Aibo Medical, Hit by OK Lens Sales Slump, Pursues Cross-Sector Acquisition of Orthopedic Firm Demei Medical

Source: Jian Shi Ju

On the evening of January 20, Eyebright Medical, a leading company in the ophthalmology industryEyebright MedicalAnnouncement: Signed the "Letter of Investment Intent" with Delta Medical and its founder, largest shareholder, chairman, general manager, and legal representative, Li Jianbo. The company plans to acquire no less than 51% of the equity of the target company and gain control through a combination of acquisition loans and self-owned funds.

Eyebright Medical is second only toOphthalmic CareEyebright Medical is the leading enterprise in the orthokeratology lens industry and also the only domestic company that has made it into the top five in China in the artificial crystalline lens field.But this year, these two pillar businesses are struggling. In June 2023, Hebei led the Sanming Procurement Alliance to conduct a centralized procurement of OK lenses, causing the price defense line of OK lenses to collapse, with the highest price reduction reaching 70%. The impact of the price reduction from the centralized procurement of artificial crystals has not yet been fully absorbed, and this year, many regions have started to restrict cataract-related screening activities, leading to a product sales decline that exceeded expectations.

Eyebright Medical once frankly admitted,Company2025Profit growth targets face significant pressure。This acquisition is likely aimed at addressing the decline in core business performance.The Efforts Made。

However, in the eyes of many industry insiders,ThisOne StepCrossing too far: Delta Medical is a leading enterprise in sports medicine in China.，Having nothing to do with ophthalmology, and its core products have already been included in the national centralized procurement. Can such an acquisition bring new vitality to Eyebright Medical?

The Prospects Gradually Dimmed

Eyebright Medical's performance last year was not good. In the first three quarters of 2025, the company achieved operating revenue of 1.144 billion yuan, a year-on-year increase of 6.43%; net profit attributable to shareholders of the listed company was 290 million yuan, a year-on-year decrease of 8.64%. In particular, in the third quarter, the company's single-quarter operating revenue decreased by more than 8% year-on-year, and the net profit attributable to shareholders of the listed company decreased by nearly 30% year-on-year.

Previously, the company estimated that Eyebright Medical's revenue in 2025 would increase by 20%-30% year-over-year, and the net profit attributable to shareholders of the parent company would grow by 10%-20% year-over-year.The company now expects that this goal is highly unlikely to be achieved.，And it will be more difficult in 2026.。

In 2025, the orthokeratology lens (OK lens) market showed signs of recovery. Eyebright Medical’s OK lens achieved double-digit growth in the third quarter, with overall single-digit growth across the first three quarters. However, following centralized procurement, the price defense of OK lenses has collapsed. In Beijing, for instance, the price of OK lenses has generally dropped by 45%-60%, moving from over ten thousand yuan per pair to the "thousand-yuan era."

Price Reduction of OK Lenses，EvenDriven the price reduction of other myopia prevention and control products such as defocus glasses.，The downward trend in prices is irreversible, and it is also difficult to tap into more market potential through price cuts.

The intraocular lens business is even less optimistic, with both volume and price having declined. The company stated that the impact of centralized procurement on the product's pricing has been gradually absorbed in the third quarter, but the strategy of trading price for volume has not gone smoothly. In the first half of this year, the overall cataract surgery volume in the industry showed a slight downward trend.

The company's investigation found that,Local governments, in conjunction with the status of local medical insurance funds and payment capabilities, have adopted various regulatory measures to restrict cataract-related screening work.。Since most cataract patients are elderly, and many reside in rural and remote areas, they often lack the awareness to seek medical care proactively. Moreover, as cataract surgery is not an emergency procedure, patients' willingness to seek treatment is already low, and screening restrictions have further contributed to a decline in surgical volumes.

Eyebright Medical has been continuously developing multifocal and extended depth-of-focus intraocular lenses in recent years, but recently discoveredThe medical insurance policy sets restrictions on the proportion of self-paid products used by medical institutions, and hospitals are not allowed to arbitrarily guide patients to choose self-paid products.。This means that the substitution space for high-end products is also very limited.

To make matters worse, since 2021, the contact lens industry chain that Eyebright Medical has built through the acquisition of companies such as Tianyan Pharmaceuticals and Fujian Younikang has also shown signs of a price war. The company stated: "Due to the impact of an increasingly competitive consumer market environment, terminal prices have declined, while on the production side, competition within China has intensified."Factory Price、Profit margins have fallen across the board.

A Surefire Deal?

Eyebright Medical has long been planning to cross over. In 2021, Eyebright Medical set its sights on the "appearance economy."Once ventured into the hyaluronic acid market,LayoutMedical Aesthetics Industry，Currently, no products have been registered for market launch.

This cross-border acquisition of a sports medicine products company is even more different from Eyebright Medical's original business. Sports medicine is a specialized field within orthopedics, primarily dealing with sports-related injuries.The scale of China's sports medicine market is not large, with the market size of China's sports medicine industry in 2023 being approximately 6 billion yuan.，Among them, foreign-funded companies account for nearly 90% of the market share.

In China, there are mainly three companies specializing in sports medicine products: Tianxing Medical, Ruijian Medical, and Delta Medical, which is the target of this acquisition.

In September 2023, the sports medicine centralized procurement was launched, and in November of the same year, the results were announced, with an average price reduction of 74% for sports medicine consumables. However, due to the long-term dominance by imported products previously, there is still significant room for volume-for-price exchange.

Delta Medical is willing to accept acquisition by a listed company,A large part of the reason may beThe Path to IPO for Sports Medicine Companies Is Not Smooth。In April 2023, Ruijian Medical registered for coaching and filing with the Zhejiang Securities Regulatory Bureau. In September, Tianxing Medical applied for a STAR Market IPO, but neither process went smoothly. June 2025,Tianxing Medical Due toSponsorWithdrawal of sponsorship leading to termination of IPO review，Thereafter, it moved on to the Hong Kong Stock Exchange. However, there has been no further news about Ruijian Medical.

Delta Medical has smaller revenue and profit scales compared to Tianxing Medical. In 2023 and 2024, Delta Medical's revenues were 178 million yuan and 236 million yuan, respectively; during the same periods, Tianxing Medical's revenues were 239 million yuan and 327 million yuan, respectively. Tianxing Medical achieved profitability for the first time in 2022, and by 2024 its net profit was close to 100 million yuan, while Delta Medical’s net profit was only 23 million yuan in the same period, reaching just 25 million yuan in 2025.

If Tianxing Medical finds it difficult to go public, then there's even less chance for Delta Medical.Delta Medical's valuation is not high either, and the acquisition price this time is estimated.Only 1 billion yuan, it is difficult to meet the listing requirements of the STAR Market.

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