登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： 会议召开时间：2025年11月28日（星期五）11:00-12:00 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。 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 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。 二、说明会召开的时间、地点 （一）会议召开时间：2025年11月28日（星期五）11:00-12:00 （二）会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动 爱博诺德（北京）医疗科技股份有限公司（以 ...

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]

Core Viewpoint - The A-share market is experiencing increased volatility and sector rotation, with brokerages adjusting stock ratings significantly as they anticipate a bullish trend for 2026, suggesting a transition towards a low-volatility slow bull market [1][8]. Group 1: Stock Ratings Adjustments - A total of 23 stocks have had their ratings upgraded since the end of October, primarily in the electronics, pharmaceutical, food and beverage, power equipment, and automotive parts sectors [2][6]. - The electronics sector has the highest number of upgrades, with companies like Guangliwei and Zhongwei receiving positive attention due to strong performance and high technical barriers [2][4]. - The pharmaceutical sector saw upgrades for companies such as Deyuan Pharmaceutical and Yiling Pharmaceutical, driven by innovation in drug development and expected performance recovery [3][4]. Group 2: Sector Performance - The food and beverage sector has also seen increased attention, with stocks like Ximai Food and Qingdao Beer receiving upgrades, indicating a positive outlook [3][4]. - Conversely, around 40 stocks have had their ratings or target prices downgraded, mainly in the pharmaceutical, food and beverage, electronics, and beauty care sectors, reflecting short-term performance pressures and declining gross margins [6][7]. - Notable downgrades in the pharmaceutical sector include Aibo Medical and Guizhou Moutai, with reasons linked to competitive pressures and performance under expectations [6][7]. Group 3: Market Outlook for 2026 - Major brokerages like CITIC Securities and CICC are optimistic about the A-share market in 2026, predicting a transition to a mature market with a focus on global demand rather than just domestic [8][9]. - The investment strategy emphasizes the importance of global market dynamics and the potential for Chinese companies to gain pricing power in the global value chain [8][9]. - CICC suggests a balanced market style in 2026, with a focus on growth sectors, external demand, and cyclical reversals, while also highlighting the importance of technology and resource sectors [9].

爱博医疗（688050.SH）11月12日在投资者互动平台表示，报告期内，新增商誉系公司为推进国际化战 略，完善境外市场布局，通过投资并购方式自主掌控境外优质品牌与成熟渠道所致。 （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：您好，尊敬的董秘，公司财务报表中，2024年12月资 产负债表商誉金额为1.39亿元，2025年三季报商誉金额为1.91亿元，新增商誉超过五千万元，请问公司 本年进行了哪些重大投资，以及新增商誉的原因？ ...

Core Viewpoint - On November 12, a total of 4 companies had their restricted shares unlocked, with a total unlock volume of 5.2842 million shares, amounting to a market value of 320 million yuan at the latest closing price [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes are Aibo Medical, Huace Navigation, and Tongfei Co., with unlock shares of 3.5936 million, 836,400, and 794,300 respectively [1] Unlock Market Value - The companies with the highest unlock market values are Aibo Medical, Tongfei Co., and Huace Navigation, with market values of 23.3 million yuan, 6.01255 million yuan, and 2.67217 million yuan respectively [1] Unlock Ratio - In terms of the ratio of unlocked shares to total share capital, Aibo Medical, Tongfei Co., and Huace Navigation have the highest ratios at 1.86%, 0.47%, and 0.11% respectively [1]

Core Insights - The article highlights significant changes in stock target prices and ratings for various companies by brokerages during the period from November 3 to November 9, indicating potential investment opportunities and market sentiment shifts [1] Group 1: Target Price Increases - The companies with the highest target price increases include Yifang Biotechnology with a target price increase of 121.95%, Aibo Medical at 70.72%, and Great Wall Motors at 66.81% [1] Group 2: Rating Upgrades - A total of 17 companies had their ratings upgraded by brokerages, including Kaiter Holdings upgraded from "Accumulate" to "Buy" by Dongguan Securities, and Jingchen Technology upgraded from "Accumulate" to "Buy" by Changcheng Securities [1] Group 3: Rating Downgrades - Similarly, 17 companies experienced rating downgrades, with Zhaochi Co., Ltd. downgraded from "Strong Buy" to "Recommended" by Huachuang Securities, and GeKong Micro downgraded from "Buy" to "Accumulate" by Changcheng Securities [1]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 298 companies were investigated by institutions, with notable interest in companies like Aibo Medical, Lankai Technology, and Stone Technology, indicating a trend of concentrated institutional research activity [1]. Group 1: Institutional Research Activity - 90.60% of the companies investigated had participation from securities firms, with 270 companies being researched by them [1]. - Fund companies conducted research on 202 companies, while private equity firms investigated 138 companies [1]. - Aibo Medical received the highest attention with 306 institutions participating in its research, followed by Lankai Technology with 207 institutions [1]. Group 2: Research Frequency and Fund Flow - Ice Wheel Environment had the most frequent institutional research with 6 investigations, while Tongyu Communications and Fuan Energy were also frequently researched with 4 and 3 investigations respectively [1]. - Among the stocks with over 20 institutions researching, 28 saw net fund inflows in the past five days, with Huilv Ecology receiving the highest net inflow of 541 million yuan [1]. Group 3: Market Performance of Investigated Stocks - Out of the stocks investigated, 39 experienced price increases, with notable gains from Zhongfu Circuit (29.41%), World (25.79%), and Dazhong Mining (19.69%) [2]. - Conversely, 43 stocks saw declines, with the largest drops from Jibeier (-10.09%), Fudan Microelectronics (-8.40%), and Honghua Digital Technology (-7.39%) [2]. Group 4: Detailed Stock Performance - Aibo Medical (688050) had 1 investigation, 306 institutions, and a closing price of 63.50 yuan, with a decline of 2.07% [2]. - Lankai Technology (688008) had 1 investigation, 207 institutions, and a closing price of 130.08 yuan, with a decline of 4.56% [2]. - Stone Technology (688169) had 1 investigation, 196 institutions, and a closing price of 154.49 yuan, with a decline of 5.45% [2].

Group 1 - Overseas funds are actively exploring structural opportunities in the A-share market, with QFI investors increasing their positions in manufacturing and technology stocks such as RuiNeng Technology and YuanDa Intelligent [1][3] - Foreign institutions are conducting intensive research on companies like United Imaging Healthcare and Zhaoyi Innovation, indicating optimism about the mid-term prospects of the A-share market [1][3] Group 2 - In Q3, major foreign investors like CITIC Securities Asset Management (Hong Kong), Goldman Sachs, and Morgan Stanley have entered the top ten circulating shareholders of RuiNeng Technology, with UBS significantly increasing its holdings [4] - Other companies like Lixing Co. and Guoguang Chain have also attracted interest from multiple QFI investors, with significant shareholdings reported [4] Group 3 - Recent market performance shows strong gains for these stocks, with Guoguang Chain rising by 43.67% since October, and RuiNeng Technology, YuanDa Intelligent, and Lixing Co. increasing by 37.28%, 25.12%, and 20.18% respectively [5] Group 4 - Despite short-term market fluctuations, foreign institutions believe that positive factors are accumulating for the A-share market, with nearly a thousand investigations conducted by foreign institutions on A-share listed companies since October [6] - Key factors supporting market growth include gradual profit recovery, continuous net inflow of various off-market funds, and the potential for valuation reconstruction driven by technology themes [6] Group 5 - Six out of ten industries achieved year-on-year profit growth in Q3, with sectors like non-ferrous metals, non-bank financials, electronics, and media seeing over 30% growth, benefiting from the rapid development of artificial intelligence [6] Group 6 - Morgan Stanley emphasizes that the core logic affecting the long-term performance of the A-share market lies in the advantages of Chinese manufacturing, which is expected to enhance corporate profitability under the "anti-involution" policy [7] - Current market growth expectations have been priced in, with international investors focusing more on the fundamentals of the Chinese economy and listed companies, particularly in technology and innovative pharmaceutical sectors [7]