Core Viewpoint - Shanghai Haohai Biological Technology Co., Ltd. (Haohai) has announced the acquisition of the remaining 20% stake in Shenzhen New Industry Ophthalmology Technology Co., Ltd. for 74 million yuan, aiming to enhance its market competitiveness in ophthalmic products amid declining performance in its core business [1][3]. Group 1: Acquisition Details - Haohai's wholly-owned subsidiary, Shanghai Haohai Pharmaceutical Technology, will acquire the remaining 20% stake in New Industry Ophthalmology, completing a nine-year strategic layout that began with a 60% stake acquisition in November 2016 [1][2]. - New Industry Ophthalmology specializes in manufacturing and selling orthokeratology lenses and intraocular lenses, as well as distributing various imported ophthalmic products in mainland China [1]. Group 2: Financial Performance - As of December 31, 2024, New Industry Ophthalmology's total assets were valued at 250 million yuan, with projected after-tax profits of 32.735 million yuan for 2023, 22.0062 million yuan for 2024, and 16.1877 million yuan for the first half of 2025 [2]. - The acquisition is expected to improve management and operational efficiency, thereby enhancing the competitiveness of Haohai's ophthalmic products [2]. Group 3: Business Challenges - Haohai's overall performance has been under pressure, with a significant slowdown in revenue growth. In 2024, the company reported revenue of 2.698 billion yuan, reflecting a mere 1.64% year-on-year increase, a stark contrast to the double-digit growth seen from 2021 to 2023 [3]. - The company's three main business segments, including ophthalmology, experienced revenue declines in the first half of 2025, with ophthalmic products down by 18.61% [4]. Group 4: Strategic Response - The acquisition of New Industry Ophthalmology is viewed as a strategic move to address declining performance, with Haohai planning to enhance its product offerings and market presence in the ophthalmic sector [6]. - The company aims to promote its self-developed orthokeratology lenses and expand its product line to improve market share, despite ongoing challenges from price reductions due to national and provincial procurement policies [5][6].

Core Viewpoint - Haohai Biological Technology (06826.HK) announced the acquisition of the remaining 20% equity in Shenzhen New Industry Ophthalmic New Technology Co., Ltd. for RMB 74 million, aiming to enhance its market competitiveness in the ophthalmic high-value consumables sector [1]. Group 1: Acquisition Details - The acquisition agreement was signed between Shanghai Haohai Pharmaceutical Technology Development Co., Ltd. (a wholly-owned subsidiary of the company) and the sellers, which include Zhang Jinsong, Shenzhen Jiusi, and Shenzhen Bainai [1]. - Upon completion of the acquisition, the company will hold 100% equity in the target company, which specializes in the manufacturing and sales of orthokeratology lenses and intraocular lenses, as well as the distribution of various imported ophthalmic products in mainland China [1]. Group 2: Strategic Importance - The company has progressively entered the ophthalmic high-value consumables market since acquiring 60% and 20% stakes in the target company in November 2016 and February 2023, respectively [1]. - The target company has become a key subsidiary, contributing to the company's position as a leading manufacturer of intraocular lenses in China [1]. - The acquisition is expected to improve management and operational efficiency of the target company, thereby enhancing the overall competitiveness of the company's ophthalmic products [1].

Core Viewpoint - Haohai Biological Technology (06826) announced the acquisition of the remaining 20% equity in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for RMB 74 million, aiming to enhance its market position in the ophthalmic high-value consumables sector [1] Group 1: Acquisition Details - The acquisition agreement was signed on November 7, 2025, between Haohai's wholly-owned subsidiary Shanghai Haohai Pharmaceutical Technology and the sellers [1] - After the completion of this acquisition, the company will hold 100% equity in the target company [1] Group 2: Target Company Overview - The target company specializes in the manufacturing and sales of orthokeratology lenses and artificial lenses, as well as the distribution of various imported ophthalmic products in mainland China [1] - The company has been progressively entering the ophthalmic high-value consumables market since acquiring 60% and 20% stakes in 2016 and 2023, respectively [1] Group 3: Strategic Importance - The acquisition is expected to improve the management and operational efficiency of the target company, thereby enhancing the competitiveness of the company's ophthalmic products in the market [1] - The board believes that this acquisition aligns with the company's development needs and overall business strategy [1]

Core Viewpoint - The company, Haohai Biological Technology, is acquiring the remaining 20% equity of Shenzhen New Industry Ophthalmic New Technology Co., Ltd. for RMB 74 million, aiming to enhance its management and operational efficiency in the ophthalmic high-value consumables sector [1] Group 1: Acquisition Details - The acquisition agreement involves Haohai's wholly-owned subsidiary, Shanghai Haohai Pharmaceutical Technology, as the acquirer and includes the transfer of equity from Mr. Zhang, Shenzhen Jiusi, and Shenzhen Baina [1] - Upon completion of the acquisition, the company will hold 100% equity in the target company, which specializes in the manufacturing and sales of orthokeratology lenses and artificial lenses [1] Group 2: Strategic Importance - The target company has been a significant subsidiary since Haohai acquired 60% and 20% stakes in November 2016 and February 2023, respectively [1] - The acquisition aligns with the company's strategic goal to strengthen its position as a leading manufacturer of artificial lenses in China and improve market competitiveness in ophthalmic products [1]

Core Viewpoint - Haohai Biological Technology (06826.HK) announced the acquisition of the remaining 20% equity in Shenzhen New Industry Ophthalmic New Technology Co., Ltd. for RMB 74 million, aiming to enhance its management and operational efficiency in the ophthalmic high-value consumables sector [1] Group 1: Acquisition Details - The acquisition agreement was signed between Shanghai Haohai Pharmaceutical Technology Development Co., Ltd. (a wholly-owned subsidiary of the company) and the sellers (Zhang Jinsong, Shenzhen Jiusi, and Shenzhen Bainai) [1] - Upon completion of the acquisition, the company will hold 100% equity in the target company [1] Group 2: Target Company Overview - The target company is a limited liability company established in China, primarily engaged in the manufacturing and sales of orthokeratology lenses and intraocular lens products [1] - It also distributes various imported ophthalmic products, including intraocular lenses, ophthalmic viscoelastic devices, and sodium hyaluronate gel for glaucoma surgery in mainland China [1] Group 3: Strategic Importance - The company has progressively entered the ophthalmic high-value consumables market since acquiring 60% and 20% stakes in the target company in November 2016 and February 2023, respectively [1] - The target company has become one of the main subsidiaries of the group, contributing to its position as a leading manufacturer of intraocular lens products in China [1] - The board believes that the acquisition aligns with the company's development needs and overall business planning, enhancing market competitiveness in ophthalmic products [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.144 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.41%, while the net profit attributable to the parent company was 290 million yuan, a year-on-year decrease of 8.64% [1] - The third quarter saw a revenue of 358 million yuan, a year-on-year decrease of 8.17%, and a net profit of 76.85 million yuan, down 29.85% year-on-year [1] - The company is focusing on strengthening sales channels and has seen a recovery in the orthokeratology lens market, with double-digit growth attributed to significant product performance advantages and ongoing sales channel enhancements [2] Financial Performance - The sales expense ratio for the first three quarters of 2025 was 16.68%, an increase of 2.65 percentage points year-on-year, while the management expense ratio remained stable at 12.08% [3] - Research and development expense ratio decreased to 6.14%, down 1.05 percentage points year-on-year, indicating good control over R&D spending [3] - The company’s sales network covers over 6,000 hospitals and vision centers across 31 provinces, autonomous regions, and municipalities in China, facilitating rapid commercialization of new products [4] Revenue and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 1.695 billion yuan, 2.085 billion yuan, and 2.552 billion yuan respectively, with net profits of 437 million yuan, 530 million yuan, and 643 million yuan [4] - The revenue growth rates are expected to be 20.18% in 2025, 23.04% in 2026, and 22.41% in 2027 [5] Valuation Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 2.26 yuan, with a price-to-earnings (P/E) ratio of 28.19 [5] - The price-to-book (P/B) ratio is expected to be 4.44 in 2025, while the enterprise value to EBITDA (EV/EBITDA) ratio is projected at 17.67 [5]

Investment Rating - The investment rating for the company has been downgraded to a neutral rating [1][4][11]. Core Insights - In the first three quarters of 2025, the company achieved revenue of RMB 1.14 billion, representing a year-on-year growth of 6.43%. However, the net profit attributable to shareholders was RMB 290 million, reflecting a year-on-year decline of 8.64%. The gross profit margin (GPM) was 64.80%, down by 2.81 percentage points, and the net profit margin (NPM) was 24.35%, down by 3.93 percentage points [4][11]. - The company's Q3 revenue was RMB 358 million, a year-on-year decline of 8.17%, with a net profit attributable to shareholders of RMB 77 million, down 29.85% year-on-year [12][13]. - The decline in net profit is attributed to decreased revenue from intraocular lenses and contact lenses, as well as increased promotion of the company's own-brand contact lenses [13][14]. Financial Summary - The company's total revenue for 2023 is projected at RMB 951 million, with a growth rate of 64.1%. For 2024, revenue is expected to reach RMB 1.41 billion, a growth of 48.2%. By 2025, revenue is estimated at RMB 1.57 billion, reflecting an 11.6% increase [3][5]. - The net profit attributable to shareholders for 2023 is projected at RMB 304 million, with a growth of 30.6%. For 2024, it is expected to be RMB 388 million, a growth of 27.8%, and for 2025, it is estimated at RMB 390 million, showing a minimal growth of 0.5% [3][5]. - The earnings per share (EPS) for 2023 is projected at RMB 1.57, increasing to RMB 2.01 in 2024 and RMB 2.02 in 2025 [3][5]. Expense Ratios - In Q3, the sales expense ratio was 18.08%, an increase of 6.83 percentage points year-on-year. The general and administrative (G&A) expense ratio was 14.26%, up by 3.08 percentage points. The research and development (R&D) expense ratio was 5.99%, down by 1.83 percentage points, while the finance expense ratio was 1.55%, an increase of 0.31 percentage points [13][14]. Market Conditions - The revenue and sales of intraocular lenses have decreased due to centralized procurement and adjustments in provincial medical insurance spending. The contact lens segment has been impacted by market conditions, leading to declining terminal prices and increased competition from domestic capacity expansion, which has reduced factory prices and profit margins [14].

Group 1 - The core viewpoint of the article is that Aibo Medical (688050.SH) maintains a leading position in the domestic artificial lens market, with a continuous first-place ranking in single-brand shipments due to its product performance, design, safety, efficient service, and innovative technology [2][3] - The company is committed to solidifying its market position and maintaining its leadership advantage in the industry [2]

Core Viewpoint - The announcement from the National Organization for High-Value Medical Consumables Joint Procurement Office on October 29 indicates the disqualification of Carl Zeiss Medical Technology (Germany) GmbH's bifocal astigmatism lenses, creating a market gap that other brands, such as Aibo Medical, may fill [1] Group 1: Company Developments - Aibo Medical (688050.SH) reported on November 5 that the revenue share of its "All-View" multifocal intraocular lens products is continuously increasing [1] - The company emphasizes its technological advantages, which have established a good reputation among doctors and patients [1] - Aibo Medical plans to actively seize market opportunities to further enhance its product market share [1]

Company Overview - Aibo Medical is an innovative ophthalmic medical device manufacturer founded by Dr. Jiang Bing, a high-level talent returning from overseas, and is recognized as a national high-tech enterprise and a national "little giant" enterprise in specialized and innovative sectors [2] - The company offers a comprehensive solution for ophthalmic surgery, myopia prevention, and vision care, with products that fill domestic gaps and break the monopoly of international manufacturers [2] - Aibo Medical leads the artificial lens market in China with the highest market share for a single brand and has pioneered the "full arc non-spherical technology" orthokeratology lens for myopia prevention [2] Event Highlights - The event "Investors Walk into Aibo Medical" was successfully held under the guidance of the Beijing Securities Regulatory Bureau, with over 80 participants including institutional investors, industry analysts, and media representatives [3][4] - Attendees toured the company exhibition hall and observed the production process and quality inspection of artificial lenses, along with demonstrations of the AI fitting system for orthokeratology lenses [3] - Aibo Medical's management shared operational data and discussed challenges faced during development, as well as future innovation plans [4] Industry Insights - The Secretary-General of the Beijing Listed Companies Association emphasized the importance of small and medium-sized listed companies in the capital market and their potential for growth [3] - The association aims to protect investors' rights and facilitate communication between listed companies, investors, and regulatory bodies to enhance market understanding of intrinsic company value [3]