爱博医疗：2025年度净利润2.65亿元，同比减少31.67%

Core Viewpoint - Aibo Medical (688050.SH) reported a total operating revenue of 1.483 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 5.15% [1] Revenue Breakdown - The revenue from artificial lenses increased by 1.46% year-on-year, but growth was slowed down due to factors such as national procurement, adjustments in medical insurance payment structures in certain provinces, and business contraction in some medical institutions [1] - Revenue from orthokeratology lenses grew by 4.38% year-on-year, with growth deceleration attributed to the diversification of myopia prevention methods and increased competition [1] - The contact lens business saw a revenue increase of 7.53% year-on-year, although profit declined due to intense price competition on e-commerce platforms; the company maintained growth by expanding its own brand sales channels [1] Cash Flow and Profitability - The net cash flow from operating activities increased by 4.22% year-on-year, providing a safeguard for the company's ongoing development [1] - The net profit attributable to the parent company was 265 million yuan, a decrease of 31.67% year-on-year, while the net profit excluding non-recurring gains and losses was 253 million yuan, down 35.11% year-on-year [1] - The significant decline in net profit was due to asset impairment provisions related to the contact lens business and increased investments in channel development and sales expenses [1]