格隆汇12月2日丨爱博医疗(688050.SH)在投资者互动平台表示，国际化是公司的重要战略之一，鉴于海 外市场的市占率较低，公司正加快海外市场布局。目前，公司已在香港和瑞士设立境外子公司，为境内 外产品开发和商业化提供支持，推动公司国际化战略落地；产品注册方面，公司已在多个国家和地区取 得产品注册证；市场销售方面，公司正在组建自有国际销售团队，并强化了对代理商的管理和考核。 ...

11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。第七届新浪财经金麒麟创新药行业"菁英 分析师"荣誉榜第一名被浙商证券研究团队（首席分析师：吴天昊；团队成员：王班、郭双喜、司清 蕊、丁健行、胡隽扬）斩获。 浙商证券王班 吴天昊、司清蕊医疗器械行业2026年策略指出，支付政策优化，看好高值耗材成长性。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 医用设备：院内招标恢复、"一带一路"出海拉动，业绩恢复可期。2025年前三季度医用设备收入仍同比 有所增长，但利润同比下滑；2026年看好在院内招标恢复及"一带一路"持续布局下的业绩弹性。 家用医疗：成长性有望恢复。2025年前三季度收入利润同比增速恢复，看好出海等带来的成长性恢复； 低值耗材/IVD：看好新品拉动/技术壁垒较高企业。2025年前三季度量价影响下IVD板块收入利润增速 双降。 投资建议： ①集采风险基本出清、新 ...

Group 1 - The core viewpoint of the articles highlights the Chinese government's initiatives to promote the high-quality development of the medical device industry through various supportive measures and regulatory reforms [1][2]. - Beijing's measures include 15 supportive actions aimed at enhancing clinical research, registration, production, application, and international expansion of innovative medical devices [1]. - Shanghai's measures focus on expediting the registration process for innovative Class II medical devices, aiming to reduce the average registration cycle to within six months [1][2]. Group 2 - The "14th Five-Year Plan" emphasizes support for the development of innovative drugs and medical devices, indicating a robust growth trajectory for China's medical industry [2]. - The medical device market in China is projected to grow from 729.8 billion RMB in 2020 to 941.7 billion RMB by 2024, with a compound annual growth rate (CAGR) of 6.6%, and is expected to reach 1.81 trillion RMB by 2035 [2]. - The A-share market for medical devices has a total market capitalization of 1.38 trillion RMB, with major companies like Mindray Medical and United Imaging Healthcare leading the sector [3]. Group 3 - There are 45 medical device stocks with a rolling price-to-earnings (P/E) ratio below 40, including 12 stocks with a P/E ratio below 20, indicating potential undervaluation in the sector [4]. - As of November 25, 20 stocks have seen a price decline of over 20% from their yearly highs, with five stocks experiencing declines exceeding 30% [4]. - Aibo Medical, a leading manufacturer of high-end artificial lenses, reported a net profit of 290 million RMB for the first three quarters, a year-on-year decrease of 8.64%, but anticipates steady growth in sales by 2026 [4].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage with a target price of 60.67 CNY per share [1]. Core Views - The company is positioned as a leader in the high-end ophthalmic medical device market, with a strong focus on innovation and a comprehensive product matrix that supports growth in various segments, including surgical treatment, myopia control, and vision care [6][10]. - The approval of the "Longjing® PR" intraocular lens in January 2025 is expected to break the import monopoly and enhance the company's competitive edge in the high-end artificial lens market [6][27]. - The increasing demand for ophthalmic treatments driven by an aging population and rising consumer spending is anticipated to accelerate the domestic replacement of imported products [6][34]. Summary by Sections 1. Innovation and Market Position - The company has been deeply engaged in the ophthalmic device sector since its establishment in 2010, becoming a key player in the high-end refractive intraocular lens market [10]. - The product range includes high-end artificial lenses for cataract surgery and myopia control, with significant market penetration achieved through strategic expansions and acquisitions [10][16]. 2. Financial Performance - Revenue projections show a steady increase from 951 million CNY in 2023 to 2,118 million CNY by 2027, with a year-on-year growth rate of 64.1% in 2023 and 48.2% in 2024 [5]. - Net profit is expected to grow from 304 million CNY in 2023 to 563 million CNY by 2027, reflecting a compound annual growth rate of 21.8% [5]. 3. Product Matrix and Growth Drivers - The company’s artificial lens segment is the highest revenue contributor, accounting for 43.86% of total revenue in the first half of 2025, followed by contact lenses at 30.06% [18]. - The introduction of the "Longjing® PR" lens is expected to significantly enhance the product offering and cater to the growing demand for high-quality vision correction solutions [27][34]. 4. Market Trends and Opportunities - The aging population in China is projected to increase the number of cataract patients, thereby expanding the market for high-end artificial lenses [34]. - The company is also capitalizing on the growing myopia prevention market, with its "Punotong®" orthokeratology lenses gaining traction under national health initiatives [47]. 5. Competitive Landscape - The company has established a strong competitive position through its innovative product offerings and strategic acquisitions, which have allowed it to build a comprehensive product line that meets diverse consumer needs [6][10]. - The recent approval of its products underlines the company's commitment to innovation and its ability to compete effectively against established international brands [27][34].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Lens Technology, Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation [2][13] - In the last 5 days, the most popular companies for institutional research include Ninebot Company-WD, Rongbai Technology, Lens Technology, Yintong Intelligent Control, and Yinglian Co., Ltd [2][15] - Among the top twenty companies in the last 30 days, 19 companies had 10 or more rating agencies involved, with significant profit growth expected for Jiao Cheng Ultrasound, Lanke Technology, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [2][13][16] Group 2: Major Shareholder Increase in A-Share Listed Companies - From November 17 to November 21, 2025, five listed companies announced significant shareholder increases, with Changshu Bank increasing its shareholding by more than 1% of total equity, while Huangtai Liquor, Longlide, Fuguang Co., and Feiwo Technology planned to increase their holdings with an average of more than 1% of the market value on the announcement date [3][20] - From January 1 to November 21, 2025, a total of 295 companies announced significant shareholder increases, with 90 of them having 10 or more rating agencies involved. Among these, 23 companies had an average planned increase amount exceeding 1% of the market value on the announcement date, including Xianhe Co., Hubei Yihua, Xinji Energy, and Zhongju Gaoxin [5][22] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 17 to November 21, 2025, 65 companies announced their buyback progress, with 16 companies having 10 or more rating agencies involved. Five companies had an average planned buyback amount exceeding 1% of the market value on the announcement date, with a focus on Jian Sheng Group, Trina Solar, and Prologis Pharmaceuticals [4][25] - From January 1 to November 21, 2025, a total of 1,805 companies announced their buyback progress, with 344 of them having 10 or more rating agencies involved. Among these, 88 companies had a significant buyback ratio, with two companies, Huaming Equipment and Prologis Pharmaceuticals, still in the board proposal stage [6][27]

Group 1 - The "Lingguang" App, launched by Ant Group, has surpassed 1 million downloads within 4 days of its release, featuring three core functions: "Lingguang Dialogue," "Lingguang Flash Applications," and "Lingguang Open Eye" [2] - AMD CEO Lisa Su expressed confidence in the growing AI market, viewing it as a significant opportunity and stating that insufficient investment in AI could be more dangerous than a potential bubble [2] - The demand for computing power in AI is described as "endless," with companies providing reliable AI infrastructure expected to thrive as the market grows [2] Group 2 - In the past month, 17 listed companies, including Ninebot, Lens Technology, and others, have received over 200 institutional visits, indicating strong interest in robotics-related stocks [3] - Specific companies like Ninebot and Lens Technology had high institutional visit counts, with 365 and 348 visits respectively, highlighting their prominence in the robotics sector [3] - Meta has launched WorldGen, a system that generates interactive 3D worlds from a single text prompt, enhancing user immersion and exploration capabilities [3] Group 3 - Foxconn and NVIDIA are collaborating to build a supercomputing center with an investment of $14 billion, expected to be completed in the first half of 2026 [4] - The new department, Visonbay.ai, established by Foxconn for AI supercomputing and cloud operations, will utilize NVIDIA's Blackwell GB300 chips, marking the center as Asia's first GB300 AI data center [5]

Core Viewpoint - The company, Aibo Medical, is set to hold a Q3 2025 earnings presentation on November 28, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The earnings presentation will take place on November 28, 2025, from 11:00 AM to 12:00 PM [3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an interactive online format [2][3]. - Investors can submit questions from November 21 to November 27, 2025, through the Roadshow Center website or via the company's investor email [2][4]. Group 2: Participants - Key participants in the meeting will include the Chairman and General Manager, Mr. Xie Jiangbing, the Vice General Manager and CFO, Mr. Guo Yanchang, the Board Secretary, Ms. Zhou Yuqian, and Independent Director, Ms. Wang Jing [3]. Group 3: Contact Information - For inquiries, investors can contact the Securities Legal Affairs Department of Aibo Medical at phone number 010-89748322 or via email at investors@ebmedical.com [4].

证券代码：688050 证券简称：爱博医疗 公告编号：2025-052 爱博诺德（北京）医疗科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 21 日（星期五）至 11 月 27 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者邮箱 （investors@ebmedical.com）进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 爱博诺德（北京）医疗科技股份有限公司（以下简称"爱博医疗"或"公司"） 已于 2025 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）发布了公司《2025 年第三季度报告》。为便于广大投资者更全面深入地了解公司 2025 年第三季度经 营成果、财务状况，公司计划于 2025 年 11 月 28 日（ ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][48]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 3.29% increase in the biopharmaceutical sector, while the total A-share market declined by 0.09% [1][36]. - The report highlights a significant divergence in performance among different segments of the medical device market, with consumables growing faster than equipment and IVD products [2][19]. - The report emphasizes the long-term growth potential of the Chinese medical device market despite short-term challenges related to pricing and policy [2][20]. Summary by Sections Market Performance - The biopharmaceutical sector outperformed the overall market, with notable increases in various sub-sectors: chemical pharmaceuticals up 4.51%, bioproducts up 2.65%, medical services up 1.81%, medical devices up 1.77%, and traditional Chinese medicine up 4.08% [1][36]. Key Companies and Predictions - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion CNY [4][48]. - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [48]. - WuXi AppTec is recognized for its comprehensive drug development services, poised to benefit from the rapid growth of the global drug development outsourcing market [48]. Investment Strategy - The report suggests focusing on undervalued stocks in the medical device and pharmacy sectors, which have already reflected risks from policies like centralized procurement [46][47]. - It recommends monitoring the clinical progress of innovative drugs overseas and emphasizes the importance of global clinical data for commercialization [47][48]. Recommended Stocks - The report lists several recommended stocks, including Mindray Medical, WuXi AppTec, Aier Eye Hospital, and others, indicating their strong market positions and growth potential [48][49].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Aibo Medical, Sanhua Intelligent Control, Zhaoyi Innovation, and Jinpan Technology [11] - In the last five days, the most popular companies for institutional research include Industrial Fulian, Anbotong, Boying Special Welding, Optoelectronics, and Anke Biology [11] - Among the top twenty companies in the last 30 days, 17 companies had ten or more rating agencies involved, with significant net profit growth expected for companies like Jiao Cheng Ultrasound, Ninebot Company-WD, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [11][12] Group 2: Shareholder Increase in A-Share Listed Companies - From November 10 to November 14, 2025, only one A-share listed company, Su Nong Bank, announced significant shareholder increase progress [16] - From January 1 to November 14, 2025, a total of 290 companies announced shareholder increase progress, with 74 of them having ten or more rating agencies involved [17] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 10 to November 14, 2025, 70 companies announced buyback progress, with 13 having ten or more rating agencies involved [20] - Among these, 18 companies had an average expected buyback amount exceeding 1% of their market value on the announcement date, with a focus on companies like Rongsheng Environmental Protection, Chengde Lulou, and Jiamei Packaging [20] - From January 1 to November 14, 2025, a total of 1,804 companies announced buyback progress, with 342 having ten or more rating agencies involved, and 91 companies had a significant expected buyback amount [22]