股东方面，截至2024年9月30日，爱博医疗股东户数9636户，较上次减少486户，户均持股市值35.28万 元，户均持股数量2.76万股。 来源：金融界 爱博诺德(北京)医疗科技股份有限公司的主营业务是眼科医疗器械的自主研发、生产、销售及相关服 务，目前公司主要产品覆盖手术和视光两大领域，主要针对白内障和屈光不正这两大类造成致盲和视力 障碍的主要眼科疾病，其中手术领域的核心产品为人工晶状体，视光领域的核心产品为角膜塑形镜，以 及围绕这两项核心产品研发生产的一系列配套产品。公司是国内首家高端屈光性人工晶状体制造商，也 是国内主要的可折叠人工晶状体制造商之一。公司先后入选北京生物医药产业跨越发展工程(G20工程), 中关村前沿技术企业，国家级专精特新"小巨人"企业。人工晶状体产品获得北京市科学技术二等 奖，"中国眼科十大成就"，"中国侨界贡献(创新成果)奖"，首都职工自主创新成果一等奖和北京市发明 创新大赛发明创新金奖等，先后入列科技部《创新医疗器械产品目录》，《北京市新技术新产品(服 务)》，《中关村创新医疗器械产品目录》，科技部第二批国家科技计划重点科技成果转化项目等。 4月14日，爱博医疗今日收盘103. ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)92爱博医疗51.0451.048.48197.62亿行业平均 46.1548.384.77102.50亿行业中值29.1329.012.3143.45亿1硕世生物-1773.70-1773.701.1136.64亿2诺唯 赞-508.88-508.882.3392.08亿3博晖创新-340.62-209.723.7552.28亿4康泰医学-270.0231.682.7652.52亿5华 大基因-198.46217.092.05201.67亿6奥精医疗-108.48-108.481.3819.65亿7睿昂基因-79.90-79.901.2411.56亿 8热景生物-56.75-56.753.12101.72亿9华大智造-55.34-55.344.15331.55亿10中红医疗-48.80-33.200.7743.45 亿11天智航-42.43-42.434.4352.24亿 来源：金融界 爱博诺德(北京)医疗科技股份有限公司的主营业务是眼科医疗器械的自主研发、生产、销售及相关服 务，目前公司主要产品覆盖手术和视光两大领域，主要针对白内障和屈光不正这两大类造 ...

Company Overview - Aibo Medical focuses on the research, production, and sales of ophthalmic medical devices, primarily targeting cataracts and refractive errors [2] - The company is recognized as the first high-end refractive artificial lens manufacturer in China and is one of the major manufacturers of foldable artificial lenses [2] - Aibo Medical has received multiple awards and recognitions, including the Beijing Science and Technology Second Prize and the "Top Ten Achievements in Chinese Ophthalmology" [2] Financial Performance - For the third quarter of 2024, Aibo Medical reported a revenue of 1.075 billion yuan, representing a year-on-year increase of 60.94% [2] - The net profit for the same period was 318 million yuan, showing a year-on-year growth of 26.04% [2] - The sales gross margin stood at 67.61% [2] Market Position - As of April 3, Aibo Medical's stock closed at 100.46 yuan, with a rolling price-to-earnings (PE) ratio of 49.18 times [1] - The average PE ratio in the medical device industry is 46.48 times, with a median of 31.96 times, placing Aibo Medical at the 89th position in the industry ranking [1][3] - The total market capitalization of Aibo Medical is 19.042 billion yuan [1]

Core Viewpoint - The eye health awareness among the Chinese population is increasing, leading to significant growth in the ophthalmic optical instrument industry, which is expected to reach a market size of approximately 4 billion yuan by 2024 [1][15]. Industry Overview - Ophthalmic optical instruments are essential for diagnosing and treating eye diseases, including devices like computer visual field analyzers, automatic refractors, corneal topographers, and fundus cameras [3][4]. - The industry has seen remarkable advancements in technology and product development, with domestic companies enhancing their R&D capabilities and launching high-quality products [1][15]. Market Growth - The market size of China's ophthalmic optical instrument industry has been continuously growing from 2017 to 2023, with projections indicating it will reach around 4 billion yuan in 2024 [1][15]. - The increasing prevalence of age-related eye diseases and lifestyle changes, such as prolonged use of electronic devices, are driving the demand for ophthalmic medical services [13][25]. Industry Chain - The upstream of the ophthalmic optical instrument industry includes suppliers of optical glass and plastic, which are crucial for manufacturing high-quality instruments [9][11]. - The midstream consists of various manufacturers of ophthalmic optical instruments, while the downstream includes hospitals, clinics, and optical shops where these instruments are utilized [9]. Competitive Landscape - The market concentration in the ophthalmic optical instrument industry is relatively high, with a few companies dominating specific product areas like fundus cameras and OCT devices [17][18]. - Key players in the industry include companies like 图拜医疗, 康捷医疗, and 新眼光, which are focusing on high-end product development [17][18]. Policy Environment - Recent policies have been introduced to promote the standardization and regulation of the medical device industry, providing favorable conditions for the growth of the ophthalmic optical instrument sector [4][6]. - The government aims to enhance the quality and safety of medical devices, ensuring a robust regulatory framework by 2035 [6]. Future Trends - The market is expected to further penetrate various healthcare institutions, with handheld devices likely to see widespread adoption in grassroots medical facilities [23]. - The integration of artificial intelligence and big data into ophthalmic optical instruments is becoming mainstream, leading to the development of smart devices that enhance diagnostic capabilities [24][25].

Summary of Aibo Medical Conference Call Company Overview - Aibo Medical is a leading innovative enterprise in the domestic ophthalmic medical device industry, focusing on three main areas: ophthalmic surgery, myopia prevention and control, and vision care [3][4] Core Products and Market Position - The company offers a diverse range of products, including the Puno Ming series of artificial lenses, and is the first high-end refractive artificial lens manufacturer in China, breaking the international monopoly [3][4] - Aibo Medical's products are available in over 3,500 hospitals nationwide and exported to more than 30 countries [4] Financial Performance - In 2024, Aibo Medical achieved revenue of 1.41 billion yuan, a year-on-year increase of 48%, and a net profit of 387 million yuan, up 27% [6][17] - The sales of artificial lenses have steadily increased, while the growth of the orthokeratology lens segment has slowed due to consumer downgrading [6] Market Trends and Growth Potential - The penetration rate of cataract surgery in China is significantly lower than in developed countries, indicating substantial growth potential [7] - The artificial lens market in China is expected to reach 6 billion yuan by 2030, with Aibo Medical's market share anticipated to increase [7] Impact of Procurement Policies - The centralized procurement policy has accelerated the growth of Aibo Medical's artificial lens sales and facilitated the replacement of imported products [8][10] - Following a successful bid for centralized procurement in Anhui Province, the number of public hospital accounts doubled, and product sales increased by 165% [10] R&D Strengths - Aibo Medical possesses strong R&D capabilities, with its artificial lens technology at an international leading level, including advancements in materials and optical design [5] - The company has developed hydrophobic acrylic materials that reduce postoperative complications and enhance lens support performance [5] Orthokeratology Lens Market - The penetration rate of orthokeratology lenses in mainland China is low, but there is a pressing demand for myopia prevention, indicating significant market potential [11] - The market for orthokeratology lenses is projected to reach 40-41 billion yuan by 2030 [11] Contact Lens Business - Aibo Medical's contact lens business is rapidly expanding, with revenue reaching 137 million yuan in 2023, accounting for 14% of total revenue [15] - The company has made strategic acquisitions to enhance its presence in the contact lens market, including the acquisition of Tianyan Pharmaceutical and Unikon [13][15] Future Outlook - The company expects continued growth in its core businesses, with projected revenues of 1.41 billion, 1.84 billion, and 2.36 billion yuan for 2024, 2025, and 2026, respectively [17] - Net profits are expected to grow to 507 million and 659 million yuan in the following years [17] Valuation Assessment - Aibo Medical is in a stable profit phase, with a target price of 115 billion yuan based on both absolute and relative valuation methods [18]

Group 1 - The CSI 1000 Healthcare Index is currently at 11166.60 points, with a recent one-month increase of 1.37%, a three-month increase of 1.40%, and a year-to-date increase of 3.97% [1] - The top ten weighted stocks in the CSI 1000 Healthcare Index include: Baijie Shenzhou (3.9%), Tonghua Jinma (2.64%), Zexing Pharmaceutical (2.44%), Aibo Medical (1.88%), Borui Pharmaceutical (1.78%), Zuoli Pharmaceutical (1.73%), Rundar Medical (1.5%), Lingrui Pharmaceutical (1.44%), Zhejiang Pharmaceutical (1.39%), and Kunming Pharmaceutical Group (1.38%) [1] - The market share of the CSI 1000 Healthcare Index holdings is 53.75% from the Shanghai Stock Exchange and 46.25% from the Shenzhen Stock Exchange [1] Group 2 - The industry composition of the CSI 1000 Healthcare Index holdings shows that chemical drugs account for 26.75%, medical devices for 24.62%, traditional Chinese medicine for 19.01%, biological drugs for 17.13%, medical commerce and services for 7.96%, and pharmaceutical and biotechnology services for 4.52% [2] - The index sample is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year, and may also be adjusted under special circumstances [2] - In cases of delisting, mergers, acquisitions, or splits, the sample companies will be processed according to the calculation and maintenance guidelines, and corresponding adjustments will be made to the CSI 1000 industry index [2]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 名额有限 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 近日， 爱博医疗（688050.SH） 发布公告，披露了 公司股东白莹通过大宗交易方式累计减持公司股份110 万股 ，占公司股份总数的0.58%，减持价格为87.58元/股， 金额为9633万元 。本次减持完成后，白莹及其 一致行动人合计持有公司股份1516.72万股，占公司股份总数的8.002%。 值得注意的是，白莹作为 公司的天使投资人 ，并未参与公司的日常管理，而 此次减持却发生在公司营收和净 利润连续7年双增长的"高光时刻" 。自登陆科创板以来，爱博医疗的净利润逐年增长，从2018年的2031万元 增长至2024年的3.87亿元，七年复合增长率（CAGR）达78%， 累计涨幅18倍 。这增长速度，连茅台（同 期CAGR 29%）看了都得连连称赞。 然而，尽管财务数据亮眼， 业绩一路高歌，但公司股价却像被按了暂停键 ，资本退潮迹象明显。这一现象背 后折射出眼科器械行业的深层变化，包括带量采购对利润的挤压、国产替代的激烈竞争，以及企业转型的压 力。 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3]. Core Viewpoints - The company is a leading player in the domestic ophthalmic medical device sector, focusing on innovation and expanding its product lines, particularly in intraocular lenses and orthokeratology lenses, with the contact lens business in a ramp-up phase [1][11]. - The approval of the refractive intraocular lens (PR) in January 2025 is expected to contribute significantly to revenue growth and facilitate domestic substitution [1][7]. - The aging population is driving demand for cataract surgeries, and the company has successfully participated in multiple rounds of national procurement for cataract lenses, ensuring stable revenue streams [7][49]. Financial Data and Valuation - The company’s total revenue is projected to grow from 579 million yuan in 2022 to 2,390 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 29% [2]. - The net profit attributable to shareholders is expected to increase from 233 million yuan in 2022 to 653 million yuan in 2026, reflecting a steady growth trajectory [2]. - The company’s price-to-earnings (PE) ratio is forecasted to decrease from 73.8 in 2022 to 26.3 in 2026, indicating improving valuation metrics as earnings grow [2]. Product and Market Position - The company’s product mix includes intraocular lenses (46.5% of revenue), orthokeratology lenses (16.5%), and contact lenses (27%), showcasing a diversified portfolio [14]. - The company is positioned to gradually replace imported products in the intraocular lens market, which is currently dominated by international brands [7][30]. - The contact lens market in China is expected to reach 1.28 billion USD by 2024, with the company planning to expand its production capacity to 300 million pieces annually within three years [7]. Research and Development - The company has a robust pipeline of research projects, including the PR lens and other innovative products aimed at enhancing its competitive edge in the ophthalmic device market [7][29]. - The company maintains a research and development expense ratio of around 15%, ensuring continued investment in innovation [21]. International Expansion - The establishment of an international business headquarters in Hong Kong is part of the company's strategy to expand its global footprint and enhance its supply chain [7][27]. - The company aims to build long-term partnerships with renowned hospitals and key opinion leaders worldwide to increase product recognition and market penetration [27].

Investment Rating - The industry investment rating is "Outperform the Market" [3][28] Core Viewpoints - The report emphasizes the potential of AI in healthcare, particularly through the DeepSeek model, which accelerates the implementation of AI in medical settings, enhancing diagnostic efficiency and resource allocation [7][23][27] - The industry is expected to transition from scale expansion to higher-level development, focusing on high-quality growth and long-term investment opportunities [28] Summary by Sections Industry Overview - The medical device sector has shown a monthly increase of 8.67%, outperforming the pharmaceutical sector and the CSI 300 index by 2.26 and 6.04 percentage points respectively [11][15] - The average PE ratio for the medical device sector is 28.93, which is a 9.74% premium over the pharmaceutical sector and a 154.06% premium over the CSI 300 index [15][21] Key Stocks - Major companies highlighted include: - Mindray Medical: EPS of 9.55 in 2023, rated "Buy" [4] - Weili Medical: EPS of 0.66 in 2023, rated "Add" [4] - New Industry: EPS of 2.10 in 2023, rated "Add" [4] - Yuyue Medical: EPS of 2.39 in 2023, rated "Add" [4] - Kefu Medical: EPS of 1.22 in 2023, rated "Add" [4] AI Medical Applications - AI in healthcare is categorized into several applications, including drug development, medical imaging, healthcare robotics, and health management, all aimed at improving service efficiency and quality [25][24] - The report suggests that AI will help address the growing medical demand and resource distribution issues in China, enhancing early disease detection and treatment [24][26] Investment Recommendations - The report recommends focusing on companies with strong innovation capabilities and international expansion potential, such as Mindray Medical, Union Medical, and Weili Medical [28] - It also highlights the importance of AI models like DeepSeek in improving medical efficiency and resource optimization, suggesting attention to companies like BGI and Shengxiang Biological [28]

特此公告。 证券代码：688050 证券简称：爱博医疗 公告编号：2025-014 爱博诺德（北京）医疗科技股份有限公司 关于 2024 年度以简易程序向特定对象发行股票申请 获得上海证券交易所审核通过的公告 本公司董事会及全体董事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。 爱博诺德（北京）医疗科技股份有限公司（以下简称"公司"）于2025年3 月12日收到上海证券交易所就公司2024年度以简易程序向特定对象发行股票事项 申请的审核意见： 根据《证券法》《上市公司证券发行注册管理办法》《上海证券交易所上市 公司证券发行上市审核规则》等有关法律、法规及本所有关规定，爱博诺德（北 京）医疗科技股份有限公司向特定对象发行股票申请符合发行条件、上市条件和 信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。 公司本次以简易程序向特定对象发行股票事项尚需获得中国证券监督管理委 员会（以下简称"中国证监会"）作出同意注册的决定。最终能否获得中国证监 会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况及时 履行信息披露义务，敬请 ...