Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong revenue growth in 2024, achieving 1.41 billion yuan, a year-on-year increase of 48.24%, while net profit attributable to the parent company reached 388 million yuan, up 27.77% [1][2] - The growth in the contact lens segment is robust, with a significant increase in revenue, and the company is optimistic about the launch of high-end new products in 2025 [2][3] - The profit growth rate is lagging behind revenue growth due to fluctuations in gross margins, influenced by intensified competition in the artificial lens and orthokeratology markets [2][3] Revenue and Profit Analysis - In 2024, the company reported revenue of 1.41 billion yuan, with a gross margin of 66.23%, down 9.78 percentage points year-on-year [2] - For Q1 2025, revenue was 357 million yuan, a 15.07% increase year-on-year, but net profit decreased by 10.05% [1][2] - The company’s gross margins for 2024 and Q1 2025 were 66.23% and 64.60%, respectively, reflecting the impact of competitive pricing and a higher proportion of lower-margin products [2] Segment Performance - Contact lenses generated revenue of 426 million yuan in 2024, a remarkable increase of 211.84%, with a gross margin of 26.18% [3] - Revenue from artificial lenses was 588 million yuan, up 17.66%, with a gross margin of 89.16% [3] - The orthokeratology lens segment saw revenue of 236 million yuan, an 8.03% increase, with a gross margin of 85.68% [3] Market Expansion - Domestic revenue reached 1.36 billion yuan in 2024, a 49.52% increase, while overseas revenue was 46 million yuan, up 16.73% [4] - The company has established a comprehensive domestic sales network covering over 6000 hospitals and optical centers across 31 provinces and municipalities [4] - Internationally, the company has expanded its sales network to Europe, Asia, and Oceania, with products recognized in over 30 countries [4] Financial Forecast - Revenue projections for 2025-2027 are 1.82 billion yuan, 2.38 billion yuan, and 3.07 billion yuan, with year-on-year growth rates of 29.2%, 30.5%, and 29.1% respectively [4] - Net profit forecasts for the same period are 469 million yuan, 585 million yuan, and 725 million yuan, with growth rates of 20.8%, 24.8%, and 23.9% respectively [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong revenue growth in 2024, achieving 1.41 billion yuan, a year-on-year increase of 48.24%, while net profit attributable to shareholders reached 388 million yuan, up 27.77% [1] - The growth in the contact lens segment is robust, with a significant increase in revenue, and the company is optimistic about the launch of high-end new products in 2025 [2][3] - The profit growth rate is lagging behind revenue growth due to fluctuations in gross margins, influenced by increased competition and pricing pressures in the artificial lens and orthokeratology markets [2] Revenue and Profit Analysis - In 2024, the company reported revenue of 1.41 billion yuan, with a gross margin of 66.23%, down 9.78 percentage points year-on-year [2] - For Q1 2025, revenue was 357 million yuan, reflecting a 15.07% year-on-year growth, but net profit decreased by 10.05% [1] - The contact lens segment generated 426 million yuan in revenue, a remarkable increase of 211.84%, while the artificial lens segment saw revenue of 588 million yuan, up 17.66% [3] Market Expansion - Domestic sales reached 1.36 billion yuan, a 49.52% increase, while overseas sales were 46 million yuan, up 16.73% [4] - The company has established a comprehensive domestic sales network covering over 6000 hospitals and optical centers across 31 provinces and regions [4] - Internationally, the company has expanded its sales network to Europe, Asia, and Oceania, with products exported to over 30 countries [4] Financial Forecast - Revenue projections for 2025-2027 are 1.82 billion yuan, 2.38 billion yuan, and 3.07 billion yuan, respectively, with year-on-year growth rates of 29.2%, 30.5%, and 29.1% [4] - Net profit forecasts for the same period are 469 million yuan, 585 million yuan, and 725 million yuan, with growth rates of 20.8%, 24.8%, and 23.9% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 48.24% year-on-year for 2024, achieving total revenue of 1.41 billion yuan and a net profit of 388 million yuan, which is a 27.77% increase year-on-year [3] - The first quarter of 2025 showed a revenue of 357 million yuan, reflecting a year-on-year growth of 15.07%, although net profit decreased by 10.05% to 93 million yuan [3] - The company is positioned as a platform-type enterprise with strong R&D capabilities and commercial potential, with a focus on artificial crystalline lenses and myopia control products [8] Summary by Sections Business Performance - The artificial crystalline lens segment saw sales volume of approximately 1.7385 million pieces in 2024, a year-on-year increase of 44.93%, generating sales revenue of about 588 million yuan, up 17.66% year-on-year [4] - The myopia control business generated approximately 336 million yuan in revenue, a growth of 20.79% year-on-year, with OK lens sales contributing 236 million yuan, an 8.03% increase [5] - The vision care segment reported revenue of approximately 426 million yuan, a significant increase of 211.84% year-on-year, with sales volume reaching 214 million pieces [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.763 billion yuan, 2.247 billion yuan, and 2.810 billion yuan respectively, with growth rates of 25.1%, 27.4%, and 25.1% [9] - Net profit forecasts for the same years are 468 million yuan, 610 million yuan, and 776 million yuan, with growth rates of 20.5%, 30.3%, and 27.3% [9] - The expected EPS for 2025, 2026, and 2027 are 2.47 yuan, 3.22 yuan, and 4.10 yuan, with corresponding P/E ratios of 35x, 27x, and 21x [9] R&D and Market Position - The company invested approximately 159.82 million yuan in R&D in 2024, representing 11.33% of its revenue, indicating a strong commitment to innovation [8] - The company has established a sales network covering over 6,000 hospitals and vision centers across 31 provinces, enhancing its market reach [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a robust revenue growth of 48.24% year-on-year for 2024, achieving total revenue of 1.41 billion yuan and a net profit of 388 million yuan, which is a 27.77% increase year-on-year [3] - The first quarter of 2025 showed a revenue of 357 million yuan, reflecting a year-on-year growth of 15.07%, although net profit decreased by 10.05% [3] - The company is positioned as a platform-type enterprise with strong R&D capabilities and commercial potential, with a focus on expanding its product offerings in the ophthalmic sector [8] Summary by Sections Business Performance - The artificial lens business saw sales volume reach approximately 1.7385 million pieces in 2024, a year-on-year increase of 44.93%, generating sales revenue of about 588 million yuan, up 17.66% year-on-year [4] - The myopia prevention business generated approximately 336 million yuan in revenue, a growth of 20.79% year-on-year, with OK lens sales contributing 236 million yuan [5] - The vision care business reported revenue of approximately 426 million yuan, a significant increase of 211.84% year-on-year, with sales volume reaching 214 million pieces [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 1.763 billion yuan, 2.247 billion yuan, and 2.810 billion yuan, respectively, with growth rates of 25.1%, 27.4%, and 25.1% [9] - The net profit for the same years is projected to be 468 million yuan, 610 million yuan, and 776 million yuan, with growth rates of 20.5%, 30.3%, and 27.3% [9] - The expected EPS for 2025, 2026, and 2027 are 2.47 yuan, 3.22 yuan, and 4.10 yuan, with corresponding P/E ratios of 35x, 27x, and 21x [9] R&D and Market Position - The company invested approximately 159.82 million yuan in R&D in 2024, representing 11.33% of its revenue, indicating a strong commitment to innovation [8] - The company has established a sales network covering over 6,000 hospitals and vision centers across China, enhancing its ability to commercialize new products [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48.24%, and a net profit attributable to shareholders of 388 million yuan, up 27.77% year-on-year [8] - The first quarter of 2025 is expected to face short-term pressure due to the impact of national centralized procurement policies on artificial crystalline lenses, leading to a decrease in surgical volumes and prices [8] - The company anticipates a recovery in its artificial lens business as new products, such as bifocal lenses and PR crystals, gradually gain market traction [8] Financial Summary - Total revenue forecast for 2024 is 1.41 billion yuan, with a projected growth rate of 48.24% [9] - Net profit attributable to shareholders is expected to be 388 million yuan in 2024, with a growth rate of 27.77% [9] - Earnings per share (EPS) is projected to be 2.05 yuan in 2024, with a price-to-earnings (P/E) ratio of 41.96 [9] - The company’s total assets are estimated to reach 4.08 billion yuan by 2025, with a debt-to-asset ratio of 24.01% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48.24%, and a net profit attributable to shareholders of 388.4 million yuan, up 27.77% year-on-year [8] - The first quarter of 2025 is expected to face short-term pressure due to the impact of national centralized procurement policies on artificial crystalline lenses, leading to a decrease in surgical volumes and prices [8] - The company anticipates a recovery in its artificial lens business as new products, such as bifocal lenses and PR crystals, gradually gain market traction [8] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 951.18 million yuan - 2024: 1,410.02 million yuan - 2025: 1,832.77 million yuan - 2026: 2,316.38 million yuan - 2027: 2,988.12 million yuan - Net profit attributable to shareholders is forecasted as: - 2023: 303.98 million yuan - 2024: 388.40 million yuan - 2025: 465.50 million yuan - 2026: 584.36 million yuan - 2027: 717.18 million yuan [1][9] - The earnings per share (EPS) estimates are: - 2023: 1.60 yuan - 2024: 2.05 yuan - 2025: 2.46 yuan - 2026: 3.08 yuan - 2027: 3.78 yuan [1][9] Market Data - The closing price of the company's stock is 85.98 yuan, with a market capitalization of 16,297.04 million yuan [5] - The price-to-earnings (P/E) ratio based on the latest diluted EPS is projected to be: - 2024: 41.96 - 2025: 35.01 - 2026: 27.89 - 2027: 22.72 [1][9]

爱博诺德（北京）医疗科技股份有限公司 2024 年度独立董事述职报告 作为爱博诺德（北京）医疗科技股份有限公司（以下简称"公司"）的独立董事， 本人严格按照《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管 理办法》等法律法规及《公司章程》《公司独立董事工作制度》等相关规定，忠实、 勤勉、独立地履行了独立董事的职责，积极出席了公司 2024 年度召开的相关会议， 谨慎审核公司提交的各项议案，对公司重大事项进行监督，切实维护了公司和股东， 特别是中小股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 冷新宇先生，中国国籍，1979 年出生，中国人民大学法学博士。现任中国政法 大学法学院副教授。2019 年 6 月至今担任公司独立董事。 作为法律专业背景专家，本人充分发挥专业特长，全面关注公司的合规治理情 况，保证公司规范运作，持续推动公司治理体系的完善。 （二）是否存在影响独立性情况说明 作为公司的独立董事，本人及直系亲属、主要社会关系均未在公司或其附属企业 任职，未直接或间接持有公司股份，也未在直接或间接持有公司 5%或 5 ...

爱博诺德（北京）医疗科技股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善爱博诺德（北京）医疗科技股份有限公司（以下简称 "公司"）的法人治理，改善公司董事会结构，保护中小股东及利益相关者的利益， 根据《公司法》等相关法律、法规、规范性文件及《公司章程》等的有关规定，制 定本制度。 第二条 本制度所指的独立董事，是指不在公司担任除董事外的其他职务，并 与其所受聘的公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其 他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个 人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行 政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证券交易 所（以下简称"交易所"或"上交所"）业务规则和《公司章程》的规定，认真履行 职责，在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保 护中小股东合法权益。 第四条 独立董事的选任、职权、任期等事宜，根据中国证监会《上市公司 独立董事管理办法》及《公司章程》等有关规定执行。《上市公司独立董 ...

董事长在拟定提案前，应当视需要征求公司经理和其他高级管理人员的意见。 第五条 有下列情形之一的，董事会应当召开临时会议： （一）代表 1/10 以上表决权的股东提议时； （二）1/3 以上董事联名提议时； 董事会议事规则 第一条 为了进一步规范爱博诺德（北京）医疗科技股份有限公司（以下简 称"公司"）董事会的议事方式和决策程序，促使董事会和董事落实股东会决议， 有效地履行其职责，提高董事会规范运作和科学决策水平，根据《公司法》等法律、 法规、规范性文件及《公司章程》的相关规定，制定本规则。 第二条 董事会下设董事会办公室（以下称"董事会日常办事机构"），处理 董事会及董事会各专门委员会的日常事务。董事会日常办事机构由董事会秘书或 证券事务代表负责领导。 第三条 董事会会议分为定期会议和临时会议。董事会每年应当至少召开两 次定期会议。 第四条 董事会定期会议由董事长负责召集。在发出召开董事会定期会议的 通知前，董事会日常办事机构应当充分征求各董事的意见，初步形成会议提案后交 董事长拟定。 爱博诺德（北京）医疗科技股份有限公司 （一）提议人的姓名或者名称； （二）提议理由或者提议所基于的客观事由； （三）提议会议 ...

爱博诺德（北京）医疗科技股份有限公司 2024 年度独立董事述职报告 作为爱博诺德（北京）医疗科技股份有限公司（以下简称"公司"）的独立董事， 本人严格按照《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管 理办法》等法律法规及《公司章程》《公司独立董事工作制度》等相关规定，本着客 观、公正、独立的原则，在 2024 年度工作中忠实履行独立董事的职责和义务，出席 董事会、股东大会会议及董事会专门委员会，充分发挥独立董事的作用，监督公司规 范化运作，维护公司股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况 报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 姜峰先生，中国国籍，1962 年出生，解放军第四军医大学医学博士。现任国家 医疗器械产业技术创新战略联盟理事长、中国医疗器械行业协会副会长、唯医创业投 资（苏州）有限公司董事长。2022 年 1 月至今担任公司独立董事。 作为公司的独立董事，本人具有履职所必需的专业知识和技能，并在所从事的专 业领域积累了丰富的执业经验。 （二）是否存在影响独立性情况说明 2024 年度，作为公司的独立董事，本人及直系亲属、 ...