Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The vision care business has shown strong performance, with revenue contribution increasing to approximately 30%, a year-on-year increase of about 14 percentage points [1][2] - The company has achieved profitability in the contact lens segment, indicating a positive trend in profit margins as production capacity ramps up [2] - The approval of the Longjing® PR intraocular lens is expected to contribute to future revenue growth, as it is the first domestically developed product of its kind [2][3] Financial Performance - In 2024, the company achieved operating revenue of 1.41 billion yuan, a year-on-year growth of 48.22%, and a net profit attributable to shareholders of 387 million yuan, a year-on-year increase of 27.36% [1][4] - For Q4 2024, the company reported operating revenue of 335 million yuan, a year-on-year increase of 18.18%, and a net profit of 69.57 million yuan, a year-on-year increase of 33.76% [1] - The company forecasts revenues of 1.92 billion yuan and 2.50 billion yuan for 2025 and 2026, respectively, with corresponding year-on-year growth rates of 36.5% and 30.1% [3][4] Capacity Expansion and Product Development - The company is expanding its contact lens production capacity, with a planned annual output of 252 million contact lenses and 500 million sets of molds after the completion of new production lines [3] - The focus on high-end contact lenses aims to replace imported products, enhancing the company's competitive position in the market [3] Valuation Metrics - The report provides earnings per share (EPS) estimates of 2.04 yuan, 2.64 yuan, and 3.42 yuan for 2024, 2025, and 2026, respectively [4] - The price-to-earnings (P/E) ratios are projected to be 45.5, 35.3, and 27.2 for the same years [4]

证券代码：688050 证券简称：爱博医疗 公告编号：2025-004 爱博诺德（北京）医疗科技股份有限公司 关于股份回购实施结果的公告 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。 | 回购方案首次披露日 | 2024/2/24，由公司董事长兼总经理、控股股东、 | | --- | --- | | | 实际控制人解江冰先生提议 | | 回购方案实施期限 | 第二届董事会第十次会议审议通过后 个月 12 | | 预计回购金额 | 2,000 万元（含）~4,000 万元（含） | | 回购价格上限 | 229.37 元/股（2023 年年度权益分派实施调整为 | | | 127.23 元/股） | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 14.28 万股 | | 实际回购股数占总股本比例 | 0.075% | | 实际回购金额 | 2,004.36 万元 | | 实际回购价格区间 | 1 ...

Financial Performance - Total revenue for 2024 reached CNY 1,409.80 million, a year-on-year increase of 48.22%[2] - Net profit attributable to shareholders was CNY 387.16 million, up 27.36% compared to the previous year[6] - The company’s net profit excluding non-recurring gains and losses was CNY 388.66 million, representing a growth of 34.58%[6] - The weighted average return on equity rose to 17.06%, an increase of 1.80 percentage points from the previous year[2] Asset and Capital Structure - Total assets at the end of the reporting period were CNY 3,512.69 million, reflecting a growth of 14.73% from the beginning of the period[7] - Share capital increased by 80.09% due to a capital reserve conversion plan, resulting in a share increase of 8 shares for every 10 held[8] Product Performance - The company experienced significant growth in sales of artificial crystalline lenses and orthokeratology lenses during the reporting period[8] - Revenue from vision care products, including contact lenses and care products, accounted for approximately 30% of total revenue[5] - The company's gross profit margin decreased due to price drops in artificial crystalline lenses and an increased revenue share from contact lens products[6] Audit and Reporting - The financial data presented is preliminary and subject to change upon final audit in the annual report[10]

Investment Rating - The report assigns a "Buy" rating to Eyebright (688050.SS) with a 12-month price target of RMB 133, indicating an upside potential of 35.8% from the current price of RMB 97.96 [9][10]. Core Insights - Eyebright is positioned to capture market share in the PIOL segment with its newly launched product "Loong Crystal," which is expected to compete directly with STAAR Surgical's ICL products. The company anticipates receiving final approval from the National Medical Products Administration soon, raising the product's development success rate from 60% to 95% [1][5]. - The overall clinical efficacy and patient experience of "Loong Crystal" are comparable to leading ICL products, benefiting from good biocompatibility and a unique biconcave structure that reduces friction around the lens [2][4]. - The Chinese refractive surgery market is estimated to reach 1.3 million procedures in 2023, with PIOL penetration at approximately 8.5%. STAAR Surgical currently dominates this market with a 95% share, generating revenue of USD 186 million from China in 2023. Eyebright is expected to gradually capture market share from STAAR in both public and private hospitals [5][8]. Summary by Sections Revenue Forecast Adjustments - The revenue forecasts for Eyebright for 2024, 2025, 2026, and 2027 have been adjusted by 0.0%, -0.2%, +0.2%, and +0.4% respectively, reflecting the higher success rate of the PIOL product, although this is offset by slower growth in the OK lens segment in 2025 [1][7]. Market Share Projections - By 2034, Eyebright is projected to capture approximately 14% of the Chinese PIOL market, with expected revenue from "Loong Crystal" adjusted to RMB 30 million in 2025 [5][6]. Growth Drivers - The company is expected to achieve a compound annual growth rate (CAGR) of 24% in earnings from 2024 to 2034, driven by increased penetration rates and market share gains, supported by demographic trends such as an aging population and product upgrades in cataract surgery [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The approval of the Dragon Crystal® PR intraocular lens marks a significant advancement in the company's high-end lens offerings, showcasing its innovative research capabilities [1]. - The company is expected to achieve revenue growth of 46.3%, 35.8%, and 29.8% for the years 2024, 2025, and 2026, respectively, with corresponding net profit growth rates of 29.3%, 30.5%, and 29.4% [2][3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at CNY 1.392 billion, CNY 1.890 billion, and CNY 2.453 billion, respectively, reflecting year-on-year growth rates of 46.3%, 35.8%, and 29.8% [2][3]. - The net profit for the same years is projected to be CNY 393 million, CNY 513 million, and CNY 663 million, with growth rates of 29.3%, 30.5%, and 29.4% [2][3]. - The latest diluted EPS is expected to increase from CNY 1.60 in 2023 to CNY 2.71 in 2025 and CNY 3.50 in 2026 [3]. Product Development - The Dragon Crystal® PR lens is the first domestically developed posterior chamber intraocular lens, utilizing Balacrylic™ material and featuring a unique aspheric double concave design, which reduces peripheral contact risks [1]. - Clinical trials involving 187 participants demonstrated that the Dragon Crystal® PR lens outperformed the ICL lens in various effectiveness and safety metrics over a follow-up period of up to 5.5 years [1].

财联社1月7日电，爱博医疗公告，公司"有晶体眼人工晶状体"近日通过国家药品监督管理局创新医疗器 械特别审查获准注册。 该产品型号包括PR115至PR142，规格为-3.25D至-18.00D，适用于成年人有晶状体眼的治疗，矫正/降低 成年人-3.25D至-18.00D的近视度数。 ...

具体内容详见公司于 2024 年 2 月 24 日在上海证券交易所网站 1 （www.sse.com.cn）上披露的《爱博诺德（北京）医疗科技股份有限公司关于以集 中竞价交易方式回购公司股份方案的公告》（公告编号：2024-004）和 2024 年 3 月 2 日披露的《爱博诺德（北京）医疗科技股份有限公司关于以集中竞价交易方式回 购公司股份的回购报告书》（公告编号：2024-007）。 证券代码：688050 证券简称：爱博医疗 公告编号：2025-001 爱博诺德（北京）医疗科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/2/24，由公司董事长兼总经理、控股股东、 | | --- | --- | | | 实际控制人解江冰先生提议 | | 回购方案实施期限 | 第二届董事会第十次会议审议通过后 个月 12 | | 预计回购金额 | 2,000 万元（含）~4,000 万元（含） | | 回购用途 | □减 ...

证券代码：688050 证券简称：爱博医疗 公告编号：2024-061 爱博诺德（北京）医疗科技股份有限公司 关于公司控股股东、实际控制人、董事长兼总经理及 部分董事、高级管理人员增持公司股份计划实施完毕 暨增持结果公告 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。 重要内容提示： ● 增持计划基本情况：爱博诺德（北京）医疗科技股份有限公司（以下简称 "公司"）于 2024 年 6 月 20 日披露了《爱博诺德（北京）医疗科技股份有限公 司关于公司控股股东、实际控制人、董事长兼总经理及部分董事、高级管理人员 增持公司股份计划的公告》（公告编号：2024-032），公司控股股东、实际控制 人、董事长兼总经理解江冰先生，董事、高级管理人员王曌女士和高级管理人员 贾宝山先生（以下简称"增持主体"）计划于 2024 年 6 月 20 日起 6 个月内，通 过上海证券交易所交易系统以集中竞价交易方式以其自有资金或自筹资金增持公 司股份，拟合计增持金额不低于人民币 300 万元且不超过人民币 600 万元。本次 增持不设置固定价格、 ...

2024 年 12 月 5 日，公司召开第二届董事会第十六次会议和第二届监事会第十 三次会议，审议通过了《关于公司 2024 年度以简易程序向特定对象发行股票竞价 结果的议案》《关于公司与特定对象签署附生效条件的股份认购协议的议案》 《关于更新公司 2024 年度以简易程序向特定对象发行股票预案的议案》等相关议 案。 根据公司 2023 年年度股东大会的授权，本次修订预案无需另行提交公司股东 大会审议。本次预案主要修订情况如下： 证券代码：688050 证券简称：爱博医疗 公告编号：2024-059 爱博诺德（北京）医疗科技股份有限公司 关于以简易程序向特定对象发行股票预案修订说明的 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 2024年 10 月 28 日召开了第二届董事会第十五次会议和第二届监事会第十二次会议，会议审 议通过了关于公司以简易程序向特定对象发行股票的相关议案。公司本次以简易 程序向特定对象发行股票的相关事项在公司 2023 年年度股东大 ...

爱博诺德（北京）医疗科技股份有限公司 （北京市昌平区科技园区兴昌路9号） 2024年度以简易程序向特定对象 发行股票方案论证分析报告 （修订稿） 二〇二四年十二月 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"）是上海证券交易所科创板上市的公司。为满足公司业务发展需求，增加 公司资本实力，提升盈利能力，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司证券发行注册管理办法》（以下简称"《证券发行办法》"）《上 海证券交易所上市公司证券发行上市审核规则》（以下简称"《上市审核规 则》"等有关法律法规和规范性文件和《公司章程》的规定，公司编制了以简 易程序向特定对象发行股票方案论证分析报告。 本论证分析报告中如无特别说明，相关用语具有与《爱博诺德（北京）医 疗科技股份有限公司2024年度以简易程序向特定对象发行股票预案（修订稿）》 中相同的含义。 一、本次发行的背景和目的 1、我国眼科健康状况严峻，相关市场前景广阔 眼科疾病是关系到人类健康和生活质量的一类主要疾病，包括致盲类眼病 和非致盲类眼病。致盲类疾病包括白内障、青光 ...