爱康医疗(01789)现涨超6%，截至发稿，涨4.34%，报6.25港元，成交额3225.94万港元。 中信建投发布研报称，展望2025下半年，随着人工关节集采续约政策在全国范围内全面落地执行，行业 价格体系趋于稳定。公司在本轮续标中髋、膝关节中标价格均有提升，量价齐升的逻辑有望兑现。同 时，骨科行业手术量有望回暖，公司去年下半年收入基数不高，预计公司今年业绩将呈现前低后高的趋 势，下半年有望实现高速增长。 该行指出，中长期来看，公司在3D 打印、手术机器人等创新产品和数字骨科生态系统上的前瞻布局， 将构筑坚实的技术壁垒，打开新的成长空间；海外市场上，随着"JRI+爱康"双品牌战略深化和产品注册 的不断推进，海外业务有望成为公司强劲的增长引擎。 ...

智通财经APP获悉，爱康医疗(01789)现涨超6%，截至发稿，涨4.34%，报6.25港元，成交额3225.94万港 元。 中信建投发布研报称，展望2025下半年，随着人工关节集采续约政策在全国范围内全面落地执行，行业 价格体系趋于稳定。公司在本轮续标中髋、膝关节中标价格均有提升，量价齐升的逻辑有望兑现。同 时，骨科行业手术量有望回暖，公司去年下半年收入基数不高，预计公司今年业绩将呈现前低后高的趋 势，下半年有望实现高速增长。 该行指出，中长期来看，公司在3D 打印、手术机器人等创新产品和数字骨科生态系统上的前瞻布局， 将构筑坚实的技术壁垒，打开新的成长空间；海外市场上，随着"JRI+爱康"双品牌战略深化和产品注册 的不断推进，海外业务有望成为公司强劲的增长引擎。 ...

Core Viewpoint - Aikang Medical (01789.HK) experienced a significant increase in stock price, rising over 9% in the morning session, with a current increase of 8.73%, trading at 5.98 HKD, with a transaction volume of 74.485 million HKD [1] Group 1 - Aikang Medical's stock price surged by more than 9% during the morning session [1] - As of the report, the stock is up 8.73% and priced at 5.98 HKD [1] - The trading volume reached 74.485 million HKD [1]

爱康医疗(01789)午前涨超9%，截至发稿，涨8.73%，报5.98港元，成交额7448.5万港元。 该行续指，展望2025H2，随着人工关节集采续约政策在全国范围内全面落地执行，行业价格体系趋于 稳定。公司在本轮续标中髋、膝关节中标价格均有提升，量价齐升的逻辑有望兑现。同时，骨科行业手 术量有望回暖，公司去年下半年收入基数不高，预计公司今年业绩将呈现前低后高的趋势，下半年有望 实现高速增长。 中信建投（601066）发布研报称，在国家人工关节集采中，爱康医疗凭借性价比和本土化服务优势，市 占率稳步提升，加速了进口替代和高端医院的覆盖。依托iCOS数字骨科平台，公司构建了"术前规划-术 中导航-术后监测"的全流程解决方案，随着自主研发的K3智能手术机器人获批上市，数字化产品与植入 物有望协同放量。国际化是公司第二增长曲线，通过"爱康+JRI"双品牌战略，公司有效覆盖海外不同市 场，海外收入占比逐渐提升，增长潜力巨大。 ...

Core Viewpoint - Aikang Medical (01789) has seen a significant stock price increase, attributed to its competitive advantages in the domestic artificial joint market and the successful launch of its K3 intelligent surgical robot [1] Group 1: Company Performance - Aikang Medical's stock rose over 9%, currently trading at 5.98 HKD with a transaction volume of 74.485 million HKD [1] - The company is experiencing a steady increase in market share due to its cost-effectiveness and localized service advantages in the national artificial joint procurement [1] - The launch of the iCOS digital orthopedic platform allows the company to offer a comprehensive solution from preoperative planning to postoperative monitoring [1] Group 2: Growth Potential - The international market represents a second growth curve for the company, with the "Aikang + JRI" dual-brand strategy effectively covering various overseas markets [1] - The overseas revenue proportion is gradually increasing, indicating significant growth potential [1] - The company expects to see a rebound in surgical volumes in the orthopedic industry, with a forecast of high growth in the second half of the year due to a low revenue base in the previous year [1] Group 3: Market Outlook - By the second half of 2025, the nationwide implementation of the artificial joint procurement renewal policy is expected to stabilize the industry pricing system [1] - Aikang Medical has seen an increase in bid prices for hip and knee joints in the current round of procurement, suggesting a potential for both volume and price growth [1]

机构：中信建投证券 研究员：贺菊颖/王在存/刘慧彬 核心观点 公司25 年H1 收入增速短期承压，利润增长符合预期。展望2025H2，随着人工关节集采续约政策在全国 范围内全面落地执行，行业价格体系趋于稳定。公司在本轮续标中髋、膝关节中标价格均有提升，量价 齐升的逻辑有望兑现。同时，骨科行业手术量有望回暖，公司去年下半年收入基数不高，预计公司今年 业绩将呈现前低后高的趋势，下半年有望实现高速增长。中长期来看，公司在3D 打印、手术机器人等 创新产品和数字骨科生态系统上的前瞻布局，将构筑坚实的技术壁垒，打开新的成长空间；海外市场 上，随着"JRI+爱康"双品牌战略深化和产品注册的不断推进，海外业务有望成为公司强劲的增长引擎。 事件 公司发布2025 半年度业绩公告 2025 年上半年公司收入6.94 亿元，同比+5.6%；净利润1. 6 1亿元，同比+15.3%。EPS 为0.14 元。 动态信息评述 收入增速短期承压，利润增长符合预期 公司2025 年上半年实现营业收入6.94 亿元（同比+5.6% ），净利润1.61 亿元（同比+15.3%），业绩稳 健增长。在带量采购政策推动下，公司产品进口替代进程加速， ...

致：香港交易及結算所有限公司 公司名稱: 愛康醫療控股有限公司 (於開曼群島註冊成立的有限責任公司) 呈交日期: 2025年10月6日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 III.已發行股份及/或庫存股份變動詳情 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01789 | 說明 | 愛康醫療 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0. ...

2025 中期報告 目錄 獨立非執行董事 江智武先生 李澍榮博士 高偉博士 公司秘書 2 公司資料 4 財務摘要 5 董事長報告書 7 管理層討論與分析 20 審閱報告 21 綜合損益及其他全面收益表 22 綜合財務狀況表 24 綜合權益變動表 25 簡明綜合現金流量表 26 未經審核中期財務報告附註 38 其他資料 公司資料 董事 執行董事 李志疆先生 （董事會主席及行政總裁） 張斌女士 張朝陽先生 趙曉紅女士 非執行董事 王國瑋博士 馬榮堃女士 授權代表 張斌女士 馬榮堃女士 審計委員會（「審計委員會」） 江智武先生 （主席） 李澍榮博士 王國瑋博士 薪酬委員會（「薪酬委員會」） 李澍榮博士 （主席） 江智武先生 李志疆先生 提名委員會（「提名委員會」） 李澍榮博士 （主席）（於2025年6月25日獲委任為主席） 李志疆先生 （於2025年6月25日起不再擔任主席及委員） 江智武先生 張斌女士 （於2025年6月25日獲委任） 註冊辦事處 Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive PO Box 2681 Gra ...

Core Viewpoint - The company's performance in the first half of 2025 met expectations, with potential for acceleration in the second half, maintaining a buy rating [1] Financial Performance - In H1 2025, the company achieved revenue of 694 million yuan, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 161 million yuan, up 15.3% [1] - The EPS forecast for 2025-2027 has been slightly adjusted to 0.30, 0.36, and 0.44 yuan respectively, down from 0.31, 0.39, and 0.48 yuan [1] Domestic and International Business Development - The company has made breakthroughs in domestic business, with a 6.0% year-on-year increase in overall domestic revenue to 566 million yuan in H1 2025 [2] - The company has expanded its overseas business, with H1 2025 overseas revenue growing by 4.0% to 128 million yuan, and new registrations in four countries [2] Technological Advancements - The company continues to invest in new technology research and development, with over 1,700 clinical surgeries completed using smart auxiliary devices by the end of June 2025 [3] - The K3 smart surgical robot, fully developed in-house, was approved for market in May 2025 and has already achieved commercialization by the end of August [3]

Core Viewpoint - The report from Guotai Junan maintains a buy rating for Aikang Medical (01789), with the company's performance in the first half of 2025 meeting expectations and anticipated acceleration in the second half. The EPS forecasts for 2025-2027 have been slightly adjusted downwards, with a target price of 7.56 yuan (equivalent to 8.26 HKD) based on a target PE of 21X for 2026 [1][2]. Group 1 - The company achieved a revenue of 694 million yuan in H1 2025, representing a year-on-year growth of 5.6%, and a net profit attributable to shareholders of 161 million yuan, up 15.3%, indicating stable growth against a high base from H1 2024 [2]. - Domestic business is making breakthroughs, with the company’s artificial joint products gaining market share due to improved performance and reputation, particularly in high-end hospitals in economically developed regions like the Yangtze River Delta and Pearl River Delta. The domestic revenue increased by 6.0% to 566 million yuan in H1 2025 [3]. - The company is expanding its overseas business, with H1 2025 overseas revenue growing by 4.0% to 128 million yuan, and new registrations in four countries, with ongoing approvals in 15 countries, indicating potential for acceleration in the second half [3]. Group 2 - The company is continuously investing in new technology research and development to enhance competitiveness in the orthopedic field. As of June 2025, the company’s smart-assisted devices have completed over 1,700 clinical surgeries, and the K3 smart surgical robot was approved for market in May 2025, with one unit commercialized by the end of August [4]. - The company is also iterating and improving conventional prosthetics and 3D printing platforms, expanding into sports medicine and biomaterials, which is expected to further enhance its comprehensive competitiveness [4].