Core Viewpoint - The company has abruptly terminated a financing plan involving nearly 500 million yuan, citing changes in market conditions, but the underlying issue is the significant discount in the stock issuance price compared to the market price, raising concerns about potential regulatory scrutiny and shareholder backlash [1][2]. Group 1: Financing and Market Conditions - The company withdrew its application for a private placement of shares, which was intended to raise funds from related parties of the actual controller [1]. - The pricing for the private placement was set at 8.96 yuan per share, which is 73% lower than the market closing price of 15.52 yuan, leading to concerns about the high discount and potential regulatory issues [2]. Group 2: Operational Risks - The company's sales expense ratio has been significantly higher than the industry average, recorded at 37.88%, 41.45%, and 41.20% from 2021 to 2023, raising concerns about its operational health [3]. - The core pharmaceutical business is underperforming, with a projected revenue of only 37 million yuan for the main product in 2024, a decrease of 25.15% year-on-year, and a significant drop in sales volume [3]. Group 3: Disclosure Issues - The company has a troubling history of delayed disclosures, including a lawsuit involving over 100 million yuan, which was not disclosed until July 2023, despite the case being initiated in August 2022 [4]. - A key product from a subsidiary lost its agency rights in May 2022, but the news was not disclosed until August 2022, raising further concerns about transparency [4]. Group 4: Future Challenges - The company has faced substantial asset impairment charges totaling 339 million yuan over the past three years, indicating weaknesses in internal risk management [5]. - Despite the termination of the financing plan, the company claims it will not affect normal operations, but it faces significant challenges in regaining market confidence amid high sales expenses and a trust crisis in disclosures [5].

一件白大褂，一生从医路。她秉承大医精诚之道，以技为器，尽心尽力提供专业、优质的诊疗服务。她 精益求精，不断引进和创新眼科医学前沿理念和技术；她勇于创新，研究新技术不断提升患者的治愈 率，不断用医学科普提升公众眼健康意识……她就是中国老年保健协会屈光视光分会委员、广东省医学 会眼科分会屈光手术学组委员、爱尔眼科医院集团广东省区屈光学组组长、广州爱尔眼科医院的屈光科 主任熊露。 熊露参加粤港澳大湾区EVO ICL手术技术研讨会 只有精益求精，才能更好守护患者眼里的光 初见熊露，就注意到她的眼睛，明亮真诚，言语间尽显干练和专业。正如她的名字一般。她给人一种宁 静如水的气质，柔软温和，细聊下来，你却能感受到她优雅的外表下藏着的对医学始终如一的热忱。 熊露出生在一个教师世家，但她却没有女承父业的想法。她的目标一直很明确，在别人还在纠结高考志 愿填报时，她却坚定地选择走上了医学这条路。从"教书育人"到"治病救人"，共通的是一份"仁 心"与"匠心"。 问及毫不犹豫选择学医的原因，熊露笑了一下，眼睛里闪耀着理想的光芒："选择医生这个职业是因为 医生能治病救人，挽救生命和家庭，是一个崇高的职业，同时又是一个有技术门槛的职业，需 ...

手术当日，面对手术显微镜清晰度和景深有限的不利条件，杜红俊凭借多年积累的丰富临床经验，历时约30分钟，成功为一例外伤性白内障患者实施了 切口不足3毫米的超声乳化手术，术中同步修复了患者的角膜裂伤，并植入了一枚折叠型人工晶体。术后第一天，患者视力明显改善。 此例手术的成功开展，标志着该院眼科诊疗技术实现"质的飞跃"，也为老挝当地白内障患者带来了更好的选择和术后效果，是中老两军深入交流的生动 写照，也是两国友谊在医疗卫生领域结出的又一硕果。 人民网曼谷6月26日电 （记者杨一）万象消息：中国军队第十三批援老医疗队近日在老挝人民军103医院成功实施了该院建院以来的首例超声乳化白内 障摘除联合折叠型人工晶体植入手术。 此前，103医院已购置白内障超声乳化仪多年，却因缺乏专业技术人才，设备一直未能投入使用，医院眼科仍沿用传统的大切口（约10毫米）白内障囊 外摘除术，这使得患者术后面临反应重、散光大及恢复慢等困扰，严重影响了视觉康复效果。 第十三批援老医疗队队长、眼科专家杜红俊抵达后了解到这一情况，立即带领团队仔细阅读产品说明书，并与国内器械公司多次沟通，最终在远程指导 下完成设备安装调试，并利用猪眼球进行了反复模拟操作 ...

Core Viewpoint - The company has decided to terminate its stock issuance plan to specific investors, which has been in progress for over two years, due to changes in market conditions and regulatory scrutiny [2][3][4]. Group 1: Termination of Stock Issuance - The stock issuance plan aimed to raise up to 500 million yuan for working capital but faced criticism due to a significant price difference between the issuance price of 8.96 yuan per share and the market price of 15.52 yuan per share, representing a 73.21% premium [3][5]. - The company emphasized that the termination of the stock issuance will not have a significant adverse impact on its normal business operations and will not harm the interests of shareholders, especially minority shareholders [3][4]. Group 2: Financial Performance and Concerns - The company has faced scrutiny regarding its high sales expenses, which were 185 million yuan, 156 million yuan, and 167 million yuan from 2021 to 2023, accounting for 37.88%, 41.45%, and 41.20% of revenue, respectively, indicating a higher rate than industry peers [5][8]. - The company's main pharmaceutical product, Bimodine Ointment, saw a revenue decline of 25.15% in 2024, with total revenue from pharmaceuticals dropping from 12.23% in 2023 to 9.80% in 2024 [8][9]. Group 3: Regulatory and Compliance Issues - The company has previously received warnings from regulatory bodies for disclosure violations, including delays in reporting significant litigation and changes in core business operations, which have raised concerns about its compliance and risk management practices [7][10]. - The termination of the stock issuance plan may lead to increased regulatory scrutiny, especially regarding the fairness of pricing in related party transactions [4][6].

Core Viewpoint - The article emphasizes the importance of eye health for the elderly, highlighting a nationwide initiative aimed at improving awareness and access to eye care services, particularly focusing on common age-related eye diseases such as cataracts and presbyopia [1][3]. Group 1: Event Overview - The "2025 Eye Health Science Popularization Series Activities" was launched by the National University for the Elderly, with the theme "Clear Vision, Healthy Journey," expanding its outreach from provincial to municipal levels, involving 31 organizations [1]. - The initiative aims to enhance health awareness among elderly individuals by combining offline lectures and screenings with online educational resources, thereby increasing the accessibility of eye health services [1][3]. Group 2: Health Impact - Eye health is a critical component of overall health, significantly affecting the quality of life for the elderly, with common issues like cataracts and presbyopia leading to daily life challenges if not addressed promptly [3][4]. - Regular eye health check-ups are essential for early detection and diagnosis of potential eye problems, which can prevent further complications [3][4]. Group 3: Treatment and Technology - The article discusses advancements in cataract treatment, emphasizing the necessity of lens replacement surgery for irreversible conditions like cataracts, which can now be addressed with various types of artificial lenses [5]. - The introduction of national procurement policies for functional artificial lenses has made these treatments more affordable, improving the quality-to-price ratio and making comprehensive vision care more accessible to the elderly [5].

人民网北京6月6日电 2025年6月5日，人民网、人民在线发起的"2025国民视觉健康科普行动" 在人民网演播厅正式启动。本次科普行动以"科技赋能眼健 康 共筑光明新未来"为主题，旨在探究新一代信息技术在眼健康领域的最新实践成果，通过专家科普等形式打破公众对新应用、新设备的认知盲区，借科技 创新之力共筑全民眼健康"防护网"。 今年6月6日，是第三十个全国"爱眼日"。教育部体育卫生与艺术教育司卫生健康处处长、一级调研员樊泽民在主题发言中表示，当前，"政府主导，教 育牵头，多部门协同，学校、家长、学生共同落实"的近视防控工作体系已经成型起势，进一步凝聚社会共识，近视防控取得明显成效。下一步，教育部将 继续落实党中央、国务院决策部署，会同相关部门，紧紧抓住省级人民政府这一关键主体，聚焦近视预防、发生、发展全过程，持续强化社会认知和日常行 为自觉，增强近视防控举措的持续性和韧性，为近视防控工作筑牢坚实保障。 人民网党委副书记 张峰发言 人民网党委副书记张峰发言表示，人民网始终高度重视健康中国的宣传报道，持续深耕国民视觉健康领域，依托人民网大健康板块资源、舆情大数据研 判能力及内容科技技术体系，推动"爱眼护眼"从专业议 ...

6月6日是第30个全国"爱眼日"。随着青少年眼健康问题日益受到关注，白内障等眼科疾病的防治也 成为公众关注的话题。青少年白内障的病因复杂、早期症状隐蔽，如何科学防治？其手术治疗是否需谨 慎？解放军总医院眼科医学部李朝辉主任分享了相关科普知识。 李朝辉主任指出，有白内障家族史的青少年需特别关注眼部健康。家族史主要分为两类：一是先天 性白内障家族史，常为常染色体显性遗传，可能增加早发性白内障风险；二是青少年白内障家族史，需 警惕遗传性或环境因素叠加导致的晶状体混浊。对于此类人群，建议每1-3年进行一次眼科检查，核心 项目包括视力检查和裂隙灯检查，其他项目则根据个体情况补充。李主任强调，若出现视力进行性下 降、眩光、复视或屈光度数异常变化，应及时就医排查早发性白内障。 青少年白内障的病因复杂，涵盖先天与后天因素。先天因素主要包括基因突变和孕期病毒感染，如 孕早期风疹病毒、水痘疱疹等感染可能引发先天性白内障。后天因素则包括外伤、全身疾病（如糖尿 病）、眼部炎症（如葡萄膜炎）及药物、营养不良等。李主任特别指出，青少年白内障的核心问题是视 功能损害，典型症状包括视物模糊、看东西有"云雾感"及视力下降。他提醒，许多患者误以 ...

证券研究报告 | 2025年05月27日 爱博医疗（688050.SH） 优于大市 视力保健业务处于培育期，首个国产眼内镜龙晶获批上市 收入保持快速增长，视力保健业务仍处于培育期。2024年公司实现营收14.10 亿（+48.24%），归母净利润 3.88 亿（+27.77%）；其中 24Q4 收入 3.35 亿 （+18.26%），归母净利润 0.71 亿（+36.15%），以隐形眼镜产品为主的视 力保健业务毛利率相对较低，且该业务仍处于产能扩张期及合格率提升期， 单位成本偏高，从而影响公司整体净利润增速。2025Q1 公司实现收入 3.57 亿（+15.07%），归母净利润 0.93 亿（-10.05%），多重因素导致公司 25Q1 业绩增长承压：2024Q1 暂未受到人工晶体国采影响，角膜塑形镜出厂价格略 下调导致业绩增长贡献有所减弱，隐形眼镜业务板块尚处于培育阶段。 人工晶体销售放量对冲集采降价影响，视力保健业务收入占比提升至 30%。 1）人工晶体收入 5.88 亿（+17.66%），销量同比增长 44.93%，"全视"多 焦晶体等高端产品增长迅速但占比较低，受集采影响的人工晶体价格下调较 多。2） ...

收入保持快速增长，视力保健业务仍处于培育期。2024年公司实现营收14.10亿（+48.24%），归母净利 润3.88 亿（+27.77%）；其中24Q4 收入3.35 亿（+18.26%），归母净利润0.71 亿（+36.15%），以隐形 眼镜产品为主的视力保健业务毛利率相对较低，且该业务仍处于产能扩张期及合格率提升期，单位成本 偏高，从而影响公司整体净利润增速。2025Q1 公司实现收入3.57亿（+15.07%），归母净利润0.93 亿 （-10.05%），多重因素导致公司25Q1业绩增长承压：2024Q1 暂未受到人工晶体国采影响，角膜塑形 镜出厂价格略下调导致业绩增长贡献有所减弱，隐形眼镜业务板块尚处于培育阶段。 人工晶体销售放量对冲集采降价影响，视力保健业务收入占比提升至30%。 1）人工晶体收入5.88 亿（+17.66%），销量同比增长44.93%，"全视"多焦晶体等高端产品增长迅速但 占比较低，受集采影响的人工晶体价格下调较多。2）"普诺瞳"角膜塑形镜收入2.36 亿（+8.03%），销 量同比增长2.40%，公司积极丰富产品布局，推出了多种规格的离焦框架镜和离焦软镜等防控产品，使 得近视防 ...

人工晶体销售放量对冲集采降价影响，视力保健业务收入占比提升至 30%。 1）人工晶体收入 5.88 亿（+17.66%），销量同比增长 44.93%，"全视"多 焦晶体等高端产品增长迅速但占比较低，受集采影响的人工晶体价格下调较 多。2）"普诺瞳"角膜塑形镜收入 2.36 亿（+8.03%），销量同比增长 2.40%， 公司积极丰富产品布局，推出了多种规格的离焦框架镜和离焦软镜等防控产 品，使得近视防控产品营收实现 20.79%增长。3）隐形眼镜收入 4.26 亿 （+211.84%），销量同比增长 241.11%，公司加大隐形眼镜产线建设和市场 投入，核心子公司天眼收入 1.96 亿，净利润 0.08 亿；优你康收入 1.48 亿， 净利润 0.12 亿；美悦瞳收入 0.86 亿，净利润 0.02 亿。 毛净利率受产品结构变化影响，首款国产眼内镜龙晶于 25 年初获批上市。 2024 年毛利率为 66.23%（-9.78pp），主要受相对低毛利率的隐形眼镜产品 收入占比提升的影响。销售费用率 14.12%（-5.17pp），管理费用率 12.12% （+0.03pp），研发费用率 7.60%（-2.24pp ...