高盛-爱尔眼科Aier Eye Hospital (300015.SZ) China+ Conference 2024 – Key Takeaways Weak demand continued, low visibility on inflection09122024.docx

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高盛-爱尔眼科Aier Eye Hospital (300015.SZ) China+ Conference 2024 – Key Takeaways Weak demand continued, low visibility on inflection09122024.docx

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12September2024|7:21AMCST

AierEyeHospital(300015.SZ):China+Conference2024–KeyTakeaways:Weakdemandcontinued,lowvisibilityonin?ection

Research|Equity

TianyiYan

+86(21)2401-8609|

tianyi.yan@

GoldmanSachs(China)SecuritiesCompanyLimited

Presenters:Mr.Jiang,IR

ZiyiChen

+852-2978-0526|ziyi.chen@GoldmanSachs(Asia)L.L.C.

BottomLine:WehostedAierEyeHospitalatourGSChina+Conference2024,

MichaelZheng

wherethecompanysharedmoreinsightson:1)Jul-Augtrendupdatesonrefractive

+86(21)2401-8928|

michael.zheng@

surgery/optometryservice,2)volumegrowthandpricechangepostIOLnational

GoldmanSachs(China)SecuritiesCompanyLimited

VBP.Ingeneral,weseeweakdemandcontinuedinbusyseason,withlowvisibility

JennyDu

onin?ection.Meanwhile,cataractsurgeryremainedstabledespitehighbaselast

+86(21)2401-8978|

jenny.x.du@

GoldmanSachs(China)Securities

yearandgradualimplementationofIOLnationalVBP.

CompanyLimited

KeyTakeaways

nWeakconsumptioncontinued:Perthecompany,itsrevenuegrowthintop-tiercitieswaslowerthanlower-tiercitiesmainlyduetohigherrevenuesharefrom

refractivesurgeriesinlargecities,whichwasmostlyimpactedamidstmacro

environmentuncertainties.Accordingtothecompany,refractivesurgery

segmentremainedweakinbusyseason(Jul-Aug)inlinewith1H24

performance,owingtolowerrevenuesharefromSMILE.However,itobservedstabilizingpricingcompetitionaswellassomesmallerplayersexitingthe

market.Percompany,ICLsurgerycontributed20%-25%oftotalrefractive

_surgeryrevenuewhileSMILEcontributed40%-45%asof1H24.Additionally,OKlensesprescriptionremained?attish(vs.20%y/ygrowthfromdefocuslensesascheapersubstitutionforteenagermyopiacontrol).

nStableperformancefromcataractdespitehighbaseandVBP:Aierdeliveredhigher-than-averagegrowthfromcataractsurgeriesin1H24(vs.?attishindustryvolumein1H24).Per