---
title: "First-half revenue exceeds 11.5 billion yuan! With goodwill risks ahead, Aier Eye Hospital is about to shift its focus."
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/33435881.md"
description: "The growth fundamentals of the leading ophthalmology company remain unchanged. According to the latest financial report released by Aier Eye Hospital, in the first half of 2025, the company achieved 9.2483 million outpatient visits, a year-on-year increase of 16.47%; 879,000 surgeries, a year-on-year increase of 7.63%; operating revenue of 11.507 billion yuan, a year-on-year increase of 9.12%; net profit attributable to the parent company of 2.051 billion yuan, a year-on-year increase of 0.05%; and non-GAAP net profit of 2.040 billion yuan, a year-on-year increase of 14.30%. In one word, this report card can be summarized as "steady". It is reported..."
datetime: "2025-08-28T13:46:13.000Z"
locales:
  - [en](https://longbridge.com/en/topics/33435881.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/33435881.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/33435881.md)
author: "[医药研究社](https://longbridge.com/zh-HK/profiles/15545088.md)"
---

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# First-half revenue exceeds 11.5 billion yuan! With goodwill risks ahead, Aier Eye Hospital is about to shift its focus.

The growth of the leading ophthalmology company remains unchanged.

According to the latest financial report released by Aier Eye Hospital, in the first half of 2025, the company achieved 9.2483 million outpatient visits, a year-on-year increase of 16.47%; 879,000 surgeries, a year-on-year increase of 7.63%; operating income of 11.507 billion yuan, a year-on-year increase of 9.12%; net profit attributable to the parent company of 2.051 billion yuan, a year-on-year increase of 0.05%; and net profit after deducting non-recurring gains and losses of 2.04 billion yuan, a year-on-year increase of 14.30%.

To summarize this report card in one word, it is "stable".

It is reported that over the past 18 years (2006-2024), Aier Eye Hospital's revenue has increased from 191 million yuan to 20.983 billion yuan, and net profit attributable to the parent company has increased from 14.5915 million yuan to 3.556 billion yuan, an increase of more than 109 times and 243 times respectively. This largest ophthalmology medical chain institution in the world has become a benchmark in the industry, proving the durability of the golden track with its growth momentum.

However, a closer look at the latest performance reveals that Aier Eye Hospital has some issues of "increasing revenue without increasing profit". If we look at the secondary market, we will find a big gap. Currently, Aier Eye Hospital has a market value of over 100 billion yuan and a stock price of around 13 yuan, far less than the peak market value of nearly 400 billion yuan and a stock price of over 40 yuan. Some potential challenges may still exist.

**Being a global ophthalmology medical leader, its leading position is hard to shake**

The growth of Aier Eye Hospital is enough to illustrate the importance of expanding scale.

The financial report shows that as of June 30, 2025, Aier Eye Hospital had 355 hospitals and 240 outpatient departments in China. Globally, the company owns leading overseas ophthalmology institutions such as Hong Kong Asia Medical, MING WANG Eye Center in the United States, Clínica Baviera.S.A in Europe, and ISEC Healthcare Ltd. in Southeast Asia. In the first half of this year, Aier Eye Hospital has established 169 ophthalmology centers and clinics overseas, gradually forming a global medical service network.

Such a scale allows Aier Eye Hospital to fully enjoy the dividends of the times.

Specifically, the current aging population is increasing, the number of patients with age-related eye diseases (such as cataracts and diabetic retinopathy) is increasing, the high incidence of myopia among adolescents, and the widespread use of electronic devices have significantly increased the intensity of eye use, creating a multi-level and large-scale demand for eye health medical services.

Aier Eye Hospital also provided several sets of data in the financial report to confirm that it is on a track of explosive growth.

According to data from the National Bureau of Statistics, by the end of 2024, the elderly population aged 60 and above in China had increased to 310 million, accounting for 22% of the total population; the population aged 65 and above had reached 220 million, accounting for 15.6% of the total population. It is expected that the elderly population will exceed 400 million by 2050.

In addition, data from the National Health Commission shows that in 2022, the overall myopia rate among children and adolescents in China was 51.9% (36.7% in primary school, 71.4% in junior high school, and 81.2% in high school). Among the students who are already myopic, mild, moderate, and high myopia accounted for 53.3%, 37.0%, and 9.7% respectively. The high incidence, low age, and high degree of myopia are severe.

In this context, Aier Eye Hospital is accelerating its expansion pace and building a broad service network, which can obviously capture a large amount of demand.

On the other hand, by moving from domestic to overseas and becoming a global ophthalmology medical chain institution, Aier Eye Hospital can easily occupy a favorable position in the competitive environment.

Currently, the ophthalmology medical service track is already a red ocean. According to the Frost & Sullivan "2024 Global Optometry Market White Paper", from 2019 to 2023, the number of ophthalmology specialty hospitals in China increased from 945 to 1674, with a compound annual growth rate of 14.8%, and it is expected that this number will increase to 3126 by 2028, of which private ophthalmology hospitals will reach 3044.

At the same time, the "one super and many strong" competitive pattern has also formed. The "one super" is Aier Eye Hospital, which has enhanced its leading effect through extensive expansion and has opened a large gap with its peers.

Previously, Huaxi Securities estimated that Aier Eye Hospital accounted for 38.8%, 13.1%, 41.8%, and 27.1% of the market share in the private market for refractive, cataract, optometry, and other eye diseases, respectively, and its overall market share in the private ophthalmology market reached 28%. In terms of revenue scale, Aier Eye Hospital also significantly surpasses listed companies such as Huaxia Eye Hospital, Puri Eye Hospital, Guangzheng Eye Hospital, Chaoju Eye Hospital, and Hoshi Eye Hospital.

In summary, based on active market expansion, Aier Eye Hospital's leading position is hard to shake. However, the company's "land grabbing" process has also produced some side effects that cannot be ignored and continue to this day.

**How to resolve the side effects of "land grabbing" under high goodwill?**

To achieve its current scale, Aier Eye Hospital's expansion pace is obviously large.

In recent years, the company has been continuously promoting hierarchical chains and implementing the "1+8+N" strategy (building Aier Eye Hospital in Changsha into a world-class ophthalmology medical center, building national and regional first-class ophthalmology medical centers in 8 cities including Beijing, Shanghai, Guangzhou, and Shenzhen, and driving the establishment of N leading regional ophthalmology hospitals). This process is not without aggressiveness.

For example, in May 2024, Aier Eye Hospital announced that it would spend 1.344 billion yuan to acquire part of the equity of 52 medical institutions including Chongqing Eye Optometry and Zhoukou Aier. In July 2024, Aier Eye Hospital announced that it would acquire part of the equity of 35 medical institutions including Humen Aier and Yuncheng Aier, with a total transaction amount of 898 million yuan.

In just two months, Aier Eye Hospital spent more than 2.2 billion yuan to bring 87 ophthalmology medical institutions under its umbrella.

The large-scale acquisitions have rapidly expanded the company's operating territory. Public information shows that by the end of 2024, the number of subsidiaries included in the consolidation scope of Aier Eye Hospital had increased to 621, an increase of 149 from the previous year, of which more than 90 were acquired.

However, it has also brought high operating costs and increased goodwill. By the end of 2024, the book value of Aier Eye Hospital's goodwill was 8.448 billion yuan, accounting for 40.8% of net assets, and goodwill increased by 2.145 billion yuan in 2024 alone; the cumulative amount of goodwill impairment provision was 1.721 billion yuan.

In addition, the latest financial report shows that Aier Eye Hospital's acquisition actions have not stopped. In the first half of this year, it acquired 3 companies and confirmed goodwill of about 123 million yuan. If the operating conditions of the acquired assets do not meet expectations, the operating stability of Aier Eye Hospital may be greatly affected, and the concern of "success due to scale, failure due to scale" is becoming stronger.

However, from the latest financial report, it seems that Aier Eye Hospital has found a way to resolve potential risks. One point worth noting is to transform scale advantages into technical advantages and strengthen the moat.

For example, during the reporting period, the company introduced Zeiss's new generation of robotic femtosecond equipment VISUMAX 800 and the new minimally invasive surgery SMILE pro, taking the lead in entering the era of intelligent robotic-assisted refractive surgery; fully promoted the construction of "warm AI smart ophthalmology hospitals" and launched the development of the "AI ophthalmologist" intelligent body; the Changsha Medical Center successfully performed the first robot-assisted subretinal precise injection surgery in Hunan Province...

These actions have brought considerable benefits to the development of the company's refractive, cataract, anterior segment, and posterior segment projects, and also reflect that the future development focus of Aier Eye Hospital may not be on "opening more hospitals", but on exploring increments through a combination of technology, products, and channels.

As emphasized by Chen Bang, chairman of Aier Eye Hospital, at the investor research exchange event in July: "To win strategically in the new stage, we must better enhance efficiency in terms of talent, technology, service, and brand."

Source: Medical Research Society

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