Hao Hai Bio-Sci Completes 100% Acquisition of XinChanye Ophthalmic to Bolster Its Flagship Ophthalmology Segment Amid Earnings Pressure
Haohai Biological Technology
Medical Biomaterials R&D and Manufacturer
Sznimo
Ophthalmic Medical Device R&D, Production, and Sales
【Perspective · Ophthalmology Industry Navigation】
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Haohai Biological Technology Reaches for Ophthalmic Assets Again.
Recently,Shanghai Haohai Biological Technology Co.,Ltd.(688366.SH, 6826.HK) announced that its wholly-owned subsidiary, SHANGHAI HAOHAI MEDICAL TECHNOLOGY DEVELOPMENT CO., LTD., has entered into a supplementary agreement for the equity transfer with the transferor.Proposes to Acquire for RMB 74 MillionShenzhen New Industries Material of Ophthalmology Co.,LtdRemaining 20% Equity。
Previously, Haohai Biological Technology had acquired 60% and 20% of the target company's equity in November 2016 and February 2023, respectively. This acquisitionMarks the final completion of an equity acquisition case that began in 2016 and was advanced step by step through three transactions. After the transaction is completed,Haohai Biological Technology Will Indirectly Hold 100% Equity of Sznimo, achieving a focus onOrthokeratology Lenses and Intraocular Lens BusinessThe full control of the platform company.
InMain business growth continues to slow down, prices of several core categories are compressed by centralized procurement, and the optometry channel has also encountered changes in partners.Why is this company in such a hurry to "take back" its ophthalmology sector?
Sznimo is not a new asset. From 2016 to 2023, Shanghai Haohai Biological Technology Co., Ltd. acquired 80% of its equity in batches, and behind this increase in holdings lies a reality worth re-examining:The performance commitment pressure of the target company has become evident., there is still a significant gap from the overall commitment value by 2025.
In this situation, continuing to increase holdings, on the surface, is about integrating upstream and downstream resources and improving management efficiency, but in essence, it isWhether Betting on Ophthalmology Business Can Support the Company's Next Overall Growth。
When the company's revenue in medical aesthetics, orthopedics, and surgery is under pressure, can ophthalmology take on the role of the "second growth curve"? Does acquiring 100% mean that it has already reached the forefront of strategic priorities?
# Value Reevaluation Under the Pressure of Performance Gambling
Sznimo, as an ophthalmic device platform with a complete industrial chain layout, its value is increasingly prominent in the current industry environment.
The company simultaneously possessesOrthokeratology Lenses and Intraocular LensesThe R&D and production capabilities of the two core products; and establishedMarketing and service system covering eight major regions in China。
This "R&D - Production - Sales" integrated structure makes it one of the few ophthalmic companies in China with full-chain operational capabilities.
Sznimo continues to focus on the research and development of its own products while also undertaking the distribution business of multiple imported ophthalmic products in mainland China. This "Autonomous + Agency"The dual-track model has not only provided it with a stable cash flow, but also accumulated valuable channel resources and market experience. By the end of 2024, the company's total assets reached 250 million yuan, demonstrating a solid business foundation."
However, the true value of the platform still needs to be verified through performance delivery. According to the acquisition agreement,Sznimo's cumulative profit commitment for the 2023-2025 period is approximately 180 million yuan.。
In 2023, 2024, and 2025, the company's business profits shall be no less than RMB 39.6 million, RMB 59.1 million, and RMB 81 million, respectively.
The accumulated profits realized by the company in 2023 and 2024 amount to 63.1688 million yuan, which shows a certain gap from the committed target for the same period.
In the first half of 2025, the sum of the company's net profit and the net profit of intraocular lens products was 16.1877 million yuan., facing significant pressure to achieve the annual target. After gaining full ownership, Haohai Biological Technology is expected to fully unlock its potential value through management optimization and resource synergy.
This kind of performance-based gamble pressure makes this equity acquisition more likeA Reassessment of Asset ValueWhen external growth expectations face adjustments, full ownership means that Haohai Biological Technology will need to independently shoulder the responsibility of improving asset operational efficiency.
# The Inevitable Choice Under Multiple Pressures
Haohai Biological Technology Chooses to Complete the Full Acquisition at This Time Based on Both Immediate Challenges and Long-Term Development Considerations.
In terms of financial performance, the company is facing significant performance pressure. The Q3 2025 earnings report shows,Operating revenue decreased by 8.47% year-over-year to 1.899 billion yuan, and net profit attributable to shareholders dropped by 10.63% year-over-year to 305 million yuan.This downward trend was already evident in the semi-annual report, where revenue and net profit attributable to shareholders dropped by 7.12% and 10.29%, respectively.
By business segment, the revenue and gross margin of the three core product lines—medical aesthetics, ophthalmology, and orthopedics—are generally under pressure, among whichOphthalmic product revenue decreased by 18.61% year-on-year in the first half of 2025, indicating that this business segment is in urgent need of strategic restructuring.
Deeper challenges come from the pressure of business model transformation. Since the beginning of this year,Haohai Biological Technology Successively Encounters Changes in Cooperating Parties：
Due to Hengtai Optics being acquired by Carl Zeiss, the company has lost the exclusive distribution rights for the OK lens "myOK" and the children's myopia control lenses "Precise."
In January 2026, there will also be the risk of the expiration of agency rights for some orthokeratology products.
These changes not only directly impact short-term performance but also expose the structural risks of over-reliance on the agency model.
Against this background, after wholly owning Sznimo, the platform boasts an independent product line, including"ChildJoy" and "ChildBright" and other self-developed OK lens products, will become the core support for Haohai Biological Technology to build its independent business system. Through comprehensive integration, the company can better coordinate R&D, production, and sales resources. In an industry environment where volume-based procurement has become the norm, this strengthens cost control and market response capabilities.
# Path Exploration in the Transition Period
The acquisition by Haohai Biological Technology deeply reflects the transitional challenges and the reconstruction of development paths currently being experienced in China's ophthalmic device industry.
The continuous advancement of the volume-based procurement policy is fundamentally changing the industry's competitive logic.
The prices of products such as intraocular lenses have dropped significantly., forcing companies to shift from marketing-driven to product and cost-driven.
M&A Integration Among International Giants, which may lead to a sudden interruption of domestic agents' business. This external dependency risk is sharply magnified during the period of industrial transformation.
These changes have made it increasingly urgent to build up self-reliant and controllable industrial capabilities.Enterprises not only need to possess independent intellectual property rights and research and development capabilities, but also need to establish an efficient production system and a professional marketing network.。
Haohai Biological Technology's full acquisition of Sznimo represents an important development strategy——Seek Greater Development Autonomy During the Period of Change Through the Deep Integration of Internal Resources。
This transformation is not an isolated case. In recent years, multiple ophthalmic device companies in China have been accelerating the research and development of proprietary products and industrial layout, reflecting a strategic shift across the industry. In this process, how to balance short-term performance pressures with long-term strategic investments, and how to achieve a smooth transition from agency businesses to proprietary operations, has become a critical challenge for all participants.
# The Second Half of the Industry Cycle
For Haohai Biological Technology, the full acquisition of Sznimo represents both a strategic choice to address its current challenges and an important exploration by domestic ophthalmic device companies in a new phase of development.
However, the completion of the acquisition is just the beginning,The real challenge lies in the subsequent integration and operation.: How to improve asset efficiency, how to achieve commercial breakthroughs for proprietary products, and how to establish a sustainable profit model amidst centralized procurement.
The final value of this deal will not only determine whether Haohai Biological Technology can successfully build a "second growth curve," but also provide an important reference for the industry’s development path during the transition period.
When the capital mergers and acquisitions come to a pause,The core competitiveness of enterprises will ultimately return to the essence of competition between product strength and operational strength.Sznimo, as the core platform of Haohai Biological Technology's ophthalmology strategy, will become an important window for observing the effectiveness of industry transformation in the future.
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