Eyebright Medical(SH:688050) Hua Xia Shi Bao·2025-12-06 15:01Core Viewpoint - Aibo Medical's stock price has fallen significantly, reaching a five-year low, with a nearly 50% drop from its 2024 peak, reflecting a substantial decline in both stock performance and company earnings [2] Financial Performance - Aibo Medical's revenue for the first three quarters of 2025 was 1.144 billion yuan, a year-on-year increase of only 6.43%, while net profit decreased by 8.64% to 290 million yuan, marking the first decline in net profit since its listing [5] - The third quarter of 2025 saw particularly poor performance, with revenue of 358 million yuan, down 8.17% year-on-year, and net profit of 76.84 million yuan, a sharp decline of 29.85%, reaching a new low for quarterly performance [5] - The decline in performance is attributed to decreased revenue from artificial lenses and contact lenses, as well as increased investment in promoting the company's own brand of contact lenses [5][8] Market Dynamics - The average price of artificial lenses has dropped by approximately 60% since being included in the national high-value consumables procurement list in November 2023, which is expected to further impact the company's overall profitability in 2024 [7] - Artificial lenses contribute over 40% to Aibo Medical's revenue, but the company faces challenges in maintaining growth due to price reductions despite increased sales volume [8] - The overall gross margin has decreased from 84.75% in 2022 to 66.23% in 2024, further declining to 64.8% in the first three quarters of 2025 [8] Competitive Landscape - The high-end market for artificial lenses is dominated by international companies such as Zeiss and Alcon, while foreign brands lead in the contact lens sector, intensifying price competition due to domestic capacity expansion [10] - The OK lens market is also facing competition from domestic companies like Haohai Biological and Opcon Vision [10] Shareholder Activity - Major shareholder Bai Ying has reduced her holdings by 3.8627 million shares, approximately 2% of the total share capital, which has raised concerns among investors [11] - Despite the reduction in shares by financial investors, the core management team maintains a stable shareholding structure, with the chairman controlling over 20% of the shares, indicating confidence in the company's long-term prospects [11][12]