公司报告 | 季报点评 爱博医疗（688050） 证券研究报告 持续强化销售渠道建设，在研产品有望推动发展 事件： 10 月 30 日，公司发布 2025 年第三季度报告。2025 年前三季度，公司实 现营业收入 11.44 亿元，同比增长 6.41%；实现归母净利润 2.9 亿元，同比 下降 8.64%；实现扣非归母净利润 2.80 亿元，同比下降 8.14%。其中，2025 第三季度，公司实现营业收入 3.58 亿元，同比下降 8.17%；实现归母净利 润 7685 万元，同比下降 29.85%；实现扣非归母净利润 7532 万元，同比下 降 28.47%。 点评 第三季度业务短期承压，角膜塑形镜市场逐渐回暖 2025 年第三季度，分业务来看：（1）人工晶状体方面，受国家集采和部分 省市医保支出结构调整的影响，销售量和销售收入均出现下滑；（2）隐形 眼镜方面，受消费市场环境的影响，终端价格下滑，同时生产端随着境内 产能扩张竞争加剧，隐形眼镜出厂价格和利润率均有下降；（3）角膜塑形 镜方面，整体市场呈现回暖态势，产品实现双位数增长，主要系产品综合 性能优势显著和持续强化销售渠道建设。 提升销售投入，强化新品 ...

Core Insights - The article highlights the increasing activity of broker research following the disclosure of third-quarter reports by listed companies, with a notable focus on sectors such as solar energy, semiconductor materials, and consumer electronics [2][5]. Group 1: Broker Research Trends - As of early November, over 35 brokers have conducted research on companies in the solar component supply chain, semiconductor materials, and leading consumer electronics firms [2]. - From October 1 to November 5, a total of 953 listed companies in A-shares received broker research, with 42 companies receiving research from 40 or more brokers [5]. - The most researched companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker inquiries respectively, all categorized under the new productivity label [5]. Group 2: Sector Focus - Brokers are particularly interested in sectors such as semiconductors, industrial automation, and high-end manufacturing, reflecting ongoing market attention to technology-driven industries [2][6]. - Companies like Zhaoyi Innovation and Canadian Solar have also attracted significant broker interest, receiving 55 and 49 inquiries respectively [5]. - The research interest extends to various industries, including medical devices, power equipment, and gaming, indicating a broad focus on high-growth sectors [6]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-prosperity industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [10]. - The research teams from CITIC Securities and CICC suggest that the electronic sector's performance is expected to remain strong, driven by AI and domestic production growth [10][11]. - Recommendations for November include focusing on new economic sectors such as AI software and semiconductor equipment, while traditional sectors like coal and steel are also highlighted [11].

Core Viewpoint - The article highlights the increasing activity of broker research in various sectors following the disclosure of Q3 financial reports, with a particular focus on technology and new productivity sectors [1][2]. Group 1: Broker Research Activity - As of early November, over 953 A-share listed companies have been researched by brokers, with 42 companies receiving attention from 40 or more brokers [3]. - The most popular companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker research reports respectively, all associated with new productivity [3]. Group 2: Sector Focus - Brokers are particularly interested in the semiconductor industry, high-end equipment, and companies with strong technological barriers and growth potential [5][6]. - Notable companies receiving significant attention include storage chip leader Zhaoyi Innovation and solar component leader Artis, which received 55 and 49 broker research reports respectively [3]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-growth industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [8][9]. - The research teams suggest that the electronic sector is expected to maintain its performance, driven by AI and domestic production growth [8]. Group 4: Market Trends and Recommendations - The article emphasizes the importance of monitoring annual performance expectations and the quality of corporate earnings, as well as the potential for market funds to shift between technology, consumer, and defensive sectors [10]. - Investors are advised to consider policy direction, industry hotspots, valuation rationality, and risk control when making investment decisions [10].

Core Insights - The article highlights the increasing activity of broker research following the disclosure of Q3 financial reports, with a focus on sectors such as technology, healthcare, and manufacturing [1][5]. Group 1: Broker Research Activity - In early November, over 953 A-share listed companies received broker research, with 42 companies receiving research from 40 or more brokers [2]. - The most popular companies among brokers include Aibo Medical, Huace Testing, and Jinpan Technology, receiving 65, 64, and 62 broker research reports respectively [2][3]. Group 2: Focus on New Productive Forces - Aibo Medical specializes in ophthalmic medical devices, while Huace Testing provides comprehensive testing and certification services, and Jinpan Technology focuses on power equipment [3]. - The brokers are also paying attention to semiconductor leaders like Zhaoyi Innovation and solar component leaders like Aters, which received 55 and 49 broker research reports respectively [4]. Group 3: Investment Trends and Strategies - The article notes that brokers are focusing on high-growth sectors such as technology, consumption, and manufacturing, which align with the current economic transformation and industrial upgrading trends [4][5]. - The research indicates a strong interest in companies with significant technological barriers and growth potential, particularly those benefiting from international business layouts or favorable policies [6]. Group 4: Market Performance and Expectations - Companies like Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation have received extensive research from various institutions, indicating strong market interest [7]. - The stock performance of companies like Jinpan Technology and Aters has seen significant increases, with Jinpan Technology rising by 65.01% since October [7]. Group 5: Future Investment Recommendations - Investment strategies suggest focusing on high-prosperity industries, particularly in AI, semiconductor, and renewable energy sectors, with a positive outlook for the electronic industry [8][9]. - Analysts recommend a cautious approach to investment, emphasizing the importance of policy direction, industry hotspots, and valuation rationality [9].

Core Insights - In the past five trading days, a total of 471 companies were investigated by institutions, with notable interest in companies like United Imaging Healthcare and Aibo Medical [1] - Among the companies surveyed, 223 received attention from more than 20 institutions, with United Imaging Healthcare being the most popular, attracting 318 institutions [1] - The data indicates a significant net inflow of funds into 68 of the companies that were heavily researched, with Tianji Co., Ltd. seeing the highest net inflow of 707 million yuan [1][2] Group 1: Institutional Research Activity - A total of 434 companies were surveyed by securities firms, accounting for 92.14% of the research activities [1] - Fund companies conducted research on 373 companies, while private equity firms surveyed 275 companies [1] - The most frequently researched company was Ice Wheel Environment, which was surveyed 7 times [1] Group 2: Market Performance of Surveyed Companies - Out of the companies that were heavily researched, 85 saw an increase in their stock prices, with notable gains from Aibo Medical (43.40%), Tianji Co., Ltd. (30.76%), and Boying Special Welding (20.27%) [2] - Conversely, 138 companies experienced declines, with the largest drops seen in Dekoli (-22.54%), Juguang Technology (-17.67%), and Stone Technology (-16.91%) [2] Group 3: Earnings Forecasts - Among the companies that disclosed annual earnings forecasts, only one company predicted an increase in profits, with Luxshare Precision expecting a net profit of 16.852 billion yuan, representing a year-on-year increase of 26.09% [2]

爱博医疗11月5日大宗交易平台出现一笔成交，成交量41.14万股，成交金额2612.29万元，大宗交易成交 价为63.50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，卖方营业部为广发证券股 份有限公司佛山岭南大道北证券营业部。 进一步统计，近3个月内该股累计发生51笔大宗交易，合计成交金额为2.63亿元。 证券时报·数据宝统计显示，爱博医疗今日收盘价为63.50元，上涨0.13%，日换手率为0.86%，成交额为 1.04亿元，全天主力资金净流出335.15万元，近5日该股累计下跌9.60%，近5日资金合计净流出1.48亿 元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 41.14 | 2612.29 | 63.50 | 0.00 | 中信证券股份有限 | 广发证券股份有限公司佛山岭 | | | | | | 公司上海分公司 | 南大道北证券营业部 | （文章来源：证券 ...

Core Insights - A total of 13 stocks from the STAR Market experienced block trading on November 5, with a cumulative transaction amount of 476 million yuan [1][2] Group 1: Trading Overview - On November 5, there were 26 block trades involving 641.80 million shares, totaling 476 million yuan [1] - The stock with the highest transaction amount was Zhongwei Company, with 3 block trades totaling 1.02 million shares and 275 million yuan [1] - Other notable stocks in terms of transaction amounts included Hongwei Technology and Jingwei Hengrun, with block trading amounts of 57.62 million yuan and 31.30 million yuan, respectively [1] Group 2: Price and Discount Analysis - The stocks with the highest discount rates relative to their closing prices included Jingwei Hengrun, Galun Electronics, and Yaokang Biology, with discount rates of 15.89%, 14.02%, and 9.03% respectively [1] - The average increase for STAR Market stocks involved in block trading was 0.75%, with 256 stocks rising, accounting for 43.32% of the total [1] Group 3: Fund Flow Analysis - Among the stocks that experienced block trading, 7 stocks saw net inflows of main funds, with the highest inflows in Nanya New Materials, Zhongwei Company, and XGIMI Technology, amounting to 75.38 million yuan, 64.01 million yuan, and 28.85 million yuan respectively [2] - Conversely, stocks with the highest net outflows included Plitec, Jingwei Hengrun, and Galun Electronics, with outflows of 26.20 million yuan, 18.74 million yuan, and 10.38 million yuan respectively [2]

爱博医疗 2025Q3 业绩点评 本报告导读： 公司单三季度利润承压，主因人工晶体和隐形眼镜行业竞争压力变大，下调评级为 谨慎增持评级。 投资要点： 风险提示。隐形眼镜放量，集采产品价格，竞争格局等不确定性。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 951 | 1,410 | 1,573 | 1,921 | 2,356 | | (+/-)% | 64.1% | 48.2% | 11.6% | 22.1% | 22.7% | | 净利润(归母) | 304 | 388 | 390 | 458 | 546 | | (+/-)% | 30.6% | 27.8% | 0.5% | 17.3% | 19.2% | | 每股净收益(元) | 1.57 | 2.01 | 2.02 | 2.37 | 2.82 | | 净资产收益率(%) | 14.3% | 16.1% | 13.0% | 13.5% | 14.2% | | 市盈率( ...

（文章来源：证券日报） 证券日报网讯爱博医疗11月5日在互动平台回答投资者提问时表示，公司已于11月4日发布近期《投资者 关系活动记录表》。 ...

爱博医疗（688050.SH）11月5日在投资者互动平台表示，1、公司持续坚持落实国际化战略。当前境外 市场的产品注册申报与市场推广工作均有序推进。2、公司当前人工晶状体类产品的供应及定价，严格 遵照2023年12月 "国家组织人工晶体类及运动医学类医用耗材集中带量采购" 的相关要求执行。截至目 前，公司尚未收到新一轮医用耗材集中带量采购的正式通知，后续将持续密切关注政策走向，严格按照 相关规定积极做好应对工作。关于新获批的创新产品——全景®焦深延长型人工晶状体，公司正在做增 补挂网前的准备工作，期待产品尽快进入医疗机构，为公司业绩做出贡献。 每经AI快讯，有投资者在投资者互动平台提问：1.公司海外市场拓展进度如何，是否已产生销售贡献并 且稳步提升？2.近期集采中，公司是否有产品中标？ （记者 曾健辉） ...