Core Viewpoint - Aibo Medical's half-year report reveals a slowdown in revenue growth and net profit, indicating challenges in maintaining previous high growth rates in its core artificial lens business while experiencing rapid growth in the lower-margin contact lens segment [1][2][4]. Financial Performance - In the first half of 2025, Aibo Medical achieved revenue of 787 million yuan, a year-on-year increase of 14.72%, but the growth rate has declined [1]. - The net profit attributable to shareholders was 213 million yuan, up 2.53% year-on-year, significantly lower than previous double-digit growth rates [1]. - Historical performance from 2020 to 2024 showed a high growth period with revenue growth consistently above 30%, peaking at 64.14% in 2023 [1]. Product Segment Analysis - Revenue from artificial lenses, the company's main product, generated 345 million yuan in the first half of 2025, a year-on-year increase of 8.23%, but its revenue share decreased from 46.49% in mid-2024 to 43.86% [1]. - In contrast, the contact lens business saw revenue reach 236 million yuan, a significant increase of 28.89%, raising its share of total revenue to 30.06%, marking it as a potential second growth curve [2]. Strategic Moves - Aibo Medical has strategically expanded its contact lens business through acquisitions, including a 55% stake in Tianyan Pharmaceutical in 2021 and a 51% stake in Fujian Younikang in 2023, enhancing its product line [3]. - The company plans to raise up to 300 million yuan for expanding contact lens production capacity, with a target of producing 252 million contact lenses annually [3]. Industry Insights - Analysts suggest that while the contact lens business is growing rapidly, its lower profit margins have not yet compensated for the decline in the artificial lens segment [4]. - Aibo Medical is advised to optimize its product structure in the artificial lens segment and enhance the profitability of its contact lens business to sustain growth amid market competition [4].
净利增速降至个位 爱博医疗寄望隐形眼镜业务