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净利增速降至个位数 隐形眼镜能否撑起爱博医疗新增长?

Core Insights - Aibo Medical reported a revenue of 787 million yuan for the first half of 2025, marking a year-on-year growth of 14.72%, although the growth rate has slowed compared to previous years [2][4] - The net profit attributable to shareholders was 213 million yuan, reflecting a modest increase of 2.53%, significantly lower than the double-digit growth seen in prior years [2][4] - The company's core revenue from artificial lenses has been declining, while the contact lens business has shown rapid growth, potentially becoming a new growth driver [2][5] Financial Performance - Revenue for the first half of 2025: 787 million yuan, up 14.72% from 686 million yuan in the same period last year [3] - Net profit attributable to shareholders: 213 million yuan, a 2.53% increase from 208 million yuan [3] - Cash flow from operating activities increased by 26.43% to 154 million yuan [3] Product Performance - Revenue from artificial lenses was 345 million yuan, growing by 8.23%, but its revenue share dropped from 46.49% in mid-2024 to 43.86% [5] - The contact lens segment generated 236 million yuan, a significant increase of 28.89%, and now accounts for 30.06% of total revenue [5][6] - The contact lens business has seen rapid growth, with revenue increasing from 17 million yuan in the first half of 2023 to 183 million yuan in the first half of 2024 [6] Strategic Moves - Aibo Medical has pursued acquisitions to enter the contact lens market, acquiring stakes in companies to gain technology and production capabilities [7] - The company plans to raise up to 300 million yuan to expand its contact lens production capacity, aiming for an annual output of 252 million lenses [7] - Despite the growth in the contact lens segment, the lower gross margin of 26.18% compared to 89.16% for artificial lenses poses challenges for profitability [8] Market Outlook - Analysts suggest that while the contact lens business is growing, it has not yet compensated for the decline in artificial lens revenue [8] - Aibo Medical needs to enhance the gross margin of its contact lens products and optimize its artificial lens product structure to adapt to market changes [8]