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HONG KONG--(BUSINESS WIRE)--Yunqi Capital Limited (together with its affiliates and the funds it advises, "Yunqi Capital†), an investment management firm and 5.1% shareholder of STAAR Surgical Company ("STAAR†or the "Company†) (NASDAQ:STAA), today released the following letter to the Board of Directors of STAAR after the decision by STAAR Surgical and Alcon Inc. (SIX/NYSE:ALC) to adjourn STAAR's Special Meeting of Stockholders to vote on the proposed sale to Alcon on the terms announced on Aug. ...

Oct 23, 2025 12:09 PM Eastern Daylight Time Alcon and STAAR Surgical Announce Adjournment of STAAR Special Meeting of Stockholders Share GENEVA & LAKE FOREST, Calif.--(BUSINESS WIRE)--Alcon (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, and STAAR Surgical Company (NASDAQ: STAA), the manufacturer of the Implantable Collamer® Lens (ICL), today announced that STAAR and Alcon have agreed to adjourn STAAR's Special Meeting of Stockholders (the "Special Meeting†) sch ...

**行业与公司** [2][3] * 纪要涉及全球医疗技术行业 特别是跨国医疗科技公司在中国市场的发展 * 核心研究对象为中国医疗科技市场 涵盖医院端设备如影像、诊断、骨科 以及消费端医疗科技如眼科、牙科和助听器等细分领域 [3][4] * 提及的具体公司包括飞利浦、西门子医疗、卡尔蔡司、史赛克、强生、美敦力、波士顿科学、阿尔康、士卓曼等众多跨国企业 [5][7] **核心观点与论据** [3][4][7] **中国医疗科技市场环境转变** * 中国医疗体系进入新阶段 重点转向系统效率、成本控制和本土自给自足 [3] * 早期增长驱动力包括医疗现代化、人口老龄化、全民医保覆盖等 使医疗支出在2000-2015年间实现17%的复合年增长率 2015年后仍保持8%的复合年增长率 [9][10] * 近年来政策环境转变 三大主要政策变化为"中国制造"倡议、带量采购和反腐审计 对跨国企业构成显著逆风 [3][14] **不同细分市场差异显著** * **医院端医疗科技**：跨国企业份额正被本土竞争对手侵蚀 仅在存在创新差距的高端细分市场参与 预计未来大部分终端市场年增长率将恢复至中低个位数 [4] * **消费端医疗科技**：由于当前渗透率低、主要为自费支付、私营成分高 品牌能起到壁垒作用 预计高个位数至双位数增长将持续 [4][23][24][25][26][27] * 消费端医疗科技公司中国区销售占比提升 例如卡尔蔡司从2019年的20%增至2024年的26% 士卓曼从10%增至16% [30] **跨国企业中国业务占比变化** * 对许多欧洲医疗科技公司而言 中国现在占总销售额的份额比新冠疫情前更小 [17] * 例如施乐辉中国区收入占比从2019年的7%降至2024年的4% 预计2025年约为3% 资本设备公司如飞利浦占比从13%的峰值降至10% [17] * 西门子医疗在2023/24财年中国区占比为11% 较峰值下降约300个基点 [5][7] **投资影响与公司分类** * 根据中国业务风险敞口将覆盖公司分为三类：风险类、中性类、机会类 [5][7] * 风险类包括飞利浦、西门子医疗、康乐保等 机会类包括阿尔康、卡尔蔡司、士卓曼、索诺瓦等 [5][7] **其他重要内容** [56][74][75] **本土竞争对手的全球扩张挑战** * 在西方成熟医疗体系 大多数医疗科技终端市场是稳定寡头垄断 市场份额极具粘性 规模驱动盈利能力形成护城河 [56] * 医生习惯使用熟悉产品且重视服务 新进入者难以匹配跨国企业数十年建立的服务网络和临床培训 [57][62][63] * 市场份额与利润率强相关 小公司难以分摊高昂的固定服务成本 [65] * 中国公司在其他新兴市场有更大机会 因跨国企业在这些市场也依赖分销商 提供直接服务较少 [68][69] **技术差距与创新周期** * 在医疗影像等领域 投资者可能低估了创新的复杂性和长开发周期 [74][75] * 例如光子计数CT 西门子医疗2021年推出后 通用电气预计2026年上市 飞利浦仍处于研究阶段 显示领先跨国企业间追赶亦需多年 [76] * 低液氦MRI技术 飞利浦2018年推出 西门子医疗和通用电气2025年才推出 技术差距难以在中期内被超越 [77][78] **本土竞争格局** * 政策加速了本土冠军企业的崛起 例如在医疗影像市场 联影医疗和迈瑞医疗合计占据中国影像设备市场约24%的份额 [44][45] * 在消费医疗科技领域 国际玩家仍主导不同终端市场 本土竞争尚不构成主要威胁 [49][50]

We came across a bullish thesis on Alcon Inc. on X.com by FullySynergized. In this article, we will summarize the bulls’ thesis on ALC. Alcon Inc.'s share was trading at $76.55 as of October 8th. ALC’s trailing and forward P/E were 34.77 and 20.96 respectively according to Yahoo Finance. The company is a leading pure-play ocular health business, benefiting from secular tailwinds driven by an aging population and a rising incidence of myopia, largely due to increased screen time. The stock has underperfor ...

Alcon Inc. (NYSE:ALC) is one of the Best Beaten Down Stocks to Buy According to Hedge Funds. On October 13, BTIG reduced the price target on the company’s stock to $91 from $92, while keeping a “Buy” rating as part of a research note previewing Q3 results for the broader MedTech industry. BTIG Reduces PT on Alcon (ALC) Stock According to the analyst, investors are concerned that lesser number of patients might seek medical treatment due to headlines affecting the MedTech sector. Additionally, the latest ...

HONG KONG--(BUSINESS WIRE)--Yunqi Capital Limited (together with its affiliates and the funds it advises, "Yunqi Capital†), an investment management firm and 5.1% shareholder of STAAR Surgical Company ("STAAR†or the "Company†) (NASDAQ:STAA), today issued the following letter to the Board of Directors of STAAR regarding Yunqi's opposition to the proposed sale to Alcon Inc. (SIX/NYSE:ALC) on the terms announced on August 5, 2025. The text of the letter to the Board is as follows: October 21, 202. ...

NEW YORK--(BUSINESS WIRE)--Broadwood Partners, L.P. and its affiliates ("Broadwood†or "we†) today announced that Institutional Shareholder Services Inc. ("ISS†), a leading independent proxy advisory firm, has recommended that the shareholders of STAAR Surgical Company ("STAAR†or the "Company†) (NASDAQ: STAA) vote "AGAINST†the Company's proposed acquisition by Alcon Inc. ("Alcon†) (NYSE: ALC) (the "Proposed Merger†) on the GREEN Proxy Card. ISS is the third proxy advisory firm to recommend sh. ...

NEW YORK--(BUSINESS WIRE)--Broadwood Partners, L.P. and its affiliates ("Broadwood†or "we†) today commented on the recent Current Report on Form 8-K filed by STAAR Surgical Company ("STAAR†or the "Company†) (NASDAQ: STAA) with the U.S. Securities and Exchange Commission ("SEC†) of a "supplement†to the Company's definitive proxy statement, filed on September 16, 2025, in connection with the proposed acquisition of STAAR by Alcon Inc. ("Alcon†) (NYSE: ALC). Broadwood, which owns 27.5% of STAAR. ...

NEW YORK--(BUSINESS WIRE)--Broadwood Partners, L.P. and its affiliates (collectively, "Broadwood†) today issued the following letter to the Board of Directors (the "Board†) of STAAR Surgical Company ("STAAR†or the "Company†) (NASDAQ: STAA). Broadwood, which owns 27.5% of STAAR's outstanding common shares, continues to urge its fellow shareholders to vote on its GREEN Proxy Card "AGAINST†the proposed acquisition of STAAR by Alcon Inc. ("Alcon†) (NYSE: ALC) on the terms announced August 5, 2025. ...