拟控股德美医疗 爱博医疗相中新赛道

Core Viewpoint - Aibo Medical is planning to acquire at least 51% of the shares of Demei Medical, a leading company in the sports medicine sector, to expand its business into this field and address its sluggish growth in existing operations [1][3]. Group 1: Acquisition Details - Aibo Medical announced its intention to acquire a controlling stake in Demei Medical, with an estimated total valuation of the target company not exceeding 1 billion yuan [3]. - The acquisition will be financed through a combination of acquisition loans and the company's own funds [3]. - Demei Medical specializes in the sports health industry, covering the entire spectrum from pre-operative prevention to surgical treatment and post-operative rehabilitation [3]. Group 2: Market Context - The domestic sports medicine market is currently dominated by international brands, presenting significant opportunities for local companies to increase market share, especially with the upcoming inclusion of sports-related injury implants in the national bulk procurement plan in 2024 [3][4]. - Aibo Medical aims to leverage Demei Medical's established brand and market position to enhance its own market presence [4]. Group 3: Financial Performance and Projections - Demei Medical's projected revenues for 2023 to 2025 are 178 million yuan, 236 million yuan, and 286 million yuan, respectively, with adjusted net profits expected to be -7.08 million yuan, 9.29 million yuan, and 23.60 million yuan [5]. - The founder of Demei Medical has committed to achieving audited net profits of 45 million yuan, 55 million yuan, and 65 million yuan for the years 2026, 2027, and 2028, respectively [5]. Group 4: Strategic Rationale - Aibo Medical's management believes that the integration of Demei Medical will create synergies, as both companies share commonalities in research and development processes and quality management systems [4][6]. - The acquisition is seen as a strategic move to cultivate new profit growth points and align with the company's long-term development strategy [3][6]. Group 5: Current Challenges - Aibo Medical has reported a decline in net profit for the first three quarters of 2025, marking the first instance of such a decline since its listing, attributed to decreased revenues from artificial lenses and contact lenses [7]. - The company faces challenges from national procurement policies and increased competition in the near-sightedness prevention sector, which have negatively impacted its revenue and profit margins [7]. Group 6: Future Outlook - Aibo Medical plans to continue launching new products and accelerate the commercialization of its research pipeline to improve its current revenue and product structure [8]. - As of January 21, Aibo Medical's stock price has fallen over 70% from its historical high in 2021, with a closing price of 62.4 yuan per share and a total market capitalization of 12.07 billion yuan [8].