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China's largest eye-hospital chain, providing cataract, refractive and other ophthalmic care through a national hospital network.
China's largest eye-hospital chain, providing cataract, refractive and other ophthalmic care through a national hospital network.
Is paid by patients and insurers for each procedure, with refractive surgery and optical services paid for by patients themselves and cataract surgery largely covered by public insurance. It grows by building flagship hospitals in provincial capitals and surrounding them with smaller city and county hospitals, often with local partners. Chen Bang is the founder and controlling shareholder.
In one line: A Chinese HCA Healthcare focused purely on eye care.
Moat: narrow (scale, brand, distribution). Largest branded eye-hospital network in China with scale advantages in equipment and specialist recruiting.
Headquarters: Changsha, Hunan, China · Founded: 2003 · Employees: 42,817
Size Aier Eye Hospital (300015.SZ) is a China Health Care company (Medical/Nursing Services) with a market value of $12.5B, the 195th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.01 on 6 Nov 2026.
Performance Over six months the shares fell 16.4%, against +27.7% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 19 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +14.0%); the operating margin is 20.5% (peer median 9.6%).
Valuation It trades at 29.5× forward earnings against a peer median of 20.8× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.7 points above its cost of capital (11.1% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥23.2B | CN¥22.3B | CN¥20.9B | CN¥20.3B | CN¥16.1B |
| Revenue growth | — | +7% | +3% | +26% | — |
| Gross profit | CN¥12.1B | CN¥10.3B | CN¥9.60B | CN¥10.1B | CN¥7.91B |
| EBITDA | n/a | CN¥6.91B | CN¥6.40B | CN¥6.94B | CN¥5.28B |
| Net income | CN¥2.42B | CN¥3.24B | CN¥3.56B | CN¥3.36B | CN¥2.52B |
| Free cash flow | CN¥3.51B | CN¥3.94B | CN¥3.26B | CN¥4.45B | CN¥3.14B |
| Capital expenditure | CN¥1.82B | CN¥2.09B | CN¥1.83B | CN¥1.46B | CN¥1.39B |
| Total debt | CN¥7.80B | CN¥7.59B | CN¥7.49B | CN¥6.65B | CN¥5.90B |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300015.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.6% | +10.5% | 7th highest of 20 |
| 6-month return | -16.4% | +27.7% | lowest of 19 |
| Distance from 52-week high | -28.1% | -8.9% | 3rd lowest of 20 |
| Revenue growth (TTM) | +4.7% | +14.0% | 6th lowest of 20 |
| Operating margin | 20.5% | 9.6% | 2nd highest of 20 |
| Forward P/E | 29.5× | 20.8× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | 13.9% | 8th least demanding of 18 |
| Growth delivered (Del g) | +13.4% | +13.2% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | -1.8 pp | +0.6 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +6.7 pp | +0.3 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Labcorp LH | United States | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% | 0.0% |
| Koninklijke Philips PHIA.AS | Netherlands | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% | +0.6% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |