证券研究报告 | 公司更新 | 医疗器械 看好 2026 年恢复及新品拉动 ——爱博医疗更新报告 投资要点 风险提示 手术量恢复不及预期、消费环境承压、新品推广不及预期、政策变化等。 人工晶体国产龙头、技术驱动型的眼科材料与光学平台公司，2025 年 Q3 业绩 短期承压，人工晶体受医保控费影响销售量与收入均有下滑，但 OK 镜业务回 暖，PR、焦深延长型人工晶状体、新一代 OK 镜、硅水凝胶隐形眼镜等新品管 线稳步推进，为长期增长蓄力。 人工晶体（核心业务）短期承压，静待终端手术量回暖。 2025 年 Q3 公司业绩短期承压，实现营业收入 3.58 亿元（YoY-8.17%），归母净 利润 0.77 亿元（YoY-29.85%）。受国家集采及部分省市医保支出结构调整（如 DRG/DIP 控费、限制白内障筛查）等影响，终端白内障手术量下降，导致作为 公司主要收入和利润来源的人工晶体板块收入和销量同比均有下降，对三季度业 绩造成较大压力。但我们认为，白内障手术有一定择期性，随着需求的增长以及 支付调整等逐步完成，行业手术量有望恢复，公司 2026 年增长可期。 OK 镜回暖，隐形眼镜业务蓄势待发。 1）近视防控 ...

Core Viewpoint - The resilience of small and medium-sized listed companies in China continues to stand out, with effective investor relations management becoming essential for overcoming development bottlenecks and solidifying market value foundations [1][14] Group 1: Activities and Engagement - The Beijing Stock Exchange Association (北上协) has organized the "Shareholders Are Coming" series for two consecutive years, focusing on small and medium-sized listed companies with a market value below 10 billion yuan [2][14] - Over 800 participants, including institutional investors, analysts, and media representatives, engaged in face-to-face communication with 12 small and medium-sized listed companies [1][2] - The activities utilized a "reverse roadshow" approach, allowing investors to visit production facilities and R&D labs, providing a hands-on understanding of company operations [1][13] Group 2: Industry Focus Areas - The series highlighted three key sectors: biomedicine, smart transportation, and digital technology, showcasing the industrial characteristics of companies in Beijing [2] - In biomedicine, companies like Tianzhihang and Nuocheng Jianhua demonstrated innovative products and advancements in healthcare technology [3][4] - Smart transportation was represented by companies like Jiexun Feihong, which showcased their achievements in digital traffic solutions and defense technology [7] - Digital technology was emphasized through companies like Yubang Electric and Zhongke Jincai, focusing on digital infrastructure and AI-driven services [10][11] Group 3: Company Highlights - Tianzhihang's surgical robot is the first globally to cover major orthopedic surgeries, achieving international advanced levels in precision and efficiency [3] - Nuocheng Jianhua's innovative therapies have gained regulatory approval, positioning the company as a leader in hematological and solid tumor treatments [4] - Sanyuan Gene's new smart manufacturing facility incorporates AI technology, marking a significant advancement in gene engineering drug development [5] - Ganjin Pharmaceutical's insulin products dominate the market, reflecting strong competitive positioning [6] - Aibono's medical technology products fill domestic gaps and challenge international monopolies in the vision care sector [6] Group 4: Investor Relations and Market Development - The activities serve as a critical platform for small and medium-sized companies to showcase their value and engage directly with investors, addressing the challenges of information asymmetry [14][15] - The initiative aligns with national policies aimed at enhancing investor protection and promoting long-term capital market development [15] - The ongoing series of activities is set to continue, fostering deeper investor understanding of company strengths and industry prospects [15]

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]