证券日报网讯 12月25日，爱博医疗在互动平台回答投资者提问时表示，公司一贯重视股东回报，管理 层将积极发挥核心优势，结合公司现金流、发展阶段、未来战略安排，综合评估市值管理相关工作。 （文章来源：证券日报） ...

（编辑 王雪儿） 证券日报网讯 12月25日，爱博医疗在互动平台回答投资者提问时表示，股东白莹女士为公司天使投资 人，不参与日常经营管理，其减持行为系个人资金需求，不会影响公司核心竞争力。截至目前，白莹女 士及其一致行动人合计持股5.85%。根据相关法规，大股东通过集中竞价、大宗交易减持股份，在期限 和比例上均有明确限制。公司将严格按照监管要求，及时履行信息披露义务。 ...

（编辑 丛可心 袁冠琳） 证券日报网讯 12月25日，爱博医疗在互动平台回答投资者提问时表示，公司股价主要受行业集采政 策、医保支出结构调整、消费市场竞争加剧及市场情绪等多重因素影响。公司管理层始终高度重视股价 表现及股东回报，未来将继续以股东利益为出发点，不断增强核心竞争力与可持续发展能力，通过多元 举措提升公司价值，切实回报股东。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is a leading domestic manufacturer of artificial lenses and a technology-driven ophthalmic materials and optical platform company. Although the performance in Q3 2025 is under pressure due to the impact of medical insurance cost control, the recovery of the OK lens business and the steady progress of new product pipelines are expected to support long-term growth [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 358 million yuan, a year-on-year decrease of 8.17%, and a net profit attributable to shareholders of 77 million yuan, down 29.85% year-on-year. The decline in cataract surgery volume, influenced by national procurement and adjustments in medical insurance expenditure structures, has significantly pressured the company's performance [2]. Product Lines and Market Strategy - The OK lens business has shown double-digit year-on-year growth in Q3 2025, supported by strengthened sales channel construction and academic promotion. The new generation of OK lenses is expected to be launched in 2026, with industry-leading oxygen permeability [3]. - The high-end product pipeline is clear, with a continuous increase in the proportion of high-end products in the artificial lens sector. The company is also expanding its overseas market presence, leveraging product quality and performance to enhance growth quality and sustainability [4]. Profit Forecast and Valuation - Due to lower-than-expected volume growth in artificial lenses and declining factory prices for contact lenses, the revenue and profit forecasts for 2025-2027 have been adjusted. Expected revenues are 1.537 billion yuan in 2025, 1.894 billion yuan in 2026, and 2.275 billion yuan in 2027, with corresponding net profits of 396 million yuan, 492 million yuan, and 595 million yuan respectively. The company maintains a PE ratio of approximately 24 times for 2026, indicating potential growth driven by new products [5].

爱博医疗（688050.SH）12月15日在投资者互动平台表示，尊敬的投资者，您好！公司旗下拥有包括澜 柏®、TOPPOP等多个隐形眼镜自主品牌，销售已覆盖线下和线上渠道，包括抖音、天猫、京东、美团 等各电商平台。未来，公司将推出更具差异化竞争力的产品，并同步深化品牌建设，推动品牌价值稳步 提升。感谢您对爱博医疗的关注！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：我们自有的美瞳品牌都叫什么？各自有什么品牌定位 或是产品差异？ ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：我们自有的美瞳品牌都叫什么？各自有什么品牌定位 或是产品差异？ 爱博医疗（688050.SH）12月15日在投资者互动平台表示，尊敬的投资者，您好！公司旗下拥有包括澜 柏®、TOPPOP等多个隐形眼镜自主品牌，销售已覆盖线下和线上渠道，包括抖音、天猫、京东、美团 等各电商平台。未来，公司将推出更具差异化竞争力的产品，并同步深化品牌建设，推动品牌价值稳步 提升。感谢您对爱博医疗的关注！ ...

Summary of Conference Call Records Industry Overview - The medical device industry is experiencing overall performance pressure in 2025, but third-quarter revenues have shown a year-on-year increase, with a narrowing decline in net profit attributable to the parent company, primarily due to domestic medical insurance cost control and geopolitical influences. It is expected that normal growth rates will resume in 2026 [1][3][8]. Key Points on Medical Device Sector - **Domestic Market Dynamics**: The slowdown in hospital bidding in 2024 is impacting revenue realization, with an expected boost from the "old-for-new" policy by the end of 2025. The In Vitro Diagnostics (IVD) sector is under pressure due to centralized procurement price adjustments and tax reimbursements [1][4]. - **International Market Challenges**: Companies are strengthening their overseas presence, but initial high costs are pressuring short-term profits. The impact of US-China tariffs on low-value consumables is significant, with expectations of price recovery in the glove industry from late 2025 to 2026 after inventory digestion [1][4][11]. - **Performance Metrics**: In the first three quarters of 2025, the medical device sector reported revenues of 145.7 billion yuan, a year-on-year decline of 2.4%, and a net profit of 26.5 billion yuan, down 14.4%. However, the third quarter showed a positive revenue trend and a narrowing profit decline [3][15]. Specific Sector Insights - **IVD Sector**: The IVD sector saw a year-on-year decline of 14.5% in the first three quarters, but the third quarter showed improvement with revenues of 11.02 billion yuan, benefiting from the implementation of centralized procurement and the release of DRG/DIP 2.0 [16]. - **High-Value Consumables**: This segment experienced a revenue growth of 6.6% year-on-year, with orthopedics showing a significant growth rate of 18.7%. The recovery in cardiovascular surgeries is driving sales, and the ophthalmology sector presents potential due to low penetration rates [17]. - **Medical Equipment**: The medical equipment sector's revenue remained flat, but profit growth was slightly higher. The imaging equipment sector is benefiting from the "old-for-new" projects, with a notable recovery in the endoscope segment [15]. Vaccine Sector Performance - The vaccine sector faced significant pressure, with revenues declining nearly 50% and profits turning negative. However, there is a quarter-on-quarter improvement trend. Future focus includes the recovery of traditional vaccines and the launch of new pipeline products, such as the domestically produced nine-valent HPV vaccine [2][23]. Life Sciences Upstream Sector - The life sciences upstream sector's performance remained stable, with a year-on-year profit growth of 68% in the third quarter, driven by recovering terminal demand and improved gross margins. The sector is benefiting from the expansion of the biopharmaceutical market and policy support [24]. Regulatory Environment and Challenges - The current regulatory environment emphasizes innovation while ensuring safety and efficacy. Domestic companies face challenges in international certifications, particularly with the FDA and CE, due to quality control issues [20][21][22]. Future Outlook - The industry outlook for 2026 includes a focus on self-sufficiency, innovative devices, and accelerated realization of centralized procurement categories. The recovery of orthopedic products is already evident, and international expansion remains a key area of interest [5][7][19].

Core Viewpoint - Aibo Medical's stock price has fallen significantly, reaching a five-year low, with a nearly 50% drop from its 2024 peak, reflecting a substantial decline in both stock performance and company earnings [2] Financial Performance - Aibo Medical's revenue for the first three quarters of 2025 was 1.144 billion yuan, a year-on-year increase of only 6.43%, while net profit decreased by 8.64% to 290 million yuan, marking the first decline in net profit since its listing [5] - The third quarter of 2025 saw particularly poor performance, with revenue of 358 million yuan, down 8.17% year-on-year, and net profit of 76.84 million yuan, a sharp decline of 29.85%, reaching a new low for quarterly performance [5] - The decline in performance is attributed to decreased revenue from artificial lenses and contact lenses, as well as increased investment in promoting the company's own brand of contact lenses [5][8] Market Dynamics - The average price of artificial lenses has dropped by approximately 60% since being included in the national high-value consumables procurement list in November 2023, which is expected to further impact the company's overall profitability in 2024 [7] - Artificial lenses contribute over 40% to Aibo Medical's revenue, but the company faces challenges in maintaining growth due to price reductions despite increased sales volume [8] - The overall gross margin has decreased from 84.75% in 2022 to 66.23% in 2024, further declining to 64.8% in the first three quarters of 2025 [8] Competitive Landscape - The high-end market for artificial lenses is dominated by international companies such as Zeiss and Alcon, while foreign brands lead in the contact lens sector, intensifying price competition due to domestic capacity expansion [10] - The OK lens market is also facing competition from domestic companies like Haohai Biological and Opcon Vision [10] Shareholder Activity - Major shareholder Bai Ying has reduced her holdings by 3.8627 million shares, approximately 2% of the total share capital, which has raised concerns among investors [11] - Despite the reduction in shares by financial investors, the core management team maintains a stable shareholding structure, with the chairman controlling over 20% of the shares, indicating confidence in the company's long-term prospects [11][12]

Group 1 - The fourth quarter is a critical period for private equity funds to realize performance and capture investment opportunities for the coming year, with research becoming a primary method for exploring new opportunities [1] - As of December 4, a total of 2,280 private equity institutions conducted 13,000 research sessions in the fourth quarter, with sectors like electronic components, medical devices, and integrated circuits being the most popular [1] - Private equity firms are optimistic about the A-share market in 2026 and are actively adjusting their portfolios through research to ensure more rational asset allocation and maximize product returns [2][3] Group 2 - Leading private equity firms are actively conducting research, with several top firms ranking high in the number of sessions, including Guangdong Zhengyuan, Hongyun, and Shanghai Gao Yi, among others [2] - The active research by private equity firms signals a positive outlook on the A-share market and a focus on understanding industry developments and verifying company operations to achieve higher returns [2] - The demand for deep research and precise stock selection is increasing as the market shifts towards performance realization, particularly in the technology sector [3] Group 3 - Technology stocks, particularly in sectors like electronic components, medical devices, and integrated circuits, are favored by private equity firms, with companies like Luxshare Precision and Aibo Medical being researched over 100 times [3][4] - The electronic components sector has seen strong upward momentum this year, benefiting from multiple favorable factors such as AI hardware, semiconductor domestic substitution, and automotive electronics [4] - The focus on sectors with growth potential and profit certainty is expected to help private equity funds achieve excess returns, aligning with their criteria for asset selection [4]

Core Insights - Aibono Medical's "Smart Medical Multi-Scene Project" has been recognized in the "2025 Key Application Scenario Project Support List" by Beijing's Science and Technology Commission, highlighting the company's innovative approach in the retail of contact lenses through 24-hour smart stores [1] - The introduction of humanoid robots in Aibono's stores has led to significant operational efficiency, automating the entire order process from receiving to delivery, thus enhancing the overall effectiveness of the business model [2] - Aibono Medical is expanding its presence with nearly 300 Toppop stores across China and plans to open more smart stores in cities like Suzhou and Chongqing, driven by the increasing demand for vision care products [3][5] Group 1: Technological Integration - The humanoid robots in the smart stores are capable of performing various tasks autonomously, which reduces the need for human intervention and allows staff to focus on inventory management [2] - The smart stores have demonstrated the commercial viability of embodied intelligence technology in the pharmaceutical retail sector, providing a new sales growth channel [5] Group 2: Strategic Partnerships - Aibono Medical has partnered with Galaxy General to integrate embodied intelligence technology into health retail, aiming to enhance productivity and service delivery [6] - The company has developed a comprehensive industrial layout covering R&D, production, and sales, with proprietary technologies that break the monopoly of international firms in the contact lens market [6] Group 3: Market Positioning - Aibono Medical's strategy combines medical and consumer needs, enhancing brand influence through efficient service delivery and a robust online and offline presence [3] - The company is committed to sustainable development in the industry, aligning with national strategic goals and expanding its network of smart stores nationwide [7]