Eyebright Medical(SH:688050) Xin Lang Cai Jing·2025-10-30 14:56Core 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].