China Healthcare: 2026 China Conference: Day 1 highlights –Aier, Asymchem, and Yifeng

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China Healthcare: 2026 China Conference: Day 1 highlights –Aier, Asymchem, and Yifeng

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China Healthcare

2026 China Conference: Day 1 highlights –

Aier, Asymchem, and Yifeng

Industry Overview

Aier: price recovery observed in refractive business 11 May 2026

Aier targets high-single-digit organic revenue growth, with bottom-line growth Equity

outpacing top-line growth in 2026, supported by an overall recovery in pricing. Although China

it currently carries c.RMB10bn of goodwill, mgmt. views the risk of material goodwill Healthcare

impairment as stable, given the on-track growth outlook. For the cataract segment, Aier David Li >>

expects flat revenue growth in 2026, given continuous pressure from budget control by Research Analyst

public healthcare funds. However, treatments paid out of pocket by patients are not Merrill+852 3508Lynch4531(Hong Kong)

subject to these policies. Self-pay patients accounted for c.20% of cataract revenue in davidbo.li@bofa.com

2025. In the refractive segment, mgmt. observed a slowdown in price competition Sandra Sun >>

Research Analyst

across the market. Price increases contributed meaningfully to revenue growth in 1Q26, Merrill Lynch (Hong Kong)

driven by the broader adoption of SMILE 4.0 procedures. Average spending per patient sandra.sun@bofa.com

reached c.RMB19,000 in 2025. Looking ahead, Aier believes price competition is unlikely Ethan Cui >>

to intensify in 2026, as brand reputation and quality considerations outweigh pricing for Merrill Lynch (Hong Kong)

most patients. Mgmt. is confident of achieving revenue growth of over 5% in 2026 in ethan.cui@bofa.com

optometry sector. We maintain Buy on Aier Eye Hospital.

Asymchem: strong momentum from emerging business SMILE: Small Incision Lenticule