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]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The pharmaceutical sector has shown signs of recovery, with a focus on innovative drugs, the innovative drug industry chain, and AI medical applications as key investment directions [2][3][4] - The pharmaceutical sector outperformed the CSI 300 index, rising by 4.96% from February 5 to February 28, 2025, compared to a 1.91% increase in the CSI 300 index [3][5] - Continuous policy support for innovative drugs has improved the domestic research and payment environment, benefiting differentiated innovative products [8][9] Summary by Sections 1. February 2025 Market Review - The pharmaceutical sector's performance improved compared to 2024, with the Shenwan Pharmaceutical Index rising by 1.1% since the beginning of 2025, while the CSI 300 index fell by 1.1% [6][8] - The sector's recovery is attributed to positive catalysts in AI medical applications and innovative drugs [6] 2. Investment Strategy for March 2025 - The report suggests focusing on segments with good growth potential and industrial logic, emphasizing innovation and internationalization as core themes [12] - AI medical applications are highlighted as an important direction for the pharmaceutical sector in 2025 [12] 3. Recommended Stocks - **BeiGene**: Leading in innovative drugs with strong sales growth and potential for global market expansion [22] - **Hengrui Medicine**: Expected to see rapid growth driven by new product cycles and international expansion [23] - **CanSino Biologics**: Significant potential in the global market with promising clinical results [23] - **WuXi AppTec**: A leading integrated CXO company with strong growth in orders and revenue recovery [24] - **Aibo Medical**: High growth potential in the ophthalmic device sector, benefiting from aging demand [25] - **Tongrentang**: A well-established brand in traditional Chinese medicine with potential for operational improvements [25] 4. Economic Data and Industry Trends - The pharmaceutical manufacturing industry saw a slight decline in revenue and profit in 2024, but expectations for recovery in 2025 are positive [37] - The overall valuation of the pharmaceutical sector is at 25.78 times, with a premium over the CSI 300 index of 116.32% [30]

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 ...

证券代码：688050 证券简称：爱博医疗 公告编号：2025-013 爱博诺德（北京）医疗科技股份有限公司 持股 5%以上股东减持计划时间届满暨减持结果公告 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： 股东持股的基本情况 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"公司"）股份 10,662,746 股，占公司总股本的 5.63%。上述 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。 减持计划的实施结果情况 | | 股东名称 | 持股数量 （股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | 第一组 | 白莹 | 10,662,746 | 5.63% | 毛立平先生和白莹女士系 夫妻关系，上述自然人属 | | | 毛立平 | 5,604,413 | 2.96% | 于 ...

Investment Rating - The report assigns a "Buy" rating for the company [6] Core Viewpoints - The company is a leading domestic manufacturer of intraocular lenses, with a focus on high-end products and benefiting from centralized procurement to increase volume [2][37] - The aging population presents a significant market opportunity for cataract treatment, with a high prevalence of cataracts among individuals aged 60 to 89 in China [2][37] - The company has seen robust growth in its artificial lens segment, with a revenue CAGR of 29% from 2019 to 2023, and expects continued high growth in 2024 [2][12] Summary by Relevant Sections Company Overview - The company, established in 2010, has expanded its product line to include intraocular lenses, orthokeratology lenses, and contact lenses, providing a comprehensive solution for eye health [20][21] - The company has strategically acquired other firms to enhance its presence in the contact lens market [21] Intraocular Lenses - The company is positioned as a leader in the domestic intraocular lens market, with multiple high-end products in development and successful participation in centralized procurement [2][37] - The report highlights the low penetration of cataract surgeries in China compared to developed countries, indicating significant growth potential for the intraocular lens market [37][38] Myopia Control - The company’s orthokeratology lenses have shown resilience in a challenging market, with steady revenue growth despite industry pressures [4][21] - The report notes the increasing diversity of myopia control methods, with the company’s products expected to capture a larger market share over time [3][4] Contact Lenses - The contact lens segment is identified as a high-growth area, with the company planning to launch self-developed silicone hydrogel products in the near future [5][11] - The report emphasizes the growing demand for colored contact lenses in China, with limited domestic manufacturers currently in the market [5][10] Financial Projections - The company anticipates a significant increase in revenue, projecting a 64.14% growth in 2023 and continued growth in subsequent years, with net profit expected to reach 3.87 billion yuan in 2024 [12][22]

特此公告。 证券代码：688050 证券简称：爱博医疗 公告编号：2025-011 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 得上海证券交易所受理的公告 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2 月28日收到上海证券交易所（以下简称"上交所"）出具的《关于受理爱博诺德 （北京）医疗科技股份有限公司科创板上市公司发行证券申请的通知》（上证科 审（再融资）〔2025〕23号），上交所依据相关规定对公司报送的科创板上市公 司发行证券的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备， 符合法定形式，决定予以受理并依法进行审核。 公司本次以简易程序向特定对象发行股票事项尚需通过上交所审核，并获得 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后方 可实施。最终能否通过上交所审核，并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，严格按照上市公 ...

股票代码：688050 股票简称：爱博医疗 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 募集说明书 （申报稿） 保荐机构（主承销商） （北京市丰台区西营街 8 号院 1 号楼青海金融大厦） 二〇二五年二月 募集说明书（申报稿） 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担连带赔偿责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的 ...