Credit Brief — Aier Eye Hospital Group Co., Ltd. (爱尔眼科)
300015.SZ · Shenzhen ChiNext · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 陈邦
- Registered address: 长沙市天心区芙蓉南路一段 188 号爱尔大厦
- Office address: 长沙市天心区芙蓉南路一段 188 号爱尔大厦
- Actual controller: 陈邦
- Employees: 42,817
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 6,004.2 | 6,099.1 | 5,364.1 | 5,295.3 | 5,559.8 |
| Trading financial assets | 900.0 | 811.2 | 726.0 | 1,055.3 | 1,158.6 |
| Accounts receivable | 1,583.1 | 1,899.2 | 1,993.0 | 1,848.9 | 1,921.8 |
| Other receivables | 225.7 | 245.1 | 301.4 | 524.6 | 330.3 |
| Inventories | 731.0 | 899.7 | 985.5 | 980.8 | 977.9 |
| Long-term equity investments | 11,679.5 | 14,033.0 | 17,559.4 | 109.8 | 103.5 |
| Fixed assets | 3,519.4 | 3,864.3 | 5,212.0 | 6,537.3 | 6,367.0 |
| Construction in progress | 521.7 | 920.2 | 335.6 | 357.8 | 435.6 |
| Intangible assets | 813.8 | 828.1 | 860.6 | 1,027.7 | 1,004.8 |
| Total assets | 26,578.8 | 30,186.6 | 33,255.3 | 36,676.0 | 36,239.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 573.0 | 850.4 | 1,450.3 | 1,527.5 | 2,171.7 |
| Notes payable | — | 62.4 | 68.3 | 72.2 | 52.6 |
| Accounts payable | 1,465.7 | 1,809.3 | 1,972.1 | 2,021.8 | 2,203.5 |
| Contract liabilities | 225.2 | 183.4 | 190.7 | 209.5 | 246.7 |
| Other payables | 1,674.9 | 1,169.2 | 976.5 | 1,992.5 | 272.7 |
| Current portion of non-current liabilities | 539.0 | 768.1 | 764.7 | 834.6 | 901.3 |
| Long-term borrowings | 115.1 | 22.2 | 43.9 | 139.6 | 180.7 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 8,963.4 | 10,161.9 | 11,443.3 | 13,277.6 | 11,798.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 7,176.5 | 9,328.4 | 9,327.0 | 9,325.4 | 9,325.4 |
| Capital reserve | 3,970.2 | 1,524.6 | 967.0 | 727.3 | 605.0 |
| Retained earnings | 5,963.4 | 8,380.1 | 10,329.5 | 10,865.5 | 12,222.5 |
| Equity attributable to owners of the parent | 16,671.5 | 18,855.8 | 20,714.6 | 21,973.7 | 23,019.9 |
| Minority interests | 944.0 | 1,168.9 | 1,097.4 | 1,424.7 | 1,420.9 |
| Total equity | 17,615.5 | 20,024.8 | 21,812.0 | 23,398.4 | 24,440.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 16,109.9 | 20,367.2 | 20,982.9 | 22,352.6 | 11,945.7 |
| Cost of sales | 7,980.4 | 10,022.0 | 10,886.5 | 11,821.5 | 6,436.6 |
| Selling expenses | 1,555.6 | 1,966.3 | 2,151.7 | 2,145.3 | 1,067.0 |
| Administrative expenses | 2,293.5 | 2,669.2 | 2,989.1 | 3,212.8 | 1,310.2 |
| Finance costs | 6.7 | 73.6 | 214.3 | 176.0 | 162.3 |
| Investment income | 43.9 | 46.5 | 213.2 | 75.1 | 24.1 |
| Operating profit | 3,534.5 | 4,947.9 | 4,824.9 | 4,603.1 | 2,820.6 |
| Profit before tax | 3,335.1 | 4,551.0 | 4,594.3 | 4,425.1 | 2,596.1 |
| Net profit | 2,689.0 | 3,656.0 | 3,736.1 | 3,473.2 | 1,543.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.80x | 1.69x | 1.45x | 1.24x | 1.48x |
| Quick ratio | 1.66x | 1.54x | 1.30x | 1.12x | 1.34x |
| Debt-to-asset ratio | 33.7% | 33.7% | 34.4% | 36.2% | 32.6% |
| Total debt / EBITDA | 0.33x | 0.32x | 0.43x | 0.48x | 0.99x |
| EBITDA interest coverage | 558.45x | 68.67x | 24.79x | 29.45x | 20.18x |
| Gross margin | 50.5% | 50.8% | 48.1% | 47.1% | 46.1% |
| Net margin | 16.7% | 18.0% | 17.8% | 15.5% | 12.9% |
| Return on equity (ROE) | 15.3% | 18.3% | 17.1% | 14.8% | 6.3% |
| Revenue growth | — | 26.4% | 3.0% | 6.5% | -46.6% |
| Net profit growth | — | 36.0% | 2.2% | -7.0% | -55.6% |
| Receivable days | 36 | 34 | 35 | 30 | 59 |
| Cash received / revenue | 99.8% | 100.7% | 98.7% | 100.8% | 99.6% |
| Operating CF / net profit | 1.67x | 1.61x | 1.31x | 1.72x | 1.89x |
| Free cash flow | 3,637.3 | 5,744.5 | 3,587.9 | 8,123.8 | 4,654.4 |
Mechanical risk flags
- ⚠ Current ratio: 1.24 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.36 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 92.6 vs 94.9 CNY mn (deviation 2.41%, severity mid)
Sources: 2023年年度报告.pdf p.143 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.134 「货币资金」. CF-statement figure below the balance-sheet movement by 2.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -723.8 vs -735.0 CNY mn (deviation 1.52%, severity mid)
Sources: 2024年年度报告.pdf p.156 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.146 「货币资金」. CF-statement figure above the balance-sheet movement by 11.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -81.1 vs -68.8 CNY mn (deviation 15.19%, severity mid)
Sources: 2025年年度报告.pdf p.153 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.143 「货币资金」. CF-statement figure below the balance-sheet movement by 12.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 264.1 vs 264.5 CNY mn (deviation 0.14%, severity low)
Sources: 2026年半年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.78 「货币资金」. CF-statement figure below the balance-sheet movement by 0.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 5,295.3 | 2025年年度报告.pdf | 143 | 货币资金 | 5295331616.35 (元) |
| Total assets | 2025 | 36,676.0 | 2025年年度报告.pdf | 144 | 资产总计 | 36675990722.72 (元) |
| Accounts receivable | 2025 | 1,848.9 | 2025年年度报告.pdf | 143 | 应收账款 | 1848938513.18 (元) |
| Fixed assets | 2025 | 6,537.3 | 2025年年度报告.pdf | 143 | 固定资产 | 6537337844.26 (元) |
| Short-term borrowings | 2025 | 1,527.5 | 2025年年度报告.pdf | 144 | 短期借款 | 1527490531.68 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.