Eyebright Medical Technology Beijing: UBS-S Research THESIS MAP a guide to our thinking and what’s where in this report

研报英文原文证据摘录

Eyebright Medical Technology Beijing: UBS-S Research THESIS MAP a guide to our thinking and what’s where in this report

Eyebright Medical Technology Beijing UBS-S Research

Executive summary

We downgrade Eyebright Medical from Buy to Neutral, as we see increased uncertainty

surrounding its near-term performance amid subdued consumer spending and

sustained policy-related headwinds. Accordingly, we lower our earnings forecasts and

turn more cautious. That said, we remain positive on the company's product

competitiveness, R&D capabilities, and platform-based product portfolio in the high-

value ophthalmic consumables sector. We also believe the Delta Medical acquisition,

alongside new products such as PRL/EDoF/silicone hydrogels, could serve as important

medium- to long-term growth drivers, though these are unlikely to improve the

company's fundamentals in the near-term. At this stage, we suggest investors wait for

clearer evidence of margin recovery and tangible M&A synergies before a meaningful re-

rating can be justified.

1) Slower-than-expected IOL recovery amid subdued consumer

spending and policy constraints

Management remains cautious on downstream demand, with no clear demand

inflection evident yet in the intraocular lenses (IOL) segment.

Management stated that the company's IOL sales declined by 7.74% YoY in 2025,

and cataract surgery volumes showed no meaningful uptick in Q126. Meanwhile,

factors such as medical insurance cost control and screening restrictions persisted

in H126.

Despite positive clinical feedback for high-end products (Loong Crystal PRL),

commercial ramp-up has been hindered by weak consumer affordability and a

lengthy learning curve for surgeons (government approval of PR toric lens is

expected to take another two years or so).