Group 1 - The core point of the article highlights the recent trading activity of Aibo Medical, which saw a decline of 3.19% on September 9, closing at 79.77 yuan [1] - A significant block trade occurred, with a total volume of 25,200 shares and a transaction amount of 2.01 million yuan, executed at a price of 79.77 yuan with a premium rate of 0.00% [1] - Over the past three months, Aibo Medical has recorded a total of 64 block trades, amounting to 291 million yuan [1] Group 2 - In the last five trading days, Aibo Medical has experienced a cumulative increase of 0.45%, with a net inflow of main funds totaling 10.99 million yuan [1]

Group 1 - On September 9, a block trade of Aibo Medical involved 25,200 shares with a transaction amount of 2.0102 million yuan, accounting for 0.42% of the total trading volume for the day [1][2] - The transaction price was 79.77 yuan, which was consistent with the market closing price of 79.77 yuan [1][2]

大股东持有的基本情况 本次减持计划实施前，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，占减持计划公 告时公司总股本的 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，占减持计划公告时公司总股本的 7.85%。白莹女士所持股份为公 司 IPO 前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。 减持计划的实施结果情况 证券代码：688050 证券简称：爱博医疗 公告编号：2025-049 爱博诺德（北京）医疗科技股份有限公司 股东减持股份结果暨权益变动触及 1%刻度的公告 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： 2025 年 6 月 4 日，公司在上海证券交易所（www.sse.com.cn）披露了《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》（公告编号： 2025-039），股东白莹女 ...

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by major shareholder Bai Ying, who reduced her stake in Aibo Medical from 4.95% to 2.95% through a series of block trades, totaling 3,862,700 shares, which represents 1.9972% of the company's total share capital [1][2]. Group 1: Shareholder Information - Bai Ying held 9,562,746 shares before the reduction, accounting for 4.95% of the total share capital [1]. - Bai Ying and her spouse, Mao Liping, are considered concerted actors, holding a combined total of 15,167,159 shares, which is 7.85% of the total shares [1][2]. Group 2: Reduction Plan Implementation - The reduction plan was first disclosed on June 4, 2025, and was executed between July 22 and September 3, 2025 [1]. - The shares were sold at prices ranging from 65.72 to 74.64 yuan per share, resulting in a total transaction amount of 276,823,762 yuan [1]. - The reduction was completed with only 62 shares remaining unsold, confirming that the plan was fully executed [1][2]. Group 3: Impact of the Reduction - The reduction does not trigger a mandatory tender offer, and the control structure of the company remains unchanged [1][2]. - Following the reduction, Bai Ying's shareholding decreased to 5,700,046 shares, or 2.95% of the total shares [1].

Core Points - Aibo Medical (688050.SH) announced that Ms. Bai Ying has reduced her shareholding in the company by 3.8627 million shares, accounting for 1.9972% of the total share capital [1] - The shareholding percentage of Ms. Bai Ying and her concerted parties decreased from 7.85% to 5.85%, triggering a change in equity that touches the 1% threshold [1] - The reduction plan has been fully implemented as of the date of the announcement [1]

格隆汇9月4日丨爱博医疗(688050.SH)公布，公司于2025年9月4日收到白莹女士出具的《关于股份减持 结果暨权益变动触及1%刻度的告知函》，白莹女士于2025年7月22日至2025年9月3日期间通过大宗交易 方式合计减持公司股份386.27万股，占公司当前总股本的1.9972%。白莹女士及其一致行动人持有公司 股份的比例从7.85%减少至5.85%，权益变动触及1%整数倍。截至本公告披露日，减持计划已全部实施 完毕。 ...

爱博医疗公告，股东白莹因个人资金需求，于2025年7月22日至2025年9月3日期间通过大宗交易方式合 计减持386.27万股，占公司当前总股本1.9972%；白莹及一致行动人毛立平合计持股比例由7.85%降至 5.85%，减持计划已全部实施完毕。 ...

Core Insights - The company reported a revenue of 787 million yuan for H1 2025, representing a year-over-year increase of 14.72%, with a net profit of 213 million yuan, up 2.53% year-over-year [1] - In Q2 2025, the company achieved a revenue of 430 million yuan, reflecting a year-over-year growth of 14.44% and a quarter-over-quarter increase of 20.25% [1] Group 1: Business Performance - The contact lens business showed strong growth, with revenue reaching 236 million yuan in H1 2025, a 28.89% increase, accounting for 30.06% of total revenue [2] - The core artificial crystal business generated 345 million yuan in revenue, up 8.23%, driven by the rapid release of high-end products [2] - The company's gross margin and net margin improved to 65.8% and 27.26%, respectively, with quarter-over-quarter increases of 1.2 percentage points and 2.12 percentage points [2] Group 2: Research and Development - The company invested 83 million yuan in R&D in H1 2025, representing 10.6% of revenue, with several high-end products expected to be approved for market release in the second half of the year [3] - The PR crystal received approval in January, and the silicone hydrogel soft contact lens was recently approved, indicating a strong pipeline of new products [3] - The company is expanding its high-end product matrix, which is expected to enhance revenue quality and drive growth [3] Group 3: Profit Forecast - Revenue projections for 2025-2027 are 1.772 billion, 2.158 billion, and 2.632 billion yuan, with year-over-year growth rates of 25.66%, 21.79%, and 21.99% respectively [3] - Net profit forecasts for the same period are 448 million, 529 million, and 644 million yuan, with growth rates of 15.25%, 18.08%, and 21.81% respectively [3] - The current price-to-earnings ratio is projected to be 34, 29, and 24 times for the years 2025, 2026, and 2027 [3]

Core Viewpoint - The company is experiencing rapid growth in its self-developed "All-View" multifocal intraocular lens products, which are increasingly contributing to its overall revenue from intraocular lens products. The long-term development potential in the cataract surgery market remains significant due to the lower prevalence of surgeries in China compared to developed countries [1] Group 1: Company Performance - In the first half of 2025, the company's "All-View" multifocal intraocular lens products are showing a rapid growth trend, with their revenue share in the intraocular lens product category continuously increasing [1] - The company has successfully entered most private ophthalmology hospital groups with its Longjing® PR product, and the progress in private hospitals is proceeding smoothly [1] Group 2: Market Strategy - The company is focusing on international expansion, with sales primarily in developed European countries, and is gradually engaging with agents in South America and Southeast Asia [1] - The company has established its own direct sales international team to enhance its overseas market presence [1] Group 3: Industry Outlook - The overall development space for the cataract surgery industry in China is still broad, as the surgery prevalence rate lags behind that of developed countries [1] - The company is conducting multiple PR training certifications and academic promotions to enhance doctors' understanding and familiarity with the characteristics and techniques of the PR product [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 787 million yuan for the first half of 2025, representing a year-over-year increase of 14.72%, and a net profit attributable to shareholders of 213 million yuan, up 2.53% year-over-year [5][6] - In Q2 2025, the company achieved a revenue of 430 million yuan, a year-over-year increase of 14.44%, and a net profit of 121 million yuan, reflecting a year-over-year growth of 14.85% [6] - The gross margin for the first half of 2025 was 65.3%, showing an upward trend from 64.6% in Q1 2025 [6] Summary by Sections Financial Performance - For Q2 2025, the company reported a gross margin of 65.8%, up from 64.6% in Q1 2025 and significantly higher than 61.8% in Q4 2024 [6] - The company's sales, management, and R&D expense ratios decreased in Q2 2025 compared to Q1 2025 [6] Business Segments - The artificial crystal segment generated 345 million yuan in revenue for the first half of 2025, a growth of 8.23% year-over-year [7] - The corneal reshaping lens segment achieved 119 million yuan in revenue, up 5.63% year-over-year [7] - The contact lens segment saw the highest growth, with revenue of 236 million yuan, representing a year-over-year increase of 28.89% [7] Future Projections - Revenue projections for 2025-2027 are 1.73 billion yuan, 2.17 billion yuan, and 2.67 billion yuan, with growth rates of 22.7%, 25.4%, and 23.3% respectively [8] - Net profit projections for the same period are 453 million yuan, 574 million yuan, and 713 million yuan, with growth rates of 16.6%, 26.8%, and 24.2% respectively [8] - The expected EPS for 2025-2027 is 2.34 yuan, 2.97 yuan, and 3.68 yuan, with corresponding P/E ratios of 35x, 27x, and 22x [8]