证券研究报告 | 公司更新 | 医疗器械 看好 2026 年恢复及新品拉动 ——爱博医疗更新报告 投资要点 风险提示 手术量恢复不及预期、消费环境承压、新品推广不及预期、政策变化等。 人工晶体国产龙头、技术驱动型的眼科材料与光学平台公司，2025 年 Q3 业绩 短期承压，人工晶体受医保控费影响销售量与收入均有下滑，但 OK 镜业务回 暖，PR、焦深延长型人工晶状体、新一代 OK 镜、硅水凝胶隐形眼镜等新品管 线稳步推进，为长期增长蓄力。 人工晶体（核心业务）短期承压，静待终端手术量回暖。 2025 年 Q3 公司业绩短期承压，实现营业收入 3.58 亿元（YoY-8.17%），归母净 利润 0.77 亿元（YoY-29.85%）。受国家集采及部分省市医保支出结构调整（如 DRG/DIP 控费、限制白内障筛查）等影响，终端白内障手术量下降，导致作为 公司主要收入和利润来源的人工晶体板块收入和销量同比均有下降，对三季度业 绩造成较大压力。但我们认为，白内障手术有一定择期性，随着需求的增长以及 支付调整等逐步完成，行业手术量有望恢复，公司 2026 年增长可期。 OK 镜回暖，隐形眼镜业务蓄势待发。 1）近视防控 ...

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]

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]