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！ ...

2025 年三季报总结：医疗器械、生命科学上游、疫苗 20251205 摘要 2025 年医疗器械行业整体业绩承压，但第三季度收入端同比转正，归 母净利润下滑收窄，主要受国内医保控费和海外地缘政治影响，预计 2026 年恢复正常增速。 国内市场，2024 年医院招投标节奏放缓影响收入兑现，以旧换新政策 预计 2025 年底推动设备板块增长，IVD 板块受集采调价和补税影响承 压。 海外市场，企业加强布局但前期费用较高，短期内利润承压。中美关税 对低值耗材情绪影响显著，手套行业库存消化后价格预计年底至 2026 年回暖。 2025 年前三季度医疗设备板块收入持平，利润增速略高，影像设备以 旧换新项目落地，内窥镜板块回暖明显，国产化率提升显著。 IVD 板块前三季度同比下滑，但单三季度收入好转，受益于集采落地和 DRG/DIP 2.0 发布，免疫诊断利好国产替代，生化诊断集中度提升。 高值耗材板块收入增长，骨科增速显著，心脑血管手术量恢复带动销量， 眼科渗透率低具潜力，电生理、主动脉介入领域增长良好。 疫苗板块业绩承压，收入下滑利润转亏，但单季度环比向好，关注传统 疫苗恢复及九价 HPV 疫苗等新管线品种上市，生 ...

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]

Core Insights - The core viewpoint of the articles highlights the successful implementation of the "24-hour smart contact lens store" by Aibono Medical, which has been recognized in the "2025 Key Application Scenario Project Support List" by the Beijing Municipal Science and Technology Commission [1] Group 1: Project Recognition and Implementation - Aibono Medical's "smart medical multi-scenario project" has been included in a key support list, showcasing the recognition of its innovative approach in the healthcare retail sector [1] - The company launched the first nationwide 24-hour smart contact lens store by the end of 2024, utilizing humanoid robots for automated operations [1][3] Group 2: Operational Efficiency and Technology Integration - The humanoid robot in the store autonomously handles the entire order process, including receiving orders, navigating shelves, and packaging, demonstrating significant operational efficiency [3] - The smart store model has been implemented in major cities such as Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, providing a scalable and replicable solution for the industry [1][3] Group 3: Market Strategy and Growth Potential - Aibono Medical is expanding its O2O business model with nearly 300 stores nationwide and partnerships with major e-commerce platforms, enhancing its market presence [4] - The company aims to meet the growing demand for vision care products driven by an increasing population with myopia and changing consumer habits [4][6] Group 4: National Strategy and Collaboration - Aibono Medical aligns with national strategies to promote the humanoid robot industry, collaborating with Galaxy General to integrate embodied intelligence technology into health retail [7] - This partnership aims to explore new pathways for productivity development and enhance the application of technology in everyday life [7] Group 5: Technological Advancements and Supply Chain - Aibono Medical possesses key technologies in contact lens production, achieving a level of technological advancement comparable to international standards [8] - The company has established a flexible production capacity system and a stable supply chain to ensure high-quality product availability [8] Group 6: Future Outlook - Aibono Medical plans to continue expanding its network of 24-hour smart stores across various cities, contributing to the sustainable development of the industry [9] - The collaboration with Galaxy General is expected to enhance the commercial viability of embodied intelligence technology in the healthcare retail sector [9]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 80 yuan [2][6]. Core Views - The company experienced a phase of performance pressure in 2025, with a revenue of 1.144 billion yuan (up 6.43%) and a net profit of 290 million yuan (down 8.64%) for the first three quarters [2]. - The company is accelerating its innovation and research and development efforts, with significant product launches expected to contribute to future growth [2][6]. Financial Performance Summary - **Revenue and Profitability**: - For Q3 2025, revenue was 358 million yuan (down 8.17%), and net profit was 77 million yuan (down 29.85%) [2]. - The projected total revenue for 2024A is 1.41 billion yuan, with a growth rate of 48.2%, and expected to reach 2.34 billion yuan by 2027E [7]. - **Profit Forecast**: - The forecasted net profit for 2025E is 394 million yuan, with a growth rate of 1.5%, increasing to 571 million yuan by 2027E [7]. - **Earnings Per Share (EPS)**: - The EPS is projected to be 2.01 yuan for 2024A, increasing to 2.95 yuan by 2027E [7]. Product and Market Insights - **Product Performance**: - The artificial lens and contact lens businesses faced temporary pressure due to market conditions, while the orthokeratology lens business showed robust growth [2][6]. - **Innovation and R&D**: - The company has launched two significant products in 2025, which are expected to enhance its market position and sales potential [2][6]. Valuation and Market Position - **Valuation Metrics**: - The company is valued at approximately 155 billion yuan, with corresponding price-to-earnings (PE) ratios projected at 29, 24, and 20 for the years 2025E, 2026E, and 2027E respectively [2][6]. - **Market Capitalization**: - The total market capitalization is reported at 11.633 billion yuan [3].

Core Viewpoint - The company emphasizes internationalization as a key strategy, aiming to enhance its presence in overseas markets where its market share is currently low [1] Group 1: International Expansion Strategy - The company is accelerating its overseas market layout by establishing subsidiaries in Hong Kong and Switzerland to support product development and commercialization [1] - The company has obtained product registration certificates in multiple countries and regions, facilitating its international market entry [1] Group 2: Sales and Management - The company is forming its own international sales team and strengthening the management and assessment of its agents to enhance market sales [1]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]