证券日报网讯1月23日，爱博医疗（688050）在互动平台回答投资者提问时表示，公司始终高度重视投 资者关系管理，对于投资者的提问，公司内部核实与履行内部审批流程需要一定的时间。 ...

（编辑 王雪儿） 证券日报网讯 1月23日，爱博医疗在互动平台回答投资者提问时表示，公司目前生产经营一切正常。根 据法律、法规及规范性文件的相关规定，公司会在定期报告中披露股东人数以保证所有投资者平等获悉 公司信息，敬请关注公司披露的定期报告。 ...

证券日报网讯 1月23日，爱博医疗在互动平台回答投资者提问时表示，公司人工晶状体产品上市以来， 已持续销往德国、法国、意大利等欧盟国家及地区，境外业务具体收入请以定期报告披露内容为准。公 司已在部分国家及地区筛选合作代理商，并同步搭建本地化市场准入渠道。 （编辑 袁冠琳） ...

格隆汇1月23日丨爱博医疗(688050.SH)公布，公司与爱博机器人公司无关联关系。 ...

Core Viewpoint - Aibo Medical (688050.SH) has launched 24-hour smart stores in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, indicating a strategic expansion in health retail [1] Group 1: Company Developments - Aibo Medical has established partnerships with Galaxy General to explore the application of embodied intelligence technology in health retail scenarios, enhancing its technological capabilities in the sector [1] - The company has not participated in any related investments regarding this collaboration, suggesting a focus on strategic partnerships rather than direct financial commitments [1]

格隆汇1月23日丨爱博医疗(688050.SH)公布，公司与爱博机器人公司无关联关系。 ...

（文章来源：证券日报） 证券日报网讯 1月22日，爱博医疗在互动平台回答投资者提问时表示，具体经营业绩请关注公司定期报 告。 ...

Group 1 - The core point of the article is that Aibo Medical plans to acquire at least 51% of the shares of Demei Medical to expand its presence in the healthcare sector [1][2] - Aibo Medical intends to invest up to 1 billion yuan through a combination of acquisition loans and its own funds for the acquisition [2] - Demei Medical is a leading company in the sports medicine field in China, recognized as a national high-tech enterprise with 276 patented technologies [2][3] Group 2 - Aibo Medical is facing challenges in its core business areas, particularly in the OK lens and artificial lens sectors, which have seen significant price drops and negative impacts on performance [3][4] - The acquisition aims to create a dual-channel strategy combining ophthalmology and sports medicine, but there are concerns about the financial performance of Demei Medical post-acquisition [3][4] - Demei Medical's projected revenue is expected to grow from 178 million yuan in 2023 to 286 million yuan in 2025, with a turnaround from a loss of 7.08 million yuan to a profit of 23.6 million yuan [4]

Core Viewpoint - Aibo Medical has signed a Letter of Intent with Demei Medical to acquire at least 51% of its shares, with an estimated valuation of Demei Medical not exceeding 1 billion yuan, indicating a stable profit growth commitment from 2026 to 2028 [1][2] Acquisition Details - The acquisition is expected to be financed through a combination of self-funds and bank loans [1] - Demei Medical's preliminary valuation corresponds to a price-to-earnings (PE) ratio of approximately 22X, 18X, and 15X for the years 2026, 2027, and 2028 respectively [1] - Demei Medical's net profit commitments for 2026, 2027, and 2028 are projected to be 45 million, 55 million, and 65 million yuan, representing year-on-year growth rates of +28.5%, +22.2%, and +18.2% respectively [1] Company Profile - Demei Medical, established in 2015, is a leading brand in China's sports medicine sector, offering a comprehensive range of products including imaging equipment, surgical tools, implantable consumables, and rehabilitation devices [1] - The company has achieved significant breakthroughs in core technologies and has established a full industry chain layout, making it a representative manufacturer of sports medicine in China [2] Financial Performance - Demei Medical's projected revenues for 2023, 2024, and 2025 are 178 million, 236 million, and 286 million yuan, with year-on-year growth rates of +32.6% and +21.4% [2] - The adjusted net profits for the same years are expected to be -7.08 million, 9.29 million, and 23.60 million yuan, indicating a significant increase in profitability [2] International Expansion - Demei Medical has developed strong international capabilities, with a sales network covering over 50 countries and regions, and plans to participate in more than 10 international exhibitions and academic exchanges in 2025 [2] - The collaboration with Aibo Medical is expected to enhance its overseas business, which accounted for 5.5% of total revenue in the first half of 2025 [2] Profit Forecast and Investment Outlook - Aibo Medical is projected to achieve revenues of 1.572 billion, 1.823 billion, and 2.173 billion yuan from 2025 to 2027, with year-on-year growth rates of +11.5%, +16.0%, and +19.2% respectively [3] - The expected net profits for the same period are 414 million, 476 million, and 575 million yuan, with growth rates of +6.7%, +14.9%, and +20.7% respectively [3] - The current stock price corresponds to PE ratios of 29X, 25X, and 21X for the years 2025, 2026, and 2027 [3] Rating - The company maintains a "recommended" rating [4]

Core Viewpoint - Aier Medical, a leading ophthalmic company, is attempting a cross-industry acquisition to find new growth opportunities by acquiring at least 51% of the sports medicine company, Demei Medical, for a valuation of no more than 1 billion yuan. However, the acquisition faces challenges related to valuation, performance guarantees, and integration due to the company's sluggish core business growth and declining stock price [1][6]. Group 1: Sluggish Core Business and Declining Stock Price - Aier Medical, which rapidly rose due to the domestic substitution of intraocular lenses, is now facing insufficient growth momentum in its core business. Although sales have increased due to inclusion in national procurement, prices and gross margins have continued to decline, with the average price of intraocular lenses dropping from 437.56 yuan in 2022 to 338.06 yuan in 2024, and overall gross margin decreasing from 84.75% to 65.25% [2][7]. - The anticipated growth in the OK lens business has slowed, with myopia prevention business achieving only single-digit growth, and vision care business experiencing fluctuations due to the consumer environment [2][7]. - The pressure on performance has directly impacted the stock price, which has fallen nearly 50% from its 2024 peak, leading to a significant reduction in market capitalization and a drop in institutional shareholding from 37.33% to 4.16% [2][8]. Group 2: High Valuation and Performance Guarantees of Demei Medical - Demei Medical, a leading domestic sports medicine company, has achieved profitability and has advantages in procurement access and overseas channels, but its valuation and performance commitments raise concerns. The acquisition price corresponds to a high price-to-earnings ratio of 42.37 times based on a projected net profit of 23.6023 million yuan in 2025, which is higher than Aier Medical's own valuation level [3][8]. - Although the transaction stipulates a cumulative net profit of no less than 165 million yuan from 2026 to 2028, the sports medicine market is still dominated by foreign companies, and the fragmented domestic market makes it challenging for Demei Medical to achieve a doubling of net profit in three years amid fierce competition [3][8]. Group 3: Integration Challenges and Financial Risks - Transitioning from ophthalmology to sports medicine, while both are in the medical device sector, presents significant differences in technical pathways, physician groups, and clinical ecosystems, making channel synergy difficult [4][8]. - Additionally, Demei Medical's debt has been rising, projected to reach 162 million yuan by 2025, while Aier Medical plans to finance the acquisition through loans, potentially increasing its financial leverage. If the target's performance does not meet expectations, the risk may not be fully covered by performance guarantees, further exacerbating the company's overall financial pressure [4][8]. Conclusion - For Aier Medical, this cross-industry acquisition represents a strategic attempt to find a second growth curve, but it is also a gamble filled with uncertainties. The ability to achieve the expected synergy of "1+1>2" amidst challenges related to valuation, performance guarantees, and cross-industry integration will require time and market validation [5][9].