1. 人工晶体业务整体稳健，隐形眼镜加速爬坡，集采及产品结构改变致使盈利水平暂时承压。分业务板 块看，2024 年公司"普诺明""全视"等人工晶状体销量同比增长44.93%，贡献营收5.88 亿元 （+17.66%）；"普诺瞳"角膜塑形镜销量同比增长2.4%，贡献营收2.36 亿元（+8.03%），离焦镜等加速 放量，带动近视防控板块营收实现20.8%的增长；隐形眼镜随着产能持续爬坡，实现销量同比增长 241.11%，贡献营收4.26 亿元（+211.84%）。随着人工晶体集采全面落地执行、价格水平下调，而高端 晶体占比仍较低，以及低毛利隐形眼镜业务占比进一步提升至30.21%（+15.85pct），公司整体毛利率 下滑至66.23%（-9.78pct）；25Q1，人工晶体业务持续受集采影响，价格下调，终端手术量减少，同时 角膜塑形镜市场竞争加剧、出厂价格略有下调，加之隐形眼镜业务利润贡献有限，公司整体毛利率进一 步下滑至64.6%。公司在产品端持续推进晶体、近视防控的高端产品上市，加速隐形眼镜业务的生产规 模扩大和生产端优化，同时在渠道端推进全球网络建设，国内协同院内院外、零售等多渠道销售，海外 覆盖德国、 ...

资料来源：爱博医疗2024年环境、社会及公司 治理报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"爱博医疗"篇。 出品 | 搜狐财经 在ESG实践层面，爱博医疗连续四年蝉联"上市公司ESG优秀实践案例"，连续两年获上交所信息披露A 级评级，彰显治理透明度；其国际医疗援助、公益科普等行动则凸显社会价值。 环境维度下，爱博医疗持续夯实常态化的资源使用管理，2024年，公司入选北京市节水型企业目录。公 司升级纯化水装置，采用膜分离技术节水；建设雨水调蓄池，实现雨水资源化用于绿化灌溉。 除水资源管理外，能源管理方面，爱博医疗通过ISO50001能源管理体系认证，生产区暖通系统采用变 频技术，空压机余热回收提升能源利用率，地下停车场照明节能改造预计年节电近10000kWh。 社会维度下，公司设立"普诺瞳・星火计划"，与5所高校合作 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong revenue growth in 2024, achieving 1.41 billion yuan, a year-on-year increase of 48.24%, while net profit attributable to the parent company reached 388 million yuan, up 27.77% [1][2] - The growth in the contact lens segment is robust, with a significant increase in revenue, and the company is optimistic about the launch of high-end new products in 2025 [2][3] - The profit growth rate is lagging behind revenue growth due to fluctuations in gross margins, influenced by intensified competition in the artificial lens and orthokeratology markets [2][3] Revenue and Profit Analysis - In 2024, the company reported revenue of 1.41 billion yuan, with a gross margin of 66.23%, down 9.78 percentage points year-on-year [2] - For Q1 2025, revenue was 357 million yuan, a 15.07% increase year-on-year, but net profit decreased by 10.05% [1][2] - The company’s gross margins for 2024 and Q1 2025 were 66.23% and 64.60%, respectively, reflecting the impact of competitive pricing and a higher proportion of lower-margin products [2] Segment Performance - Contact lenses generated revenue of 426 million yuan in 2024, a remarkable increase of 211.84%, with a gross margin of 26.18% [3] - Revenue from artificial lenses was 588 million yuan, up 17.66%, with a gross margin of 89.16% [3] - The orthokeratology lens segment saw revenue of 236 million yuan, an 8.03% increase, with a gross margin of 85.68% [3] Market Expansion - Domestic revenue reached 1.36 billion yuan in 2024, a 49.52% increase, while overseas revenue was 46 million yuan, up 16.73% [4] - The company has established a comprehensive domestic sales network covering over 6000 hospitals and optical centers across 31 provinces and municipalities [4] - Internationally, the company has expanded its sales network to Europe, Asia, and Oceania, with products recognized in over 30 countries [4] Financial Forecast - Revenue projections for 2025-2027 are 1.82 billion yuan, 2.38 billion yuan, and 3.07 billion yuan, with year-on-year growth rates of 29.2%, 30.5%, and 29.1% respectively [4] - Net profit forecasts for the same period are 469 million yuan, 585 million yuan, and 725 million yuan, with growth rates of 20.8%, 24.8%, and 23.9% respectively [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong revenue growth in 2024, achieving 1.41 billion yuan, a year-on-year increase of 48.24%, while net profit attributable to shareholders reached 388 million yuan, up 27.77% [1] - The growth in the contact lens segment is robust, with a significant increase in revenue, and the company is optimistic about the launch of high-end new products in 2025 [2][3] - The profit growth rate is lagging behind revenue growth due to fluctuations in gross margins, influenced by increased competition and pricing pressures in the artificial lens and orthokeratology markets [2] Revenue and Profit Analysis - In 2024, the company reported revenue of 1.41 billion yuan, with a gross margin of 66.23%, down 9.78 percentage points year-on-year [2] - For Q1 2025, revenue was 357 million yuan, reflecting a 15.07% year-on-year growth, but net profit decreased by 10.05% [1] - The contact lens segment generated 426 million yuan in revenue, a remarkable increase of 211.84%, while the artificial lens segment saw revenue of 588 million yuan, up 17.66% [3] Market Expansion - Domestic sales reached 1.36 billion yuan, a 49.52% increase, while overseas sales were 46 million yuan, up 16.73% [4] - The company has established a comprehensive domestic sales network covering over 6000 hospitals and optical centers across 31 provinces and regions [4] - Internationally, the company has expanded its sales network to Europe, Asia, and Oceania, with products exported to over 30 countries [4] Financial Forecast - Revenue projections for 2025-2027 are 1.82 billion yuan, 2.38 billion yuan, and 3.07 billion yuan, respectively, with year-on-year growth rates of 29.2%, 30.5%, and 29.1% [4] - Net profit forecasts for the same period are 469 million yuan, 585 million yuan, and 725 million yuan, with growth rates of 20.8%, 24.8%, and 23.9% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 48.24% year-on-year for 2024, achieving total revenue of 1.41 billion yuan and a net profit of 388 million yuan, which is a 27.77% increase year-on-year [3] - The first quarter of 2025 showed a revenue of 357 million yuan, reflecting a year-on-year growth of 15.07%, although net profit decreased by 10.05% to 93 million yuan [3] - The company is positioned as a platform-type enterprise with strong R&D capabilities and commercial potential, with a focus on artificial crystalline lenses and myopia control products [8] Summary by Sections Business Performance - The artificial crystalline lens segment saw sales volume of approximately 1.7385 million pieces in 2024, a year-on-year increase of 44.93%, generating sales revenue of about 588 million yuan, up 17.66% year-on-year [4] - The myopia control business generated approximately 336 million yuan in revenue, a growth of 20.79% year-on-year, with OK lens sales contributing 236 million yuan, an 8.03% increase [5] - The vision care segment reported revenue of approximately 426 million yuan, a significant increase of 211.84% year-on-year, with sales volume reaching 214 million pieces [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.763 billion yuan, 2.247 billion yuan, and 2.810 billion yuan respectively, with growth rates of 25.1%, 27.4%, and 25.1% [9] - Net profit forecasts for the same years are 468 million yuan, 610 million yuan, and 776 million yuan, with growth rates of 20.5%, 30.3%, and 27.3% [9] - The expected EPS for 2025, 2026, and 2027 are 2.47 yuan, 3.22 yuan, and 4.10 yuan, with corresponding P/E ratios of 35x, 27x, and 21x [9] R&D and Market Position - The company invested approximately 159.82 million yuan in R&D in 2024, representing 11.33% of its revenue, indicating a strong commitment to innovation [8] - The company has established a sales network covering over 6,000 hospitals and vision centers across 31 provinces, enhancing its market reach [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 48.24% year-on-year for 2024, achieving total revenue of 1.41 billion yuan and a net profit of 388 million yuan, which is a 27.77% increase year-on-year [3] - The first quarter of 2025 showed a revenue of 357 million yuan, reflecting a year-on-year growth of 15.07%, although net profit decreased by 10.05% [3] - The company is positioned as a platform-type enterprise with strong R&D capabilities and commercial potential, with a focus on expanding its product offerings in the ophthalmic sector [8] Summary by Sections Business Performance - The artificial lens business saw sales volume reach approximately 1.7385 million pieces in 2024, a year-on-year increase of 44.93%, generating sales revenue of about 588 million yuan, up 17.66% year-on-year [4] - The myopia prevention business generated approximately 336 million yuan in revenue, a growth of 20.79% year-on-year, with OK lens sales contributing 236 million yuan [5] - The vision care business reported revenue of approximately 426 million yuan, a significant increase of 211.84% year-on-year, with sales volume reaching 214 million pieces [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.763 billion yuan, 2.247 billion yuan, and 2.810 billion yuan, respectively, with growth rates of 25.1%, 27.4%, and 25.1% [9] - The net profit for the same years is projected to be 468 million yuan, 610 million yuan, and 776 million yuan, with growth rates of 20.5%, 30.3%, and 27.3% [9] - The expected EPS for 2025, 2026, and 2027 are 2.47 yuan, 3.22 yuan, and 4.10 yuan, with corresponding P/E ratios of 35x, 27x, and 21x [9] R&D and Market Position - The company invested approximately 159.82 million yuan in R&D in 2024, representing 11.33% of its revenue, indicating a strong commitment to innovation [8] - The company has established a sales network covering over 6,000 hospitals and vision centers across China, enhancing its ability to commercialize new products [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48.24%, and a net profit attributable to shareholders of 388 million yuan, up 27.77% year-on-year [8] - The first quarter of 2025 is expected to face short-term pressure due to the impact of national centralized procurement policies on artificial crystalline lenses, leading to a decrease in surgical volumes and prices [8] - The company anticipates a recovery in its artificial lens business as new products, such as bifocal lenses and PR crystals, gradually gain market traction [8] Financial Summary - Total revenue forecast for 2024 is 1.41 billion yuan, with a projected growth rate of 48.24% [9] - Net profit attributable to shareholders is expected to be 388 million yuan in 2024, with a growth rate of 27.77% [9] - Earnings per share (EPS) is projected to be 2.05 yuan in 2024, with a price-to-earnings (P/E) ratio of 41.96 [9] - The company’s total assets are estimated to reach 4.08 billion yuan by 2025, with a debt-to-asset ratio of 24.01% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48.24%, and a net profit attributable to shareholders of 388.4 million yuan, up 27.77% year-on-year [8] - The first quarter of 2025 is expected to face short-term pressure due to the impact of national centralized procurement policies on artificial crystalline lenses, leading to a decrease in surgical volumes and prices [8] - The company anticipates a recovery in its artificial lens business as new products, such as bifocal lenses and PR crystals, gradually gain market traction [8] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 951.18 million yuan - 2024: 1,410.02 million yuan - 2025: 1,832.77 million yuan - 2026: 2,316.38 million yuan - 2027: 2,988.12 million yuan - Net profit attributable to shareholders is forecasted as: - 2023: 303.98 million yuan - 2024: 388.40 million yuan - 2025: 465.50 million yuan - 2026: 584.36 million yuan - 2027: 717.18 million yuan [1][9] - The earnings per share (EPS) estimates are: - 2023: 1.60 yuan - 2024: 2.05 yuan - 2025: 2.46 yuan - 2026: 3.08 yuan - 2027: 3.78 yuan [1][9] Market Data - The closing price of the company's stock is 85.98 yuan, with a market capitalization of 16,297.04 million yuan [5] - The price-to-earnings (P/E) ratio based on the latest diluted EPS is projected to be: - 2024: 41.96 - 2025: 35.01 - 2026: 27.89 - 2027: 22.72 [1][9]

爱博诺德（北京）医疗科技股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范爱博诺德（北京）医疗科技股份有限公司（以下简称"公司"） 信息披露行为，确保信息披露真实、准确、完整、及时，根据《中华人民共和国证 券法》（以下简称"《证券法》"）等相关法律、法规、规范性文件及《公司章程》 等的有关规定，公司制定本制度。 第二条 本制度所称"重大信息"是指对公司股票及其衍生品种（以下统称 "证券"）交易价格可能或已经产生较大影响的信息，具体标准根据《上市公司信 息披露管理办法》、《上海证券交易所科创板股票上市规则》（以下简称"《上市 规则》"）的有关规定确定。 第三条 本制度所称信息披露文件包括定期报告、临时报告、招股说明书、 募集说明书、上市公告书、收购报告书等。信息披露文件内容应遵守法律、行政法 规、中国证监会及上海证券交易所规定。 第四条 本制度所称的信息披露义务人是指公司及其董事、高级管理人员、 股东、实际控制人，以及法律、行政法规和中国证监会规定的其他承担信息披露义 务的主体。 第九条 公司信息披露应遵循《上市公司信息披露管理办法》、《上市规则》 及其他法律、法规、规范性文件所确立的基本原则。 第二 ...

爱博诺德（北京）医疗科技股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善爱博诺德（北京）医疗科技股份有限公司（以下简称 "公司"）的法人治理，改善公司董事会结构，保护中小股东及利益相关者的利益， 根据《公司法》等相关法律、法规、规范性文件及《公司章程》等的有关规定，制 定本制度。 第二条 本制度所指的独立董事，是指不在公司担任除董事外的其他职务，并 与其所受聘的公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其 他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个 人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行 政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证券交易 所（以下简称"交易所"或"上交所"）业务规则和《公司章程》的规定，认真履行 职责，在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保 护中小股东合法权益。 第四条 独立董事的选任、职权、任期等事宜，根据中国证监会《上市公司 独立董事管理办法》及《公司章程》等有关规定执行。《上市公司独立董 ...