Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage with a target price of 60.67 CNY per share [1]. Core Views - The company is positioned as a leader in the high-end ophthalmic medical device market, with a strong focus on innovation and a comprehensive product matrix that supports growth in various segments, including surgical treatment, myopia control, and vision care [6][10]. - The approval of the "Longjing® PR" intraocular lens in January 2025 is expected to break the import monopoly and enhance the company's competitive edge in the high-end artificial lens market [6][27]. - The increasing demand for ophthalmic treatments driven by an aging population and rising consumer spending is anticipated to accelerate the domestic replacement of imported products [6][34]. Summary by Sections 1. Innovation and Market Position - The company has been deeply engaged in the ophthalmic device sector since its establishment in 2010, becoming a key player in the high-end refractive intraocular lens market [10]. - The product range includes high-end artificial lenses for cataract surgery and myopia control, with significant market penetration achieved through strategic expansions and acquisitions [10][16]. 2. Financial Performance - Revenue projections show a steady increase from 951 million CNY in 2023 to 2,118 million CNY by 2027, with a year-on-year growth rate of 64.1% in 2023 and 48.2% in 2024 [5]. - Net profit is expected to grow from 304 million CNY in 2023 to 563 million CNY by 2027, reflecting a compound annual growth rate of 21.8% [5]. 3. Product Matrix and Growth Drivers - The company’s artificial lens segment is the highest revenue contributor, accounting for 43.86% of total revenue in the first half of 2025, followed by contact lenses at 30.06% [18]. - The introduction of the "Longjing® PR" lens is expected to significantly enhance the product offering and cater to the growing demand for high-quality vision correction solutions [27][34]. 4. Market Trends and Opportunities - The aging population in China is projected to increase the number of cataract patients, thereby expanding the market for high-end artificial lenses [34]. - The company is also capitalizing on the growing myopia prevention market, with its "Punotong®" orthokeratology lenses gaining traction under national health initiatives [47]. 5. Competitive Landscape - The company has established a strong competitive position through its innovative product offerings and strategic acquisitions, which have allowed it to build a comprehensive product line that meets diverse consumer needs [6][10]. - The recent approval of its products underlines the company's commitment to innovation and its ability to compete effectively against established international brands [27][34].

截至2025年11月21日收盘，迈得医疗（688310）报收于15.2元，较上周的16.55元下跌8.16%。本周，迈 得医疗11月17日盘中最高价报16.87元。11月21日盘中最低价报15.05元。迈得医疗当前最新总市值25.27 亿元，在自动化设备板块市值排名74/78，在两市A股市值排名4810/5167。 本周关注点 机构调研要点 尊敬的投资者朋友，您好！公司产品为非标定制化智能设备，根据产品的规格型号及客户定制需求等方 面的要求，遵循公平、自愿原则，经双方协商一致确定交易定价。目前公司核心产品为安全输注类、血 液净化类智能装备，并推广药械组合类智能装备，以上产品均为公司业绩增长贡献力量。感谢您的支持 与关注！ 尊敬的投资者朋友，您好！公司截至 2025 年三季度累计实现营业收入 2.25 亿元，另外还有发出商品 7,645.20 万元（最终确认收入金额以后期财务报表为准）尚未确认收入。感谢您的支持与关注！ 尊敬的投资者朋友，您好！公司资金持续聚焦主业发展，丰富产品矩阵，同时将根据发展规划，继续对 隐形眼镜业务开展相关材料研发、产品取证、自主品牌运营、新产品开发、产线优化降本等工作，致力 打通隐形眼 ...

证券之星消息，2025年11月19日迈得医疗（688310）发布公告称公司于2025年11月19日召开业绩说明会。 答：尊敬的投资者朋友，您好！公司资金持续聚焦主业发展，丰富产品矩阵，同时将根据发展规划，继续对隐形眼镜 业务开展相关材料研发、产品取证、自主品牌运营、新产品开发、产线优化降本等工作，致力打通隐形眼镜上下游产 业链。感谢您的支持与关注！ 问：请林总，公司隐形眼镜的产能是否跟得上？在线上平台经常出现缺货情况，公司日抛产品什么时候可以上？ 具体内容如下： 问：答环节： 答：问环节 问：请今年三季度公司核心产品的市场需求和价格走势整体表现如何，哪些业务板块为业绩增长贡献了主要力量呢？ 答：尊敬的投资者朋友，您好！公司产品为非标定制化智能设备，根据产品的规格型号及客户定制需求等方面的要 求，遵循公平、自愿原则，经双方协商一致确定交易定价。目前公司核心产品为安全输注类、血液净化类智能装备， 并推广药械组合类智能装备，以上产品均为公司业绩增长贡献力量。感谢您的支持与关注！ 问：请公司 2025 年三季度营收情况如何？是否完成预期了呢? 答：尊敬的投资者朋友，您好！公司截至 2025 年三季度累计实现营业收入 ...

Core Insights - The upcoming "Double Eleven" shopping festival has seen a significant increase in cross-border e-commerce activity, with a record high of 8,088 customs clearance documents processed in a short time frame, indicating a robust demand for imported goods [1][2] - The Xi'an Xianyang Airport Customs has implemented a 24/7 appointment customs clearance system, allowing for expedited processing of goods, which enhances the efficiency of cross-border e-commerce operations [1][2] Group 1 - The customs clearance volume during the "Double Eleven" period is expected to reach 120,000 documents, showcasing the growing scale of cross-border e-commerce [1] - The introduction of innovative regulatory measures by Xi'an Xianyang Airport Customs has allowed for the simultaneous shipment of bonded and non-bonded goods, significantly improving consumer shopping experiences and reducing logistics costs by 50% for businesses [2] - The customs authority aims to establish a long-term mechanism to support the healthy development of cross-border e-commerce, ensuring orderly operations during peak periods [2]

Core Viewpoint - The article highlights the misuse of medical insurance cards in China, where consumers are being encouraged to use them for non-medical purchases, violating strict regulations on the use of medical funds [1]. Group 1: Regulatory Environment - The national government has established strict regulations for the use of medical insurance funds, emphasizing dedicated usage [1]. - Warnings have been issued by various local medical insurance bureaus against converting medical insurance cards into "shopping cards" [1]. Group 2: Consumer Behavior - Consumers have reported finding "strategies" online that promote the misuse of medical insurance cards for purchasing everyday items like dental floss, toothbrushes, facial towels, and skincare products [1]. - Investigations in cities such as Chengdu, Zhengzhou, and Lanzhou revealed that certain pharmacies are marketing non-medical products as medical devices, allowing consumers to use their insurance cards for these purchases [1]. Group 3: Market Practices - Chain pharmacies like Haiwangxingchen, Dashenlin, Zhang Zhongjing, and Foci have been identified as selling everyday items packaged as medical devices, promoting the ability to use medical insurance cards for payment [1]. - Specific examples include non-reimbursable items like "beauty contact lenses" being sold under the guise of medical products in pharmacies [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]

Financial Data and Key Metrics Changes - Net revenue increased by 7.9%, driven by adjusted comparable store sales growth of 7.7% and growth from new store sales [17][22] - Adjusted operating income rose to $19.8 million from $14.3 million in the prior year, with adjusted operating margin increasing by 90 basis points to 4.1% [19][20] - Adjusted EPS increased to $0.13 per share from $0.12 a year ago [20] Business Line Data and Key Metrics Changes - The managed care business showed strong performance with low teens comp store sales growth, while cash pay traffic remained flat [5][24] - Average ticket increased by 7.1%, reflecting price increases and a refreshed merchandising mix [18] - Sales gains were noted in premium add-ons like superior progressive lenses and anti-reflective coatings [13] Market Data and Key Metrics Changes - Traffic from managed care customers offset a decline in cash pay traffic, with overall traffic remaining flat [24] - The company is seeing a shift in customer mix towards higher-value segments, which is expected to lead to healthier business overall [6][24] Company Strategy and Development Direction - The company is focused on transforming its merchandising and pricing strategies, with plans to modernize pricing architecture and evolve product assortment [9][10] - A new marketing campaign, "Every Eye Deserves Better," has been launched, resulting in a significant increase in unaided brand awareness [11][60] - The company aims to enhance its market position through strategic investments and cost optimization efforts [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year growth opportunity ahead, citing strong performance and positive customer responses to recent initiatives [17][24] - The company anticipates continued operating margin expansion and is closely monitoring consumer response to pricing and merchandising changes [23][24] - Future pricing actions are expected to contribute similarly to 2026 as they did in 2025 [32] Other Important Information - The company ended the quarter with a cash balance of approximately $56 million and total liquidity of $349.6 million [21] - Capital expenditures guidance was reduced to $80-$85 million, primarily due to timing of investments [25][61] Q&A Session Summary Question: What signals are you looking for to know that you're not going too far with merchandising changes? - Management is monitoring NPS and conversion rates from exam to purchase, noting positive responses from cash pay consumers adopting higher price point items [28][30] Question: What would be the contribution from pricing as you look towards 2026? - Pricing actions in Q4 are expected to yield similar contributions in 2026 as in 2025, with a focus on modernizing price points [31][32] Question: Can you provide color on market share trends? - Management believes they are gaining share on both volume and dollar basis, outpacing category growth [44] Question: What is happening with the cash pay customer segment? - There is slight acceleration in the purchase cycle for cash pay consumers, with an increase in their adoption of premium products [46][47] Question: Can you elaborate on the lens pricing actions? - The company is taking surgical increases on lens pricing, focusing on coatings and materials, while being mindful of market positioning [64] Question: What are the trends observed throughout the quarter? - Sales trends were consistent throughout Q3, with no significant variations noted [84]

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].

Core Points - The 8th China International Import Expo (CIIE) has set a new record with over 4,100 foreign enterprises participating and an exhibition area exceeding 430,000 square meters, showcasing global products and innovations [2][5] - The event has become a significant platform for international trade, with cumulative intended transaction amounts exceeding $500 billion over the first seven expos [3][4] - Major companies like New Zealand's Fonterra and Schneider Electric have reported substantial growth in sales and market presence in China due to their participation in CIIE [3][4] Group 1: Event Overview - The CIIE, initiated in 2018, is the world's first national-level expo focused on imports, attracting participants from 155 countries and regions [2] - This year's expo features over 3,000 new products, technologies, and services, reinforcing China's role as a major global market [6][7] Group 2: Company Highlights - Fonterra's sales of fresh milk in China have increased over 20 times since their first participation, with weekly sales rising from 3,000 to 80,000 bottles [3] - Schneider Electric showcased innovative products and emphasized its commitment to investing in China, highlighting the "CIIE effect" that has led to increased market penetration [4] - Alcon, focusing on eye health, presented over ten innovative products at the expo, marking its 30th anniversary in the Chinese market [5] Group 3: International Participation - The expo has attracted participation from various countries, with six nations serving as guest countries this year, including Nigeria and Sweden, which are participating for the first time [8] - Norway's seafood exports to China have surged, with a notable increase of approximately 36,000 tons, or 116%, compared to the previous year [7]

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]