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]

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]

Core Viewpoint - Aibo Medical's stock has experienced a significant decline in 2023, with a year-to-date drop of 30.17% and a recent 5-day decline of 9.89% [1] Company Overview - Aibo Medical, established on April 21, 2010, and listed on July 29, 2020, is located in Changping District, Beijing. The company specializes in the research, production, and sales of ophthalmic medical devices [2] - The revenue composition of Aibo Medical includes: 43.86% from artificial lenses, 30.06% from contact lenses, 15.14% from orthokeratology lenses, 6.01% from other myopia control products, 2.37% from other surgical products, 1.62% from other vision care products, and 0.95% from other income [2] - Aibo Medical is categorized under the pharmaceutical and biological industry, specifically in medical devices and consumables, with concepts including ophthalmology, medical devices, medical aesthetics, specialized and innovative, and mid-cap [2] Financial Performance - For the period from January to September 2025, Aibo Medical reported a revenue of 1.144 billion yuan, reflecting a year-on-year growth of 6.43%. However, the net profit attributable to shareholders decreased by 8.64% to 290 million yuan [2] - Since its A-share listing, Aibo Medical has distributed a total of 241 million yuan in dividends, with 173 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Aibo Medical had 17,200 shareholders, an increase of 11.72% from the previous period. The average circulating shares per person decreased by 10.37% to 11,026 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 4.7962 million shares (a decrease of 980,000 shares), and Huabao Zhongzheng Medical ETF, holding 3.8663 million shares (a decrease of 550,000 shares) [3]

Core Viewpoint - Aibo Medical, a leading company in the ophthalmic medical device sector in China, has shown steady growth in revenue and net profit, with significant contributions from its main business segments, including artificial lenses and contact lenses [1][2][6]. Group 1: Business Performance - In Q3 2025, Aibo Medical reported revenue of 1.144 billion yuan, ranking 20th among 50 companies in the industry, with the industry leader, Yingke Medical, generating 7.425 billion yuan [2]. - The company's net profit for the same period was 279 million yuan, placing it 13th in the industry, with the top performer, Lepu Medical, achieving 996 million yuan [2]. - The main business segments include artificial lenses (345 million yuan, 43.86%), contact lenses (236 million yuan, 30.06%), and orthokeratology lenses (119 million yuan, 15.14%) [2]. Group 2: Financial Health - Aibo Medical's debt-to-asset ratio stood at 22.93%, lower than the industry average of 23.66%, indicating strong solvency [3]. - The gross profit margin was 64.80%, despite a decrease from 67.61% in the previous year, still surpassing the industry average of 48.78% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.72% to 17,200, while the average number of circulating A-shares held per shareholder decreased by 10.37% to 11,000 [5]. - Major shareholders include Hong Kong Central Clearing Limited and Huabao Zhongzheng Medical ETF, both of which saw a reduction in their holdings [5]. Group 4: Future Outlook - Citic Securities highlighted Aibo Medical's robust growth in H1 2025, with expectations for continued improvement in Q3, driven by high-value products and new product approvals [6]. - The company is projected to achieve revenues of 1.656 billion, 1.997 billion, and 2.378 billion yuan from 2025 to 2027, with net profits of 428 million, 512 million, and 616 million yuan respectively [6].

Financial Performance - In Q3 2025, the new generation of orthokeratology lenses accounted for 4.23% of total hard lens revenue for the first three quarters, increasing to 9.68% in Q3, indicating continuous growth [2] - The overall gross margin for hard lenses decreased by 0.23% year-on-year for the first three quarters and by 0.56% in Q3 [5] - The revenue from scleral lenses represented 1.21% of hard lens income in the first three quarters, slightly increasing to 1.22% in Q3 [3] Product Development and Market Strategy - The company is focusing on the development and promotion of new and specialty products to gain competitive advantages in the hard lens market [2] - The company has launched a range of soft contact lenses, including daily and monthly disposable colored lenses, with production quality reaching 85% [4] - The company plans to create a product matrix for myopia control, including orthokeratology lenses, multifocal soft lenses, and composite frame lenses [4] Sales and Marketing - The company has seen an 8.42% year-on-year increase in revenue from optical service centers, which now account for 57.4% of total revenue, up from 53.01% in the previous year [8] - The company is implementing a pricing strategy that balances competitiveness and brand value, avoiding price wars while promoting affordable options [7] - The company has developed a range of eye care products, including eye wash and nebulization solutions, to expand its product offerings [5] Research and Development - The company is actively developing a variety of products, including new lens types, pharmaceuticals, and eye health products, with several in clinical trials [9] - The company has registered new products such as low-concentration atropine and other eye drops targeting myopia and presbyopia [6] - The company is also exploring smart glasses in collaboration with technology partners, focusing initially on audio-enabled models [7]