Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 694 million yuan in the first half of 2025, representing a year-on-year increase of 5.6%, and a net profit of 161 million yuan, up 15.3% year-on-year. Despite a slight slowdown in revenue growth, profit growth remains strong due to factors such as increased procurement volume and price, government subsidies, and R&D grants. The company is expected to see significant revenue and profit growth in the second half of the year driven by overseas revenue growth and increased surgical volumes [1] Summary by Sections Growth Potential - Hip joint revenue showed steady growth, while single-compartment knee joint revenue experienced short-term fluctuations due to price adjustments from centralized procurement. In H1 2025, hip joint revenue was 410 million yuan, up 14% year-on-year, while knee joint revenue was 194 million yuan, down 0.7% year-on-year. The company expects revenue and profit growth in H2 2025 as the impact of price adjustments from centralized procurement stabilizes [2] - Overseas revenue showed some fluctuations in H1 2025, with domestic revenue at 570 million yuan (up 6% year-on-year) and overseas revenue at 128 million yuan (up 4% year-on-year). The company is expanding its overseas presence, having registered in four new countries and having 15 countries in the approval process. High growth in overseas revenue is anticipated in H2 2025 [3] Profitability - The gross margin is expected to stabilize around 60%. In H1 2025, the gross margin was 59.1%, a decrease of 1.5 percentage points due to the impact of centralized procurement and a decline in overseas revenue proportion. The company anticipates a recovery in gross margin in H2 2025 as overseas revenue growth resumes [4] - The net profit margin is expected to remain above 20%. In H1 2025, the net profit margin was 23.1%, an increase of 2.0 percentage points year-on-year, supported by government and R&D subsidies. The company expects a slight decrease in expense ratios, maintaining a net profit margin above 20% for the year [4] Financial Forecast and Investment Advice - The company forecasts revenues of 1.597 billion yuan, 1.930 billion yuan, and 2.300 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.6%, 20.8%, and 19.2%. The net profit is expected to be 330 million yuan, 402 million yuan, and 478 million yuan for the same years, with corresponding year-on-year growth rates of 20.3%, 22.1%, and 18.9%. The estimated EPS for these years is 0.29 yuan, 0.36 yuan, and 0.43 yuan, corresponding to a PE ratio of approximately 18 times for 2025, maintaining a "Buy" rating [5]

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8月31日 狀態: 新提交 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) II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,122,695,778 | | 0 | | 1,122,695,778 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,122,695,778 | | 0 | | 1,122,695,778 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存 ...

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of September 1, 2025 [1][2][3]. Group 1: Increased Holdings - Aikang Medical (01789) saw the largest increase in holdings, up by 1.59%, bringing its total to 20.34% [1]. - Yimai Sunshine (02522) and Shanghai Fudan (01385) also experienced notable increases of 1.19% and 0.91%, with new holdings of 38.82% and 41.13% respectively [1]. - Other companies with significant increases include Jingtai Holdings (02228) and Fourth Paradigm (06682), both up by 0.86%, with holdings of 41.75% and 46.65% respectively [1]. Group 2: Decreased Holdings - Hang Seng China Enterprises (02828) experienced the largest decrease, down by 15.91%, now holding only 0.50% [2]. - Other notable decreases include the Tracker Fund of Hong Kong (02800) and Southern Hang Seng Technology (03033), which fell by 7.39% and 2.67%, with holdings of 0.69% and 59.48% respectively [2]. - Companies like Huaxia Hang Seng Biotechnology (03069) and Yuzhou Group (01628) also saw reductions of 1.59% and 1.27%, with holdings of 13.93% and 2.06% respectively [2]. Group 3: Five-Day Changes - Over the last five trading days, Anjijia Food (02648) led with a 4.24% increase, reaching a holding of 16.87% [3]. - Other companies with significant five-day increases include Jinli Permanent Magnet (06680) and Ganfeng Lithium (01772), which rose by 3.94% and 3.34%, with holdings of 28.00% and 34.97% respectively [3]. - Companies like Jingtai Holdings (02228) and Times Angel (06699) also saw increases of 3.12% and 2.06%, with holdings of 41.75% and 23.15% respectively [3]. Group 4: Twenty-Day Changes - In the last twenty days, Anjijia Food (02648) had the highest increase at 14.45%, with a holding of 16.87% [4]. - Changfei Optical Fiber (06869) and Yimai Sunshine (02522) also saw significant increases of 8.06% and 7.96%, with holdings of 54.02% and 38.82% respectively [4]. - Other notable increases include Meizhong Jiahe (02453) and Jingtai Holdings (02228), which rose by 7.16% and 6.99%, with holdings of 37.60% and 41.75% respectively [4].

Core Viewpoint - The report from CICC maintains the EPS forecast for Aikang Medical (01789) at 0.30 CNY for 2025 and 0.36 CNY for 2026, with a target price of 7.11 HKD, indicating a potential upside of 26.73% from the latest closing price [1] Group 1: Financial Performance - In 1H25, Aikang Medical reported revenue of 694 million CNY, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 161 million CNY, up 15.3%, with diluted EPS of 0.14 CNY, aligning with CICC's expectations [1] - The company's hip joint business generated revenue of 410 million CNY, a 14% increase year-on-year, while knee joint business revenue was approximately 194 million CNY, a slight decline of 0.7% due to price adjustments and returns [2] - The gross profit margin for 1H25 was 59.1%, down 1.5% year-on-year, primarily due to a decrease in the revenue share from spinal products [4] Group 2: Growth Drivers - The company anticipates accelerated growth in overseas sales in the second half of 2025, with overseas revenue reaching 128 million CNY in 1H25, and an estimated actual growth rate of about 7% after adjustments [2] - Aikang Medical is responding to favorable policies by initiating a digital transformation, with seven products entering the innovation channel and five digital orthopedic training centers established [3] - The net profit margin increased to 23.1%, up 1.9 percentage points year-on-year, supported by revenue growth and cost control measures [4] Group 3: Market Position and Strategy - The company maintains its industry-leading position, with strong performance in Southeast Asia and Central Asia, where revenues grew approximately 60% and 30%, respectively [2] - Aikang Medical plans to build a comprehensive ecosystem covering pre-operative (AI surgical planning), intra-operative (robotics/navigation), and post-operative (patient management) phases to drive growth in orthopedic smart assistive device installations [3]

Core Viewpoint - Company maintains a positive outlook with projected EPS of 0.30 CNY for 2025 and 0.36 CNY for 2026, indicating a P/E ratio of 17.2x and 14.3x respectively for those years, with a target price of 7.11 HKD, suggesting a potential upside of 26.73% from the latest closing price [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 694 million CNY, reflecting a year-on-year growth of 5.7%, while net profit attributable to shareholders was 161 million CNY, up 15.3%, corresponding to a diluted EPS of 0.14 CNY, aligning with expectations [1] - The hip joint business generated 410 million CNY in revenue, marking a 14% increase year-on-year, while knee joint business revenue was approximately 194 million CNY, showing a slight decline of about 0.7% due to price adjustments and returns [2] - Gross margin stood at 59.1%, down 1.5% year-on-year, primarily due to a decrease in the revenue share from spinal products, while net profit margin improved to 23.1%, up 1.9 percentage points year-on-year [4] Group 2: Market and Sales Dynamics - The company estimates that overseas sales revenue reached 128 million CNY, with an actual growth rate of about 7% after adjustments, particularly strong performance noted in Southeast Asia and Central Asia with revenue growth of approximately 60% and 30% respectively [2] - The company is responding to favorable policies by initiating a digital transformation, with seven products entering the innovation channel and five digital orthopedic training centers established, aiming to create a comprehensive ecosystem for orthopedic smart-assisted devices [3] Group 3: Cost Management - The company achieved net profit growth through effective cost control, with stable sales, management, and R&D expense ratios at 16.9%, 11.1%, and 9.6% respectively, showing minor fluctuations [4]

机构：中金公司 研究员：张一弛/李千翊/张琎 盈利预测与估值 维持25 年EPS 预测0.30 元，26 年EPS 预测0.36 元。现价对应25-26 年17.2/14.3x P/E。维持"跑赢行业"评 级，维持目标价7.11 港元，对应25-26 年22.1/18.3x P/E，较最新收盘价有26.73%的上升空间。 风险 集采结果不及预期；新产品上市进度不及预期；汇率波动；突发医疗事件。 发展趋势 1H25 主营业务保持增长，海外销售增长下半年有望提速。1H25 公司业绩小幅增长，保持行业领先地 位：髋关节业务营业收入达4.1 亿元，同比增长14%，维持了去年下半年的较高增速；膝关节业务营业 收入约1.94 亿元，同比下降约0.7%，主要原因系单髁产品价格调整和退换货。公司海外销售收入1.28 亿元，公司估计调整境内交货但最终用于海外部分后实际增速达到约7%，东南亚、中亚地区表现亮眼 （分别收入增长约60%和30%），考虑跨境支付延迟因素，2H25 海外部分营业收入有望进一步增长。 政策端持续利好，数字骨科计划全面启动。1H25 医保局连续五次召开专题座谈会支持创新药械。国家 药监局优化高端医疗器械生命 ...

智通财经APP讯，爱康医疗(01789)发布截至2025年6月30日止六个月的中期业绩，收入6.94亿元(人民 币，下同)，同比增加5.65%;股东应占溢利1.61亿元，同比增加15.34%，每股基本盈利0.14元。 ...

爱康医疗(01789)发布截至2025年6月30日止六个月的中期业绩，收入6.94亿元(人民币，下同)，同比增 加5.65%;股东应占溢利1.61亿元，同比增加15.34%，每股基本盈利0.14元。 ...

格隆汇8月27日丨爱康医疗(01789.HK)公布中期业绩，截至2025年6月30日止六个月，集团实现销售收入 约人民币6.942亿元，较2024年同期上升约5.6%，实现净利润约人民币1.606亿元，较2024年同期上升约 15.3%。 2025年上半年，在带量采购政策推动下，进一步加速进口替代，公司产品的手术量需求持续增长，带量 内产品销售获得进一步增长。 ...

（於開曼群島註冊成立的有限責任公司） (股份代號：1789) 截至2025年6月30日止六個月的中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 財務摘要 愛康醫療控股有限公司（「愛康醫療」或「本公司」）董事（「董事」）會（「董事會」） 謹此宣佈本公司及其附屬公司（此後統稱「本集團」）截至2025年6月30日止六個 月（「報告期間」）的未經審核綜合中期業績，其已經本公司審計委員會（「審計委 員會」）審閱。本集團於報告期間的財務摘要連同上一期間同期的比較數字載列如 下： 截至6月30日止六個月 | | 2025年 | 2024年 | 變動百分比 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 694,227 | 657,102 | 5.6% | | 毛利 | 410,335 | 398,480 | 3.0% | | 期內溢利 | 160,611 | 139,253 | 1 ...