Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company experienced a decline in revenue and net profit in 2025, primarily due to pressures in its core segments: medical aesthetics and ophthalmology [8]. - The report anticipates a recovery in performance driven by the release of high-end products in the medical aesthetics and ophthalmology sectors [8]. - The company maintains a high dividend payout ratio, distributing 90.5% of its net profit to shareholders [8]. Financial Forecasts - Revenue is projected to grow from 24.73 billion CNY in 2025 to 30.32 billion CNY by 2028, with annual growth rates of -8.3%, 5.0%, 7.6%, and 8.6% respectively [2]. - Net profit is expected to rebound significantly from 2.51 billion CNY in 2025 to 4.68 billion CNY in 2028, reflecting growth rates of -40.3%, 46.3%, 12.3%, and 13.4% [2]. - Earnings per share (EPS) is forecasted to increase from 1.09 CNY in 2025 to 2.03 CNY in 2028 [2]. Segment Performance - The medical aesthetics segment reported a revenue of 1.04 billion CNY in 2025, down 12.97% year-on-year, with hyaluronic acid products particularly affected [8]. - The ophthalmology segment generated 7.25 billion CNY in revenue, a decline of 15.50%, influenced by price adjustments from centralized procurement and fluctuating demand [8]. - High-end differentiated products in both segments are expected to drive future growth as market conditions stabilize [8].

Core Viewpoint - The key focus of the article is on the decline in profit quality despite revenue growth, indicating a significant shift in the company's profitability model and business structure [3][8][24]. Financial Performance Summary - In 2025, the company reported revenue of 1,482.70 million yuan, a 5.15% increase from 2024, but net profit fell to 265.41 million yuan, a 31.67% decrease [1][7]. - The operating profit decreased by 33.04% to 289.94 million yuan, and the total profit dropped by 32.84% to 289.52 million yuan [6][7]. - The basic earnings per share decreased by 32.68% to 1.38 yuan, and the return on equity (ROE) fell from 17.32% in 2024 to 10.05% in 2025, a decline of 7.27 percentage points [6][17]. Business Growth Analysis - The company experienced growth in its three core business segments in 2025, but at a significantly slower pace: - Artificial lenses: +1.46% - Orthokeratology lenses: +4.38% - Contact lenses: +7.53% [9][10]. - Despite the revenue growth, the profit margins have been adversely affected, indicating that the growth is not translating into profitability [11][21]. Challenges and Structural Changes - The decline in profitability is attributed to three main factors: 1. Changes in the industry environment, including centralized procurement and adjustments in medical insurance payment structures, affecting the artificial lens segment [10]. 2. Rising costs, particularly in sales and marketing for the contact lens business, due to increased competition and channel investments [12][13]. 3. Asset impairment losses of 86.69 million yuan, primarily related to goodwill and fixed assets in the contact lens segment, significantly impacting profits [15][16]. Strategic Outlook - The company is undergoing a structural transition from a single-product growth model to a multi-business restructuring phase, which may lead to short-term profit declines but aims for long-term stability and growth [21][24]. - The focus moving forward should be on whether the investments in channel development and brand building will yield profitability improvements, as revenue growth alone may not suffice [22][24].

Core Viewpoint - Aibono Medical Technology Co., Ltd. reported a revenue of 1.483 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 5.15%, but the net profit attributable to shareholders saw a significant decline of 31.67% to 265 million yuan [1] Financial Performance - Total revenue reached 1.483 billion yuan, up 5.15% year-on-year [1] - Net profit attributable to shareholders was 265 million yuan, down 31.67% year-on-year [1] - Net profit after deducting non-recurring gains and losses was 253 million yuan, a decrease of 35.11% year-on-year [1] Business Segment Performance - Revenue from artificial lenses grew by only 1.46% year-on-year, impacted by national procurement policies, adjustments in medical insurance payments, and contraction in some medical institutions [1] - Revenue from orthokeratology lenses increased by 4.38% year-on-year, influenced by diverse myopia prevention methods and intensified market competition [1] - Revenue from contact lenses rose by 7.53% year-on-year, but faced profit declines due to price wars on e-commerce platforms [1] Asset and Equity Position - Total assets reached 3.882 billion yuan, an increase of 11.01% from the beginning of the period [1] - Equity attributable to shareholders was 2.786 billion yuan, up 15.62%, primarily due to a targeted issuance and profit accumulation during the reporting period [1] Cash Flow - Net cash flow from operating activities increased by 4.22% year-on-year, providing assurance for ongoing operations [1]

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]

Core Viewpoint - Haohai Biological Technology (688366) reported a decline in both revenue and net profit for the fiscal year 2025, attributed to increased competition and a decrease in domestic cataract surgery volume [1] Group 1: Financial Performance - The company achieved an operating revenue of approximately 2.473 billion yuan, a year-on-year decrease of 8.33% [1] - The net profit attributable to shareholders was about 251 million yuan, reflecting a year-on-year decline of 40.3% [1] Group 2: Market Conditions - The domestic cataract surgery total in 2025 is expected to decline compared to 2024, leading to an overall market demand drop [1] - Increased competition in the market, particularly from domestic brands offering significant cost advantages, has pressured the sales of imported products [1] Group 3: Impairment Provisions - The company has made a prudent decision to recognize an impairment provision of approximately 140 million yuan for the goodwill of its subsidiary Shenzhen New Industry [1] - Additionally, the U.S. subsidiary Aaren Scientific Inc. has indicated signs of impairment for its intangible assets, leading to a provision of about 24.98 million yuan [2]

Group 1 - The company reported a revenue of 2.473 billion yuan for the fiscal year 2025, representing a year-on-year decrease of 8.33% [1] - The net profit attributable to the parent company was 251 million yuan, down 40.30% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 160 million yuan, a decrease of 57.67% year-on-year [1] Group 2 - The company's subsidiary, Shenzhen New Industry Ophthalmic New Technology Co., faced significant operational pressure due to the second phase of the national volume-based procurement for artificial lenses and intensified industry competition [2] - The total number of cataract surgeries in China in 2025 is expected to decline compared to 2024, leading to an overall market demand drop [2] - The increase in domestic competitors, particularly those offering significant cost advantages, has negatively impacted the sales price and volume of the imported Lenstec brand products [2] - The company anticipates a decrease in sales profit for Shenzhen New Industry in 2025 and has prudently recognized an impairment provision of approximately 140 million yuan for goodwill [2]

Core Viewpoint - The company, Haohai Biological Technology, reported a decline in revenue and net profit for the fiscal year 2025, indicating significant operational challenges in the artificial lens market due to increased competition and changing market dynamics [1][2]. Group 1: Financial Performance - Total revenue for 2025 was approximately 2.473 billion yuan, a year-on-year decrease of 8.33% [1] - Net profit attributable to the parent company was about 251 million yuan, down 40.3% year-on-year [1] - Net profit excluding non-recurring gains and losses was approximately 160 million yuan, reflecting a 57.67% decrease year-on-year [1] - Basic earnings per share stood at 1.08 yuan [1] Group 2: Market Conditions - The domestic cataract surgery volume in 2025 is expected to decline compared to 2024, leading to an overall market demand drop [2] - Increased competition in the market, particularly from domestic lens products that offer significant cost and price advantages over imported brands, is putting pressure on sales [2] - Sales prices and volumes of the Lenstec brand artificial lenses are experiencing a continuous downward trend in 2025 [2] Group 3: Impairment Provisions - The company has made a prudent decision to recognize an impairment provision of approximately 140 million yuan for goodwill related to its subsidiary Shenzhen New Industry due to underperformance [2] - The impairment amount is subject to final assessment and audit by qualified evaluation and auditing institutions [2] - Additionally, the company recognized an impairment provision of about 24.98 million yuan for intangible assets related to its U.S. subsidiary Aaren Scientific Inc. due to signs of impairment [3]

Group 1 - Sains announced that its ammonium rhenate products have not yet been sold externally, and its molybdenum processing and sales business is still in the early stages, with expected minimal impact on revenue until 2026 [2] - Jiangxi Tungsten Equipment clarified that there are no plans or activities to inject mining assets into the company, and its main business remains focused on magnetic separation equipment [3] - FiberHome Technologies reported that its low-orbit satellite routing and inter-satellite laser communication business accounts for less than 1% of its total revenue, indicating limited impact on overall profitability [4] Group 2 - Zhongying Technology plans to acquire at least 51% of Yingzhong Electric's shares in cash, which is expected to constitute a major asset restructuring [5] - Huasheng Tiancheng stated that its main cooperation model with Huawei is based on project construction and operational needs, with limited impact on overall business revenue [6] - Jieput's optical connection business is still in its early stages, with related revenue accounting for less than 5% of total revenue, influenced by various market factors [7] Group 3 - ChipSource Micro reported a net profit of 71.69 million yuan for 2025, a year-on-year decrease of 64.65%, attributed to increased personnel costs and reduced government subsidies [9] - Saintno Bio achieved a net profit of 166 million yuan in 2025, a year-on-year increase of 231.49%, driven by significant revenue growth [10] - Cambrian reported a net profit of 2.059 billion yuan for 2025, turning profitable with a revenue increase of 453.21% due to rising demand in the AI sector [11] Group 4 - Shengyi Technology reported a net profit of 3.334 billion yuan for 2025, a year-on-year increase of 91.76%, driven by increased sales and improved product structure [12] - Dingtong Technology achieved a net profit of 241 million yuan in 2025, a year-on-year increase of 118.68% [13] - Haohai Biotechnology reported a net profit of 251 million yuan for 2025, a year-on-year decrease of 40.30%, impacted by pricing pressures in its artificial lens business [14] Group 5 - China Communication Technology reported a net profit of 3.661 billion yuan for 2025, a year-on-year increase of 4.76%, with stable economic benefits [16] - Construction Machinery reported a net loss of 2.107 billion yuan for 2025, attributed to declining market demand and significant asset impairments [17] - Newray reported a net profit of 237 million yuan for 2025, a year-on-year increase of 30.91%, driven by market expansion and product optimization [18] Group 6 - Huat Gas reported a net profit of 144 million yuan for 2025, a year-on-year decrease of 22.17%, despite increased sales volume [19] - Changying Precision reported a net profit of 600 million yuan for 2025, a year-on-year decrease of 22.28%, primarily due to the absence of non-recurring gains from the previous year [20] - Haibo Technology achieved a net profit of 949 million yuan for 2025, a year-on-year increase of 46.49%, benefiting from the growth in the domestic energy storage market [21] Group 7 - Efort reported a net loss of 499 million yuan for 2025, with total revenue declining by 32.54% due to decreased income from its industrial robot and system integration businesses [22] - Stone Technology reported a net profit of 1.36 billion yuan for 2025, a year-on-year decrease of 31.19%, despite a significant increase in total revenue [23] Group 8 - Riying Electronics' actual controller plans to reduce its stake by 3% [25] - Jieya Co. plans to reduce its stake by up to 4.99% [26] - Juguang Technology's controlling shareholder intends to reduce its stake by up to 0.5564% [27] Group 9 - Yinfeng Storage won a procurement project worth 87.097 million yuan [28] - Zhongke Haixun won a project for information processing equipment with a total bid amount of approximately 288 million yuan [29] - Wanjitech was selected for a procurement project with a bid amount of 22 million yuan [30]

Core Viewpoint - The company, Haohai Biological Technology, reported a significant decline in its financial performance for the fiscal year 2025, with total revenue and net profit both decreasing substantially compared to the previous year [1][2]. Financial Performance - Total revenue for 2025 was approximately 2.473 billion yuan, representing a year-on-year decrease of 8.33% [1]. - Net profit attributable to the parent company was around 251 million yuan, down 40.3% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was about 160 million yuan, reflecting a 57.67% decrease compared to the previous year [1]. - Basic earnings per share were reported at 1.08 yuan [1]. Market Conditions - The company faced significant operational pressure in its subsidiary, Shenzhen New Industry, due to the second phase of the national volume-based procurement for artificial lenses, leading to increased competition and a decline in market demand [2]. - The total number of cataract surgeries in China in 2025 is expected to decrease compared to 2024, contributing to a downturn in overall market demand [2]. - The sales price and volume of Lenstec brand products continued to decline throughout 2025, impacting the expected operating profit of Shenzhen New Industry [2]. Impairment Provisions - The company has made a prudent decision to recognize an impairment provision of approximately 140 million yuan for the goodwill associated with Shenzhen New Industry, in light of the anticipated price reductions in the upcoming round of national volume-based procurement [2]. - The impairment amount is subject to final assessment and audit by qualified evaluation and auditing institutions [2]. - Additionally, the company's U.S. subsidiary, Aaren Scientific Inc., has also indicated signs of impairment for its intangible assets, leading to a preliminary impairment provision of about 24.98 million yuan [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Haohai Biological Technology Co., Ltd.* 上海昊海生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6826） 2025年度業績快報公告 上海昊海生物科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 《證券及期貨條例》（香港法例第571章）第XIVA部及《香港聯合交易所有限公司證 券上市規則》第13.09及13.10B條的要求發佈本公告，旨在向本公司股東及公眾人 士提供本公司的財務資料。本公告亦同時在上海證券交易所網站發佈。 本公告所載本集團按照中國企業會計準則編製的截至2025年12月31日止年度（「報 告期」）主要財務數據為初步核算未經核數師審計的數據。本集團報告期的具體財 務數據及經營業績將以本公司截至2025年12月31日止年度經審核之業績公告及本 公司2025年度報告所披露者為準。提請本公司潛在 ...