diff --git a/spring-aop/src/main/java/org/springframework/aop/aspectj/annotation/InstantiationModelAwarePointcutAdvisorImpl.java b/spring-aop/src/main/java/org/springframework/aop/aspectj/annotation/InstantiationModelAwarePointcutAdvisorImpl.java
index dd97da3228f3..89a77213e080 100644
--- a/spring-aop/src/main/java/org/springframework/aop/aspectj/annotation/InstantiationModelAwarePointcutAdvisorImpl.java
+++ b/spring-aop/src/main/java/org/springframework/aop/aspectj/annotation/InstantiationModelAwarePointcutAdvisorImpl.java
@@ -302,10 +302,12 @@ private boolean isAspectMaterialized() {
 
 		@Override
 		public boolean equals(@Nullable Object other) {
+			// For equivalence, we only need to compare the preInstantiationPointcut fields since
+			// they include the declaredPointcut fields. In addition, we should not compare the
+			// aspectInstanceFactory fields since LazySingletonAspectInstanceFactoryDecorator does
+			// not implement equals().
 			return (this == other || (other instanceof PerTargetInstantiationModelPointcut that &&
-					ObjectUtils.nullSafeEquals(this.declaredPointcut, that.declaredPointcut) &&
-					ObjectUtils.nullSafeEquals(this.preInstantiationPointcut, that.preInstantiationPointcut) &&
-					ObjectUtils.nullSafeEquals(this.aspectInstanceFactory, that.aspectInstanceFactory)));
+					ObjectUtils.nullSafeEquals(this.preInstantiationPointcut, that.preInstantiationPointcut)));
 		}
 
 		@Override