generated RMB 108 million, accounting for 12.23%; posterior-segment services generated RMB 69.78 million, accounting for 7.88%; and anterior-segment services generated RMB 39.99 million, accounting for 4.52%. Refractive and cataract services together accounted for approximately 59.9% of total revenue.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Guangzheng Ophthalmology operates in the middle and downstream segments of the ophthalmology medical-services value chain. It is a medical-services operator connecting medical consumables, physician resources and patient demand. Through its ophthalmology hospitals and clinics, the company provides diagnostic, surgical, optometry and eye-health-management services. Profitability is primarily determined by surgical volumes, physician expertise, brand-driven patient acquisition and the operating efficiency of individual hospitals. The company also retains non-core steel-structure and energy businesses.

• Medical operations mainly procure intraocular lenses, surgical consumables, pharmaceuticals and examination-related consumables. In 2025, medical-industry operating costs were approximately RMB 460 million, of which medical materials accounted for RMB 252 million, or 54.65%, making them the largest cost item.
• High-end lens materials such as intraocular lenses rely significantly on imports. Prices and supply stability may affect cataract-service costs and gross margins. The company is affected by centralized procurement, medical-insurance payment reform and fluctuations in imported-material prices, and has limited bargaining power over upstream consumables suppliers, functioning largely as a price taker.
• Physicians, specialty leaders and surgical teams are core production factors. When the supply of high-quality physicians is insufficient, the company may need to raise compensation or recruit specialists, putting pressure on margins. In 2025, personnel wages were RMB 113 million, representing 24.60% of medical costs.
• Rent and amortization are another major cost category. Rent and amortization totaled RMB 50.0078 million in 2025, accounting for 10.86% of medical costs. Site selection in major cities, new-hospital ramp-up and utilization rates at individual hospitals affect profitability.
• The steel-structure business mainly procures steel plate and other steel materials. In 2025, materials accounted for approximately RMB 42.8959 million, or 45.50%, of steel-structure costs, while installation fees were approximately RMB 35.7198 million, or 37.89%. Steel prices are affected by commodity prices, and the company cannot fully pass through raw-material fluctuations.
• The research notes do not disclose the concentration of major medical-consumables suppliers or the procurement share of the top five suppliers. Upstream concentration therefore cannot be quantified further.
• Downstream medical customers mainly include patients with cataracts and other diseases, self-paying consumers receiving refractive and optometry services, insured patients and medical-insurance settlement institutions, as well as children, adolescents and families seeking myopia prevention and eye-health services.
• Cataract and other medical-insurance businesses are affected by medical-insurance payments, centralized procurement of intraocular lenses, medical-service price reform and DRG/DIP policies. Hospital service prices and certain consumables prices are constrained, limiting pricing power. Profitability depends more on surgical volume, physician efficiency, consumables management and a higher proportion of premium functional lenses.
• Refractive services, certain optometry services and premium intraocular lenses have stronger consumer-medical characteristics. Patients pay greater attention to brand, physician expertise, equipment, service experience and postoperative results. These businesses generally have higher margins but face competition from Aier Eye Hospital, Huaxia Eye Hospital, Puren Eye Care, public-hospital ophthalmology departments and others.
• The company’s downstream customers are mainly dispersed individual patients rather than a small number of large institutional customers. The 2025 annual report did not disclose the revenue share of the top five patient customers, patient sources, medical-insurance settlement parties or the detailed revenue split between insured and self-paying patients. Traditional top-five-customer concentration cannot therefore be used directly to measure downstream bargaining power.
• Customer-concentration data are unavailable, and annual data for the combined share of the top five customers could not be obtained. Specific downstream concentration and the medical-insurance/self-paying revenue mix should be based on the company’s latest annual report.
• Outside medical services, the company also undertakes steel-structure projects. This business is affected by steel prices, project settlement and project competition. Its 2025 gross margin was only 6.74%, significantly below that of ophthalmology medical services.
• As of December 31, 2025, accounts receivable were RMB 96.1091 million, equivalent to approximately 10.86% of operating revenue, and receivables turnover was 6.43x. Accounts payable were RMB 203 million, prepayments were RMB 14.2329 million, and contract assets were RMB 30.4571 million. Accounts receivable increased 14.83% from the end of 2024, exceeding revenue growth over the same period, indicating that certain medical-insurance settlements, engineering settlements or customer collections continued to tie up working capital. Receivables relate to different business segments and cannot all be attributed to unpaid medical-insurance claims. Accounts payable exceeding accounts receivable also cannot simply be interpreted as evidence that the medical business enjoys strong payment-term advantages over upstream suppliers.
• Downstream customer concentration: The company’s 2025 annual report did not disclose the revenue share of the top five patient customers, the share of medical-insurance settlement parties or the revenue share of self-paying patients. The top-five-customer concentration metric commonly used for traditional industrial companies is not applicable to this company. Upstream supplier concentration: The research notes do not disclose major medical-consumables suppliers or the top five suppliers’ procurement share. These data are unavailable; specific information should be based on the company’s latest annual report.

The company operates in the middle and downstream segments of the ophthalmology medical-services value chain and is a medical-services operator. It is neither an upstream medical-device company nor a downstream strongly branded consumer-products company. Gross margin is mainly driven by the mix of refractive, cataract and optometry services and physician capabilities. Net profit is also affected by the cost of intraocular lenses and other consumables, medical-insurance payment constraints, hospital ramp-up costs, period expenses and goodwill impairment. Further profit improvement requires increasing the share of high-margin businesses, raising surgical volumes and equipment utilization at mature hospitals, controlling labor and consumables costs, reducing the capital tied up in non-core low-margin operations and improving the operating quality of acquired hospitals.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

In the first half of 2026, net profit attributable to the parent after deducting non-recurring items was RMB -3,231,677.73 (loss of approximately RMB 3.2317 million), compared with RMB -3,279,782.89 in the same period of the prior year, an improvement of 1.47% year on year, but it remained loss-making. Net cash generated from operating activities in the first half of 2026 was RMB 31,302,681.73 (approximately RMB 31.30 million), up 4.86% year on year. As of June 30, 2026, total assets were RMB 1,142,402,121.48, down 3.34% from the end of 2025. Net assets attributable to shareholders of the listed company were approximately RMB 112.5 million, and weighted-average ROE was 17.15%.

The first half of 2026 featured declining revenue, a return to positive net profit attributable to the parent, but continued losses after deducting non-recurring items. The sharp year-on-year increase in net profit attributable to the parent was mainly due to the low base: net profit attributable to the parent in the first half of 2025 was only approximately RMB 1.4189 million. The absolute scale of current profitability remains small, and the quality and sustainability of core operating profitability require further verification. Full-year 2025 revenue was broadly flat, but the company remained loss-making, with a loss of approximately RMB 28.0539 million after deducting non-recurring items. A stable annual profit record has not yet been established. In terms of revenue mix, first-half 2026 medical-industry revenue was approximately RMB 369.5 million, steel-structure revenue approximately RMB 8.26 million and energy-industry revenue approximately RMB 12.41 million. In 2025, medical-industry revenue was approximately RMB 758.6 million, accounting for 85.70%; steel-structure revenue was approximately RMB 101.1 million, accounting for 11.42%; and energy-industry revenue was approximately RMB 25.48 million, accounting for 2.88%.

3.2 Earnings Forecast

As of September 13, 2026, the earnings-forecast page of iFinD showed that no institution had issued valid revenue, net-profit or EPS forecasts for Guangzheng Ophthalmology for 2026 or subsequent years. The iFinD individual-stock analysis page also indicated that no institutional forecast for the company’s 2026 earnings was currently available. No verifiable brokerage research forecasts, target prices or formal ratings were identified. The first-half 2026 net profit should not be annualized as a full-year earnings forecast, and estimates from a single media outlet or quantitative platform should not be treated as institutional consensus expectations.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, the company’s share price was RMB 4.00 and total market capitalization was approximately RMB 2.061 billion. In terms of PE, Lixinger data as of September 10, 2026 showed a trailing PE of approximately -85.36x. Because net profit attributable to the parent remained negative over the most recent four quarters, conventional PE valuation has no normal interpretive meaning. In terms of PB, market-data platforms showed approximately 18.32x as of September 11, 2026, while Lixinger showed approximately 22.17x as of September 10. The difference may reflect different share-price dates, net-asset definitions and data-update times. Based on net assets attributable to the parent of approximately RMB 112.5 million as of June 30, 2026 and total shares of approximately 515.3 million, book value per share was approximately RMB 0.22; at a share price of RMB 4.00, the implied PB was approximately 18x. The PE and PB of the Shenwan Medical Services industry were approximately 37.33x and 4.65x, respectively, as of September 10, 2026. However, the company’s loss-making status results in a negative PE, while its relatively low net-asset base makes a simple comparison with the industry-average PE inappropriate. Current valuation relies mainly on disclosed financial data and market prices, with no support from institutional earnings forecasts, ratings or target prices. If the company cannot sustainably improve earnings after deducting non-recurring items, the relatively high PB lacks support from stable profitability. If ophthalmology revenue resumes growth and adjusted net profit remains positive, the valuation framework may gradually shift from PB to PE or PEG.

4. Recent News and Announcements

4.1 Subsidiary Receives New RMB 5 Million Comprehensive Credit Facility; Company and Subsidiaries Provide Guarantees

On September 11, 2026, the company disclosed the Announcement on Progress Regarding Comprehensive Credit Facilities and Guarantees for Subsidiaries (Announcement No. 2026-055). Shanghai New Vision East District Eye Hospital Co., Ltd. applied to the Zhabei Branch of Bank of China Shanghai for a RMB 5 million comprehensive credit facility with a 12-month term. Guangzheng Ophthalmology and Shanghai Guangzheng New Vision Eye Hospital Investment Co., Ltd. provided joint and several liability guarantees for the facility. The maximum principal balance of guaranteed debt stipulated in the guarantee contract was RMB 10 million. Including the RMB 5 million facility applied for on June 29, 2026, the relevant guaranteed principal balance totaled RMB 10 million. As of the announcement date, the company’s and its subsidiaries’ total guarantee quota and actual guarantees both amounted to RMB 398.69 million, equivalent to 416.22% of the company’s most recent audited net assets attributable to shareholders of the listed company. The company stated that all guarantee recipients were the company, wholly owned subsidiaries and their subsidiaries, and that there were no guarantees to entities or individuals outside the consolidated reporting scope, overdue guarantees, litigation-related guarantees or guarantee obligations arising from an adverse judgment. Total guarantees exceeding 100% of the latest audited net assets attributable to the parent warrant attention to debt-servicing and operating-cash-flow risks. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12595574&stockid=002524

4.2 Board Secretary Obtains Shenzhen Stock Exchange Training Certificate

On September 9, 2026, the company disclosed the Announcement on the Board Secretary Obtaining the Board Secretary Training Certificate. Board secretary Li Junying was appointed on December 28, 2025. She recently attended the pre-service training for board secretaries of listed companies organized by the Shenzhen Stock Exchange and obtained the Board Secretary Training Certificate, certificate number 2026-4A-1752. She formally began performing the duties of board secretary upon obtaining the qualification certificate. The matter relates to corporate governance and information-disclosure compliance and does not involve operating performance, equity changes or major asset transactions. Source: https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12589257&stockid=002524

4.3 First-Half 2026 Report: Revenue Declined, Net Profit Attributable to the Parent Turned Positive but Remained Negative After Deducting Non-Recurring Items

The company disclosed its first-half 2026 report on August 22, 2026. First-half revenue was RMB 390.14 million, down 10.55% year on year. Net profit attributable to shareholders of the listed company was RMB 17.7758 million, compared with RMB 1.4189 million in the prior-year period, up 1,152.76% year on year. Net profit attributable to the parent after deducting non-recurring items was RMB -3.2317 million, compared with RMB -3.2798 million in the prior-year period. Net cash generated from operating activities was RMB 31.3027 million, up 4.86% year on year. Basic EPS was RMB 0.03. The company will not distribute cash dividends, issue bonus shares or convert capital reserves into share capital for the first half of 2026. The sharp increase in net profit attributable to the parent was related to non-recurring factors and changes in the business mix. Adjusted net profit attributable to the parent remained negative, and core profitability requires further observation. Source: https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12517604&stockid=002524

4.4 2026 Restricted Stock Incentive Plan Grant Registration Completed

On August 7, 2026, the company disclosed the Announcement on Completion of Grant Registration under the 2026 Restricted Stock Incentive Plan. The grant date was July 28, 2026. A total of 103 participants were registered for 1.5 million shares at a grant price of RMB 1.84 per share. The shares came from the company’s A-share common stock repurchased from the secondary market. Participants included directors, senior management, middle-level managers and core employees. Because repurchased shares were used, the grant did not increase total share capital. Following registration, total share capital remained 515,331,574 shares. The 103 participants paid an aggregate subscription amount of RMB 2.76 million. The core performance targets are to turn net profit positive in 2026 and achieve net profit of no less than RMB 20 million in 2027. The plan has a maximum term of 48 months and will be released from lock-up in two tranches of 50% each. These targets are company assessment targets, not earnings forecasts or performance commitments. Source: https://static.cninfo.com.cn/finalpage/2026-08-07/1225461081.PDF

4.5 Transfer of 51% Stake in Zhongjing Lihua and Disposal of Energy-Segment Operations

On April 29, 2026, the company reviewed the transfer of a 51% stake in Urumqi Zhongjing Lihua Petrochemical Co., Ltd. for RMB 34.70 million. The transaction was approved by the annual shareholders’ meeting on May 20, 2026, and the industrial and commercial change was completed in June 2026. Following completion, the company no longer held an equity stake in Zhongjing Lihua, which was no longer included in the company’s consolidated financial statements. The equity was held by Chen Minghui and Su Huan, with Chen holding 85.3% and Su holding 14.7%. The company stated that the transaction was intended to optimize the asset structure, improve asset-operating efficiency and concentrate resources on ophthalmology and other core and advantageous businesses. The interim report showed that Zhongjing Lihua contributed net profit of RMB 1.1775 million from the beginning of 2026 through the disposal date, representing 115.94% of the company’s net profit for the relevant period. This ratio was affected by the company’s relatively small net-profit base during the same period. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12365857&stockid=002524

4.6 RMB 30 Million Capital Increase in Chengdu New Vision Eye Hospital

On February 12, 2026, the company reviewed a RMB 30 million capital increase in Chengdu New Vision Eye Hospital Co., Ltd. Following completion, registered capital increased from RMB 10 million to RMB 40 million, while the company continued to hold 100% of the equity. The industrial and commercial change was completed on March 17, 2026. The transaction demonstrates continued investment in the core ophthalmology business and directs capital toward hospital expansion, regional deployment and medical-service capabilities.

4.7 Acquisition of 20% Stake in Shanghai New Vision Mingmou Eye Clinic

Through its wholly owned subsidiary Shanghai Guangzheng New Vision Eye Hospital Investment Co., Ltd., the company acquired a 20% stake in Shanghai New Vision Mingmou Eye Clinic Co., Ltd. for RMB 0.6 million. The counterparty was Chen Shaowei, a director and senior executive of the company, making the transaction a related-party transaction. The relevant industrial and commercial change was completed in July 2026. Although the transaction amount was small, its pricing and subsequent operating integration warrant attention. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12517599&stockid=002524

4.8 Revised 2025 Earnings Guidance; Final Annual Report Shows a Loss of RMB 19.4974 Million Attributable to the Parent

As of September 13, 2026, the most recent earnings-guidance revision identified was the Announcement on Revision of 2025 Earnings Guidance disclosed by the company in March 2026, rather than a third-quarter 2026 earnings forecast. The company revised its forecast range for 2025 net profit attributable to shareholders of the listed company from a loss of RMB 5 million to RMB 3 million to a loss of RMB 20 million to RMB 15 million. The forecast for net profit after deducting non-recurring items was revised from a loss of RMB 18 million to RMB 12 million to a loss of RMB 30 million to RMB 24 million. The subsequently disclosed 2025 annual report showed a loss of RMB 19.4974 million attributable to the parent. As of that date, no new 2026 earnings guidance, first-three-quarter 2026 earnings forecast or earnings preannouncement had been identified. This conclusion is based on public announcement lists and keyword searches and cannot exclude delays or omissions in third-party databases. Source: https://static.cninfo.com.cn/finalpage/2026-03-21/1225021664.PDF

4.9 No New Large Share Repurchase or Major Shareholder-Change Announcement Recently Identified

As of September 13, 2026, the clearly identified recent repurchase-related matter was the company’s use of 1.5 million shares previously repurchased from the secondary market for the 2026 restricted-stock incentive plan, rather than a newly announced cash repurchase program. The incentive shares came from previously repurchased shares and did not change total share capital. No large share-repurchase plan, repurchase-progress announcement or repurchase-cancellation announcement newly disclosed in September 2026 was identified. The search also found no major announcements concerning increases or reductions by the controlling shareholder, negotiated transfers, pledges or passive reductions. These conclusions are based on public search results as of September 13, 2026 and do not mean that the company will not disclose relevant announcements in the future.

4.10 No Major Recent Regulatory Penalties Identified; Governance Focus Is Board-Secretary Qualification and Guarantee Risk

No recent announcement of a CSRC investigation, exchange disciplinary action, administrative penalty or major regulatory measure against Guangzheng Ophthalmology was identified. The company’s more clearly defined recent regulatory and corporate-governance matters include the board secretary obtaining the Shenzhen Stock Exchange training certificate, continued disclosure of subsidiary credit facilities and guarantee progress, and implementation of the restricted-stock incentive plan. The company’s total guarantees exceed 100% of its latest audited net assets attributable to the parent. Actual guarantees totaled RMB 398.69 million, or 416.22% of the latest audited net assets attributable to the parent. This matter warrants greater attention than the board secretary’s qualification.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Guangzheng Ophthalmology closed at RMB 4.00, below MA5, MA10 and MA20. The MACD histogram had turned negative and DIF was below DEA, indicating weak short-term technical conditions. However, RSI12 and RSI24 remained above 50, and the MACD’s negative magnitude was small, which was insufficient to confirm a trend decline. The share price was below the Bollinger middle band at RMB 4.05 but above the lower band at RMB 3.91. The RMB 4.00 and RMB 3.91 areas are important short-term observation zones. In terms of price and volume, September 11 turnover value increased from the prior trading day while the stock declined. Main-fund flows had recorded periodic inflows but lacked continuity, showing inflows within the range but recent marginal weakening. The 52-week price range was RMB 3.19 to RMB 5.56, but the historical high and low used a forward-adjusted basis and should be compared with technical indicators using a consistent adjustment methodology.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on the September 11, 2026 closing data and the technical-indicator snapshot as of September 10. It does not constitute investment advice or a definitive forecast of future share prices.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher subjective weight, approximately 60%; this is a subjective heuristic judgment based on the current technical pattern and fund flows, not a statistical probability.): Approximate price range of RMB 3.95~4.15. Trigger conditions include holding RMB 3.98~4.00, turnover value remaining around RMB 40 million~RMB 55 million, no clear systemic decline in the medical-services sector, and no continued significant expansion of the MACD negative bar. Key observations are resistance at RMB 4.10~4.15 and support at RMB 3.91~4.00.
• Weak decline (medium subjective weight; this judgment is based on the current technical pattern and fund flows, not a statistical probability.): Approximate price range of RMB 3.80~3.98. Trigger conditions include a decisive close below RMB 3.98, turnover value rising above RMB 60 million while the price continues to weaken, consecutive net outflows from main funds, or continued deterioration in risk appetite toward the medical-services sector and broader market. If RMB 3.91 breaks with increased turnover, the stock may seek support around RMB 3.87~3.90. If RMB 3.87 is lost, attention should turn to lower prior high-volume trading areas.
• Stronger rebound (low subjective weight; this judgment is based on the current technical pattern and fund flows, not a statistical probability.): Approximate price range of RMB 4.15~4.30. Trigger conditions include reclaiming RMB 4.10~4.15, daily turnover value reaching approximately RMB 65 million~RMB 70 million or more and holding for at least one to two trading days, a volume-backed break above the prior high resistance at RMB 4.20~4.21, and simultaneous strength in the medical-services sector with main funds shifting from consecutive outflows to sustained inflows. A low-volume rebound toward RMB 4.10 would more likely represent a weak technical bounce.

③ Fund-Flow and Liquidity Background

As of September 11, 2026, daily turnover value was RMB 52.6187 million and the turnover rate was 2.60%. Recent turnover value was mostly around RMB 40 million~RMB 53 million, with a turnover rate of approximately 2%, making this a small-cap stock with average liquidity. If turnover contracts rapidly, order-book depth may decline and short-term bid-ask spreads and market-impact costs may widen. If turnover suddenly expands, price elasticity may increase. Shareholder data as of June 30, 2026 showed that the top 10 tradable shareholders held approximately 31.18% of the free float, while institutional holdings accounted for approximately 29.25% of tradable A shares. This data is more than two months removed from current market conditions and cannot confirm the actual September 2026 ownership structure. The largest shareholder, Guangzheng Investment Co., Ltd., held 25.07% of total shares, of which approximately 64.60 million shares were pledged and approximately 13.2599 million shares were frozen. This situation should be monitored in conjunction with subsequent disclosures. The top 10 shareholders included Goldman Sachs, UBS, Barclays and J.P. Morgan, but the institutional-fund proportion was not high.

If daily turnover value remains above approximately RMB 65 million~RMB 70 million while the share price moves above RMB 4.15, this may be viewed as a relatively clear improvement in price-volume behavior. This threshold is based on the stock’s recent turnover range of approximately RMB 40 million~RMB 53 million.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether effective support forms near RMB 4.00 and whether the RMB 3.91~3.93 area shows a low-volume stabilization.
• Observe whether the stock can regain and hold RMB 4.10~4.15 and whether RMB 4.20~4.21 can be broken with sufficient turnover.
• Observe whether main funds end their consecutive net outflows, avoiding any conclusion of trend reversal based solely on one day of inflows.
• Observe whether daily turnover value can remain above approximately RMB 65 million~RMB 70 million. The above points are for technical analysis and data tracking only and are not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and historical price and technical-indicator calculations. Short-term share prices may also be affected by news, fund flows, broader market conditions and other factors. Technical indicators have inherent lags and limitations. This does not guarantee actual future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

Guangzheng Ophthalmology operates in the private ophthalmology-chain segment of the medical-services industry and also has non-core steel-structure and energy businesses. Demand for ophthalmology services has a degree of rigidity. Demand for cataract and fundus-disease diagnosis and treatment is supported by population aging, while refractive services, optometry, myopia prevention and premium cataract services have stronger consumer-medical characteristics. The industry’s core production factors are physicians and specialty capabilities, and it is also affected by medical-insurance payments, centralized procurement of intraocular lenses and medical-service price reform.

6.2 Competitive Landscape

• The industry is jointly contested by public hospitals, private ophthalmology chains and regional specialty hospitals. It remains relatively fragmented, while leading companies are increasing concentration through acquisitions, chain operations and tiered diagnosis and treatment.
• Public industry materials characterize the private ophthalmology market as “one dominant player and several strong competitors.” Aier Eye Hospital is clearly the scale leader, while Huaxia Eye Hospital, Puren Eye Care, He Eye Care, Chaoju Eye Care and Guangzheng Ophthalmology compete in different regions. This assessment comes from industry research and listed-company disclosures rather than an official classification published by a national statistical authority.
• Certain third-party industry studies estimate that China’s ophthalmology medical-services market was approximately RMB 223.1 billion in 2024, with private institutions accounting for approximately 42% of the market, and that the market would grow further in 2025. However, the statistical definition and scope may include public hospitals, private hospitals, optometry institutions and other services. The figures could not be fully cross-verified using official national statistical definitions and should not be directly equated with the addressable market of listed ophthalmology companies.
• As of the end of 2025, Guangzheng Ophthalmology had 14 ophthalmology hospitals and three optometry clinics, significantly fewer than nationwide or large regional chains such as Aier Eye Hospital, Huaxia Eye Hospital and Puren Eye Care. New-hospital ramp-up, physician resources and patient traffic are the main constraints on expansion speed and profitability.

6.3 Key Competitors

Compared with Aier Eye Hospital, Huaxia Eye Hospital and Puren Eye Care, Guangzheng Ophthalmology has fewer hospitals and clinics, lower national coverage and weaker scale effects. Similar to He Eye Care and Chaoju Eye Care, it competes mainly through regional networks and specialty services. Its advantageous regions include Shanghai, the Chengdu-Chongqing area, Shandong and certain central and northwestern cities. Potential areas for improvement include regional-focused scaling, using cataract services as a foundation while centering development on refractive and optometry services, and expanding ocular-surface, dry-eye and oculoplastic services. Relative competitiveness depends on the operating quality of regional hospitals, physician and specialty capabilities, brand-driven patient acquisition, higher surgical volumes at mature hospitals and goodwill-risk control.

7. Risk Factors

• Core-profit sustainability risk: First-half 2026 revenue declined 10.55% year on year. Although net profit attributable to the parent turned positive at RMB 17.7758 million, adjusted net profit remained a loss of RMB 3.2317 million. The company was also loss-making for full-year 2025. If non-recurring gains or low-base effects weaken, the company may again report a net loss attributable to the parent.
• Medical-business operating-efficiency risk: The company’s medical network includes 14 ophthalmology hospitals and three optometry clinics, but its overall scale is smaller than that of major private ophthalmology chains. If surgical volume, equipment utilization, patient acquisition or physician-team development at mature hospitals falls short of expectations, new investment and hospital ramp-up costs may continue to suppress profits.
• Business-mix and pricing-pressure risk: Refractive and cataract services together accounted for approximately 59.9% of total revenue in 2025. Cataract and other businesses are affected by medical-insurance payments, centralized procurement of intraocular lenses, medical-service price reform and DRG/DIP policies, constraining service and consumables prices. If the share of high-margin projects declines, overall gross margin may come under pressure.
• Consumables and labor-cost risk: In 2025, medical materials accounted for approximately RMB 252 million, or 54.65%, of medical costs, while wages were approximately RMB 113 million, or 24.60%. High-end materials such as intraocular lenses rely substantially on imports. Adverse changes in consumables prices, supply stability or physician compensation costs could reduce medical-business gross margins.
• Goodwill impairment risk: As of the end of 2025, the company had initial acquisition-related goodwill of approximately RMB 617 million and cumulative goodwill impairment provisions of approximately RMB 376 million. If the operating quality of relevant hospitals remains below expectations, remaining goodwill may face further impairment pressure and cause substantial volatility in net profit attributable to the parent.
• Guarantee and debt-servicing risk: As of September 11, 2026, the company’s and its subsidiaries’ actual guarantees totaled RMB 398.69 million, or 416.22% of the latest audited net assets attributable to the parent. Although all guarantee recipients were companies and subsidiaries within the consolidated reporting scope, the guarantee scale was high relative to net assets. Changes in the operating or debt-servicing capabilities of relevant subsidiaries could increase contingent-liability risk.
• Working-capital usage risk: As of the end of 2025, accounts receivable were RMB 96.1091 million, approximately 10.86% of operating revenue, up 14.83% year on year and exceeding revenue growth. Receivables relate to medical and steel-structure businesses. Slower medical-insurance settlements, engineering settlements or other customer collections could pressure operating cash flow and capital turnover.
• Low-margin non-core business risk: In 2025, the steel-structure business generated approximately RMB 101 million in revenue with a gross margin of only 6.74%. Materials and installation costs represented high proportions of its costs. Steel-price fluctuations, engineering settlements and project competition could weigh on overall profitability. Although the energy segment was disposed of in 2026, it continued to affect profit before disposal.
• Valuation and market-volatility risk: Net profit attributable to the parent remained negative over the most recent four quarters, making PE difficult to interpret normally. Market data indicated a PB of approximately 18x to 22x, while no reliable public institutional earnings forecasts or ratings were available. If improvement in adjusted earnings falls short of expectations, the valuation lacks support from stable profitability. Technically, the share price has fallen below multiple moving averages and declined on increased volume. Short-term volatility could intensify if support levels are lost.

8. Conclusion and Outlook

Guangzheng Ophthalmology’s medium-term growth thesis lies in focusing on its core ophthalmology business and improving the operating efficiency of mature hospitals through its existing regional network. Refractive, cataract and optometry services provide relatively high revenue or gross-profit contributions. Disposal of the energy segment and the capital increase in the Chengdu hospital should help reduce the resources tied up in non-core businesses and strengthen medical-service capabilities. The 2026 restricted-stock incentive plan sets targets of turning net profit positive in 2026 and achieving net profit of no less than RMB 20 million in 2027. These are internal company assessment targets, not earnings forecasts or performance commitments.

Whether the company can achieve sustainable profitability will depend on whether the decline in revenue can be halted in the second half of 2026 and thereafter, whether adjusted profit can remain positive, and whether the share of high-margin projects, surgical volumes at mature hospitals and per-hospital efficiency can improve. The company continues to face pressure from medical-insurance payment reform, centralized procurement and changes in consumables prices, physician costs, regional competition and new-hospital ramp-up. In addition, no reliable public institutional earnings forecasts, ratings or target prices are currently available. Accordingly, subsequent earnings verification is more important than the growth rate of net profit attributable to the parent in any single period.

Data Sources

• Guangzheng Ophthalmology Hospital Group Co., Ltd. 2025 Annual Report
• https://static.cninfo.com.cn/finalpage/2026-04-24/1225161319.PDF
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: 2025 Annual Report_Sina Finance_Sina.com
• Guangzheng Ophthalmology Hospital Group Co., Ltd. 2024 Annual Report
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: 2025 Annual Report_Sina Finance_Sina.com
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: 2023 Annual Report Summary_Sina Finance_Sina.com
• https://static.cninfo.com.cn/finalpage/2025-04-24/1223248586.PDF
• Analysis of the Operating Status of China’s Ophthalmology Medical-Services Market and Investment Strategy Assessment Report (2023–2030)_China Research Report Network
• Ophthalmology Special Report: Revenue Bottoming Out, Profitability Diverging_Mo’er Consulting
• Group Profile_Aier Profile_Aier Ophthalmology
• Huaxia Eye Hospital Group Co., Ltd. 2025 Annual Report
• Puren Eye Care (301239)_Company Announcements_Puren Eye Care: 2025 Annual Report Summary_Sina Finance_Sina.com
• He Eye Care Achieved Revenue of RMB 1.093 Billion in 2025, with Steady Improvement in Profitability
• Chaoju Eye Care Holdings Limited - Earnings Release 2025 | FinancialFilings
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: 2026 Interim Report Summary_Sina Finance_Sina.com
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: 2026 Interim Report_Sina Finance_Sina.com
• Guangzheng Ophthalmology (002524)-Company Information
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: 2025 Financial Settlement Report_Sina Finance_Sina.com
• Guangzheng Ophthalmology (002524) Earnings Forecast_F10_iFinD
• Guangzheng Ophthalmology (002524) Stock Analysis_iFinD
• Guangzheng Ophthalmology (002524) Stock Information - Data Platform
• Guangzheng Ophthalmology (002524) PE|Valuation|Fundamentals - Lixinger
• List of Main-Board Listed Companies of the Shenzhen Stock Exchange
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: Announcement on Progress Regarding Comprehensive Credit Facilities and Guarantees for Subsidiaries_Sina Finance_Sina.com
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: Announcement on the Board Secretary Obtaining the Board Secretary Training Certificate_Sina Finance_Sina.com
• Stock Code: 002524  Stock Name: Guangzheng Group  Announcement No.: 2015-048
• Guangzheng Ophthalmology (002524)_Company Announcements_Guangzheng Ophthalmology: Announcement on Progress of Subsidiary Equity Transfer and Completion of Industrial and Commercial Change Registration_Sina Finance_Sina.com
• Stock Code: 002524  Stock Name: Guangzheng Ophthalmology  Announcement No.: 2026-009
• Guangzheng Ophthalmology (002524.SZ) Share Price_ Historical Data_Main-Fund Flows - Dalwaves Data
• Guangzheng Ophthalmology (002524.SZ) Share Price_ Historical Data_Main-Fund Flows - Dalwaves Data

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; the technical-indicator snapshot is as of September 10, 2026, and a complete set of technical indicators recalculated after the September 11 close was not available. Timing differences may exist. Specific data should be based on the company’s official announcements and authoritative data terminals. This report is for information and research reference only, does not constitute investment advice, and investors should make independent judgments and bear investment risks themselves.