人民财讯8月27日电，爱博医疗(688050)8月27日晚间披露半年报，2025年上半年，公司实现营业收入 7.87亿元，同比增长14.72%；归属于上市公司股东的净利润2.13亿元，同比增长2.53%；基本每股收益 1.12元。报告期内，手术治疗产品中人工晶状体营业收入同比增长8.23%，其中"全视"多焦人工晶状 体、"龙晶"有晶体眼人工晶状体等高端产品增长迅速，占比不断提升；近视防控产品中"普诺瞳"角膜塑 形镜营业收入同比增长5.63%，在竞争加剧和消费降级的形势下公司保持了销量的持续增长，不断提升 市场影响力。在视力保健业务板块，隐形眼镜营业收入同比增长28.89%，主要得益于公司不断拓展自 有品牌销售渠道。 ...

爱博诺德（北京）医疗科技股份有限公司2025 年半年度报告摘要 公司代码：688050 公司简称：爱博医疗 爱博诺德（北京）医疗科技股份有限公司 爱博诺德（北京）医疗科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 本公司已在本报告中详细阐述在生产经营过程中可能面临的各种风险因素，敬请参阅"第三节管 理层讨论与分析"之"四、风险因素"相关内容。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科创板 爱博医疗 688050 / 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证券事务代表 姓名 周裕茜 王玉娇 电话 010-89748322 010-89748322 办公地址 北京市昌平区科技园区兴昌路9号 北京市昌平区科技园区兴昌路9号 电子信箱 investors@ebmedical.com i ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][4][27] Core Viewpoints - The vision care business is in a nurturing phase, with the first domestically produced intraocular lens, Longjing, approved for market launch [3][4] - Revenue is expected to grow rapidly, with projected revenue of 1.41 billion in 2024 (+48.24%) and a net profit of 388 million (+27.77%) [9][4] - The company is focusing on expanding its product lines, particularly in contact lenses and intraocular lenses, to enhance its market position [2][4] Revenue and Profitability - In 2024, the company achieved revenue of 1.41 billion (+48.24%) and a net profit of 388 million (+27.77%), with Q4 revenue at 335 million (+18.26%) and net profit at 71 million (+36.15%) [9][4] - The revenue from artificial lenses reached 588 million (+17.66%), with a significant volume increase of 44.93% [2][4] - The gross profit margin for 2024 was 66.23%, a decrease of 9.78 percentage points, primarily due to the increased revenue share from lower-margin contact lens products [3][4] Business Segments - The artificial lens segment is showing strong growth, while the contact lens segment has seen a revenue increase of 211.84% to 426 million, with a volume increase of 241.11% [2][17] - The company is actively diversifying its product offerings in myopia control, leading to a 20.79% increase in revenue from related products [2][4] Financial Forecasts - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 469 million and 578 million, respectively, with a new forecast for 2027 at 717 million [4][27] - The projected net profit growth rates for 2025-2027 are 20.7%, 23.4%, and 23.9% respectively [4][27] Research and Development - The company maintains a high level of R&D investment, with 160 million allocated in 2024, representing 11.33% of revenue [23][4] - The successful approval of the Longjing intraocular lens fills a significant gap in the domestic market, showcasing the company's innovation capabilities [3][4]

Core Insights - The company achieved a revenue of 1.41 billion (+48.24%) and a net profit of 388 million (+27.77%) in 2024, with the vision care business still in the cultivation phase [1] - The artificial crystal sales volume offset the impact of price reductions from centralized procurement, with the vision care business revenue proportion increasing to 30% [2] - The gross profit margin for 2024 was 66.23% (-9.78pp), primarily affected by the increased revenue share from lower-margin contact lens products [3] Group 1: Financial Performance - In Q4 2024, the company reported a revenue of 335 million (+18.26%) and a net profit of 71 million (+36.15%) [1] - For Q1 2025, the company achieved a revenue of 357 million (+15.07%) but experienced a decline in net profit to 93 million (-10.05%) due to multiple factors [1] - The artificial crystal revenue was 588 million (+17.66%) with a sales volume increase of 44.93% [2] Group 2: Product Performance - The "Puno Tong" orthokeratology lens generated revenue of 236 million (+8.03%) with a sales volume growth of 2.40% [2] - Contact lens revenue surged to 426 million (+211.84%) with a sales volume increase of 241.11%, driven by increased production capacity and market investment [2] - The first domestic intraocular lens, "Longjing," was approved for market release in early 2025, filling a gap in domestic intraocular lens products [3] Group 3: Cost and Profitability Metrics - The gross profit margin decreased due to the higher revenue share from lower-margin contact lens products [3] - The net profit margin for 2024 was 27.45% (-2.62pp), with Q1 2025 showing a slight improvement to 25.14% [3] - The company maintains a strong pipeline of innovative projects, including the recently approved artificial crystalline lens [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The vision care business is in a nurturing phase, with the first domestically produced intraocular lens, Longjing, approved for market launch [3][4] - Revenue is expected to grow rapidly, with projected revenue of 1.41 billion in 2024 (+48.24%) and a net profit of 388 million (+27.77%) [9][4] - The company is focusing on expanding its product lines, particularly in contact lenses and intraocular lenses, to enhance its market position [4][17] Revenue and Profitability - In 2024, the company achieved revenue of 1.41 billion (+48.24%) and a net profit of 388 million (+27.77%), with Q4 2024 revenue at 335 million (+18.26%) and net profit at 71 million (+36.15%) [9][4] - The revenue from artificial lenses reached 588 million (+17.66%), with a volume increase of 44.93% [2][16] - The gross profit margin for 2024 was 66.23%, down 9.78 percentage points, primarily due to the increased revenue share from lower-margin contact lens products [3][18] Business Segments - The artificial lens segment is growing, with high-end products like "All-View" multifocal lenses seeing rapid growth, although their market share remains low [2][16] - The revenue from contact lenses surged to 426 million (+211.84%), with a volume increase of 241.11%, driven by increased production capacity and market investment [17][2] - The company is actively diversifying its product offerings in myopia control, leading to a 20.79% increase in revenue from related products [2][16] Financial Forecasts - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 469 million and 578 million, respectively, with a new forecast for 2027 at 717 million [4][28] - The projected net profit growth rates for 2025-2027 are 20.7%, 23.4%, and 23.9% respectively [4][28] - The current stock price corresponds to a PE ratio of 30.7 for 2025, 24.8 for 2026, and 20.1 for 2027 [4][28] Research and Development - The company maintains a high level of R&D investment, with 160 million allocated in 2024, representing 11.33% of revenue [23][4] - The first domestically produced intraocular lens, Longjing, was approved for market launch in early 2025, filling a significant gap in the domestic market [3][23] - The company has a rich pipeline of projects, including various advanced intraocular lenses and contact lenses, indicating strong future growth potential [24][23]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company achieved a total revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48%, and a net profit attributable to shareholders of 388 million yuan, up 28% year-on-year, aligning with market expectations [8]. - For Q1 2025, the company reported a revenue of 357 million yuan, a 15% increase year-on-year, but a net profit of 93 million yuan, which is a 10% decline year-on-year, slightly below market expectations [8]. - The company's gross margin for 2024 was 66%, down from 76% in 2023, attributed to price declines and an increased proportion of contact lenses [8]. - The company is optimistic about the growth of high-end products, particularly the "All View" multifocal intraocular lenses, which are expected to gain market share in 2025 [8]. - The report notes a slight downward adjustment in profit forecasts due to industry growth slowdown, with projected net profits for 2025, 2026, and 2027 being 471 million yuan, 575 million yuan, and 706 million yuan respectively [8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1.76 billion yuan, with a year-on-year growth rate of 24.8% [6]. - The company anticipates a gross margin of 65.9% for 2025, with a return on equity (ROE) of 16.9% [6]. - The earnings per share (EPS) for 2025 is estimated at 2.49 yuan, with a price-to-earnings (PE) ratio of 32 [6].