1月10日，中国眼健康产业园联盟大会暨国际智能医工创新中心成果汇报会在昌平区中国高端医疗装备 创新与高质量发展交流中心举办。北京市医疗保障局党组成员、副局长王瑞超，国家眼耳鼻喉疾病临床 医学研究中心主任、中国眼谷理事长瞿佳，区委副书记、区长，未来科学城党工委副书记、管委会主任 刘晓东出席。 关于中国眼健康产业园联盟 中国眼健康产业联盟由中国眼谷牵头组建，浑南区光明小镇与北京中关村、爱尔眼科等10家眼健康产业 龙头单位成为首批联盟单位。该联盟旨在汇聚国内顶尖眼科产业园区共同建立常态化合作机制，在资源 共享、产业协同、政策突破与资本联动等方面凝聚共识，携手打造引领中国、影响世界的眼健康产业生 态。 关于国际智能医工创新中心： 国际智能医工创新中心(GMEC)由北京清华工业开发研究院、中国医学装备协会和中关村科技园区昌平 园管理委员会联合指导，中国眼谷、昌发展集团等十余家企业共同支持，图湃医疗和全球健康产业创新 中心联合承办，中心位于昌平区国际医疗器械城——图湃医疗新全球总部，致力打造以企业为主体的智 能医疗装备创新转化基地，高效推动产、学、研、医融合转化，创造临床价值与社会价值。 关于图湃医疗： 图湃医疗成立于2 ...

Summary of IRIDEX Conference Call - December 11, 2025 Company Overview - **Company**: IRIDEX (NasdaqCM:IRIX) - **Industry**: Ophthalmic laser technology - **Mission**: To transform laser-based eye care for patients with ophthalmic conditions globally, focusing on innovative, non-invasive laser technologies for glaucoma and retinal disorders [3][4] Key Financials - **2024 Revenue**: $49 million, with $28 million from retina products - **Margins**: Glaucoma business at 71%, retina business at 41% [4] Product Portfolio - **Retina Products**: Comprehensive portfolio including Pascal and IQ platforms, MicroPulse technology, and disposable probes, catering to surgical and medical retina needs [4][6] - **Glaucoma Products**: CycloG6 platform and MicroPulse TLT gaining traction for their safety and predictability in treatment [5][10] Market Dynamics - **Retina Market**: Over 8 million procedures annually, with a growing demand due to diabetic eye disease and aging populations [7] - **Glaucoma Market**: Estimated $700 million market outside the U.S., with significant growth potential in moderate and mild patients [10][11] Clinical Evidence - **MicroPulse Technology**: Demonstrated greater than 50% IOP reduction with excellent safety profile, repeatable treatments showing sustained results over time [13][20] - **DAME Trial**: Aims to extend visual acuity in DME patients while addressing economic burdens of repeated pharmaceutical injections [7] Operational Changes - **Cost Management**: Reduced operating expenses by $2.3 million, achieved positive adjusted EBITDA, and plans for cash flow positivity in Q4 2026 [18][19] - **Sales Strategy**: Streamlined sales team from 13 to 6, focusing on effective targeting using MedScout for better access to clinicians [21][22] Future Outlook - **Growth Opportunities**: Replacement of aging retina systems (40-50% nearing end of life) and expansion in glaucoma treatments [6][23] - **Manufacturing Strategy**: Transitioning to contract manufacturing to improve margins by 350 to 500 basis points by FY26 [31] Competitive Landscape - **Competitors**: Competes with incisional procedures and pharmaceuticals in glaucoma, and other laser companies in retina [25][26] - **Market Share**: Gained share in glaucoma, steady growth in retina business [26] Reimbursement and Financial Health - **Stable Reimbursement**: No anticipated changes to current CPT codes affecting probe utilization [34] - **Cash Position**: $5.6 million cash balance at the end of Q3, with improved cash flow management [36] Conclusion - **Company Transformation**: IRIDEX is positioned for growth with a focus on operational efficiency, innovative product offerings, and a strong clinical foundation, aiming to prove its value to investors over the next 12 months [42][43]

Core Insights - Aibono Medical's "Smart Medical Multi-Scene Project" has been recognized in the "2025 Key Application Scenario Project Support List" by Beijing's Science and Technology Commission, highlighting the company's innovative approach in the retail of contact lenses through 24-hour smart stores [1] - The introduction of humanoid robots in Aibono's stores has led to significant operational efficiency, automating the entire order process from receiving to delivery, thus enhancing the overall effectiveness of the business model [2] - Aibono Medical is expanding its presence with nearly 300 Toppop stores across China and plans to open more smart stores in cities like Suzhou and Chongqing, driven by the increasing demand for vision care products [3][5] Group 1: Technological Integration - The humanoid robots in the smart stores are capable of performing various tasks autonomously, which reduces the need for human intervention and allows staff to focus on inventory management [2] - The smart stores have demonstrated the commercial viability of embodied intelligence technology in the pharmaceutical retail sector, providing a new sales growth channel [5] Group 2: Strategic Partnerships - Aibono Medical has partnered with Galaxy General to integrate embodied intelligence technology into health retail, aiming to enhance productivity and service delivery [6] - The company has developed a comprehensive industrial layout covering R&D, production, and sales, with proprietary technologies that break the monopoly of international firms in the contact lens market [6] Group 3: Market Positioning - Aibono Medical's strategy combines medical and consumer needs, enhancing brand influence through efficient service delivery and a robust online and offline presence [3] - The company is committed to sustainable development in the industry, aligning with national strategic goals and expanding its network of smart stores nationwide [7]

Core Insights - The core viewpoint of the articles highlights the successful implementation of the "24-hour smart contact lens store" by Aibono Medical, which has been recognized in the "2025 Key Application Scenario Project Support List" by the Beijing Municipal Science and Technology Commission [1] Group 1: Project Recognition and Implementation - Aibono Medical's "smart medical multi-scenario project" has been included in a key support list, showcasing the recognition of its innovative approach in the healthcare retail sector [1] - The company launched the first nationwide 24-hour smart contact lens store by the end of 2024, utilizing humanoid robots for automated operations [1][3] Group 2: Operational Efficiency and Technology Integration - The humanoid robot in the store autonomously handles the entire order process, including receiving orders, navigating shelves, and packaging, demonstrating significant operational efficiency [3] - The smart store model has been implemented in major cities such as Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, providing a scalable and replicable solution for the industry [1][3] Group 3: Market Strategy and Growth Potential - Aibono Medical is expanding its O2O business model with nearly 300 stores nationwide and partnerships with major e-commerce platforms, enhancing its market presence [4] - The company aims to meet the growing demand for vision care products driven by an increasing population with myopia and changing consumer habits [4][6] Group 4: National Strategy and Collaboration - Aibono Medical aligns with national strategies to promote the humanoid robot industry, collaborating with Galaxy General to integrate embodied intelligence technology into health retail [7] - This partnership aims to explore new pathways for productivity development and enhance the application of technology in everyday life [7] Group 5: Technological Advancements and Supply Chain - Aibono Medical possesses key technologies in contact lens production, achieving a level of technological advancement comparable to international standards [8] - The company has established a flexible production capacity system and a stable supply chain to ensure high-quality product availability [8] Group 6: Future Outlook - Aibono Medical plans to continue expanding its network of 24-hour smart stores across various cities, contributing to the sustainable development of the industry [9] - The collaboration with Galaxy General is expected to enhance the commercial viability of embodied intelligence technology in the healthcare retail sector [9]

Group 1: Financing Overview - The technology and manufacturing sectors saw over 30 financing cases and multiple transactions exceeding 100 million RMB, with significant investments in AI, semiconductors, and commercial aerospace [1] - A total of 36 financing events occurred in the domestic primary market from November 17 to November 23, with 31 disclosing amounts totaling approximately 4.55 billion RMB [1] Group 2: Sector-Specific Financing - The advanced manufacturing sector led with 10 financing cases totaling about 1.05 billion RMB, followed by the biomedicine sector with 7 cases at approximately 750 million RMB, and the artificial intelligence sector with 4 cases totaling around 760 million RMB [3] - The medical health sector showed robust activity with significant transactions, including 500 million RMB for Repu Morning and 60 million USD for Tuoji Medicine, focusing on regenerative medicine and innovative medical devices [1][24] Group 3: Regional Financing Distribution - The financing activities were primarily concentrated in Zhejiang, Shanghai, and Jiangsu provinces, with 9, 8, and 7 cases respectively [5] Group 4: Active Investment Institutions - Qiming Venture Partners and Sequoia China were notably active, with Qiming completing 4 financing cases and Sequoia completing 3, mainly in technology and healthcare sectors [8] Group 5: Notable Company Financing - Star Motion Era secured nearly 1 billion RMB in A+ round financing, led by Geely Capital, focusing on humanoid robot development [39] - Repu Morning achieved 500 million RMB in A+ round financing, emphasizing its disruptive regenerative medicine technology [24] - Mingche Bio completed several million RMB in A round financing, specializing in ophthalmic medical devices [13]

Group 1 - The "2025 Ophthalmic Medical Engineering Transformation Innovation Summit" was held in Hangzhou, focusing on the integration of medical and engineering innovations in the ophthalmic field [1][3] - The summit gathered industry experts and representatives to discuss the latest trends, challenges, and solutions in medical technology transformation, aiming to enhance the industrialization of medical technology achievements [1][2] - The Chinese ophthalmic medical device market has surpassed 200 billion yuan in 2024, with a high dependence on imported high-value consumables, reaching nearly 70% [2] Group 2 - The summit featured two core agendas: "Gathering Strengths and Coexistence" and "Chain Movement and Innovation," focusing on policy guidance and technological innovation in key areas such as ophthalmic technology development and cataract treatment [3] - Significant achievements in medical-engineering transformation were showcased, including the development of a new type of artificial lens and innovative non-invasive cataract treatment devices, supported by national key research projects [3][4] - The establishment of the "Medical-Engineering Integration Innovation Alliance" during the summit marks a new phase for clinical transformation projects in ophthalmology, supported by regulatory, industrial, and clinical collaboration [3][4] Group 3 - The summit emphasized the importance of collaboration between clinical medicine and engineering technology to overcome barriers and enhance the practical application of innovative ideas [4] - The company, Haohai Biological Technology, has developed a comprehensive transformation system covering raw material research, process innovation, clinical validation, and product transformation, aiming to enhance the quality of ophthalmic healthcare [4][5] - Haohai aims to accelerate the domestic production process of high-end technologies and provide comprehensive solutions for eye health, contributing to the "Healthy China 2030" initiative [5] Group 4 - The Shanghai Yangtze River Delta Medical Device Industry Development Promotion Association aims to promote innovation and development in the medical device industry, facilitating collaboration among enterprises, research institutions, and medical organizations [6] - Haohai Biological Technology is a leading company in the ophthalmic field, focusing on the research, development, and production of medical devices and pharmaceuticals using biomedicine and genetic engineering technologies [7] - The company has established a global presence and aims to enhance its competitive edge in the ophthalmic medical device market through innovation and integration of high-quality raw materials [7]

Group 1 - Good Products' acquisition case has entered the acceptance stage, with Wuhan Yangtze International Trade Group acquiring 29.99% of Good Products' shares [6][7] - Bawang Tea has officially entered the Philippine market, opening three stores in key business districts and selling over 23,000 cups in the first three days [8] - Nestlé's CEO was dismissed due to a romantic relationship with a subordinate, which violated the company's code of conduct [3] Group 2 - Yushun Technology plans to submit an IPO application to the Chinese stock exchange between October and December 2025, with quadruped and humanoid robots expected to account for 65% and 30% of sales in 2024, respectively [2] - Tencent responded to a lawsuit from miHoYo, stating it will comply with legal regulations regarding user data requests [6] - The fast delivery industry is experiencing a price increase in core areas, driven by a national "anti-involution" policy aimed at improving profitability [11] Group 3 - The current spot gold price has surpassed $3,500 per ounce, marking a historical high with a year-to-date increase of over 33% [11] - The U.S. stock market saw all three major indices decline, while many Chinese concept stocks experienced gains [12] - Google was ruled not to divest its Chrome and Android systems in an antitrust case, but must share data with competitors [13] Group 4 - The Chinese Ministry of Foreign Affairs announced a visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026 [5] - WeChat's customer service clarified that inactive accounts may be reclaimed by the system after one year of inactivity, leading to the loss of all associated data [4] - The company "Sina" announced the resignation of its CEO due to an investigation into the purchase of illegal health products [16] Group 5 - Companies such as Jiadou Technology and XGIMI Technology are planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and international presence [17][19] - "Si Ai Ran Medical" completed a financing round exceeding 100 million yuan to advance its ophthalmic medical device product line [22] - "Lai Mu Technology" secured several million yuan in Series A financing to enhance its smart lawnmower product development and market expansion [24]

Financial Performance - The company reported a 15.91% decrease in revenue from distributors, accounting for 28.62% of total revenue, down from 33.56% in the same period last year [6] - Direct sales revenue increased by 6.68%, representing 14.60% of total revenue, compared to 13.49% last year [6] - Revenue from controlled terminals grew by 5.70%, making up 56.78% of total revenue, up from 52.95% last year [6] Product Promotion and Market Trends - The new DK185 corneal shaping lens has seen a user acceptance rate with a market share increase from 0.6% in June to 7% currently [2] - The scleral lens, launched in March, currently holds a market share of approximately 0.6% [2] - The company is focusing on promoting the scleral lens to adults, particularly those with dry eyes, indicating significant market potential [2] Strategic Developments - The company added 30 optical terminals in the first half of 2025, bringing the total to over 520, while hospital partnerships increased to about 30 [2] - The company is cautious about new optical terminal investments, prioritizing those with substantial feasibility and growth potential [2] Industry Dynamics - The trend of separating product and service pricing in public hospitals is influencing overall product pricing, leading to a general decrease [3][4] - The company has introduced affordable products in response to market demands, aiming to make corneal shaping lenses accessible to more families [4] Research and Development - The company has multiple products in development, including advanced corneal and scleral lenses, cleaning solutions, and new medical devices expected to launch within 1-3 years [5] - The AAV research by the invested ophthalmic innovation company, Xingmou, has entered phase II clinical trials [5] E-commerce Growth - E-commerce sales, primarily for care products, are experiencing rapid growth, with plans to expand product offerings and improve online sales channels [6]

Financial Data and Key Metrics Changes - For Q2 2025, the net loss attributable to common stockholders was $8.8 million or $2.5 per share, compared to a net loss of $11.1 million or $16.65 per share for Q2 2024, indicating an improvement in financial performance [23] - Research and development expenses decreased by $3.9 million or 85% to $700,000 in Q2 2025 from $4.6 million in Q2 2024, primarily due to the termination of the CHAPERONE study [24] - General and administrative expenses increased by $3.9 million or 104% to $7.7 million in Q2 2025 from $3.8 million in Q2 2024, driven by higher noncash stock-based compensation and professional fees [24] - Interest expense decreased to $500,000 in Q2 2025 from $700,000 in Q2 2024, reflecting a reduction in outstanding debt [25] - As of June 30, 2025, unrestricted cash and cash equivalents were $7.5 million, up from $2.1 million as of December 31, 2024, indicating improved liquidity [25] Business Line Data and Key Metrics Changes - The company has established a cryptocurrency-based treasury reserve strategy, acquiring over 1.5 million HYPE tokens, which is expected to enhance returns compared to traditional cash reserves [7][8] - The treasury strategy has provided necessary resources for advancing the Gen two Optejet user fill device, which is on track for FDA registration [9] Market Data and Key Metrics Changes - The company is positioned to benefit from the growing adoption of digital currencies and the acceleration of related innovations, as indicated by strong signals from institutional players like BlackRock and JPMorgan [12] - The establishment of a strategic treasury reserve based on the HYPE token differentiates the company from others adopting digital asset treasury strategies [8] Company Strategy and Development Direction - The company is focused on executing a pioneering cryptocurrency treasury reserve strategy that aims to create long-term value for shareholders [26] - There is an emphasis on enhancing operational focus and strategic direction by filling key leadership roles with individuals experienced in digital assets [10] - The company is exploring partnerships within the Hyperliquid ecosystem and other platforms to maximize treasury deployment [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy's potential to generate significant and enduring revenue for shareholders, citing favorable market conditions and regulatory clarity for stablecoins [12] - The company remains committed to completing the FDA registration for the Optejet device and finding a suitable commercialization partner [27] Other Important Information - The company hosted a successful webinar discussing its strategy and the unique aspects of the HYPE token and Hyperliquid platform [9] - The company is actively engaged in initiatives to enhance shareholder value through innovative treasury strategies and ecosystem engagement [26] Q&A Session Summary Question: Why purchase HYPE D shares instead of investing in HYPE directly? - The company provides regulated exposure to the HYPE ecosystem without the need for investors to manage keys or wallets, making it more accessible for public market investors [19] Question: What are the key future catalysts for the company? - Future catalysts include growth in Hyperliquid trading volumes, ecosystem partnerships, and new on-chain primitives that drive demand for hyperliquidity [21]

Core Insights - Shanghai Jieshi Medical Technology Co., Ltd. successfully completed a Series B financing round led by Yunsheng Investment, with Xingliang Investment participating, to accelerate the commercialization of core products, new product development, and market expansion [1] Company Overview - Jieshi Medical was established in January 2013 in Zhangjiang Medical Device Industrial Base, focusing on solutions for retinal diseases and vision restoration, with a product matrix that includes several products approved for sale in China [1] - The company has developed a range of products including Jieshi® perfluoropropane gas, Zhongshui® perfluorohexane for ophthalmic surgery, and various single-use ophthalmic puncture systems, among others [1] Product Innovations - The Jieshi® perfluoropropane gas, which received NMPA Class III certification in February this year, is the first domestically approved long-acting filling gas for ophthalmic use, specifically designed for vitreoretinal surgery [1][2] - The product is characterized by its high purity (99%) and unique design that addresses the high costs and infection risks associated with imported products, thus improving patient treatment timelines [2] - The Zhongshui® perfluorohexane is noted as the only second-generation heavy water in China, offering higher purity (≥ 99.98%) and improved safety features compared to first-generation products [2] Market Potential - The demand for ophthalmic medical devices is expected to rise due to aging populations and economic development, positioning Jieshi Medical as a key player in the domestic market [3] - The company aims to fill gaps in the domestic market with innovative products, leveraging its experienced team to address clinical pain points through product development [3][4] - The overall market for ophthalmic medical devices in China is anticipated to improve as more innovative companies like Jieshi Medical emerge, enhancing the domestic replacement rate in this sector [4]