爱博医疗（688050）2025 年中报点评 推荐（维持） 高端晶状体收入快速增长，海外市场加速布局 事项： ❖ 公司发布 25 年中报，25H1，营业收入 7.87 亿元（+14.72%），归母净利润 2.13 亿元（+2.53%），扣非净利润 2.04 亿元（+2.63%）。25Q2，营业收入 4.30 亿元 （+14.44%），归母净利润 1.21 亿元（+14.85%），扣非净利润 1.18 亿元 （+17.90%）。 评论： [ReportFinancialIndex] 主要财务指标 公司研究 证 券 研 究 报 告 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,410 | 1,795 | 2,255 | 2,786 | | 同比增速(%) | 48.2% | 27.3% | 25.6% | 23.5% | | 归母净利润(百万) | 388 | 464 | 572 | 697 | | 同比增速(%) | 27.8% | 19.4% | 23.4% | 21.8% | | 每股盈 ...

[Table_Info1] 爱博医疗(688050) 医疗器械/医药生物 [Table_Date] 发布时间：2025-09-16 [Table_Invest]买入 [Table_Title] 证券研究报告 / 公司点评报告 高端晶体和软镜快速放量，产品管线持续推进 事件： [Table_Summary] 爱博医疗发布 2025 年半年报，2025H1 公司实现营收 7.87 亿元 （+14.72%），归母净利润 2.13 亿元（+2.53%），扣非归母净利润 2.04 亿 元（+2.63%）。 彩瞳业务增长稀释毛利率，管线推进销售与研发费用有增有减。①毛利 率：2025H1 公司毛利率为 65.25%（成本追溯调整后-3.98pct）。②期间费 用 率 ： 2025H1 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 16.04%/11.09%/6.20%/1.06%（+0.88/-0.17/-0.68/+0.02pct，其中销售费用 存在成本追溯调整），研发投入总额同比+21.55%，费用率降低主要系管 线推进后计入资本化的成本占比较高。③盈利能力：2025H1 净利率为 26.30% ...

中国银河证券股份有限公司关于 爱博诺德（北京）医疗科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导（2025 年 3 月修订）》等有关法律、法规的规定，中国银河证券股份有限公司（以下简 称"保荐人"）作为正在履行爱博诺德（北京）医疗科技股份有限公司（以下简 称"爱博医疗""公司"）持续督导工作的保荐机构，出具本持续督导半年度跟 踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料；（2） 查阅公司财务管理、会计核算和内部审计等内部控制制度；（3）查阅公司与其 关联方的资金 ...

Group 1: Macro and Strategy - The report highlights the impact of the Federal Reserve's quantitative easing (QE) policies on U.S. Treasury yields, indicating that while QE provides liquidity, its long-term effects significantly lower yields [8][9]. - The report outlines four phases of the Federal Reserve's bond purchasing history, detailing the transition from traditional monetary policy to QE during the 2008 financial crisis and the COVID-19 pandemic [9][10]. - Recent economic data indicates a potential rebound in the bond market, with expectations for improved performance following the release of economic growth data on September 15 [11][12]. Group 2: Industry and Company Insights - The semiconductor industry, particularly the analog chip sector, is expected to see growth, with global market sizes projected to increase by 3.3% and 5.1% in 2025 and 2026, respectively [16][17]. - Domestic companies in the analog chip market are anticipated to benefit from increased demand in industrial, automotive, and AI applications, with significant potential for domestic market share growth [17][18]. - The renewable energy sector, particularly wind power, is experiencing favorable pricing outcomes, with competitive bidding results indicating strong investment returns for wind projects [19][20]. - Agricultural products are projected to enter a bullish cycle, with expectations for rising prices in beef and milk, driven by supply dynamics and market recovery [21][22][23]. - The report notes that the company Golden Meat Industry has seen a significant increase in profits from its beef and lamb business, despite challenges in its pig farming segment [35][36]. Group 3: Company-Specific Developments - Daikin Heavy Industries has secured a large contract worth approximately 1.25 billion yuan for offshore wind turbine foundations, which is expected to positively impact its financial performance in 2026 [24][25]. - Kelaiying, a leading CDMO in China, is expanding its service offerings and is projected to achieve steady revenue growth, with a forecasted revenue of 66.8 billion yuan in 2025 [26][28]. - Aibo Medical has reported a significant increase in net profit driven by high-end artificial crystal products, with a 30% quarter-on-quarter growth in the second quarter [29][30][31]. - Bluko is launching new products to enhance its IP portfolio, which is expected to drive revenue growth, particularly in the lower-priced market segment [33][34].

Core Viewpoint - The company reported strong revenue growth and achieved a record high profit since its listing in the second quarter of 2025, despite challenges from macroeconomic conditions and industry policies [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 787 million (+14.72%) and a net profit attributable to shareholders of 213 million (+2.53%) [1]. - The second quarter revenue was 430 million (+14.44%), with a quarter-on-quarter growth of 20.25% [1]. - The net profit for the second quarter was 121 million (+14.85%), with a quarter-on-quarter increase of 30.46%, marking the highest quarterly profit since the company went public [1]. Product Performance - Revenue from artificial crystals reached 345 million (+8.23%), with high-end products like "All-View" multifocal intraocular lenses and "Long Crystal" intraocular lenses showing rapid growth [2]. - The "Puno Tong" orthokeratology lens generated revenue of 119 million (+5.63%), maintaining sales growth amid intensified competition and consumer downgrade [2]. - Revenue from contact lenses was 236 million (+28.89%), driven by the expansion of self-branded sales channels [2]. Profitability Metrics - The gross profit margin for the first half of 2025 was 65.25% (-4.43 percentage points), primarily affected by the increased proportion of lower-margin contact lens products [3]. - The gross profit margin for the second quarter improved to 65.80%, up 1.80 percentage points from the previous quarter [3]. - The net profit margin for the second quarter improved to 27.26%, showing both year-on-year and quarter-on-quarter improvements [3]. Product Development - The company launched the "Long Crystal" intraocular lens for correcting/reducing myopia in adults in January 2025 [3]. - Self-developed silicone hydrogel contact lenses (model: S2DRT) have been certified, and various intraocular lens projects are progressing well [3]. Investment Outlook - The company is the first domestic manufacturer to independently develop high-end refractive intraocular lenses, with a well-established myopia prevention product line and a rapidly expanding contact lens business [4]. - The first domestically produced intraocular lens, Long Crystal, has significant import substitution potential, with future platform and international development prospects [4]. - Profit forecasts for 2025-2027 have been adjusted to 427 million, 520 million, and 627 million, respectively, reflecting a year-on-year growth of 10.0%, 21.7%, and 20.5% [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown rapid growth in high-end artificial lens products, with a significant increase in quarterly profits, achieving a record high since its listing [1][8]. - Despite challenges from macroeconomic conditions and industry policies, the company has maintained steady revenue growth, although net profit growth has lagged behind revenue growth due to lower margins from certain products [1][8]. - The company is the first domestic manufacturer to independently develop high-end refractive artificial lenses, with a well-established myopia prevention product line and significant potential for platform and international development [24]. Financial Performance - In the first half of 2025, the company achieved revenue of 787 million (up 14.72%) and a net profit of 213 million (up 2.53%), with a record quarterly net profit of 121 million in Q2, reflecting a 30.46% increase quarter-on-quarter [1][8]. - The gross profit margin for the first half of 2025 was 65.25%, impacted by a higher proportion of lower-margin products, while the net profit margin improved to 27.26% in Q2 [3][19]. - The company’s operating cash flow remained healthy, with a net cash flow from operating activities of 154 million (up 26.43%) in the first half of 2025 [19]. Business Segments - Revenue from artificial lenses reached 345 million (up 8.23%), with high-end products like "Longjing" and "All-View" lenses seeing rapid growth [2][14]. - The myopia prevention product line, particularly the "Punotong" corneal shaping lens, generated 119 million (up 5.63%), maintaining sales growth amid increased competition [2][14]. - The contact lens segment reported revenue of 236 million (up 28.89%), driven by the expansion of self-branded sales channels [2][14]. Future Outlook - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 427 million, 520 million, and 627 million, respectively, with year-on-year growth rates of 10.0%, 21.7%, and 20.5% [24]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 35.9, 29.5, and 24.4 for the years 2025, 2026, and 2027, respectively [24].

（原标题：爱博医疗(688050.SH)：现有产品未涉及脑机接口领域） 格隆汇9月11日丨爱博医疗(688050.SH)在互动平台表示，公司现有产品未涉及脑机接口领域。关于在研产品的具体进展，敬请关注公司定期报告 和临时公告。 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a steady growth in revenue and profit in Q2 2025, with a revenue of 430 million yuan, up 14.44% year-on-year, and a net profit of 121 million yuan, up 14.85% year-on-year [1][2] - The company is experiencing improvements in the yield of contact lenses and is expected to see a ramp-up in high-end new products [2] - The gross margin decreased to 65.80% in Q2 2025, primarily due to the impact of centralized procurement policies and an increase in the proportion of low-margin contact lens products [2] Financial Performance - For H1 2025, the company achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, a year-on-year increase of 2.53% [1] - The revenue breakdown for H1 2025 includes contact lenses at 236 million yuan (up 28.89%), intraocular lenses at 345 million yuan (up 8.23%), and orthokeratology lenses at 119 million yuan (up 5.63%) [2] - The company’s domestic revenue reached 744 million yuan (up 12.37%), while overseas revenue surged to 43 million yuan (up 80.10%) [3] Market Position and Strategy - The company is enhancing its domestic sales channels and steadily advancing its overseas market layout, with a sales network covering over 6000 hospitals and vision centers across 31 provinces and municipalities in China [3] - The company has established a global sales network, exporting products to over 30 countries, including Germany, France, and the UK [3] - The company’s high-end products, such as the "All-View" multifocal intraocular lenses, are gaining rapid market acceptance, contributing to the growth of its product mix [2] Earnings Forecast - The company is projected to achieve revenues of 1.683 billion yuan, 2.112 billion yuan, and 2.662 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.4%, 25.5%, and 26.1% [4] - The forecasted net profits for the same years are 445 million yuan, 545 million yuan, and 667 million yuan, with growth rates of 14.7%, 22.4%, and 22.4% [4]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - ANGPTL3 has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the diverse drug forms targeting ANGPTL3, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively investing in this area, indicating a potential for multi-target and multi-drug combinations in the future [3][16]. Summary by Sections Market Performance - The overall A-share market fell by 1.17%, with the Shanghai and Shenzhen 300 index down by 0.81%. The biotechnology sector, however, rose by 1.40%, indicating strong performance relative to the broader market [1][32]. - Specific segments within the pharmaceutical sector showed varied performance, with chemical pharmaceuticals up by 3.92% and medical services up by 1.69%, while medical devices and traditional Chinese medicine saw declines [1][32]. ANGPTL3 Developments - A collaboration between Argo Biopharma and Novartis was announced, focusing on RNA drugs for cardiovascular diseases, with a total potential payment of $5.2 billion, including a $160 million upfront payment [2][11]. - ANGPTL3's mechanism allows for significant reductions in LDL-C levels in patients with HoFH, outperforming traditional treatments like PCSK9 inhibitors [3][31]. Company Earnings Forecasts and Ratings - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, have been rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion yuan [4][41]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for the sector as a whole [4][41]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 40.75x, significantly higher than the overall A-share market's 19.80x [37][38]. - Sub-sectors such as chemical pharmaceuticals and biological products have even higher valuations, indicating strong investor interest and growth potential [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical for its strong market position and international expansion, WuXi AppTec for its comprehensive drug development services, and Aier Eye Hospital for its leading position in the eye care sector [41][42].

两融数据显示，该股最新融资余额为5.83亿元，近5日增加3570.93万元，增幅为6.53%。（数据宝） 9月9日爱博医疗大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 2.52 | 201.02 | 79.77 | 0.00 | 中信证券股份有限公 | 中信证券华南股份有限 | | | | | | 司上海分公司 | 公司佛山分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 爱博医疗9月9日大宗交易平台出现一笔成交，成交量2.52万股，成交金额201.02万元，大宗交易成交价 为79.77元。该笔交易的买方营业部为中信证券股份有限公司上海分公司，卖方营业部为中信证券华南 股份有限公司佛山分公司。 进一步统计，近3个月内该股累计发生64笔大宗交易，合计成交金额为2.91亿元。 证券时报·数据宝统计显示，爱博医疗今日收盘价为79.77元，下跌3.19%，日换 ...