<p>中国领先的私人眼科医院连锁正致力于提升品牌知名度并拓宽融资渠道，但它能否证明其高溢价的合理性？</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30023721/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_102533_thebambooworks.com_-1024x684.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30023721/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_102533_thebambooworks.com_-1024x684.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>中国市场的激烈竞争和价格压力抑制了收入增长，促使公司将目标转向国际眼科市场。\n- 其海外眼科诊所的收入去年增长约 16%，是整体收入增长率的两倍多。</li>
</ul>
<p>在快速增长之后，中国的私人医院连锁在股市上逐渐失宠，因为它们通过降价来争夺客户。</p>
<p>但该国领先的专业眼科医院私人网络正试图重新塑造这一叙事，计划提升其国际形象并扩大海外业务。</p>
<p><strong>爱尔眼科医院集团有限公司</strong>（300015.SZ）董事会于 4 月 23 日投票决定，计划在香港证券交易所主板上市，需经股东批准，此前一个月海外媒体报道该公司正在考虑进行二次发行。</p>
<p>董事会投票后的第二天，该公司的股价上涨了 5.57%，使集团的市值重新超过 1000 亿元人民币（约合 140 亿美元）。</p>
<p>在解释其股权雄心时，该医院连锁表示希望拓宽国际资本的获取渠道，并支持持续的全球扩张计划。但该公司享有相对强劲的现金流，之前曾淡化香港上市的前景。</p>
<p>在去年 5 月的股东会议上，董事长陈邦表示爱尔眼科没有计划推出 H 股，理由是融资能力稳固且近期缺乏合适的海外收购目标。推进香港上市的决定似乎更多是为了改变市场认知，而非满足资金需求。</p>
<p>在过去十年中，爱尔眼科已成长为中国领先的眼科服务提供商，借助并购建立了分层网络。到 2025 年底，它在中国运营 391 家医院和 272 家门诊，同时在海外拥有 179 个眼科中心和诊所。年度门诊访问量同比增长 11.52%，达到 1889 万，而集团处理的手术案例数量同比增长 5.77%，达到 168 万。</p>
<p>该集团迅速发展成为行业巨头，年净利润从 2009 年的约 9200 万元飙升至 2017 年的 7.43 亿元，复合年增长率约为 30%。其股价在 2021 年 7 月飙升至 42.49 元，当时集团市值接近 4000 亿元，市盈率超过 100 倍。</p>
<p>然而，近年来增长速度放缓。2025 年，收入仅增长 6.53%，达到 223.5 亿元，而净利润下降 8.88%，降至 32.4 亿元，受到一次性项目（如商誉减值）的影响。剔除这些因素后，调整后的净利润微增 1.36%，达到 31.4 亿元，显示出基础盈利的稳定。新财年带来了复苏的迹象，2026 年第一季度收入同比增长 6.15%，接近 64 亿元，而净利润增长 12.46%，达到 11.8 亿元。</p>
<h4><strong>海外机会</strong></h4>
<p>尽管其核心业务仍在增长，但利润受到竞争加剧、价格压力和成本上升的挤压。2025 年，国内毛利率下降 1.22 个百分点，降至 47.26%，但该公司的海外毛利率却呈上升趋势，增长 0.58 个百分点，达到 46.17%。</p>
<p>该公司的海外眼科中心和诊所网络覆盖香港、欧洲、美国和东南亚。2025 年，海外收入达到 30.6 亿元，同比增长 16.47%，其在总营业额中的占比从 2024 年的 12.51% 上升至 13.68%。但医疗服务并非标准化的消费品。除了资本外，海外业务的成功扩展还受到可用医疗劳动力、当地监管框架和健康保险覆盖等多种因素的影响。</p>
<p>爱尔眼科在深圳交易的股票自高点以来下跌约 70%，受到大陆股市整体收缩、公司增长放缓和医疗服务负面新闻的影响。在此时进行香港上市可能是一把双刃剑。一方面，香港的存在可能增强集团为海外扩张融资的能力，并有助于促进跨境并购。其知名度可能提升品牌形象，并帮助与医生建立合作关系。但另一方面，香港的医疗服务提供商通常以低于大陆市场同行的估值交易。如果香港发行的定价有显著折扣，投资者可能会重新评估大陆股票的溢价。</p>
<p><strong>C-MER Medical</strong>（3309.HK）可作为比较。该香港上市的眼科连锁的市盈率约为 15 倍，而爱尔眼科的市盈率约为 30 倍，其收入和利润是 C-MER Medical 的 10 倍以上。即便如此，爱尔眼科仍需证明其海外扩张将加速收入增长，并持续对底线做出贡献，以证明其显著更高的溢价是合理的。</p>
<p><em>要订阅 Bamboo Works 每周免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

爱尔眼科

<p>爱尔眼科集团正在寻求在香港证券交易所上市，以增强其国际影响力并获取资本，尽管之前曾淡化此类计划。该公司旨在改变市场对其的看法，以应对中国市场的激烈竞争和价格压力，因其收入增长已放缓。爱尔眼科的海外收入去年增长了 16%，为其扩张战略做出了贡献。然而，香港市场的估值可能低于内地股票，这对投资者构成潜在风险。董事会决定追求上市后，该公司的股价上涨了 5.57%</p>

<p><em>The leading Chinese chain of private eye hospitals is aiming to boost its brand visibility and widen its funding options, but will it be able to justify a juicy premium?</em></p>
<div class="lb-trans"><p>中国领先的私人眼科医院连锁正致力于提升品牌知名度并拓宽融资渠道，但它能否证明其高溢价的合理性？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30023721/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_102533_thebambooworks.com_-1024x684.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/30023721/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_30-4-2026_102533_thebambooworks.com_-1024x684.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Stiff competition and price pressure in China have curbed revenue growth, prompting the company to target international eyecare markets</li>
<li>Income from its overseas eye clinics rose around 16% last year, more than double the overall rate of revenue growth</li>
</ul>
<div class="lb-trans"><ul>
<li>中国市场的激烈竞争和价格压力抑制了收入增长，促使公司将目标转向国际眼科市场。\n- 其海外眼科诊所的收入去年增长约 16%，是整体收入增长率的两倍多。</li>
</ul>
</div><p>After rapid growth, Chinese private hospital chains have been falling out of favor on equity markets as they compete for customers by cutting prices.</p>
<div class="lb-trans"><p>在快速增长之后，中国的私人医院连锁在股市上逐渐失宠，因为它们通过降价来争夺客户。</p>
</div><p>But the country's leading private network of specialized eye hospitals is looking to reframe that narrative, with a move to raise its international profile and boost its overseas presence.</p>
<div class="lb-trans"><p>但该国领先的专业眼科医院私人网络正试图重新塑造这一叙事，计划提升其国际形象并扩大海外业务。</p>
</div><p>The board of <strong>Aier Eye Hospital Group Co. Ltd.</strong> (300015.SZ) voted on April 23 to pursue a listing on the main board of the Hong Kong Stock Exchange, subject to shareholder approval, a month after overseas media r <strong>eported</strong> the Shenzhen-listed company was considering a secondary float.</p>
<div class="lb-trans"><p><strong>爱尔眼科医院集团有限公司</strong>（300015.SZ）董事会于 4 月 23 日投票决定，计划在香港证券交易所主板上市，需经股东批准，此前一个月海外媒体报道该公司正在考虑进行二次发行。</p>
</div><p>The firm's shares rose 5.57% the day after the boardroom vote, pushing the group's market value back above 100 billion yuan ($14 billion).</p>
<div class="lb-trans"><p>董事会投票后的第二天，该公司的股价上涨了 5.57%，使集团的市值重新超过 1000 亿元人民币（约合 140 亿美元）。</p>
</div><p>In explaining its equity ambitions, the hospital chain said it was looking to broaden its access to international capital and support ongoing global expansion plans. But the company enjoys relatively strong cash flow and had previously played down the prospects for a Hong Kong listing.</p>
<div class="lb-trans"><p>在解释其股权雄心时，该医院连锁表示希望拓宽国际资本的获取渠道，并支持持续的全球扩张计划。但该公司享有相对强劲的现金流，之前曾淡化香港上市的前景。</p>
</div><p>At a shareholder meeting last May, Chairman Chen Bang said Aier Eye had no plans to launch H-shares, citing solid financing capacity and a lack of suitable overseas acquisition targets in the near term. The decision to press ahead with a Hong Kong listing appears to be less about meeting funding needs and more about changing market perceptions.</p>
<div class="lb-trans"><p>在去年 5 月的股东会议上，董事长陈邦表示爱尔眼科没有计划推出 H 股，理由是融资能力稳固且近期缺乏合适的海外收购目标。推进香港上市的决定似乎更多是为了改变市场认知，而非满足资金需求。</p>
</div><p>Aier Eye has grown into China's leading private provider of ophthalmology services over the past decade, building a tiered network with the help of M&amp;A. By the end of 2025, it operated 391 hospitals and 272 outpatient clinics in China, along with 179 overseas ophthalmology centers and clinics. Annual outpatient visits rose 11.52% to 18.89 million from the prior year, while the number of surgical cases handled by the group rose 5.77% to 1.68 million.</p>
<div class="lb-trans"><p>在过去十年中，爱尔眼科已成长为中国领先的眼科服务提供商，借助并购建立了分层网络。到 2025 年底，它在中国运营 391 家医院和 272 家门诊，同时在海外拥有 179 个眼科中心和诊所。年度门诊访问量同比增长 11.52%，达到 1889 万，而集团处理的手术案例数量同比增长 5.77%，达到 168 万。</p>
</div><p>The group developed rapidly into an industry giant, with annual net profit rocketing from about 92 million yuan in 2009 to 743 million yuan in 2017, implying a compound annual growth rate of around 30%. Its share price soared to a peak of 42.49 yuan in July 2021, when the group's market value approached 400 billion yuan and its price-to-earnings ratio exceeded 100 times.</p>
<div class="lb-trans"><p>该集团迅速发展成为行业巨头，年净利润从 2009 年的约 9200 万元飙升至 2017 年的 7.43 亿元，复合年增长率约为 30%。其股价在 2021 年 7 月飙升至 42.49 元，当时集团市值接近 4000 亿元，市盈率超过 100 倍。</p>
</div><p>In recent years, however, the pace has flagged. Revenues rose just 6.53% to 22.35 billion yuan in 2025, while net profit fell 8.88% to 3.24 billion yuan, weighed down by one-off items such as goodwill impairment. Excluding these factors, adjusted net profit edged up 1.36% to 3.14 billion yuan, pointing to stable underlying earnings. The new fiscal year has brought signs of recovery, as revenues rose 6.15% to nearly 6.40 billion yuan in the first quarter of 2026 from the year-earlier period, while net profit increased 12.46% to 1.18 billion yuan.</p>
<div class="lb-trans"><p>然而，近年来增长速度放缓。2025 年，收入仅增长 6.53%，达到 223.5 亿元，而净利润下降 8.88%，降至 32.4 亿元，受到一次性项目（如商誉减值）的影响。剔除这些因素后，调整后的净利润微增 1.36%，达到 31.4 亿元，显示出基础盈利的稳定。新财年带来了复苏的迹象，2026 年第一季度收入同比增长 6.15%，接近 64 亿元，而净利润增长 12.46%，达到 11.8 亿元。</p>
</div><h4><strong>Overseas opportunity</strong></h4>
<div class="lb-trans"><h4><strong>海外机会</strong></h4>
</div><p>While its core business is still growing, profits have been squeezed by intensifying competition, pricing pressure and rising costs. Domestic gross margin fell 1.22 percentage points to 47.26% in 2025, but the firm's overseas gross margin enjoyed upward momentum, rising 0.58 percentage points to 46.17%.</p>
<div class="lb-trans"><p>尽管其核心业务仍在增长，但利润受到竞争加剧、价格压力和成本上升的挤压。2025 年，国内毛利率下降 1.22 个百分点，降至 47.26%，但该公司的海外毛利率却呈上升趋势，增长 0.58 个百分点，达到 46.17%。</p>
</div><p>The company's overseas network of ophthalmology centers and clinics spans Hong Kong, Europe, the United States and Southeast Asia. Overseas revenue reached 3.06 billion yuan in 2025, up 16.47% year on year, with its share of total turnover rising to 13.68% from 12.51% in 2024. But healthcare services are not standardized consumer products. Aside from capital, success in scaling up the overseas business is subject to various factors, including the available medical workforce, local regulatory frameworks and health insurance coverage.</p>
<div class="lb-trans"><p>该公司的海外眼科中心和诊所网络覆盖香港、欧洲、美国和东南亚。2025 年，海外收入达到 30.6 亿元，同比增长 16.47%，其在总营业额中的占比从 2024 年的 12.51% 上升至 13.68%。但医疗服务并非标准化的消费品。除了资本外，海外业务的成功扩展还受到可用医疗劳动力、当地监管框架和健康保险覆盖等多种因素的影响。</p>
</div><p>Aier Eye's Shenzhen-traded stock has fallen around 70% from its peak, hit by a broader contraction in mainland shares, the firm's slowing growth and negative headlines around medical services. A Hong Kong launch at this point could prove a double-edged sword. On the plus side, a Hong Kong presence could enhance the group's ability to fund its overseas expansion and help facilitate cross-border M&amp;A. The visibility could boost the brand and help forge partnerships with physicians. But on the debit side, healthcare service providers in Hong Kong typically trade at lower valuations than their peers on mainland markets. If the Hong Kong issuance is priced at a meaningful discount, investors may reassess the premium attached to the mainland shares.</p>
<div class="lb-trans"><p>爱尔眼科在深圳交易的股票自高点以来下跌约 70%，受到大陆股市整体收缩、公司增长放缓和医疗服务负面新闻的影响。在此时进行香港上市可能是一把双刃剑。一方面，香港的存在可能增强集团为海外扩张融资的能力，并有助于促进跨境并购。其知名度可能提升品牌形象，并帮助与医生建立合作关系。但另一方面，香港的医疗服务提供商通常以低于大陆市场同行的估值交易。如果香港发行的定价有显著折扣，投资者可能会重新评估大陆股票的溢价。</p>
</div><p><strong>C-MER Medical</strong>(3309.HK) serves as a comparison. The Hong Kong-listed ophthalmology chain trades at around 15 times earnings, compared with about 30 times for Aier Eye, whose revenue and profit are more than 10 times that of C-MER Medical. Even so, Aier Eye would need to prove that its overseas expansion will accelerate revenue growth and contribute consistently to the bottom line to justify a significantly bigger premium.</p>
<div class="lb-trans"><p><strong>C-MER Medical</strong>（3309.HK）可作为比较。该香港上市的眼科连锁的市盈率约为 15 倍，而爱尔眼科的市盈率约为 30 倍，其收入和利润是 C-MER Medical 的 10 倍以上。即便如此，爱尔眼科仍需证明其海外扩张将加速收入增长，并持续对底线做出贡献，以证明其显著更高的溢价是合理的。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

爱尔眼科寻求在香港上市以推动国际增长