1、Asia Pacific Equity Research27 August 2025Aier Eye-ANeutral300015.SZ,300015 CHResilient growth despite macro and policy pressure;more eyes on AI and overseas expansionPrice(27 Aug 25):Rmb13.23Price Target(Dec-25):Rmb13.00ChinaHealthcareEric Zhao,CFA AC(86-21)6106 SAC Registration Number:S17305240500

2、01J.P.Morgan Securities(China)Company LimitedKey Changes(FYE Dec)PrevCurAdj.EPS-25E(Rmb)0.460.41Adj.EPS-26E(Rmb)0.550.50Revenue-25E(Rmb mn)24,09323,310Revenue-26E(Rmb mn)27,91126,548A income-25E(Rmb mn)4,2923,833A income-26E(Rmb mn)5,1524,674Style ExposureSources for:Style Exposure J.P.Morgan Global

3、 Markets Strategy;all other tables are company data and J.P.Morgan estimates.See page 7 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be awa

4、re that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.2Q25 revenue growth(+2.5%YoY)was largely in line with JPMe,butadj.NP(+4%YoY)was a miss.Lower-than-expect

5、ed GPM(-1.4pp YoY)was the major cause of NP disappointment,and management attributed this to three headwinds(see below).Management expects these headwinds to ease gradually as new hospitals ramp up patient volume and as economies of scale improve.We note that the company has established a high-profi

6、le leadership team for organization reform,aiming to make mid-management more specialized and younger.Overall,we believe Aier Eyes 2Q25 performance highlighted some resilience against a soft consumer spending environment and pricing pressure.While diagnosis-related group(DRG)/diagnosis-intervention