Eyebright MedicalThe overall valuation of the target company for this proposed acquisition is estimated to be no more than 1 billion RMB.And stated that this transaction does not constitute a related party transaction, nor does it constitute a major asset restructuring as defined by the Measures for the Administration of Major Asset Restructuring of Listed Companies.

Acquisition of 51% Equity

Layout Sports Medicine

As the first major acquisition in China's medical device sector in 2026, this acquisition, from the perspective of its core transaction elements,Control and valuation are the two major focuses of this acquisition.Eyebright Medical explicitly proposed to acquire no less than 51% equity, aiming to achieve absolute control over the target company. The funding will adopt a combination model of acquisition loans and own funds. The overall valuation cap is locked at 1 billion yuan, and the final transaction price will be determined through negotiation based on subsequent due diligence, audit, and asset evaluation results.

This valuation level echoes the performance growth trend of Delta Medical.Its operating revenue increased from 178 million yuan to 286 million yuan between 2023 and 2025, while its adjusted net profit surged from -7.08 million yuan to 23.6 million yuan, achieving a leapfrog growth from losses to profitability over the three-year period.

It is worth mentioning that this transaction has set strict performance commitments and reward and punishment mechanisms. The announcement shows,Delta Medical needs to achieve a cumulative net profit of no less than 165 million yuan from 2026 to 2028.The annual targets are 45 million yuan, 55 million yuan, and 65 million yuan.If the target is not met, founder Li Jianbo will transfer the corresponding equity compensation at zero cost.If exceeded, cash rewards will be given to the core team.

At the same time, the two parties agreed on a six-month exclusivity period, during which Delta Medical shall not negotiate equity transactions with any third party, providing assurance for the transaction to proceed.

The announcement information shows that Delta Medical was established on July 12, 2016, with a registered capital of over 12.14 million yuan. Li Jianbo serves as the company's legal representative, chairman, and general manager, holding 14.7994% of the shares directly. His spouse, Pu Xiaolu, holds 5.8011% of the shares directly. Through direct and indirect shareholding, plus a voting agreement signed with some shareholders, Li Jianbo and Pu Xiaolu jointly own 43.3825% of the company’s control, making them the actual controllers of the company.

As an international medical technology group, Delta Medical focuses on the full-field layout of sports health.The business scope covers the entire process of preoperative prevention, surgical treatment, and postoperative rehabilitation, with a core focus on sports medicine implants, surgical tools, arthroscopic equipment, and sports rehabilitation devices and equipment.Forming a complete industry chain integrating R&D, production, sales, and service.Industry Chain, CurrentlyHas grown into a national high-tech enterprise and a "specialized, refined, novel" little giant enterprise.

Currently,Delta Medical has established modern production bases and R&D centers in multiple locations such as Beijing, Chongqing, and Sichuan, with its technical research and industrialization layout taking initial shape.As of the date of this announcement, Delta Medical has been authorized with 276 patents and possesses a complete system of medical device product registration qualifications, including 34 Class III registration certificates, 48 Class II registration certificates, and 63 Class I registration certificates. The compliance and professional level of its technology and products rank among the top in the industry.

It is worth mentioning that,Delta Medical was successfully selected for the fourth batch of China's national high-value medical consumables procurement Group A, firmly ranking among the top tier in the industry.It not only has abundant clinical expert resources, but its sales network covers all over China and extends to overseas regions such as Southeast Asia, Latin America, the Middle East, and Europe, showing significant results in global layout.

Moreover, in terms of R&D innovation, smart manufacturing capabilities, and the layout of sales channels both domestically and internationally, Delta Medical and Eyebright Medical have significant potential for business synergy.

This acquisition holds profound strategic significance for Eyebright Medical, marking a critical step in the company's transformation from a "single-track champion" to a platform-based enterprise, helping to alleviate performance pressures. In terms of business layout, the acquisition enables dual drivers in ophthalmology and sports medicine, fundamentally diversifying operational risks; meanwhile,The integration of resources in R&D, channels, and other aspects by both parties can accelerate value release and alleviate short-term performance pressure.

However, there are still risk points in the three-year performance bet of this transaction. If the performance is not completed, it will further drag down.Eyebright Medical's Future Profitability. In this regard, some viewpoints have pointed out:“Compared to the risk of continued performance pressure, this acquisition remains the optimal solution for Eyebright Medical.

So, Eyebright Medical’s 10-billion-yuan cross-border acquisition from ophthalmology to sports medicineWhether it can ultimately solve the problem of performance pressure remains to be seen. Instrument Family will continue to follow up.