| | | | | | | 中信证券股份有限 | 中信证券华南股份 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 025-09-09 | 证券简移 爱博医疗 | 证券代码 688050 | 成交价(元) 成交金额[万元] 成交量(*) 买入营业部 79.77 | 201.02 | 2.52 | 公司上海分公司 | 美出营业部 有限公司佛山分公 | 是否为专场 | | 9月9日，爱博医疗大宗交易成交2.52万股，成交额201.02万元，占当日总成交额的0.42%，成交价79.77 元，较市场收盘价79.77元持平。 ...

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]

9月4日，爱博医疗举办2025年半年度业绩说明会。会上管理层表示，2025年上半年，公司自主开发 的"全视"多焦人工晶状体产品呈现快速增长态势，其在人工晶状体产品收入中的占比持续提升。从长期 发展的角度来看，我国白内障手术普及率与发达国家相比仍存在较大差距，行业未来整体发展空间依然 广阔。 公司海外市场销售主要在欧洲发达国家，在亚洲、南美洲、非洲亦有业务布局。龙晶®PR和隐形眼镜已 在部分境外地区取得注册证。国际化是公司的重要战略之一。目前，公司正加速推进海外市场布局，除 现有主要销售的欧洲国家外，公司近期正逐渐接触南美洲和东南亚地区的代理商，同时已建立自有直销 国际团队。 交流中管理层介绍，龙晶PR产品已经进入大部分民营眼科医院集团，整体民营医院进展顺利，正在按 照计划推进公立医院入院流程。公司已开展多场PR培训认证，并通过学术推广，让医生群体更了解和 熟悉PR特点和术式。从手术操作上来说，龙晶晶体手术和白内障晶体手术二者均属于精细的眼内植入 手术，均需要高超的操作技巧，但两者手术操作有较大区别。 （上证路演） ...

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]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 504 companies were investigated by institutions, with notable interest in companies like Mindray Medical, United Imaging Healthcare, and Aibo Medical, indicating a trend of institutional focus on specific healthcare and technology sectors [1]. Institutional Research Activity - 95.63% of the companies investigated had participation from securities firms, with 482 companies being surveyed by them. Fund companies followed with 415 companies, and private equity firms investigated 303 companies [1]. - Among the companies, 269 received attention from more than 20 institutions, with Mindray Medical being the most investigated at 398 institutions, followed by United Imaging Healthcare at 306 institutions, and Aibo Medical at 262 institutions [1]. Fund Flow and Market Performance - Out of the stocks investigated by more than 20 institutions, 65 experienced net capital inflows in the past five days. Unisplendour saw the highest net inflow of 1.259 billion yuan, followed by Shenghong Technology and Changchun High-tech with net inflows of 1.231 billion yuan and 616 million yuan, respectively [1]. - In terms of market performance, 94 stocks among those investigated saw price increases, with the highest gains recorded by Bojie Co., Yuanjie Technology, and Tengjing Technology, with increases of 37.99%, 34.58%, and 34.14% respectively. Conversely, 175 stocks experienced declines, with the largest drops seen in Oulu Tong, Zhiyuan Huilian, and Sanhui Electric, with decreases of 16.61%, 14.80%, and 14.78% respectively [2]. Earnings Forecasts - Among the stocks investigated, only two companies released earnings forecasts for the first three quarters, both indicating profit increases. Zhongtai Co. is expected to have a median net profit of 340 million yuan, representing a year-on-year increase of 79.28% [2].