Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

截至发稿，王峥娇累计任职时间7年61天，现任基金资产总规模24.17亿元，任职期间最佳基金回报 77.66%， 任职期间最差基金回报-53.83%。 9月23日，爱博医疗跌5.02%，截至发稿，报72.28元/股，成交2.39亿元，换手率1.71%，总市值139.79亿 元。 数据显示，南方基金旗下1只基金重仓爱博医疗。南方医药保健灵活配置混合A（000452）二季度持有 股数213.12万股，与上期相比持股数量不变，占基金净值比例为6.07%，位居第二大重仓股。根据测 算，今日浮亏损失约814.12万元。 南方医药保健灵活配置混合A（000452）成立日期2014年1月23日，最新规模24.05亿。今年以来收益 50.93%，同类排名1016/8172；近一年收益57.98%，同类排名2533/7995；成立以来收益242.22%。 南方医药保健灵活配置混合A（000452）基金经理为王峥娇。 资料显示，爱博诺德(北京)医疗科技股份有限公司位于北京市昌平区科技园区兴昌路9号，成立日期 2010年4月21日，上市日期2020年7月29日，公司主营业务涉及眼科医疗器械的自主研发、生产、销售及 相关服务。主营业务 ...

9月23日，爱博医疗跌5.02%，截至发稿，报72.28元/股，成交2.39亿元，换手率1.71%，总市值139.79亿 元。 资料显示，爱博诺德(北京)医疗科技股份有限公司位于北京市昌平区科技园区兴昌路9号，成立日期 2010年4月21日，上市日期2020年7月29日，公司主营业务涉及眼科医疗器械的自主研发、生产、销售及 相关服务。主营业务收入构成为：人工晶状体43.86%，隐形眼镜30.06%，角膜塑形镜15.14%，其他近 视防控6.01%，其他手术产品2.37%，其他视力保健1.62%，其他收入0.95%。 截至发稿，胡洁累计任职时间12年346天，现任基金资产总规模843.4亿元，任职期间最佳基金回报 168.39%， 任职期间最差基金回报-98.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华宝基金旗下1只基金位居爱博医疗十大流通股东。华宝中证医疗ETF（512170）二季度增 持23.18万股，持有股数441.69万 ...

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical industry in China is experiencing enhanced innovation capabilities, with leading companies showing growth rates surpassing the global average, indicating an increase in global competitiveness [1][2] - Despite recent market fluctuations, the fundamentals of the pharmaceutical industry remain robust, with reasonable valuations and no signs of bubbles [1][3][4] Core Insights and Arguments - The overall valuation of the pharmaceutical sector is deemed reasonable, with potential growth for innovative drug companies projected at 50-100% over the next three years [1][4] - The medical device, CRO (Contract Research Organization), consumer healthcare, and traditional Chinese medicine sectors also show relatively low valuations, indicating manageable risks [1][4] - The current allocation in the pharmaceutical sector is at a historical low, suggesting room for improvement in future investments [5] - The innovative drug sector's logic remains unchanged, with active business development (BD) activities expected, particularly in areas like PD-L1 Plus, ADC, and dual antibodies [1][7] Market Performance and Trends - The pharmaceutical sector has shown significant performance this year, with the Hong Kong stock index rising nearly 100% and the A-share market increasing by approximately 40-50% [3][5] - The recovery of the innovative drug sector is expected to lead to nonlinear growth, with many companies in the sector having a PEG ratio of less than 1, indicating accelerated earnings growth [6][7] - The medical device sector is in a mild recovery phase, with procurement pressures easing and opportunities for domestic companies to gain market share through competitive pricing [3][24][25] Investment Opportunities - Innovative drugs are highlighted as the primary investment focus due to their potential for significant earnings growth and market interest following recent interest rate cuts [6][7] - The medical device sector is also seen as a stable investment opportunity, with leading companies showing signs of recovery in their financial performance [6][7] - Consumer healthcare and traditional Chinese medicine are currently more focused on individual stock selection, with potential for recovery in the latter half of the year [6][35] Company-Specific Insights - Key companies with strong growth potential include Heng Rui, BeiGene, and Innovent Biologics, with expectations of exceeding profit forecasts [7][10] - The performance of companies like WuXi AppTec and WuXi Biologics is also noted, with a focus on their recovery and growth potential in the coming years [19][20] Policy and Regulatory Environment - Recent policy changes, such as the optimization of centralized procurement, are expected to positively impact the pharmaceutical sector, providing better financial and profit margins for innovative drug companies [9][24] - The adjustment of the essential drug list is anticipated to have significant implications for the traditional Chinese medicine sector, with expectations for clearer guidelines in the near future [45] Risks and Challenges - While there are no significant risks currently identified in the industry, geopolitical factors, particularly U.S.-China relations, could introduce uncertainties [23] - The medical device sector faces ongoing pricing pressures, particularly in the context of centralized procurement, which could impact profitability [25][29] Conclusion - The pharmaceutical industry in China is positioned for growth, with innovative drugs and medical devices leading the way. The current market environment presents numerous investment opportunities, particularly for companies demonstrating strong fundamentals and growth potential.

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The pricing power of innovative drugs is improving, reflecting the global competitiveness of Chinese pharmaceutical companies [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions due to continued domestic substitution and accelerated overseas business progress [2]. - The neurosurgery and neurointervention fields are experiencing stable growth post-collection, with new products being launched [2]. - The high-value consumables market is expected to benefit from ongoing domestic replacement and the introduction of new products [2]. Group 3: Medical Devices - The medical device sector is seeing a recovery in bidding prices, with ongoing high-speed growth in bidding data this year [2]. - Companies are entering a phase of inventory reduction, with performance expected to improve in the second half of the year [2]. - The low-value consumables sector is experiencing product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is concentrating on central state-owned enterprises, gradually clearing the competitive landscape [2]. - The demand side is expected to see continuous upgrades to new products, with industry sentiment gradually improving [2]. Group 5: API (Active Pharmaceutical Ingredients) - The API sector is benefiting from the end of a capital expenditure peak, with three growth logic points driving upward trends: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies in the API sector are expected to see explosive growth in revenue and profits [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is witnessing a recovery in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs and ongoing observation of collection progress [2]. - The retail pharmacy sector is influenced by the pace of supply-side clearing and business model upgrades, with expectations of increased store closures in the second half of 2025 [2]. Group 8: Research and Development Services - The domestic innovative drug business development is heating up, likely driving downstream demand recovery [2]. - The overseas market presents significant growth opportunities for domestic companies, leveraging cost-effectiveness and service differentiation [2].

格隆汇9月18日丨爱博医疗(688050.SH)在互动平台表示，1、公司尚未将主营业务产品材料应用于机器 人领域。 2、公司依托现有技术平台已研发多款眼科医疗器械产品，但截至目前，生产及销售的产品均 未涉足智能眼镜领域，未来会视研发及市场情况考虑相关领域商业化布局及合作。 3、关于公司主营业 务产品国内市场份额，目前暂无最新权威第三方机构发布的统计数据。在人工晶状体领域，根据国采披 露的数据显示，公司的产品勾量位居第一。 4、公司已持续通过自有资金及产业基金推进优质资源的并 购整合工作。后续将结合市场调研结果、技术可行性等多维度因素，综合研判并购计划，并严格按照监 管要求履行信息披露义务。 ...

Core Viewpoint - The company has not yet applied its main business product materials in the robotics field and is considering future commercialization and collaboration in related areas based on R&D and market conditions [1] Group 1 - The company has developed multiple ophthalmic medical device products based on its existing technology platform, but none have entered the smart glasses market as of now [1] - The company currently lacks the latest authoritative third-party statistics on its domestic market share for its main business products [1] - In the intraocular lens sector, the company's product volume ranks first according to data disclosed by national procurement [1] Group 2 - The company is continuously advancing the integration of quality resources through its own funds and industrial funds [1] - Future merger and acquisition plans will be evaluated based on market research results, technical feasibility, and other multidimensional factors, with strict adherence to regulatory disclosure requirements [1]

爱博医疗9月18日在互动平台表示，公司尚未将主营业务产品材料应用于机器人领域。公司依托现有技 术平台已研发多款眼科医疗器械产品，但截至目前，生产及销售的产品均未涉足智能眼镜领域，未来会 视研发及市场情况考虑相关领域商业化布局及合作。 ...

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The industry is positioned for a "Davis double" effect, where both performance and valuation are expected to improve [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions, while domestic replacements continue to grow, and overseas business progresses rapidly [2]. - The neurosurgery and neurointervention fields are stabilizing after centralized procurement, with new products expected to contribute to growth [2]. Group 3: Medical Devices - The medical device sector is experiencing a high-speed growth in bidding data, with companies entering a destocking phase, which is expected to improve performance in the second half of the year [2]. - The low-value consumables sector is seeing continuous product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape [2]. - The demand side is expected to upgrade towards new products, gradually improving the industry's overall health [2]. Group 5: API (Active Pharmaceutical Ingredients) - The industry is at an upward turning point due to the end of a capital expenditure peak, combined with three growth drivers: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies are expected to see explosive growth in revenue and profits in the medium term [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is seeing a revival in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs, while the retail pharmacy sector is influenced by supply-side adjustments and business model upgrades [2]. - The performance of offline pharmacies is expected to improve in the second half of 2025, with leading chains like YaoXingTang making progress in store upgrades [2]. Group 8: Research Reports - A series of in-depth research reports on various companies and sectors within the pharmaceutical and medical device industries have been published, highlighting their growth potential and market positioning [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company reported a revenue of 787 million yuan for the first half of 2025, representing a year-on-year growth of 14.72%, with a net profit of 213 million yuan, up 2.53% [2]. - The high-end intraocular lens segment is experiencing rapid growth, and the company is accelerating its overseas market expansion [2][6]. - The company has a strong pipeline of innovative products, with several projects in the registration phase and expected to launch soon [6]. Financial Performance - For the first half of 2025, the company achieved a revenue of 787 million yuan, with a net profit of 213 million yuan, and a non-recurring net profit of 204 million yuan [2]. - The revenue for Q2 2025 was 430 million yuan, reflecting a year-on-year increase of 14.44%, while the net profit for the same period was 121 million yuan, up 14.85% [2]. - The company forecasts total revenue of 1,795 million yuan for 2025, with a year-on-year growth rate of 27.3% [7]. Business Segmentation - The high-end intraocular lens revenue reached 364 million yuan in H1 2025, growing by 9.70%, with artificial lens products contributing 345 million yuan, up 8.23% [6]. - The company’s near-sightedness prevention segment generated 166 million yuan, with a growth of 8.28%, while vision care revenue was 249 million yuan, increasing by 27.43% [6]. - Domestic revenue was 744 million yuan, up 12.37%, while overseas revenue surged by 80.10% to 43 million yuan, indicating a strong international market strategy [6]. Valuation and Price Target - The report sets a target price of 100 yuan, based on a DCF model that values the company at approximately 194 billion yuan [3][6]. - The expected earnings per share (EPS) for 2025 is projected at 2.40 yuan, with a price-to-earnings (P/E) ratio of 32 [7].