Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Medical Index (Sci-Tech Medical, 950255) reported at 737.03 points, indicating a recent performance trend with a 1.84% increase over the past month, a 2.05% decrease over the past three months, and a 1.64% increase year-to-date [1] - The index comprises no more than 30 listed companies in the medical sector from the Sci-Tech Innovation Board, reflecting the overall performance of medical listed companies [1] - The index is based on a reference date of December 30, 2022, with a base point of 1000.0 [1] Group 2 - The top ten weightings in the index are as follows: Huatai Medical (11.45%), United Imaging (10.09%), Aibo Medical (6.94%), Yirui Technology (6.44%), Nanwei Medical (5.44%), Shengxiang Biology (5.0%), Xinmai Medical (4.74%), Haier Biomedical (4.22%), Yahui Long (3.61%), and Aohua Endoscopy (3.52%) [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with a 100.00% representation [1] - The industry composition of the index holdings includes 45.39% in medical consumables, 33.24% in medical devices, and 21.37% in in vitro diagnostics [1] Group 3 - The index sample is adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to calculation and maintenance guidelines [2]

爱博医疗 2024 年年度股东大会会议资料 0 爱博医疗 2024 年年度股东大会会议资料 | | | | 2024 年年度股东大会会议须知 | 2 | | --- | --- | | 2024 年年度股东大会会议议程 | 4 | | 议案一：《关于<2024 年度董事会工作报告>的议案》 | 6 | | 议案二：《关于<2024 年度监事会工作报告>的议案》 | 13 | | 议案三：《关于<2024 年度财务决算报告>的议案》 18 | | | 议案四：《关于<2024 年年度报告>及摘要的议案》 27 | | | 议案五：《关于 2025 年度公司董事薪酬的议案》 | 28 | | 议案六：《关于 2025 年度公司监事薪酬的议案》 | 29 | | 议案七：《关于<2025 年度财务预算报告>的议案》 30 | | | 议案八：《关于续聘 2025 年度审计机构的议案》 | 33 | | 议案九：《关于取消公司监事会、修订<公司章程>、修订及制定部分内控制度 | | | 的议案》 | 34 | | 议案十：《关于 2024 年年度利润分配方案的议案》 | 35 | | 议案十一：《关于董事会换届选举第 ...

Core Viewpoint - The performance of the Sci-Tech Innovation Pharmaceutical Index ETF has shown significant growth in both trading volume and scale, indicating strong investor interest and confidence in the sector [3][5][6]. Liquidity - The Sci-Tech Innovation Pharmaceutical Index ETF had an intraday turnover of 9.12%, with a transaction volume of 20.17 million yuan. Over the past week, the average daily transaction volume reached 50.98 million yuan, ranking first among comparable funds [3]. Scale - In the past year, the Sci-Tech Innovation Pharmaceutical Index ETF's scale increased by 143 million yuan, achieving notable growth and ranking first among comparable funds [3]. Shares - The ETF's shares grew by 120 million in the past year, also ranking first among comparable funds [3]. Top Holdings - As of May 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 51.6% of the total weight. The leading stocks include: - United Imaging Healthcare (8.97%) - BeiGene (7.05%) - Huaitai Medical (5.85%) - Aierx (4.91%) - Baillie Tianheng (4.77%) - Zai Lab (4.75%) - BGI Genomics (4.17%) - Junshi Biosciences (4.15%) - Aibo Medical (3.33%) - Teva Biopharma (3.25%) [5]. Market Response - Following the American Society of Clinical Oncology (ASCO) annual meeting, there has been a positive market response, highlighting the competitiveness and innovation of Chinese pharmaceutical companies in new drug development [5][6]. Innovation Pipeline - The proportion of domestic companies' innovative drug data presented at ASCO has been increasing, with 73 studies selected for oral presentations in 2025, indicating a strong focus on innovation within the industry [6]. Investment Opportunities - Investors without stock accounts can access opportunities in the Sci-Tech Innovation Board biopharmaceutical sector through the Sci-Tech Biopharmaceutical ETF linked fund (021061) [6].

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]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The blood purification device industry is benefiting from an aging population and increasing treatment penetration rates, with hemodialysis being the primary treatment for end-stage renal disease (ESRD) [2][12] - The domestic substitution trend in the blood purification device industry is accelerating, with local brands gradually rising to compete with foreign brands [2][33] - The market for blood purification devices is expected to grow significantly, driven by the increasing number of ESRD patients and the low treatment penetration rate in China compared to developed countries [17][19] Summary by Sections Market Performance - The pharmaceutical sector outperformed the overall market, with a 2.21% increase in the biopharmaceutical sector, while the total A-share market declined by 0.05% [1][60] - The TTM price-to-earnings ratio for the biopharmaceutical sector is 34.03x, which is at the 69.61% percentile of the historical valuation over the past five years [1][67] Industry Analysis - The global ESRD patient population is projected to grow from 1113.86 million in 2023 to 1328.60 million by 2027, with a compound annual growth rate (CAGR) of 4.51% [17] - In China, the number of ESRD patients receiving dialysis treatment is significantly lower than in developed countries, indicating substantial growth potential for treatment penetration [19][30] Competitive Landscape - Foreign brands dominate the blood purification device market, with companies like Fresenius and Baxter holding significant market shares, but local brands are increasingly gaining ground [33][37] - Major domestic players include Weigao Blood Purification, Shanda Mountain, and Jianfan Biological, which are expanding their market presence through innovation and product development [33][41][45] Company Forecasts and Ratings - Major companies in the sector, such as Mindray Medical and WuXi AppTec, are rated as "Outperform" with strong projected earnings growth over the next few years [4][71] - Weigao Blood Purification is expected to generate revenue of 36.04 billion yuan in 2024, with a leading market share in blood purification devices [38][41]

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].