中国银河证券股份有限公司 核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"保荐机构"）作为 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"） 持续督导机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》等有关 法律法规和规范性文件的要求，就爱博医疗以简易程序向特定对象发行股票限售 股上市流通事项进行了审慎核查，具体情况如下： 一、本次上市流通的限售股类型 2025 年 4 月 16 日，爱博医疗收到中国证券监督管理委员会（以下简称"中 国证监会"）出具的《关于同意爱博诺德（北京）医疗科技股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2025〕774 号），同意公司以简易程序 向特定对象发行股票（简称"本次发行"）的注册申请。本次发行新增股份 3,593,615 股已于 2025 年 5 月 12 日在中国证券登记结算有限责任公司上海分公 司办理完毕股份登记手续。 本次上市流通的限售股为公司以简易程序向特定对象发行的限售股份，限售 期为 6 个月，涉及 8 名认购对象，对应限售股数量为 3,5 ...

Core Viewpoint - Aibo Medical's stock has experienced a significant decline in 2023, with a year-to-date drop of 30.17% and a recent 5-day decline of 9.89% [1] Company Overview - Aibo Medical, established on April 21, 2010, and listed on July 29, 2020, is located in Changping District, Beijing. The company specializes in the research, production, and sales of ophthalmic medical devices [2] - The revenue composition of Aibo Medical includes: 43.86% from artificial lenses, 30.06% from contact lenses, 15.14% from orthokeratology lenses, 6.01% from other myopia control products, 2.37% from other surgical products, 1.62% from other vision care products, and 0.95% from other income [2] - Aibo Medical is categorized under the pharmaceutical and biological industry, specifically in medical devices and consumables, with concepts including ophthalmology, medical devices, medical aesthetics, specialized and innovative, and mid-cap [2] Financial Performance - For the period from January to September 2025, Aibo Medical reported a revenue of 1.144 billion yuan, reflecting a year-on-year growth of 6.43%. However, the net profit attributable to shareholders decreased by 8.64% to 290 million yuan [2] - Since its A-share listing, Aibo Medical has distributed a total of 241 million yuan in dividends, with 173 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Aibo Medical had 17,200 shareholders, an increase of 11.72% from the previous period. The average circulating shares per person decreased by 10.37% to 11,026 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 4.7962 million shares (a decrease of 980,000 shares), and Huabao Zhongzheng Medical ETF, holding 3.8663 million shares (a decrease of 550,000 shares) [3]

Core Viewpoint - Aibo Medical, a leading company in the ophthalmic medical device sector in China, has shown steady growth in revenue and net profit, with significant contributions from its main business segments, including artificial lenses and contact lenses [1][2][6]. Group 1: Business Performance - In Q3 2025, Aibo Medical reported revenue of 1.144 billion yuan, ranking 20th among 50 companies in the industry, with the industry leader, Yingke Medical, generating 7.425 billion yuan [2]. - The company's net profit for the same period was 279 million yuan, placing it 13th in the industry, with the top performer, Lepu Medical, achieving 996 million yuan [2]. - The main business segments include artificial lenses (345 million yuan, 43.86%), contact lenses (236 million yuan, 30.06%), and orthokeratology lenses (119 million yuan, 15.14%) [2]. Group 2: Financial Health - Aibo Medical's debt-to-asset ratio stood at 22.93%, lower than the industry average of 23.66%, indicating strong solvency [3]. - The gross profit margin was 64.80%, despite a decrease from 67.61% in the previous year, still surpassing the industry average of 48.78% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.72% to 17,200, while the average number of circulating A-shares held per shareholder decreased by 10.37% to 11,000 [5]. - Major shareholders include Hong Kong Central Clearing Limited and Huabao Zhongzheng Medical ETF, both of which saw a reduction in their holdings [5]. Group 4: Future Outlook - Citic Securities highlighted Aibo Medical's robust growth in H1 2025, with expectations for continued improvement in Q3, driven by high-value products and new product approvals [6]. - The company is projected to achieve revenues of 1.656 billion, 1.997 billion, and 2.378 billion yuan from 2025 to 2027, with net profits of 428 million, 512 million, and 616 million yuan respectively [6].

Core Viewpoint - Aibo Medical (688050.SH) reported its Q3 2025 results, highlighting significant institutional investor activity and changes in shareholding patterns [1][2] Group 1: Institutional Investor Holdings - As of October 29, 2025, 26 institutional investors disclosed holdings in Aibo Medical A-shares, totaling 49.36 million shares, which represents 25.52% of the total share capital [1] - The top ten institutional investors collectively hold 22.12% of the shares, a decrease of 1.75 percentage points compared to the previous quarter [1] Group 2: Public Fund Holdings - Nine public funds increased their holdings compared to the previous period, with a total increase in holdings of 0.64% [2] - Five public funds reported a decrease in holdings, with a total reduction of 0.39% [2] - Four new public funds disclosed their holdings during this period, while 231 public funds did not disclose their holdings again [2]

Core Viewpoint - Aibo Medical (688050) reported a revenue of 1.144 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.43%, while the net profit attributable to shareholders decreased by 8.64% to 290 million yuan [1] Financial Performance - The company's revenue for the first three quarters reached 1.144 billion yuan, marking a 6.43% increase compared to the same period last year [1] - The net profit attributable to shareholders was 290 million yuan, which represents a decline of 8.64% year-on-year [1] Revenue Drivers - The decline in profit is primarily attributed to a decrease in revenue from artificial lenses and contact lenses [1] - The company has increased its investment in promoting its own brand of contact lenses, which has also contributed to the profit decline [1]

Company Performance - Aibo Medical reported Q3 performance with revenue of approximately 1.144 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.43% [1] - The net profit attributable to shareholders was approximately 290 million yuan, showing a year-on-year decrease of 8.64% [1] - Basic earnings per share were 1.51 yuan, down 10.12% year-on-year [1] Market Overview - Aibo Medical's market capitalization is currently 13.6 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

Financial Performance - The company's revenue for Q3 2025 was ¥357,723,444.32, representing a decrease of 8.17% compared to the same period last year[3] - The total profit for the period was ¥80,847,202.96, down 35.46% year-on-year[3] - Net profit attributable to shareholders was ¥76,848,645.53, a decline of 29.85% compared to the previous year[3] - Basic earnings per share for the period were ¥0.40, reflecting a decrease of 31.03% year-on-year[3] - Total operating revenue for the first three quarters of 2025 reached ¥1,144,414,504.11, an increase of 6.4% compared to ¥1,075,267,105.77 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥278,623,253.61, a decrease of 8.4% from ¥304,046,515.08 in the previous year[19] - Earnings per share (EPS) for the first three quarters of 2025 was ¥1.51, down from ¥1.68 in the same period of 2024[20] Assets and Liabilities - Total assets at the end of the period were ¥3,902,983,843.01, an increase of 11.61% from the end of the previous year[5] - Total assets increased to ¥3,902,983,843.01 from ¥3,496,968,135.88, representing a growth of 11.6%[16] - Total liabilities rose to ¥894,960,084.85, compared to ¥862,711,621.16, indicating an increase of 3.4%[16] - The company's goodwill increased to ¥190,861,311.37 from ¥139,107,544.38, marking a rise of 37.0%[15] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥230,096,531.01, an increase of 6.01%[3] - Cash inflow from operating activities for the first three quarters of 2025 reached approximately $1.15 billion, an increase of 11.5% compared to $1.03 billion in the same period of 2024[25] - Net cash flow from operating activities amounted to $230.1 million, up from $217.1 million year-over-year, reflecting a growth of 6.9%[25] - Cash inflow from investment activities significantly increased to $1.00 billion, compared to $215.3 million in the first three quarters of 2024, marking a substantial rise of 365.5%[25] - The net cash flow from investment activities turned positive at $38.3 million, a recovery from a negative $597.1 million in the previous year[25] - Total cash and cash equivalents at the end of the period stood at $680.1 million, a significant increase from $266.2 million at the end of Q3 2024[26] - Cash inflow from financing activities decreased to $322.0 million from $492.0 million in the same period last year, reflecting a decline of 34.6%[25] - The net cash flow from financing activities was $49.1 million, down from $114.5 million in the previous year, indicating a decrease of 57.1%[25] - The company reported a net increase in cash and cash equivalents of $316.2 million, contrasting with a decrease of $265.6 million in the same period last year[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,214[11] - The largest shareholder, Jie Jiangbing, holds 24,490,410 shares, representing 12.66% of total shares[11] - The company has a total of 10 major shareholders, with the top two holding a combined 18.31% of shares[12] - The company reported no significant changes in the participation of major shareholders in margin trading and securities lending[12] Research and Development - Research and development expenses totaled ¥36,985,646.67, accounting for 10.34% of revenue, an increase of 0.09 percentage points[5] - Research and development expenses for the first three quarters were ¥70,221,069.34, a decrease of 9.2% from ¥77,654,725.68 in the previous year[19] Operational Insights - The decline in total profit was primarily due to decreased revenue from artificial lenses and contact lenses, influenced by national procurement policies and market competition[9] - The company has not disclosed any new product developments or market expansion strategies in the current reporting period[13] - There are no significant reminders or additional important information regarding the company's operational situation during the reporting period[13] - The company adjusted its financial statements due to a change in accounting standards, resulting in an increase in operating costs by ¥6,489,041.81[21] Other Financial Metrics - Total operating costs amounted to ¥830,567,968.09, up from ¥720,300,574.45, reflecting a year-over-year increase of 15.3%[18] - The return on equity was 2.74%, a decrease of 3.12 percentage points compared to the previous year[5] - The company reported non-recurring gains of ¥1,524,008.91 for the period[7] - Non-current assets decreased from ¥1,834,000,000 to ¥1,800,000,000, a decline of 1.84%[14] - Total current assets increased to ¥1,587,115,954.59 from ¥1,180,629,881.84, reflecting a growth of 34.38%[14] - Accounts receivable rose to ¥498,459,333.41 from ¥353,147,013.28, an increase of 41.16%[14] - The company received $991.2 million from investment recoveries, a significant increase from $214.9 million in the previous year, representing a growth of 361.5%[25]

Core Insights - The increasing prevalence of myopia among Chinese youth has led to a rise in the use of orthokeratology lenses (OK lenses), which in turn drives the demand for lens care solutions [1][10] - The market for orthokeratology lens care solutions is projected to reach a consumption population of 2.7943 million by 2024, with a year-on-year growth of 10.46% [1][10] - The total demand for orthokeratology lens care solutions in China is expected to reach 52.6437 million liters, with a market size of 5.758 billion yuan in 2024 [1][11] Industry Overview - Orthokeratology lenses are classified as Class III medical devices by the National Medical Products Administration of China, designed to temporarily reshape the cornea and are effective in controlling myopia progression [2][4] - The care solutions for these lenses are essential for cleaning, disinfecting, and maintaining a safe storage environment, ensuring user comfort and safety [2][3] Market Demand and Supply - The demand for orthokeratology lens care solutions is segmented into three categories: lubricating solutions (38.43%), care solutions (24.89%), and cleaning solutions (36.68%) [1][11] - The largest sales channel for these care solutions is hospitals, accounting for 69.5% of sales, with public hospitals at 35.5% and private hospitals at 34.0% [7] Development Background - The industry has evolved significantly since 1992, when Bausch & Lomb established a production line in Shanghai, marking the beginning of the domestic lens care solution market [4][5] - The introduction of domestic brands in 2003, such as Haichang, has increased competition and reduced reliance on imported products [4] Competitive Landscape - The market has traditionally been dominated by foreign brands like Bausch & Lomb and Mylacon, but domestic brands such as Oupai Kangshi and Aibonuode are gaining market share due to competitive pricing and distribution strategies [11][12] - Oupai Kangshi reported a revenue of 871 million yuan in the first half of 2025, with care products contributing 12.58% of total revenue [13] - Aibonuode achieved a revenue of 787 million yuan in the same period, with a gross profit margin of 65.25% [13] Future Trends - The future of orthokeratology lens care solutions will likely include enhanced formulations with beneficial ingredients like Vitamin B and sodium hyaluronate to improve comfort and moisture retention [14] - Customization of products for specific user needs, such as preservative-free solutions for sensitive eyes, is expected to become more prevalent [14]

Core Viewpoint - The article highlights the achievements and growth of Aibo Medical, a leading company in the ophthalmology sector in China, emphasizing its commitment to innovation and social responsibility in the context of the "14th Five-Year Plan" [1][4][14]. Group 1: Company Overview - Aibo Medical provides comprehensive solutions for ophthalmic surgery, refractive correction, and vision care, covering three main areas: surgical treatment, myopia prevention, and vision health [1]. - The company successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2020, marking the beginning of its large-scale expansion [1]. Group 2: Innovation and R&D - Innovation is a core value for Aibo Medical, which has launched several groundbreaking products, including the first non-spherical artificial lens in China and a toric lens for astigmatism [4][5]. - The R&D team has expanded nearly threefold in the past five years, leading to the approval of three self-developed products through special review procedures [4][5]. - As of the end of 2024, Aibo Medical holds a total of 256 authorized patents, with over half obtained in the last five years [5]. Group 3: Market Expansion and Product Development - Aibo Medical has developed a rich product pipeline and improved its distribution network, covering over 6,000 hospitals and vision centers across China and exporting to more than 30 countries [8]. - The company has established itself as a rising force in the vision care sector through strategic acquisitions and R&D, focusing on a comprehensive solution for myopia prevention [8]. Group 4: Employee Development and Corporate Responsibility - Aibo Medical emphasizes employee growth and welfare, with over 2,200 employees, 58% of whom are women, and 50% of senior management being female [9]. - The company has conducted over 400 training sessions in the past five years and implemented long-term incentive measures to retain key talent [9]. Group 5: Industry Standards and Social Contributions - Aibo Medical actively participates in setting industry standards and has established training bases to enhance the skills of over 550 industry personnel [10]. - The company supports various social initiatives, including international aid projects and donations of medical supplies to underserved regions in China [11]. - Aibo Medical promotes public awareness of eye health through community outreach and educational programs, contributing to the "Healthy China 2030" initiative [11].

Core Viewpoint - The article highlights the recent approval of four innovative medical devices by the National Medical Products Administration in China, indicating a growing trend in the development and registration of innovative medical technologies in the country [1][8]. Group 1: Approved Products - The approved products include: 1. "Extended Depth of Focus Intraocular Lens" by Aibono Medical Technology Co., Ltd. [1] 2. "Cardiac Cryoablation Device" and "Single-use Sterile Cryoablation Probe" by Shenyang Pengyue Technology Co., Ltd. [1][8] 3. "Cross-linked Polyisobutylene Aspheric Intraocular Lens" by Xi'an Yandale Medical Technology Co., Ltd. [1][8] - As of now, a total of 373 innovative medical devices have been registered in China [1]. Group 2: Company Profiles - Aibono Medical Technology Co., Ltd. is an innovative ophthalmic medical device manufacturer listed on the Sci-Tech Innovation Board, focusing on cataract surgery, myopia control, and vision care solutions. The company reported a total revenue of 787 million yuan (approximately $114 million) with a year-on-year growth of 14.72% and a net profit of 213 million yuan (approximately $31 million) with a growth of 2.53% in the first half of 2025 [6]. - Shenyang Pengyue Technology Co., Ltd., established in 2020, specializes in digital intelligent precision medical fields and has developed a cardiac cryoablation system with independent intellectual property rights [10]. - Xi'an Yandale Medical Technology Co., Ltd. focuses on intraocular lenses for cataract treatment and is led by a team of experts, including members from the American Academy of Engineering [18]. Group 3: Product Details - The "Extended Depth of Focus Intraocular Lens" is designed for vision correction after cataract surgery, featuring a one-piece, foldable design made from a combination of ethyl acrylate and methyl methacrylate [5]. - The "Cardiac Cryoablation Device" is used for treating persistent atrial fibrillation in adult patients, utilizing argon gas for rapid cooling of myocardial cells [9]. - The "Cross-linked Polyisobutylene Aspheric Intraocular Lens" is notable for its high refractive index and is designed for implantation through a small incision, providing an improved visual experience for cataract patients [15].