爱博医疗今年一季度净利润同比减少10% 2024年隐形眼镜收入首次超过OK镜

Core Viewpoint - The leading domestic artificial crystal manufacturer, Aibo Medical, faced challenges in Q1 2025, with a notable decline in net profit despite strong revenue growth in the previous year [1][5]. Financial Performance - In 2024, Aibo Medical achieved total revenue of 1.41 billion yuan, a year-on-year increase of 48.24%, and a net profit of 388 million yuan, up 27.77%, both reaching historical highs [5]. - In Q1 2025, the company reported a net profit of 92.56 million yuan, a decrease of 10.05% year-on-year [1]. Product Performance - The growth of Aibo Medical's star products, artificial lenses and OK lenses, showed signs of slowing down. The sales volume of artificial lenses increased by 44.93%, but revenue only grew by 17.66% due to price drops from national procurement policies [5][6]. - The price of the most demanded non-astigmatism single-focus lens dropped from 2500 yuan to nearly 800 yuan, impacting revenue despite increased sales volume [5]. - The sales and revenue growth of the "Puno Tong" OK lens were in single digits, affected by increased competition [5][6]. Market Dynamics - The artificial lens market is experiencing intensified competition, leading to price reductions for products like corneal reshaping lenses [1][5]. - Aibo Medical's new business in contact lenses has a gross margin of only 26.18%, significantly lower than the 89.16% for artificial lenses and 85.68% for OK lenses [8]. Strategic Initiatives - Aibo Medical is expanding its product offerings in myopia control, introducing various specifications of defocus glasses and soft lenses, with revenue from myopia control products growing by 20.79% [6]. - The company plans to enhance its contact lens business through production improvements and the introduction of differentiated products, with expectations for higher gross margins in the future [8][9]. Investment and Expansion - Aibo Medical is undertaking a 285 million yuan private placement to fund the construction of a contact lens and injection mold processing production line, expected to produce 252 million contact lenses annually [9].