Core Viewpoint - Aibo Medical has received approval from the National Medical Products Administration for its "Extended Focus Artificial Lens" through the special review for innovative medical devices [2] Company Summary - Aibo Medical announced the registration approval of its "Extended Focus Artificial Lens" [2] Industry Summary - The approval signifies a positive development in the medical device sector, particularly in innovative ophthalmic solutions [2]

Core Viewpoint - Aibo Medical has received approval from the National Medical Products Administration for its "Extended Depth of Focus Intraocular Lens," marking a significant advancement in high-end refractive intraocular lenses for cataract surgery [1] Company Summary - Aibo Medical's new product is designed for vision correction in adults who have undergone cataract surgery and have no natural lens [1] - The lens utilizes advanced aspheric design to extend the depth of focus, improving intermediate vision while maintaining distance vision [1] - The product aims to reduce dependency on glasses for patients post-surgery [1]

Core Viewpoint - Aibo Medical has received approval from the National Medical Products Administration for its "Extended Depth of Focus Intraocular Lens," marking a significant advancement in high-end refractive intraocular lenses for vision correction post-cataract surgery [1]. Company Summary - Aibo Medical's new product is designed for adults who have undergone cataract surgery and have no natural lens, aiming to improve intermediate vision while maintaining distance vision [1]. - The lens utilizes advanced aspheric design to enhance depth of focus without significantly compromising distance vision, thereby reducing dependence on glasses [1].

爱博诺德（北京）医疗科技股份有限公司（以下简称"公司"）之"焦深延 长型人工晶状体"于近日通过国家药品监督管理局创新医疗器械特别审查获准注 册，现将相关情况公告如下： 一、产品基本信息 产品名称：焦深延长型人工晶状体 型号、规格：型号：AE2UV；AE2UL22（预装式焦深延长型人工晶状体）、 AE2UL24（预装式焦深延长型人工晶状体）、AE2UL28（预装式焦深延长型人工 晶状体）；规格（光焦度）：-10.0～+36.0D，每 0.5D 一个间隔。 适用范围：适用于成年人白内障摘除手术后无晶状体眼的视力矫正，通过扩 展焦深改善中视力以降低对眼镜的依赖程度。 注册类别：Ⅲ类 注册证编号：国械注准 20253161914 证券代码：688050 证券简称：爱博医疗 公告编号：2025-050 爱博诺德（北京）医疗科技股份有限公司 关于焦深延长型人工晶状体通过创新医疗器械特别 审查程序获批上市的自愿披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 公司尚无法预测该医疗器械对公司未来业绩的影响，敬请广大投资者予以关 注 ...

Core Viewpoint - Aibo Medical (688050.SH) has received approval from the National Medical Products Administration for its "Extended Depth of Focus Intraocular Lens," marking a significant advancement in its product offerings [1] Company Summary - The "Extended Depth of Focus Intraocular Lens" is categorized as a high-end refractive intraocular lens, designed for vision correction in adults who have undergone cataract surgery and have no natural lens [1] - The product utilizes advanced aspheric design to extend the depth of focus, improving intermediate vision while maintaining distance vision without significantly reducing it, thereby decreasing reliance on glasses [1]

Core Points - The company Aibo Medical announced that its "Extended Depth of Focus Intraocular Lens" has been approved for registration by the National Medical Products Administration under the special review for innovative medical devices [2] - This product is classified as a high-end refractive intraocular lens, designed for vision correction in adults who have undergone cataract surgery and have no natural lens [2] - The lens features a high-order aspheric design that enhances intermediate vision while maintaining distance vision, thereby reducing dependence on glasses [2]

Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

Group 1 - Aibo Medical experienced a decline of 5.02% on September 23, with a stock price of 72.28 yuan per share, a trading volume of 239 million yuan, a turnover rate of 1.71%, and a total market capitalization of 13.979 billion yuan [1] - Aibo Medical, officially known as Aibo Nord (Beijing) Medical Technology Co., Ltd., was established on April 21, 2010, and went public on July 29, 2020. The company specializes in the research, development, production, sales, and related services of ophthalmic medical devices [1] - The main revenue composition of Aibo Medical includes: artificial lenses (43.86%), contact lenses (30.06%), orthokeratology lenses (15.14%), other myopia control products (6.01%), other surgical products (2.37%), other vision care products (1.62%), and other income (0.95%) [1] Group 2 - Southern Fund has one fund heavily invested in Aibo Medical, specifically the Southern Pharmaceutical Health Flexible Allocation Mixed A (000452), which held 2.1312 million shares in the second quarter, unchanged from the previous period, accounting for 6.07% of the fund's net value, making it the second-largest holding [2] - The estimated floating loss for the fund on the current day is approximately 8.1412 million yuan [2] - The Southern Pharmaceutical Health Flexible Allocation Mixed A (000452) was established on January 23, 2014, with a latest scale of 2.405 billion yuan. Year-to-date returns are 50.93%, ranking 1016 out of 8172 in its category; the one-year return is 57.98%, ranking 2533 out of 7995; and since inception, the return is 242.22% [2]

Group 1 - Aibo Medical's stock price dropped by 5.02% to 72.28 CNY per share, with a trading volume of 239 million CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 13.979 billion CNY [1] - Aibo Medical, established on April 21, 2010, and listed on July 29, 2020, specializes in the research, production, sales, and related services of ophthalmic medical devices [1] - The company's main revenue sources include intraocular lenses (43.86%), contact lenses (30.06%), orthokeratology lenses (15.14%), myopia control products (6.01%), other surgical products (2.37%), vision care products (1.62%), and other income (0.95%) [1] Group 2 - Huabao Fund's Huabao CSI Medical ETF (512170) is among the top ten circulating shareholders of Aibo Medical, having increased its holdings by 231,800 shares in Q2, totaling 4.4169 million shares, which represents 2.33% of the circulating shares [2] - The estimated floating loss for Huabao CSI Medical ETF today is approximately 16.8725 million CNY [2] - The fund was established on May 20, 2019, with a current size of 26.147 billion CNY, yielding 18.43% year-to-date and 42.82% over the past year, ranking 2736 out of 4220 and 2434 out of 3814 in its category, respectively [2]

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical industry in China is experiencing enhanced innovation capabilities, with leading companies showing growth rates surpassing the global average, indicating an increase in global competitiveness [1][2] - Despite recent market fluctuations, the fundamentals of the pharmaceutical industry remain robust, with reasonable valuations and no signs of bubbles [1][3][4] Core Insights and Arguments - The overall valuation of the pharmaceutical sector is deemed reasonable, with potential growth for innovative drug companies projected at 50-100% over the next three years [1][4] - The medical device, CRO (Contract Research Organization), consumer healthcare, and traditional Chinese medicine sectors also show relatively low valuations, indicating manageable risks [1][4] - The current allocation in the pharmaceutical sector is at a historical low, suggesting room for improvement in future investments [5] - The innovative drug sector's logic remains unchanged, with active business development (BD) activities expected, particularly in areas like PD-L1 Plus, ADC, and dual antibodies [1][7] Market Performance and Trends - The pharmaceutical sector has shown significant performance this year, with the Hong Kong stock index rising nearly 100% and the A-share market increasing by approximately 40-50% [3][5] - The recovery of the innovative drug sector is expected to lead to nonlinear growth, with many companies in the sector having a PEG ratio of less than 1, indicating accelerated earnings growth [6][7] - The medical device sector is in a mild recovery phase, with procurement pressures easing and opportunities for domestic companies to gain market share through competitive pricing [3][24][25] Investment Opportunities - Innovative drugs are highlighted as the primary investment focus due to their potential for significant earnings growth and market interest following recent interest rate cuts [6][7] - The medical device sector is also seen as a stable investment opportunity, with leading companies showing signs of recovery in their financial performance [6][7] - Consumer healthcare and traditional Chinese medicine are currently more focused on individual stock selection, with potential for recovery in the latter half of the year [6][35] Company-Specific Insights - Key companies with strong growth potential include Heng Rui, BeiGene, and Innovent Biologics, with expectations of exceeding profit forecasts [7][10] - The performance of companies like WuXi AppTec and WuXi Biologics is also noted, with a focus on their recovery and growth potential in the coming years [19][20] Policy and Regulatory Environment - Recent policy changes, such as the optimization of centralized procurement, are expected to positively impact the pharmaceutical sector, providing better financial and profit margins for innovative drug companies [9][24] - The adjustment of the essential drug list is anticipated to have significant implications for the traditional Chinese medicine sector, with expectations for clearer guidelines in the near future [45] Risks and Challenges - While there are no significant risks currently identified in the industry, geopolitical factors, particularly U.S.-China relations, could introduce uncertainties [23] - The medical device sector faces ongoing pricing pressures, particularly in the context of centralized procurement, which could impact profitability [25][29] Conclusion - The pharmaceutical industry in China is positioned for growth, with innovative drugs and medical devices leading the way. The current market environment presents numerous investment opportunities, particularly for companies demonstrating strong fundamentals and growth potential.