Domestic Medical Device Giant Proposes Over RMB 5 Billion Acquisition to Enter High-Growth Sports Medicine Market

Smart Medical Device Network News: Recently, Eyebright Medical, a leader in ophthalmic medical devices, released a significant announcement, proposing to...51% The equity ratio of Delta Medical, a leading enterprise in sports medicine, is controlled by Eyebright Medical, with the total valuation not exceeding10 The valuation is estimated to be in the billions, and the transaction price may exceed...5 100 million yuan.

It is reported that as a benchmark enterprise in the field of medical devices on the Sci-Tech Innovation Board, Eyebright Medical excels in artificial crystalline lenses and orthokeratology lenses (OKMirror) Delta Medical has firmly maintained its leading position in the two core businesses, but2025 The performance pressure since the year has made its transformation needs increasingly urgent.

2025In the third quarter of the year, Eyebright Medical's revenue decreased year-on-year.8.17%, Net profit declined year-on-year29.85%, hitting a new low in recent years. The intraocular lens business has been impacted by national procurement and adjustments in the medical insurance structure, leading to a decline in product prices and consequently a drop in revenue.OK Although the mirror has maintained its base by increasing its share in multiple regional procurement, the reality of the price dropping from ten thousand yuan level to thousand yuan level has significantly compressed the gross margin space.

At the same time, the contact lens business is facing dual pressures from a weak consumer market and intensifying industry competition, with terminal prices continuously falling and the growth ceiling of traditional core businesses gradually becoming apparent.

Facing a slowdown in core business growth, Eyebright Medical has long adhered to"Endogenous Growth"+ The "dual-driven" strategy of external expansion has entered the substantive implementation stage. The high-growth characteristics and technical synergy of the sports medicine sector have become key considerations for its cross-industry layout.

2025 The scale of China's sports medicine market has reached80-100 billion yuan, with a compound annual growth rate maintained at15%-20%, far exceeding the average level of the medical device industry, and approximately80% The market is dominated by foreign brands such as Smith & Nephew and Johnson & Johnson, leaving vast room for domestically produced alternatives.

For Eyebright Medical, entering this golden track can not only摆脱单一业务的周期依赖, but also借助自身技术积累打开增长新空间.

And Delta Medical can become a strategic target of Eyebright Medical, due to its deep accumulation and scarce competitiveness in the field of sports medicine. This company was established in2016 The "specialized, refined, novel" little giant enterprises of the year have built up an insurmountable competitive barrier.

Data shows that Delta Medical is a technology enterprise focusing on the sports health industry. Since its establishment in 2016, Delta...

Eyebright Medical has always adhered to the business philosophy of enabling patients to "regain the joy of movement and restart the power of life." Its strategic layout covers the entire field of sports health, from preoperative prevention and surgical treatment to postoperative rehabilitation. It is an international medical technology group that integrates the research and development, production, sales, and service of sports medicine implants, surgical instruments, arthroscopic equipment, and sports rehabilitation devices.

Currently, the sports medicine market in China is still dominated by international manufacturers. After sports-related injury implants were included in the national volume-based procurement plan in 2024, opportunities were created for local companies to expand their market share and enhance industry influence. Delta Medical, as a leading brand in domestically produced sports medicine, has successfully been selected into Procurement Group A, placing it in the top tier of the industry. It can leverage its first-mover advantage in centralized procurement to advance the process of domestic substitution.

Delta Medical has established modern production bases and R&D centers in Beijing, Chongqing, Sichuan, and other places. As of the date of this announcement, Delta Medical has been granted 276 authorized patents; obtained 34 Class III medical device product registration certificates, 48 Class II medical device product registration certificates, and 63 Class I medical device product registration certificates.

Delta Medical has clinical expert resources and has established an academic platform. Through academic promotion, it strengthens the interaction with professional medical talents in the field of sports medicine; it has extensive sales channels, covering all over China in domestic sales, and covering Southeast Asia, Latin America, the Middle East, Europe and other regions in overseas sales.

Financial data shows that the company's revenue has increased from2023 Year's1.78 Increased to billions2025 Year2.86 RMB billion (unaudited), adjusted net profit in2025 Reached the year2360 tens of millions yuan, showing a strong growth momentum. In this transaction, the founder of Delta Medical committed2026-2028 Annual cumulative net profit is not less than1.65 100 million yuan (2026 Year4500 10,000 yuan,2027 Year5500 Ten Thousand Yuan,2028 Year6500 (Ten thousand yuan), providing a clear expectation for future growth.

Preliminary Estimate10 Billions in overall valuation, corresponding to Delta Medical2026 Estimated P/E ratio for the year15-18 times, significantly lower than the average level of high-growth medical tracks. Considering the high growth potential of the sports medicine track, Delta Medical's industry position, and the expected increase in procurement volume, this valuation level is quite reasonable.

Overall, the combination of Eyebright Medical and Delta Medical is not a simple叠加 of businesses but a deep synergy formed in multiple dimensions such as R&D, production, and channels, which is expected to achieve...1+1>2The integration effect.

Eyebright Medical's long-term accumulation in the field of medical polymer materials (such as silicone hydrogel) can directly empower Delta Medical's sports medicine implant R&D, enhancing the biocompatibility and performance stability of the products; meanwhile, Delta Medical's patented technologies and clinical experience in the field of sports medicine can also enrich Eyebright Medical's technical reserves.

In terms of production, Eyebright Medical has maturedGMP Production system and quality control capabilities can help Delta Medical improve product consistency and scale production efficiency, reducing production costs.

In terms of in-hospital channels, both parties can share the resources of tertiary hospitals. The ophthalmology channel of Eyebright Medical complements the orthopedics and rehabilitation channels of Delta Medical, significantly reducing the cost of expanding into new departments. In terms of overseas expansion, both parties have established a presence in emerging markets such as Southeast Asia and South America, where they can share agent resources and compliance systems to accelerate the expansion process in overseas markets.

From a strategic perspective, this acquisition extends Eyebright Medical's business boundaries from"Ophthalmology" expands to "Musculoskeletal System," forming "Ophthalmology+ "Sports Medicine" Dual-Engine Pattern Significantly Enhances the Company's Risk Resistance and Growth Potential.

It should be noted that the core challenge of cross-border M&A lies in cultural integration and business consolidation. If there are disagreements between the two parties in management models, R&D directions, or market strategies, it may affect the release of synergies. At the industry level, competition in the sports medicine field is becoming increasingly fierce, with foreign brands still occupying a dominant position, and the process of China-produced alternatives may not meet expectations. Additionally, the ongoing deepening of centralized procurement policies for high-value medical consumables could further pressure product prices and gross profit margins.

Eyebright Medical's Acquisition of Delta Medical Provides a Reference for Transformation in China's Medical Device Industry, Reflecting New Trends in Sector Development. Against the backdrop of slowing core business growth and intensifying market competition, leveraging technical and channel advantages to enter high-growth tracks through external mergers and acquisitions has become an important choice for leading enterprises to break through growth bottlenecks.

As a high-growth, high-barrier golden track, sports medicine is attracting more and more capital and enterprises. Under the wave of domestic substitution in China, enterprises with technological advantages and channel capabilities are expected to stand out.5 Behind the billion-yuan acquisition price is Eyebright Medical's strategic determination to摆脱增长焦虑 and seize the golden track, as well as an important opportunity for Delta Medical to accelerate its development with the help of capital.

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