Aier Eye Hospital Group Co., Ltd. (300015)

Equity Research Report　|　Industry: Ophthalmic Medical Services　|　Report Date: 2026-09-13　|　As of the close on 2026-09-11 at 15:30 (market snapshot, cross-checked across multiple sources); some technical indicator snapshots are as of 2026-09-02 (lagged); capital flows are as of the close on 2026-09-11; margin financing and securities lending data are as of 2026-09-10; northbound capital and shareholder count data are lagged quarterly

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

1. Executive Summary

Aier Eye Hospital is a leading ophthalmic medical services chain in China and globally, but currently exhibits a combination of “continued revenue growth, earnings pressure, and a weak share price.” Revenue in 1H2026 was RMB 11.946 billion, up 3.81% year over year, with net profit attributable to shareholders of RMB 1.357 billion. Full-year 2025 revenue was RMB 22.353 billion, up 6.53% year over year, while net profit attributable to shareholders was RMB 3.240 billion, down 8.88%. Net profit attributable to shareholders rose 12.46% year over year in 1Q2026, indicating some operational recovery. However, the 25.75% year-over-year decline in adjusted net profit attributable to shareholders in 1H2026, and the company’s explanation citing “tax-related matters,” still require further verification against subsequent formal disclosures.

The company retains significant scale and network advantages. In 2025, it recorded 18.8917 million outpatient visits and 1.68 million surgeries, with 391 hospitals and 272 outpatient departments and clinics in mainland China, and 179 ophthalmic centers and clinics overseas. In 1H2026, refractive and optical services together accounted for approximately 65% of revenue, with gross margins of 53.87% and 50.72%, respectively. High-margin consumer medical services remain the main source of growth and earnings. Overseas revenue also increased to 14.06% of the total in the same period, as the company continued to advance its global expansion.

The company’s main operating pressures stem from volume-based procurement for basic medical services such as cataract treatment, the DRG/DIP healthcare payment reforms, and depreciation and amortization as well as lower margins at hospitals in their ramp-up period following new openings and acquisitions. In 1H2026, gross margin was 46.12%, down 2.44 percentage points year over year, while net margin was 12.92%, down 6.37 percentage points. Goodwill at the end of 2025 stood at RMB 9.486 billion, or 43.17% of net assets. The quality of external expansion and potential goodwill impairment are important factors to monitor in assessing earnings stability.

As of 2026-09-11, the share price closed at RMB 8.06, below the estimated MA5, MA10, and MA20, with moving averages in a bearish alignment. Turnover was RMB 396 million and the turnover rate was 0.62% that day; net outflow of major capital was approximately RMB 92 million. The market is watching the area around RMB 8.00 and the RMB 7.72–7.82 range as support. However, some technical indicators are as of September 2, and valuation and capital flow data vary across sources, so conclusions should remain cautious.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Refractive services: 1H2026 revenue of RMB 4.909 billion, accounting for 41.10%, with a gross margin of 53.87%
• Optical services: 1H2026 revenue of RMB 2.890 billion, accounting for 24.20%, with a gross margin of 50.72%
• Cataract services: 1H2026 revenue of RMB 1.785 billion, accounting for 14.95%, with a gross margin of 34.59%
• Anterior segment services: 1H2026 revenue of RMB 1.065 billion, accounting for 8.92%, with a gross margin of 36.41%
• Posterior segment services: 1H2026 revenue of RMB 798 million, accounting for 6.68%, with a gross margin of 28.74%
• Other services: 1H2026 revenue of RMB 467 million, accounting for 3.91%, with a gross margin of 30.75%
• By region (1H2026): mainland China, RMB 10.27 billion (85.94%); Europe, RMB 1.370 billion (11.47%); Southeast Asia, RMB 221 million (1.85%); other regions, RMB 88 million (0.74%)

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

Aier Eye Hospital sits in the middle-to-downstream portion of the ophthalmic medical services value chain. It integrates the “services/brand + chain distribution” segment rather than manufacturing upstream equipment and consumables. It purchases medical equipment, medical consumables, and drugs upstream, and serves individual end patients (C-end customers) downstream. Its business combines “consumer medical services (self-pay) + basic medical services covered by medical insurance.” Overall, the company is relatively “asset-light” at both ends of the value chain and has relatively strong bargaining power.

• Procurement categories (based on the company’s actual products): The core categories are medical equipment, medical consumables, and pharmaceuticals. High-value consumables include intraocular lenses for cataract surgery, ICL lenses for refractive surgery, and consumables for femtosecond laser/sterile treatment packs. Pharmaceuticals primarily include sodium hyaluronate eye drops and ophthalmic injections such as ranibizumab and conbercept. Optical materials include orthokeratology lenses, frames and lenses, and care solutions (source: Shenzhen Stock Exchange disclosure, Response of the Issuer and Sponsor to the Review Inquiry Letter, 2022-06-10)
• Procurement system: The company has established a three-tier procurement management system comprising “group centralized procurement – provincial-region centralized procurement – hospital self-procurement.” High-value consumables such as intraocular lenses and femtosecond laser packs are generally purchased centrally through procurement platforms and allocated internally. The ESG report states that supplier audits in 2025 covered more than 600 centralized-procurement/regional suppliers
• Supplier concentration: The share of procurement from the top five suppliers increased from 22.76% in 2019 to 27.35% in 2020 and 37.67% in 2021. Procurement from the largest supplier in 2021 was RMB 577 million, or 13.72%. Major historical suppliers include Alcon (China) Ophthalmic Products Co., Ltd., Bausch + Lomb (Shanghai), and Sinopharm Group. These are 2021 figures sourced from a brokerage report (Southwest Securities, 2023-01-30 industry report), not direct annual-report disclosures. No updated share for the top five suppliers in subsequent years was found; the latest annual report’s “major suppliers” section should be checked
• Bargaining power/cost pass-through: The company stated on the Shenzhen Stock Exchange’s Interactive Platform that “Aier is the world’s largest ophthalmic hospital group and the largest customer of upstream suppliers, giving it significant scale advantages and bargaining power in procurement.” Imported equipment and consumables are settled at post-tax RMB prices, and U.S. suppliers must bear tariff costs themselves to enter Aier’s system. Purchases from the United States accounted for approximately 2.6% of total procurement in 2023, while drugs originating in the United States accounted for approximately 2.6% of total pharmaceutical procurement. The company also said it would “gradually enter certain upstream supply chains” to strengthen self-reliance (source: Shenzhen Stock Exchange Interactive Platform, republished by Tonghuashun on 2025-04-07)
• Procurement unit price trends: According to the 2022 inquiry response, as the refractive business expanded, the company’s bargaining power with suppliers increased, and “the average procurement prices of sterile treatment packs and refractive lenses showed a declining trend.” In 2021, the average procurement price was RMB 4,748.34 per refractive lens, RMB 1,439.50 for femtosecond laser consumables, and RMB 1,500.33 for cataract lenses, all lower than in 2020
• Cost structure (cost of revenue basis, 2019–2021): Medical materials accounted for 46.1% in 2021/48.4% in 2020/47.9% in 2019; labor costs 31.9%/30.7%/30.9%; depreciation 5.7%/5.8%/5.4%; rent and amortization 8.7%/9.2%/9.2%; and other costs 7.6%/6.0%/6.7%. Thus, variable materials plus labor accounted for approximately 78% (source: Southwest Securities, 2023-01-30 industry report). Important limitation: These figures are from 2021 and earlier and are the latest available detailed breakdown of the “materials + labor” share. The cost structure has changed following the 2026 accounting policy adjustment (maintenance costs are now included in costs). No comparable public breakdown for 2025/2026 was found; the year should be stated when citing these figures
• Customers are individual end patients (C-end customers); there is no concept of customer concentration among major accounts (the company does not disclose its top five customers). The business is not subject to “annual price reduction” clauses typical of auto parts suppliers or rebate pressure from retailers
• Structurally, the business combines “consumer medical services (self-pay) + basic medical services covered by medical insurance.” Refractive surgery and optical services are self-pay consumer medical services and together accounted for approximately 65% of revenue in 1H2026, making them the main source of gross profit. Patients have a high degree of choice, and average spending can rise with upgrades in surgical procedures
• Cataract and some anterior/posterior segment surgeries are more heavily affected by medical insurance. Since 2024, all provinces have fully implemented nationally organized volume-based procurement of intraocular lenses for cataract surgery. Combined with DRG/DIP healthcare payment reforms, this has directly weighed on cataract revenue and gross margins (cataract revenue in 1H2025: Huaxia -7.33%, He’s -17.67%, and Guangzheng -8.32%; Aier’s cataract gross margin fell to 34.59% in 1H2026) (source: 21st Century Business Herald/Securities Times, 2025-09-03)
• Sources of industry pricing pressure: The real price pressure comes from (1) price controls on basic services such as cataract treatment from medical insurance (volume-based procurement + DRG/DIP), and (2) “price wars”/homogeneous competition among peers. The company says it uses new procedures such as full optical shaping and SMILE 4.0/Pro to “counter involution” and lift average prices
• Low working-capital requirements: Accounts receivable/revenue was 9.5% at end-2024, the highest among five A-share ophthalmic services companies (Huaxia Eye 7.1%; Puri and He’s approximately 3%; source: Wabei/Securities Star, 2025-05-22). Working capital/revenue was 0.04 in 2023, 0.04 in 2024, and 0.03 in 2025 (working capital of RMB 858 million/RMB 888 million/RMB 574 million), meaning only about RMB 0.03 of working capital is required to support RMB 1 of revenue. Working-capital requirements are extremely low, consistent with a medical services model that collects payment in advance or has short payment cycles and settles in cash with C-end patients (source: Securities Star financial-report tool, compiled from company annual-report data). Supporting data: Operating cash flow per share was RMB 0.31 in 1H2026, down 14.09% year over year; selling, administrative, and finance expenses together accounted for 21.26% of revenue in 1H2026. Overall, the company is relatively “asset-light” at both ends of the value chain and has relatively strong bargaining power.
• Upstream supplier concentration: The share of procurement from the top five suppliers was 22.76% in 2019, 27.35% in 2020, and 37.67% in 2021; the largest supplier accounted for 13.72% in 2021. These are 2021 figures sourced from a brokerage report (Southwest Securities, 2023-01-30), not direct annual-report disclosures. No updated disclosure for subsequent years was found; verify against the “major suppliers” section of the latest annual report as noted above. Downstream customers: individual end patients (C-end); the company does not disclose its top five customers and has no customer-concentration issue.

Aier Eye Hospital is in the middle-to-downstream portion of the ophthalmic medical services value chain. It integrates the “services/brand + chain distribution” segment rather than manufacturing upstream equipment and consumables, placing it on the “downstream brand/services, high gross margin” side of the industry (gross margin of 46%–52%, significantly above ophthalmic device manufacturers and general medical services). However, it does not have the super-profit characteristics of upstream resource-based companies, as key high-value consumables such as intraocular lenses, femtosecond laser equipment, and ICL lenses rely on external suppliers including Zeiss, Alcon, and STAAR. Further drivers of its margins include: (1) a higher share of consumer medical services and higher average spending/mix benefits from upgrades to refractive procedures; (2) scale bargaining power through group procurement and self-reliance from “gradually entering the upstream supply chain”; (3) growth in overseas markets (where private, largely non-insurance-based care is prevalent in Europe and gross margins are slightly higher than in China) and in new businesses such as presbyopia and dry eye; and (4) profit leverage as hospitals in prefecture-level cities pass the breakeven point. Risks include continued pressure on basic services such as cataract treatment from medical insurance volume-based procurement/DRG, depreciation and amortization during the ramp-up period for new large hospitals, and potential impairment of goodwill (RMB 8.722 billion as of 1H2025; source: 21st Century Business Herald, 2025-09-03).

3. Financial Performance and Valuation Analysis

3.1 Recent Operating Performance

Data basis: As of April–May 2026, the latest public disclosures are the 2025 annual report (disclosed 2026-04-23) and the 1Q2026 report (disclosed 2026-04-23). Additional 2025 annual report data: adjusted net profit attributable to shareholders of RMB 3.141 billion (+1.36% YoY); basic EPS of RMB 0.3496; weighted average ROE of 14.97% (down 2.92 percentage points YoY); net cash generated from operating activities of RMB 5.973 billion (+22.35% YoY); R&D investment of RMB 302 million (-5.66% YoY, or 1.35% of revenue); goodwill of RMB 9.486 billion (43.17% of net assets of RMB 21.974 billion for the same period); 18.8917 million outpatient visits (+11.52%) and 1.68 million surgeries (+5.77%); proposed year-end dividend of RMB 1 per 10 shares (including tax), totaling approximately RMB 927 million. Including the 2025 interim dividend, full-year dividends totaled more than RMB 1.67 billion. Additional 1Q2026 report data: adjusted net profit attributable to shareholders of RMB 1.176 billion (+10.92% YoY); basic EPS of RMB 0.1274 (fully diluted EPS of RMB 0.1266); net cash generated from operating activities of RMB 1.708 billion (-6.2% YoY). Additional 1Q–3Q2025 data: adjusted net profit of RMB 3.119 billion (+0.20%); 3Q revenue of RMB 5.977 billion (+3.83%), net profit attributable to shareholders of RMB 1.064 billion (-24.12%), and adjusted net profit of RMB 1.080 billion (-18.73%). Additional FY2024 data: adjusted net profit of RMB 3.099 billion (-11.82%), the first decline since the company’s listing. Additional FY2023 data: adjusted net profit of RMB 3.514 billion. Hong Kong IPO prospectus basis (profit for the year including minority interests): approximately RMB 3.656 billion in 2023, RMB 3.736 billion in 2024, and RMB 3.473 billion in 2025, which differs from the A-share attributable-to-shareholders basis; state the basis when citing these figures.

The 2025 annual report marked the first year-on-year decline in annual net profit attributable to shareholders since Aier Eye Hospital’s listing. Media reports noted “revenue growth without profit growth, with net profit attributable to shareholders down nearly 9% and goodwill impairment exceeding RMB 150 million,” while Securities Times warned that “goodwill in the hundreds of billions is weighing on the company.” The decline in 2025 profit reflected multiple factors: large government subsidies received in the same period of the prior year, reduced investment income from financial products, higher credit impairment losses in the current period, and goodwill impairment exceeding RMB 150 million. However, adjusted net profit actually edged up (+1.36%); both attributable and adjusted net profit should be considered when assessing earnings quality. In 1Q2026, net profit attributable to shareholders rose 12.46% year over year, ending several consecutive quarters of decline and returning to double-digit growth. Zhongtai Securities judged that “1Q2026 results exceeded expectations.” According to the company, the change in performance was mainly attributable to the expansion of operating scale and stable revenue growth across hospitals. Goodwill is a key risk: at end-2025, goodwill was RMB 9.486 billion, or 43.17% of net assets. The only available full-year business breakdown is for FY2024 (refractive services RMB 7.602 billion, +2.31%; optical services RMB 5.278 billion, +6.42%; cataract services RMB 3.489 billion, +4.87%; anterior segment services RMB 1.897 billion, +5.95%; posterior segment services RMB 1.499 billion, +8.22%; and other services RMB 1.142 billion, -19.43%). No complete official breakdown by business for 2025 was found. The estimate that overseas business rose to approximately 13.68% of revenue in 2025 is based on a single source and should be verified against the annual report. In 2026, the company announced a “three-year campaign” focused on technological innovation, digital intelligence, and global expansion (as described in media reports).

3.2 Earnings Forecasts

Data gap: This search did not obtain cross-verified institutional consensus estimates by year for revenue/net profit/EPS for the next 2–3 years (2026–2028), nor any explicit target price. Therefore, the forecast_table is left blank rather than populated from memory. Consider checking Tonghuashun basic.10jqka.com.cn/300015/worth.html and East Money’s earnings forecast page for consensus estimates, or searching the “Earnings Forecast and Investment Recommendation” tables in full research reports from individual institutions. The institutions identified have provided qualitative views only (not forecast figures): Zhongtai Securities (2026-05-06) judged that 1Q2026 results exceeded expectations and that “growth in the high-margin refractive and optical businesses is expected to drive a continued recovery in performance”; China Securities Co., Ltd. (2025-11-18) said 3Q2025 profit was below expectations, but “multiple business factors are improving from the fourth quarter.”

3.3 Valuation and Institutional Ratings

Total market capitalization was approximately RMB 78.4 billion (consistent with a price of approximately RMB 8.43 and approximately 9.3 billion shares, based on East Money’s quote widget). P/E figures conflict across sources and should be clearly qualified: China Securities Journal cited a P/E (TTM) of approximately 29.96x and P/B (LF) of approximately 4.42x, based on the April 23 closing price. The same East Money quote widget showed a “latest price of RMB 8.43, P/E of 16.6, and market cap of RMB 78.4 billion.” Based on calculations using TTM net profit attributable to shareholders (FY2025 RMB 3.240 billion – 1Q2025 RMB 1.050 billion + 1Q2026 RMB 1.181 billion ≈ RMB 3.371 billion), a market cap of RMB 78.4 billion implies a P/E (TTM) of approximately 23x; using FY2025 net profit of RMB 3.240 billion gives a static P/E of approximately 24x. Neither the 16.6x nor 29.96x figure cited in the text matches these calculations, possibly because the quote widget uses a different date or basis (e.g., confusion between static/rolling/adjusted). Recommendation: Do not treat a single P/E as definitive. Retain both “approximately 20–25x (based on market cap of RMB 78.4 billion/TTM net profit of approximately RMB 3.37 billion)” and “approximately 30x as cited in a published source (late-April basis, East Money as the only source)” and note that the basis is unclear. The timing of valuation/quote data is ambiguous (the reported basis is “April 23 closing price,” while the quote widget snapshot may be later); use the actual retrieval date when citing quote figures and recalculate using a market quote terminal snapshot for that day (P/E = market cap on that day ÷ net profit attributable to shareholders for the latest 12 months).

4. Recent News and Announcements

4.1 2025 Annual Report (Announcement No. 2026-016, disclosed 2026-04-24)

Revenue was RMB 22.353 billion, up 6.53% year over year; net profit attributable to shareholders was RMB 3.240 billion, down 8.88%; adjusted net profit attributable to shareholders was RMB 3.141 billion, up 1.36%; outpatient visits totaled 18.8917 million, up 11.52%; and surgeries totaled 1.68 million, up 5.77%. As of 2025-12-31, the company had 391 hospitals and 272 outpatient departments/clinics in China, and 179 ophthalmic centers and clinics overseas.

4.2 1Q2026 Report (Announced the Evening of 2026-04-23, Disclosed 4-24)

Revenue was RMB 6.396 billion, up 6.15% year over year; net profit attributable to shareholders was RMB 1.181 billion, up 12.46%; adjusted net profit attributable to shareholders was RMB 1.176 billion, up 10.92%; basic EPS was RMB 0.1274; and net cash generated from operating activities was RMB 1.708 billion, down 6.18% year over year. Based on the April 23 closing price, P/E (TTM) was approximately 28.8x and P/B (LF) was approximately 4.21x.

4.3 1H2026 Interim Report (Disclosed the Evening of 2026-08-27)

Revenue was RMB 11.946 billion, up 3.81% year over year; net profit attributable to shareholders was RMB 1.357 billion; adjusted net profit attributable to shareholders was RMB 1.515 billion, down 25.75% year over year. The company stated that “after excluding the impact of tax-related matters, actual performance increased year over year.” Outpatient visits exceeded 10 million for the first time, reaching 10.0195 million, up 8.34% year over year. Overseas revenue rose to 14.06% of the total (full-year 2025 overseas revenue exceeded RMB 3 billion, or 13.68% of revenue). The company had 390 hospitals and 281 outpatient departments/clinics in China, and 185 ophthalmic centers and clinics overseas. Uncertainty alert: The interim report showed the unusual situation of “adjusted net profit (RMB 1.515 billion) > net profit attributable to shareholders (RMB 1.357 billion).” The company attributed this to “tax-related matters” (negative non-recurring gains and losses). This explanation is based on the company’s statement/media reports; the full interim report was not obtained, and the specific amount and nature of the tax-related items should be verified against the formal interim report.

4.4 Hong Kong Listing (H Shares, “A+H” Strategy, Announcement No. 2026-043)

On 2026-05-27, the company submitted an application to the Hong Kong Stock Exchange to issue overseas-listed foreign shares (H shares) and list on the Main Board, and published the application materials on the Exchange’s website on the same day. Huatai International/Huatai Securities is the sole sponsor. The announcement explicitly cautioned that the application materials disclosed an overseas acquisition intention under discussion. As of the announcement date, only a non-legally binding memorandum of understanding had been signed, and the matter remained uncertain. Approvals/filings are also still required from the China Securities Regulatory Commission, the Securities and Futures Commission of Hong Kong, and the Hong Kong Stock Exchange, creating further uncertainty. According to the prospectus, the funds raised would support three core priorities: “upgrading the quality of the medical business, global expansion, and building an AI + ophthalmic smart ecosystem.” If completed, the listing could make the company the first ophthalmic hospital group with both “A+H” platforms. It operates 842 ophthalmic medical institutions worldwide (663 in China and 179 overseas). Revenue in 2023/2024/2025 was approximately RMB 20.367 billion/RMB 20.983 billion/RMB 22.353 billion, respectively.

4.5 Acquisition of a Leading Brazilian Ophthalmic Group

On 2026-06-10, the company announced plans to acquire a leading Brazilian ophthalmic medical group, extending its global footprint to South America after North America, Europe, and Southeast Asia. The interim report described the transaction as being “in the final stages.” Uncertainty alert: Given the “overseas acquisition intention + MOU” language in the H-share announcement, the two matters may refer to the same transaction. However, the announcement did not name Brazil; this is an inference and should be verified against a formal announcement.

4.6 Repurchase and Cancellation of Restricted Shares (Announcement No. 2026-040)

Approved by the board (Seventh Board, Fifth Meeting) on 2026-04-23 and by the 2025 annual general meeting on 2026-05-18: Because the company did not meet the company-level performance requirements under its 2021 restricted stock incentive plan for 2025, it repurchased and canceled 25,831,936 shares awarded to all 5,358 incentive recipients that had not yet been released from lock-up, at RMB 11.72 per share. Following cancellation, total share capital was reduced from 9,325,396,670 shares to 9,299,564,734 shares, with registered capital reduced by the same amount. The repurchase and cancellation procedures were completed on 2026-07-08, cancelling 25.8319 million shares (0.2770% of total share capital before cancellation) and reducing total share capital from approximately 9.325 billion shares to approximately 9.3 billion shares.

4.7 Change in the Purpose of Some Repurchased Shares and Cancellation (Announcement No. 2026-058)

On 2026-08-27/28, the board (Seventh Board, Ninth Meeting) approved the Change in the Purpose of Some Repurchased Shares and Cancellation. It proposes to change the purpose of the 18,564,521 shares repurchased on 2023-10-25 (0.20% of current total share capital; original purpose: “equity incentives/employee share ownership”) to “reduce the company’s registered capital” and cancel them. After cancellation, total share capital would fall from 9,299,564,734 shares to 9,281,000,213 shares. The proposal remains subject to approval at the 2026 first extraordinary general meeting. The dedicated repurchase account holds a total of 31,363,178 shares (including 18,564,521 shares repurchased in 2023 and 12,798,657 shares repurchased in 2024; the latter will remain in the account). Uncertainty alert: Multiple reports shorten “cancellation of more than 18.56 million repurchased shares” to “approximately 18.56 million shares,” consistent with the precise figure of 18,564,521 shares in the announcement. The precise figure in the announcement should be used.

4.8 Shareholder Returns: Cash Dividends

In July 2026, implementation of the 2025 annual cash dividend was completed. Including the interim dividend, total cash dividends paid for 2025 exceeded RMB 1.67 billion, a record high. According to the company, it has paid cash dividends every year in its nearly 17 years since listing, with cumulative dividends approaching RMB 8.8 billion.

4.9 Changes in Shareholder Structure (Top Ten Tradable Shareholders in 1Q2026 Report)

New shareholder: Invesco Great Wall Emerging Growth Mixed Securities Investment Fund (replacing Guo Hongwei, who was a shareholder at the end of the previous year). Increased holdings: China Universal CSI Medical ETF, Hong Kong Securities Clearing Company Limited, and E Fund CSI 300 Healthcare ETF. Reduced holdings: E Fund ChiNext ETF, Harvest CSI 300 ETF, and E Fund CSI 300 ETF. The largest shareholder, Aier Medical Investment Group, maintained its holding of 3,202,323,800 shares (34.34%); Chen Bang maintained his holding of 360,948,000 shares (3.87%).

4.10 Regulatory/Policy News

No direct regulatory penalties or special policy announcements concerning the company were identified. At the industry level, policy-related matters mentioned in the 2025 annual report and H-share prospectus include slower growth in the ophthalmology sector due to weak consumer demand and the company’s use of the special policies of the Boao Lecheng International Medical Tourism Pilot Zone in Hainan to advance the clinical application of new technologies. These are background information, not standalone “recent announcement” events.

4.11 Outstanding Items/Limitations

1) No reliable source for “net inflows/outflows of major capital” (capital flows) was obtained for this report, so the data are not included. If required, check the capital flow pages on East Money/Tonghuashun separately and label the data as real-time or lagged. 2) The specific amount and nature of the “tax-related matters” in the interim report have not been verified from the full report. 3) Whether the “Brazil acquisition” and the “overseas acquisition MOU” in the H-share prospectus concern the same target is an inference; no official confirmation naming the target has been obtained. 4) Some sources are media reports (Cailian Press, Shanghai Securities News, National Business Daily, etc.) relaying company announcements. Core figures have been cross-checked and found consistent across multiple sources (Cailian Press/China Securities Journal/Gelonghui/Securities Star); the unusual “adjusted net profit > net profit attributable to shareholders” structure appears only in media reports and is marked for verification. Original announcements can be retrieved from CNINFO and the Shenzhen Stock Exchange using announcement numbers 2026-016/2026-040/2026-043/2026-058.

5. Share Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Aier Eye Hospital (300015) closed at RMB 8.06 on 2026-09-11, down 1.35%, with trading value of RMB 396 million, a turnover rate of 0.62%, and a volume ratio of 1.09. The share price is below all short- and medium-term moving averages (author’s estimates: MA5≈8.22, MA10≈8.26, MA20≈8.35), indicating a bearish alignment. Most technical indicator snapshots (RSI, MACD, ADX, and moving averages) are as of 2026-09-02, when the share price was RMB 8.30. The share price had fallen to RMB 8.06 by September 11, so the readings may be too optimistic and current RSI/MACD may be weaker; official technical indicator data for September 11 were not obtained. TradingView’s overall rating is sell, while Investing’s moving-average rating is Strong Sell (0 buy/12 sell). Capital flows: major capital was predominantly net outflow over the past week. On September 11, single-day net outflow was RMB 92.0097 million, the largest recently, comprising an extra-large order outflow of RMB 61.7960 million, a large-order outflow of RMB 30.2138 million, a medium-order inflow of RMB 19.7779 million, and a small-order inflow of RMB 72.2318 million. Reference levels from the August 19 Wealth account article (first support at RMB 8.38–8.40, strong support at RMB 7.82–8.00) have become partly invalid as the share price has moved lower. Valuation and 52-week highs/lows vary across sources and should be treated cautiously.

5.3 Short-Term Outlook (Coming Week, Scenario Analysis for Reference Only)

⚠️ Risk Warning: The following is a technical scenario analysis based solely on closing data as of 2026-09-11. Scenario weights are subjective, experience-based judgments informed by current technicals and capital flows, not statistical probabilities, and do not constitute investment advice. Do not trade based on this analysis.

① Key Technical Levels

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

• Bearish decline (relatively high weight, around 50% (subjective, experience-based judgment, not a statistical probability)): Trigger: major capital outflows continue at a level similar to the RMB 92 million outflow on September 11, and the share price breaks below RMB 8.00. Target range: RMB 7.85–7.95, with further testing of strong support at RMB 7.72–7.82. The share price is below all short- and medium-term moving averages, and TradingView/Investing moving-average ratings are bearish, making this the path of least technical resistance.
• Sideways consolidation (medium weight, around 35% (subjective, experience-based judgment, not a statistical probability)): Trigger: the broader market/medical services sector stabilizes and the share price moves repeatedly within RMB 8.00–8.30, with trading value around RMB 400 million and no significant volume expansion. Moving averages remain overhead and will constrain any rebound, with upside limited by RMB 8.20–8.30.
• Strong rebound (relatively low weight, around 15% (subjective, experience-based judgment, not a statistical probability)): Trigger: a sector-wide catalyst or company-specific news (such as progress on the Hong Kong listing or expansion of tertiary hospitals) is accompanied by trading value rising above RMB 600 million, and the share price recovers above MA5/MA10 on strong volume and holds above RMB 8.30. This scenario is meaningful only after confirmation on strong volume; a rebound on declining volume does not qualify.

③ Capital and Liquidity Background

On 2026-09-11, the turnover rate was 0.62% and trading value was RMB 396 million. Over the past week (9/1–9/11), trading value ranged approximately from RMB 396 million to RMB 572 million, with turnover of approximately 0.62%–0.86% (trading value of RMB 572 million and turnover of 0.86% on September 4). As a ChiNext large-cap stock with a float market cap of RMB 64.1 billion, a low turnover rate is normal. However, turnover of 0.62% means the order book is relatively thin; large capital inflows and outflows can amplify volatility, and the price impact of actual trades is higher than for small-cap stocks with high turnover. Major capital has seen consecutive net outflows, with the largest recent single-day outflow of RMB 92.0097 million on September 11. Institutional participation is 24.89% (light control, according to East Money’s “Qian Gu Qian Ping” as of 2026-09-11). Major capital’s average cost over the past 20 days is RMB 8.38, above the current price; most capital that entered earlier is sitting on losses, creating potential selling pressure from investors looking to break even. Aggregated figures differ across sources: stcn shows net outflows of RMB 72.5804 million over the past 3 days, RMB 379 million over the past 10 days, and RMB 669 million over the past 20 days; Jiufang Zhitou shows a cumulative major-capital outflow of RMB 81.8064 million over the past 10 days, a 10-day major-capital outflow ratio of -37.85%, and a 5-day cumulative DDX of -0.326. The two sources’ 10-day figures differ substantially (RMB 379 million vs. RMB 81.80 million), reflecting different methodologies; both are uncertain and should not be relied upon individually. Shareholder concentration: controlling shareholder Aier Medical Investment Group holds 34.55% (approximately 3.202 billion shares; family/control-platform structure); public fund E Fund holds 1.63% (approximately 151 million shares, according to the Investing.com shareholder list; report date unclear and the figure is marked as lagged). Public funds/institutions appear among the top ten shareholders but their holdings are not large. The shareholder count was 338,543 households as of 2026-06-30 (one quarter lagged, and the structure may have changed), down 1.64% from the previous period, with an average of 27,546 shares per household. Total pledged shares were 1.011 billion, or 10.87% of total shares, across 18 pledges (as of 2026-08-21). Northbound capital has reduced its holdings for multiple quarters since 2025-06. As of 2026-06-30, it held 135 million shares, or 1.69% of the float, down 13.95% from the end of the previous quarter, with a market value of RMB 1.114 billion (quarterly lagged data; the shareholder structure may have changed). Margin financing and securities lending (as of 2026-09-10): margin financing balance of RMB 1.932 billion (up 0.38% from the previous day and 2.97% of float market cap), securities lending balance of RMB 8.494 million, and combined margin financing and securities lending balance of RMB 1.940 billion. The margin financing balance ranks 5/376 in the pharmaceuticals and biotechnology industry.

Trading-volume confirmation: Against a baseline of recent normal trading value of RMB 400–570 million, a sustained increase in daily trading value to above RMB 600 million (significantly above the recent average) could indicate incremental capital inflows. Conversely, a declining share price on lower volume would be more consistent with the bearish-decline scenario.

④ Points to Watch (Observations Only, Not Trading Instructions)

• Watch whether the share price holds the RMB 8.00 round-number level: if it does, the range of RMB 8.00–8.30 may hold; a decisive break would put strong support at RMB 7.82/RMB 7.72 in focus.
• Watch whether the share price can break above the moving-average cluster at RMB 8.20–8.40 on stronger volume; a rebound will have limited upside until a volume-confirmed breakout.
• Watch whether daily trading value rises above RMB 600 million as a signal confirming a return of capital.
• Watch whether daily net inflows of major capital turn positive and whether capital sentiment toward the medical services sector improves (the sector currently ranks near the bottom in capital flows).
• These are points to watch, not trading instructions.

This scenario analysis is based on closing data as of 2026-09-11 and calculations using historical prices and technical indicators. Short-term share-price movements may also be affected by news, capital flows, the broader market, and other factors. Technical indicators are inherently lagging and limited; this analysis does not guarantee actual future performance or constitute a buy or sell recommendation. Please make an independent assessment based on the latest market information and assume your own investment risk.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

According to Frost & Sullivan estimates, China’s ophthalmic medical services market reached RMB 223.1 billion in 2024, up 11.05% year over year. Private institutions accounted for 42% of the market, with a market size exceeding RMB 93.7 billion. Refractive and cataract surgeries together accounted for 47%; the refractive market was RMB 73.0 billion, and the cataract market exceeded RMB 33.9 billion. (An alternative estimate based on the China Health and Wellness Statistical Yearbook: RMB 50.71 billion in 2015 → RMB 223.1 billion in 2024, with RMB 252.15 billion projected for 2025. Sources: 21st Century Business Herald/Securities Times, 2025-09-03; Southwest Securities, 2025-11-28, Ophthalmology Special Report: Revenue Bottoming Out, Diverging Profitability.) The competitive landscape is characterized by “one dominant player and several strong challengers.” Aier Eye Hospital maintains its leading position with a clear scale advantage, while Huaxia, Puri, He’s, and Chaoju form the second tier. On the supply side, the number of private ophthalmic hospitals grew at a 15% CAGR from 2021 to 2023. Since the second half of 2024, some institutions have closed as a result of medical insurance cost controls and weaker macro consumption. The industry is shifting from “scale expansion” to “quality improvement” and is expected to enter a phase of ongoing restructuring and rising concentration (UBS research cited by 21st Century Business Herald).

6.2 Competitive Landscape

• Market size: According to Frost & Sullivan estimates, China’s ophthalmic medical services market reached RMB 223.1 billion in 2024, up 11.05% year over year. Private institutions accounted for 42% of the market, with a market size exceeding RMB 93.7 billion. Refractive and cataract surgeries together accounted for 47%; the refractive market was RMB 73.0 billion, and the cataract market exceeded RMB 33.9 billion. (An alternative estimate based on the China Health and Wellness Statistical Yearbook: RMB 50.71 billion in 2015 → RMB 223.1 billion in 2024, with RMB 252.15 billion projected for 2025. Sources: 21st Century Business Herald/Securities Times, 2025-09-03; Southwest Securities, 2025-11-28, Ophthalmology Special Report: Revenue Bottoming Out, Diverging Profitability.)
• Competitive landscape: “One dominant player and several strong challengers.” Aier Eye Hospital remains the leader with a clear scale advantage, while Huaxia, Puri, He’s, Chaoju, and others form the second tier
• Supply-side changes: The number of private ophthalmic hospitals grew at a 15% CAGR from 2021 to 2023. Since the second half of 2024, some institutions have closed as a result of medical insurance cost controls and weaker macro consumption. The industry is shifting from “scale expansion” to “quality improvement” and is expected to enter a phase of ongoing restructuring and rising concentration (UBS research cited by 21st Century Business Herald)
• Common industry trends (1H2026): Revenue growth for six listed ophthalmic leaders simultaneously fell into the single digits for the first time, while profit trends diverged—Aier’s profit fell due to new hospitals and accounting policy changes; Puri’s profit recovered through cost controls; Huaxia/He’s/Chaoju/Syma saw “revenue growth but thin profits”

6.3 Major Competitors

With 1H2026 revenue of RMB 11.946 billion, Aier Eye Hospital remains the largest player in the industry, significantly ahead of the second tier (Huaxia RMB 2.185 billion, Puri RMB 1.602 billion, He’s RMB 585 million, and Guangzheng on the order of approximately RMB 500 million). Its overseas business, at approximately 13% of revenue, is the highest among peers. On the profit side, Aier’s 1H2026 net profit attributable to shareholders was RMB 1.357 billion/-33.83%, mainly due to depreciation and amortization at new hospitals and accounting policy adjustments. However, its absolute profit remained far above peers (Huaxia RMB 292 million, Puri RMB 88 million, and He’s RMB 41.53 million). In terms of gross margin, Aier was the leader in 2024 at 48.12%, versus 44.19% for Huaxia and approximately 36%–39% for Puri and the other two companies. In terms of relative positioning, Aier is the national and global chain leader, driven by refractive and optical consumer services, and is accelerating its overseas expansion and AI ophthalmology initiatives. Huaxia is focused on coastal markets and benefits from the technical barriers of two Class III Grade A hospitals; Puri has the highest share of refractive services and is shifting toward organic efficiency; and He’s has the highest share of optical services and focuses on its regional markets. A common industry trend is that revenue growth for the six leading companies simultaneously fell into the single digits for the first time in 1H2026, while profit trends diverged.

7. Risk Factors

• Cataract services face ongoing pricing pressure from volume-based procurement and medical insurance payment reforms. National volume-based procurement of intraocular lenses for cataract surgery and DRG/DIP reforms may continue to weigh on revenue and gross margins for related services. In 1H2026, gross margin for cataract services had already fallen to 34.59%, below that of refractive and optical services.
• New hospitals, network expansion, and acquired hospitals face the risk of losses during their ramp-up period and declining margins. The company’s 1H2026 earnings were affected by depreciation and amortization at new hospitals and low margins at newly acquired hospitals. If patient traffic, physician resources, or hospital-level efficiency take longer than expected to ramp up, scale expansion may continue to weigh on profits.
• High goodwill creates impairment risk. Goodwill was RMB 9.486 billion at end-2025, or 43.17% of net assets. If some acquired hospitals perform below expectations, goodwill impairment may be recognized, leading to a temporary decline in net profit attributable to shareholders and net assets.
• Consumer medical demand and price competition may weaken growth in high-margin businesses. Refractive and optical services together accounted for approximately 65% of revenue in 1H2026 and are sensitive to consumer willingness to spend, upgrades in surgical procedures, and average spending. Weak consumer demand or intensified price wars among peers could reduce revenue growth and gross margins.
• Global expansion and overseas acquisitions face approval, integration, and operating uncertainties. The company has submitted an H-share listing application and disclosed an overseas acquisition intention under discussion. These matters still require regulatory approval or filings, and overseas hospitals may present integration challenges in medical standards, personnel management, and business coordination.
• Earnings data are volatile and may require further verification of the reporting basis. Net profit attributable to shareholders fell 8.88% year over year in 2025. In 1H2026, net profit attributable to shareholders was RMB 1.357 billion, while media reports cited adjusted net profit attributable to shareholders of RMB 1.515 billion, higher than net profit attributable to shareholders. The company attributed this to tax-related matters, but the specific amount and nature remain to be confirmed against the formal interim report.
• Upstream high-value consumables remain subject to supply and cost pressures. The company relies on external suppliers for intraocular lenses, ICL lenses, femtosecond laser consumables, and ophthalmic drugs. Historical disclosures show the top five suppliers’ share of procurement rose to 37.67% in 2021. Changes in supply, pricing, or product access from core suppliers could affect costs and operating stability.
• The share price and capital flows remain weak in the short term, creating a risk of greater volatility. As of 2026-09-11, the share price was below estimated short- and medium-term moving averages, major capital recorded a single-day net outflow of approximately RMB 92 million, and turnover was only 0.62%. A break below RMB 8.00 and a further loss of the RMB 7.72–7.82 range could amplify share-price volatility through market sentiment and margin-financing activity.

8. Conclusion and Outlook

Aier Eye Hospital’s medium- to long-term growth foundation still rests on its nationwide chain network, brand, and scale procurement capabilities, as well as structural growth in self-pay consumer medical services such as refractive and optical care. A higher share of high-margin businesses, upgrades in surgical procedures, overseas expansion, and AI and digital intelligence initiatives may improve hospital-level efficiency and revenue mix. Adjusted net profit attributable to shareholders grew 10.92% year over year in 1Q2026, while outpatient visits and surgeries continued to increase, indicating that core operations retain some resilience.

However, the company has shifted from pursuing network expansion alone to balancing profitability quality and capital returns. Key areas to monitor include whether new and acquired hospitals can pass the breakeven point; whether demand for consumer medical services recovers; whether the impact of cataract volume-based procurement and medical insurance cost controls on margins stabilizes; and progress on approvals, financing, and integration for the H-share listing and overseas acquisition plans. Strong operating cash flow in 2025 and continued dividends provide some support for business investment, but R&D spending remains low as a share of revenue and goodwill is high. The quality of returns from the external expansion model still needs to be verified through financial data.

From a market perspective, the share price is below short- and medium-term moving averages and capital flows are weak, with no clear recovery in short-term risk appetite. If future improvements in fundamentals translate into higher margins and improved cash flow, accompanied by a recovery in trading volume, the market may reassess the company’s global expansion and consumer medical services investment thesis. Conversely, if revenue growth continues to slow while depreciation, acquisition integration, and policy pressures persist, valuation adjustment may take longer. These views do not constitute a buy or sell recommendation.

Sources

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• 爱尔眼科：2025年净利润32.4亿元 拟10派1元 - 热门：
• 财报快递｜爱尔眼科(300015)2025年度增收不增利，归母净利下滑近9%，商誉减值超1.5亿-证券之星
• 爱尔眼科(300015)2025年报&2026年一季度点评：26Q1经营改善 H股上市计划开启全球化新篇章
• 爱尔眼科百亿商誉压顶，新业务远水难解近渴，归母净利首次负增长之下如何破局？ - 爱尔眼科百亿商誉压顶，新业务远水难解近渴，归母净利首次负增长之下如何破局
• 爱尔眼科：2025年净利润32.4亿元 拟10派1元 - 爱尔眼科：2025年净利润32.4亿元 拟10派1元
• 爱尔眼科：2025年净利润同比下降8.88% 拟10派1元
• 爱尔眼科去年净利润超32亿元 将启动“三年攻坚”计划
• 爱尔眼科：2025年净利润同比下降8.88% 拟10派1元-证券之星
• 爱尔眼科(300015)：26Q1业绩超预期 利润达成双位数同比增速 高毛利屈视光业务攀升有望牵引业绩持续回暖
• 爱尔眼科：2026年一季度净利润11.81亿元 同比增长12.46% - 爱尔眼科：2026年一季度净利润11.81亿元 同比增长12.46%
• 爱尔眼科一季度归母净利润11.8亿元 同比增长12.5%
• 爱尔眼科：第一季度净利润同比增长12.46%
• 爱尔眼科(300015.SZ)：2026年一季报净利润为11.81亿元
• 愛爾眼科：第一季度淨利潤同比增長12.46% - 美股
• 快看-蓝鲸财经
• 爱尔眼科：2026年一季度净利润11.81亿元 同比增长12.46% - 中证智能财讯爱尔眼科（300015）4月24日披露2026年第一季度报告
• 愛爾眼科(300015.SZ)：一季度歸母淨利潤11.81億元 同比增長12.46% - 愛爾眼科(300015.SZ)：一季度歸母淨利潤11.81億元 同比增長12.46%
• 爱尔眼科：一季度净利润11.81亿元 同比增长12.46%-证券之星
• 爱尔眼科:关于向香港联交所递交境外上市外资股（H股）发行并上市的申请并刊发申请资料的公告
• 爱尔眼科上半年门诊量首破千万人次 拟注销1856万股回购股份 - 爱尔眼科上半年门诊量首破千万人次 拟注销1856万股回购股份
• 爱尔眼科申请H股上市
• 爱尔眼科
• 爱尔眼科2026年上半年：门诊破千万人次大关，拟注销1856余万股 - 爱尔眼科2026年上半年：门诊破千万人次大关，拟注销1856余万股
• 爱尔眼科向港交所主板提交上市申请
• 深圳证券交易所-公告正文
• 爱尔眼科向港交所递交H股上市申请
• 爱尔眼科向港交所主板提交上市申请
• 爱尔眼科提交港股上市申请 华泰证券独家保荐
• 爱尔眼科：第一季度净利润同比增长12.46%
• 爱尔眼科：2026年一季度净利润11.81亿元 同比增长12.46% - 热门：
• 爱尔眼科：一季度归母净利润11.81亿元，同比增长12.46%
• 爱尔眼科：第一季度净利润同比增长12.46%
• 爱尔眼科(300015.SZ)：一季度归母净利润11.81亿元 同比增长12.46%
• 爱尔眼科: 关于变更部分回购股份用途并注销的公告 - 证券代码：300015 股票简称：爱尔眼科 公告编号：2026-058
• 爱尔眼科(300015):变更部分回购股份用途并注销
• 爱尔眼科:关于变更部分回购股份用途并注销的公告 _ 爱尔眼科(300015) _ 公告正文 - 爱尔眼科:关于变更部分回购股份用途并注销的公告 查看PDF原文
• 爱尔眼科: 关于变更部分回购股份用途并注销的公告-证券之星 - 爱尔眼科: 关于变更部分回购股份用途并注销的公告
• 爱尔眼科:关于回购注销限制性股票减资暨通知债权人的公告 _ 爱尔眼科(300015) _ 公告正文 - 爱尔眼科:关于回购注销限制性股票减资暨通知债权人的公告 查看PDF原文
• 爱尔眼科：完成回购注销2583.19万股�...
• 爱尔眼科: 关于变更公司注册资本、修订《公司章程》及办理市场主体变更登记的公告内容摘要
• 爱尔眼科:关于回购注销限制性股票减资暨通知债权人的公告
• 爱尔眼科
• 证券信息 - 冠畅五金 - 同花顺
• 爱尔眼科:关于召开2026年第一次临时股东会的提示性公告 _ 爱尔眼科(300015) _ 公告正文
• 爱尔眼科：9月9日融券净卖出4.3万股，连续3日累计净卖出5.51万股-证券之星
• ★上市公司公告速递_深市(2024-03-21)_九方智投 - 全球指数
• 爱尔眼科：9月10日融资买入2775.59万元，融资融券余额19.4亿元-证券之星
• 深市可充抵保证金证券名单（20260611） - 深Ａ | 300001 | 特锐德 | 0.65 | 双创B
• 爱尔眼科(300015)_个股概览_股票价格_实时行情_走势图_新闻资讯_股评_财报_FinScope-AI让投资更简单
• 爱尔眼科(300015)_最新价格_行情_走势图—东方财富网
• 爱尔眼科(300015)_个股概览_股票价格_实时行情_走势图_新闻资讯_股评_财报_FinScope-AI让投资更简单
• 爱尔眼科(300015)
• 爱尔眼科(sz300015)
• 爱尔眼科(300015)资金流向 _ 数据中心 _ 东方财富网
• 爱尔眼科(300015)股票最新价格行情,实时走势图,股价分析预测_英为财情Investing.com
• Aier Eye Hospital Group Co., Ltd. (300015.SZ) Analyst insights, Price targets and Recommendations - Yahoo Finance
• Harga Saham 300015 hari ini | Saham Aier Eye Hospital Group - Investing.com - Aier Eye Hospital Group (300015)
• e公司，上市公司资讯第一平台。最新、最快、最有价值的上市公司快讯。数据拆解上市公司密码，为投资者挖掘客观信息。撮合上市公司与投资者互动，直播上市公司有价值的活动、会议。
• 爱尔眼科（sz300015）行情走势
• 爱尔眼科(300015) 千股千评 _ 数据中心 _ 东方财富网
• Aier Eye Hospital Group Análisis técnico de acciones - Investing.com México - Aier Eye Hospital Group (300015)
• Aier Eye Hospital Group Stock Technical Analysis (300015) - Investing.com PH
• Aier Eye Hospital Group股票技術分析 (300015) - 愛爾眼科 (300015)
• 爱尔眼科 (300015.SZ))/cnhk/analysis/tech-chart.aspx?shsymbol=300015)
• Technical Analysis of Aier Eye Hospital Group Co., Ltd. Class A (SZSE:300015) — TradingView — India - Indicators' summary
• Aier Eye Hospital Group Co., Ltd.: Technical Analysis Chart | 300015 | CNE100000GR6 | MarketScreener
• 爱尔眼科(300015)技术分析
• 爱尔眼科股票_数据_资料_信息 - 最近访问：
• 爱尔眼科 8.24 -1.32%_股票行情_九方智投 - <
• 爱尔眼科涨2.06%，成交额2.40亿元，主力资金净流入5057.98万元
• 9月2日医疗服务行业七大牛股一览-证券之星
• 股票行情快报：爱尔眼科（300015）9月4日主力资金净买入9905.47万元-证券之星
• 愛爾眼科 (300015.SZ) - 快速報價
• 爱尔眼科(300015.SZ)
• 爱尔眼科：9月8日获融资买入2661.70万元
• 爱尔眼科 8.06 -1.35%_股票行情_九方智投
• 爱尔眼科（300015）深度分析报告 - - 综合机构目标价范围14.0-15.79元，较当前股价10.99元，潜在上涨空间约27%-44%
• 技术面上看
• 爱尔眼科(300015)股票行情走势技术分析_未来预测_买卖操作建议_英为财情Investing.com - 爱尔眼科 (300015)
• 爱尔眼科(sz300015)股票价格_股票实时行情_走势图-新浪财经
• 技术面上看_爱尔眼科(300015)股吧_东方财富网股吧
• http://guba.sina.com.cn/?s=thread&bid=1722&tid=266470

This report was automatically researched, compiled, and generated by AI based on information from public sources. Information is current through the close on 2026-09-11 at 15:30 (market snapshot, cross-checked across multiple sources); some technical indicator snapshots are as of 2026-09-02 (lagged); capital flows are as of the close on 2026-09-11; margin financing and securities lending data are as of 2026-09-10; northbound capital and shareholder count data are lagged quarterly and may differ in timeliness. Please refer to the company’s formal announcements and authoritative data terminals for specific figures. This report is for information collation and research reference only and does not constitute investment advice. Investors should make independent judgments and assume their own investment risk.