Eyebright Medical(SH:688050) Sou Hu Cai Jing·2026-01-21 14:52Core Viewpoint - Aibo Medical (688050.SH) plans to acquire at least 51% of Demai Medical, a leading sports medicine company, for a maximum valuation of 1 billion yuan, as a strategic move to diversify into the sports medicine sector amid challenges in its core ophthalmic business [3][12]. Group 1: Company Performance and Challenges - Aibo Medical has faced growth challenges, with its core artificial lens business, which has contributed nearly half of its revenue, experiencing pressure on profit margins due to price reductions following the inclusion in the national high-value medical consumables procurement [3][4]. - The sales volume of Aibo Medical's products increased by 44.93% in 2024, but revenue growth was only 17.66%, indicating a decline in average selling price from 437.56 yuan in 2022 to 338.06 yuan in 2024, with gross margin dropping from 84.75% in 2022 to 65.25% in the first half of 2025 [4][5]. - The company's stock price has significantly declined, dropping 49.94% from its peak of 117.65 yuan per share in October 2024 to a low of 58.89 yuan in December 2025, marking a new low since its listing [6][7]. Group 2: Market Dynamics and Competition - The OK lens business, seen as a potential growth driver, is facing intense competition from domestic players like Haohai Biological and Opcon Vision, leading to only single-digit growth in the near-sightedness prevention business in the first three quarters of 2025 [5]. - The strategic vision for the sports medicine market is promising, with an expected market size of 80-100 billion yuan by 2025, growing from 60-68 billion yuan in 2023, and a compound annual growth rate of 15%-20% [11]. Group 3: Acquisition Details and Financial Projections - Aibo Medical's acquisition target, Demai Medical, is a recognized domestic brand in sports medicine with a comprehensive product range and a strong patent portfolio, having transitioned from losses to profitability with adjusted net profits projected to grow significantly from 2023 to 2025 [12][13]. - The acquisition is structured with a performance commitment from Demai Medical's founder to achieve a cumulative net profit of at least 165 million yuan from 2026 to 2028, with specific annual targets [14]. - The valuation of 1 billion yuan corresponds to a price-to-earnings ratio of approximately 15.38 times based on the 2028 profit commitment, but this is significantly higher at 42.37 times based on the projected 2025 profit, indicating a high-risk investment [15]. Group 4: Integration Challenges and Risks - The integration of Aibo Medical and Demai Medical poses significant challenges due to differences in technology application, customer demographics, and clinical ecosystems, which may complicate the realization of synergistic benefits [16]. - Potential synergies exist in technology and sales channels, as Aibo Medical's expertise in biocompatible materials could enhance Demai Medical's product offerings, while their respective sales networks could support cross-promotion [17]. - Financial risks are present, with Demai Medical's liabilities increasing at a faster rate than revenue, and Aibo Medical's use of acquisition loans could heighten financial leverage, adding pressure if performance targets are not met [18].