Core Viewpoint - Aibo Medical (688050) experienced a slight decline in stock price, closing at 71.05 yuan, down 0.5% from the previous week, with a total market capitalization of 13.722 billion yuan [1] Company Announcements - Bai Ying plans to reduce her shareholding through block trading, with a maximum of 3,862,762 shares, representing up to 2% of the total share capital [1] - Bai Ying and her concerted action partner, Mao Liping, hold a combined total of 15,167,159 shares, accounting for 7.85% of the company's total share capital [1] - The reduction is scheduled between June 25, 2025, and September 24, 2025, with the selling price based on market conditions at the time of the sale [1] - Any corporate actions such as dividend distribution or stock splits will lead to adjustments in the reduction plan [1] - The reduction plan is not expected to significantly impact the company's governance or ongoing operations, nor will it lead to a change in control [1]

Core Viewpoint - The major shareholder of Aibo Medical, Bai Ying, plans to reduce her stake by up to 3,862,762 shares, representing no more than 2% of the company's total share capital, through block trading from June 25, 2025, to September 24, 2025, due to personal funding needs [1][2]. Shareholder Information - As of the announcement date, Bai Ying holds 9,562,746 shares, accounting for 7.85% of Aibo Medical's total share capital [1]. - Bai Ying's shares were acquired before the IPO and through capital reserve conversion [1]. Reduction Plan Details - The planned reduction will occur within three months following a 15 trading day period after the announcement [1]. - The reduction price will be determined by the market price at the time of the sale, and adjustments will be made if there are any corporate actions affecting share capital during the reduction period [1]. Shareholder's Previous Reduction Activity - In the past 12 months, Bai Ying reduced her holdings by 1,100,000 shares, which is 0.58% of the total share capital, at a price range of 87.58 yuan per share [1]. Commitment and Compliance - Bai Ying and her associated parties have made commitments regarding the holding period and conditions for any future reductions, ensuring compliance with relevant regulations [2][3]. - The company confirms that the planned reduction aligns with previously disclosed commitments and does not violate any regulations regarding share reduction [3].

证券代码：688050 证券简称：爱博医疗 公告编号：2025-039 爱博诺德（北京）医疗科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露日，股东白莹女士持有爱博诺德（北京）医疗科技股份有限 公司（以下简称"爱博医疗"或"公司"）股份 9,562,746 股，占公司总股本的 4.95%，与其一致行动人毛立平先生合计持有公司股份 15,167,159 股，占公司总 股本的 7.85%。白莹女士所持股份为公司 IPO 前取得股份及上市后权益分派资本 公积转增股本取得的股份，该部分股份分别于 2023 年 7 月 31 日、2024 年 6 月 5 日上市流通。 减持计划的主要内容 公司于近日收到股东白莹女士出具的《关于爱博诺德（北京）医疗科技股份 有限公司减持股份计划的告知函》。白莹女士计划通过大宗交易方式减持其所持 有的公司股份合计不超过 3,862,762 股，即不超过公司总股本的 2%。自本减持计 划公告之日起 15 ...

Group 1 - The company Aibo Medical announced that shareholder Bai Ying plans to reduce holdings through block trading, with a maximum of 3.8628 million shares, which accounts for no more than 2% of the company's total share capital [1]

Summary of Aibo Medical Conference Call Company Overview - Aibo Medical started with artificial lens business and expanded into orthokeratology lenses and contact lenses, creating a diversified product matrix [2][4] - The company has achieved a compound annual growth rate (CAGR) of 49% in revenue and 64% in net profit from 2018 to 2024 [2][5] Revenue Structure - Artificial lenses remain the main source of revenue but are declining in proportion, expected to account for 42% of revenue in 2024 [2][6] - Orthokeratology lenses are projected to increase to 17% of revenue by 2024 [2][6] - Contact lenses have rapidly increased their revenue share to 30% by 2024 [2][6] Market Expansion - Aibo Medical is actively expanding its overseas market, with current overseas revenue accounting for about 3%-4% [2][7] - The company has established sales networks in Europe, Asia, and Oceania, with plans to further expand into South America [2][7] Industry Potential - The domestic cataract surgery penetration rate is significantly lower than that of developed countries, indicating substantial market potential for artificial lenses [2][8] - The domestic market for artificial lenses is expected to exceed 10 billion yuan by 2030 [2][8] Competitive Landscape - Aibo Medical is positioned as a leading domestic player in the artificial lens market, benefiting from the trend of domestic substitution due to centralized procurement [2][9] - The average price reduction from centralized procurement is around 60%, which is considered moderate [2][9] Innovation and Development - Aibo Medical has made significant technological breakthroughs in multi-focal artificial lenses, breaking the import monopoly [3][4] - The company has developed a strong product pipeline in the field of myopia prevention, with orthokeratology lenses becoming a key growth driver [10][12] Future Growth Expectations - Aibo Medical is expected to maintain steady growth, with profit growth projected to exceed 20% from 2025 to 2027 [2][15] - The company is anticipated to achieve revenues of approximately 4.7 billion yuan in 2025, 5.9 billion yuan in 2026, and 7.1 billion yuan in 2027 [2][15] Key Milestones in Myopia Prevention - The commercialization of orthokeratology lenses has progressed significantly since 2018, supported by policy, technological breakthroughs, and market promotion [10][11] Conclusion - Aibo Medical's diversified product offerings, strong market position, and innovative capabilities position it well for future growth in the ophthalmic medical device industry [2][15]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 98 CNY based on a 40x valuation for 2025 [3][11]. Core Insights - The company is a pioneer in the ophthalmic device sector, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and is strategically expanding its product matrix to cover the entire eye health lifecycle [7][15]. - The company has demonstrated strong R&D capabilities, achieving key technological breakthroughs in various fields, particularly in multi-focal intraocular lenses, which have disrupted the import monopoly [7][15]. - The report highlights the company's robust growth trajectory, with projected revenue growth from 1.41 billion CNY in 2024 to 2.79 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 48.2% [3][11]. Summary by Sections Section 1: Company Overview - The company was established in 2010 and has a strong R&D foundation, with a focus on innovative ophthalmic devices [15]. - It has successfully commercialized products in surgical treatment, myopia prevention, and vision care, making it one of the few companies in China to achieve this across multiple categories [15]. Section 2: Intraocular Lenses - The company is a leading domestic player in the intraocular lens market, focusing on the mid-to-high-end segments [9][36]. - It has introduced innovative products such as the first domestic toric intraocular lens and the first multi-focal intraocular lens, which have performed well in national procurement [9][36]. - The report anticipates a significant increase in demand for cataract surgeries due to an aging population, projecting the number of surgeries to rise to 7 million by 2030 [38]. Section 3: Orthokeratology Lenses - The company’s orthokeratology lenses are positioned in the first tier of product performance, with a focus on myopia prevention [10]. - The market for these lenses is expected to grow rapidly, supported by increasing recognition in myopia prevention guidelines [10]. Section 4: Contact Lenses - The company is leveraging its strong foundational technology from intraocular lenses to expand into the high-end and consumer segments of the contact lens market [10]. - Recent acquisitions have enhanced its capabilities in colored contact lenses and expanded its retail channels [10]. Section 5: Financial Projections and Valuation - The company is expected to achieve net profits of 4.7 billion CNY, 5.9 billion CNY, and 7.1 billion CNY for the years 2025 to 2027, respectively, with corresponding earnings per share (EPS) of 2.45 CNY, 3.03 CNY, and 3.69 CNY [3][11]. - The report emphasizes the potential for recovery in profit margins as the impact of national procurement pricing on intraocular lenses diminishes and as the contact lens business matures [21][22].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 98 CNY based on a DCF model evaluation [2][10]. Core Insights - The company is a pioneer in the ophthalmic device sector, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and is strategically expanding its product matrix [6][14]. - The company has established itself as a leading domestic player in the intraocular lens market, with a strong product lineup and favorable bidding results in national procurement [8][46]. - The report highlights the increasing demand for cataract surgeries due to an aging population, which is expected to drive growth in the intraocular lens market [36][41]. Summary by Sections Company Overview - The company was founded in 2010 and has a strong R&D capability, achieving key technological breakthroughs in various fields, including multifocal intraocular lenses, thus breaking the import monopoly [6][14]. - The company has a diversified product matrix, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and aims to cover the entire lifecycle of eye health products [14][26]. Intraocular Lenses - The company is a domestic leader in intraocular lenses, with a comprehensive product system and good performance in national procurement [8][35]. - The report notes that cataract surgeries are the most direct and effective treatment for cataracts, which are prevalent among the elderly population [35][36]. - The company has successfully introduced innovative products, including the first domestic toric intraocular lens and a dual-focus intraocular lens, which has been well-received in national procurement [8][46]. Orthokeratology Lenses - The company’s orthokeratology lenses are positioned in the first tier of product performance, with ongoing efforts to expand the myopia prevention industry chain [9][20]. - The increasing prevalence of myopia among children and adolescents is driving demand for orthokeratology lenses, which have been recognized in national guidelines [9][20]. Contact Lenses - The company has a solid technological foundation for contact lenses, aiming to penetrate both high-end and consumer markets [9][20]. - Recent acquisitions have accelerated the development of the contact lens business, with plans to focus on high-end silicone hydrogel contact lenses and soft contact lenses for consumer markets [9][20]. Financial Projections - The company is expected to achieve net profits of 4.7 billion CNY, 5.9 billion CNY, and 7.1 billion CNY for the years 2025 to 2027, with corresponding EPS of 2.45 CNY, 3.03 CNY, and 3.69 CNY [2][10]. - The report anticipates a gradual recovery in profit margins as the impact of national procurement pricing on intraocular lenses diminishes and the contact lens business stabilizes [20][10]. Market Potential - The report projects that the intraocular lens market in China could reach 100 billion CNY by 2030, driven by increasing surgical demand and the ongoing shift towards domestic products [41][42]. - The company is well-positioned to benefit from the growing market share of domestic brands in the intraocular lens sector, which is expected to continue rising due to national procurement policies [42][46].

Core Viewpoint - Aibo Medical (688050) has announced its 2024 annual profit distribution plan, proposing a cash dividend of 3.50 yuan per 10 shares, which will be subject to shareholder approval [2][3][11]. Group 1: Stock Performance - As of May 30, 2025, Aibo Medical's stock closed at 71.41 yuan, down 4.9% from the previous week [1]. - The stock reached a weekly high of 75.09 yuan on May 26 and a low of 71.21 yuan on May 28 [1]. - The company's current total market capitalization is 13.792 billion yuan, ranking 18th out of 126 in the medical device sector and 1112th out of 5146 in the A-share market [1]. Group 2: Profit Distribution Plan - Aibo Medical plans to distribute a total cash dividend of 67,548,370.05 yuan (including tax) based on a total share capital of 193,138,143 shares, excluding 142,800 shares held in the repurchase account [2]. - The total cash dividend and share repurchase amount to 87,591,975.59 yuan, representing 22.55% of the net profit attributable to shareholders for 2024 [2]. Group 3: Board and Management Decisions - The second board meeting approved the nomination of candidates for the third board of directors, including both non-independent and independent directors, pending shareholder approval [3]. - The board also approved the use of 40,556,134.86 yuan of raised funds to replace pre-invested project funds and expenses [3]. - Aibo Medical will provide a loan of up to 260 million yuan to its subsidiary, Jiangsu Tianyan Pharmaceutical Technology Co., Ltd., for project implementation [6]. Group 4: Shareholder Meeting - Aibo Medical will hold its 2024 annual shareholder meeting on June 19, 2025, to review multiple proposals and elect members of the third board of directors [5][11]. Group 5: Stock Incentive Plan - The board approved the conditions for the fourth vesting period of the initial stock incentive plan, allowing 239,112 shares to vest for 71 participants, and 25,920 shares for 6 participants in the reserved grant [8]. - The company also annulled 14,688 shares of unvested restricted stock from the 2021 incentive plan due to non-compliance with the incentive criteria [9].

Core Viewpoint - The independent financial advisor report indicates that the conditions for the fourth vesting period of the initial grant and the third vesting period of the reserved grant under the 2021 restricted stock incentive plan of Aibo Medical have been met [1][12]. Summary by Sections Company Overview - Aibo Medical, officially known as Aibo Nord (Beijing) Medical Technology Co., Ltd., is involved in a restricted stock incentive plan aimed at motivating key personnel [1]. Incentive Plan Details - The initial grant's fourth vesting period is defined as the period from the first trading day after 48 months from the grant date to the last trading day within 60 months from the grant date, which is set from June 16, 2021, to June 15, 2026 [8]. - The reserved grant's third vesting period is defined as the period from the first trading day after 36 months from the reserved grant date to the last trading day within 48 months from the reserved grant date, set from March 31, 2025, to March 27, 2026 [11]. Performance Conditions - For the initial grant, the company must achieve an average compound growth rate of adjusted net profit of 35% for the year 2024, with the actual growth rate reported at 44.87%, thus meeting the performance target [10]. - The performance assessment for individual participants is categorized into four levels: Excellent, Good, Qualified, and Unqualified, determining the actual number of shares vested based on company and individual performance [10][11]. Approval Process - The incentive plan underwent several approval stages, including board meetings and shareholder meetings, with necessary independent opinions and verification from the supervisory board [6][7][8]. Independent Advisor's Opinion - The independent financial advisor confirms that the conditions for the vesting of the restricted stock have been fulfilled and that the relevant matters have received the necessary authorizations and approvals [12].

Core Viewpoint - The company announced the cancellation of a portion of the unvested restricted stock from the 2021 incentive plan, totaling 14,688 shares, due to non-compliance with performance criteria by certain employees [6][7][8]. Group 1: Decision Process and Disclosure - The decision to cancel the unvested restricted stock was approved during the second board and supervisory meetings held on May 29, 2025 [6]. - The company followed the necessary decision-making procedures and disclosed relevant information regarding the 2021 restricted stock incentive plan [1][2][3]. Group 2: Specifics of the Canceled Stock - The cancellation affects one individual who no longer meets the criteria for the incentive plan, reducing the number of eligible participants from 82 to 71 [7]. - The total number of restricted stocks canceled is 14,688 shares, which will not significantly impact the company's operations or the continuation of the stock incentive plan [7][8]. Group 3: Opinions from Committees - The Supervisory Board and the Compensation and Assessment Committee both agreed that the cancellation of the unvested restricted stock complies with relevant laws and the company's incentive plan regulations [8][9]. - Legal opinions confirm that the necessary approvals and authorizations for the cancellation have been obtained, ensuring compliance with applicable regulations [8].