Financial Performance - The company achieved revenue of RMB 694.2 million for the six months ended June 30, 2025, representing a growth of 5.6% compared to RMB 657.1 million in the same period of 2024[7]. - Gross profit for the same period was RMB 410.3 million, an increase of 3.0% from RMB 398.5 million year-on-year[7]. - Net profit for the first half of 2025 reached RMB 160.6 million, reflecting a 15.3% increase from RMB 139.3 million in the previous year[7]. - The company reported a basic and diluted earnings per share of RMB 0.14, up from RMB 0.12 in the same period last year[7]. - The company's hip and knee implant products generated revenue of approximately RMB 604.2 million in the first half of 2025, representing an increase of 8.8% year-on-year[16]. - The spinal and trauma implant products reported revenue of approximately RMB 50.7 million, a decline of 26.5% year-on-year[19]. - Revenue from hip joint replacement implants was approximately RMB 409.7 million, a 14.0% increase from RMB 359.4 million in 2024, driven by increased surgical demand[41]. - Revenue from knee joint replacement implants decreased slightly by 0.7% to approximately RMB 194.5 million from RMB 195.8 million in 2024[41]. - Revenue from digital orthopedic customized products and services increased by 3.9% to approximately RMB 18.4 million from RMB 17.7 million in 2024[43]. - Domestic sales revenue was approximately RMB 566.0 million, a 6.0% increase from RMB 533.8 million in 2024, while overseas sales revenue was approximately RMB 128.2 million, up 4.0% from RMB 123.3 million[44]. Market Expansion and Strategy - The company successfully implemented the joint procurement policy for orthopedic medical devices across all provinces in China, leading to a 33% increase in surgical contributions from high-level hospitals[8]. - The company expanded its international market presence, hosting six events under the "Silk Road Health International Cooperation Project," covering 51 medical institutions with over 140 participants[9]. - The company plans to adjust its sales team structure and implement a tiered hospital coverage strategy to enhance market share and solidify its leading position in the domestic orthopedic industry[9]. - The company plans to expand its international market presence, focusing on enhancing brand influence and competitiveness[14]. - The group has registered 4 new countries for overseas operations in the first half of 2025, with 15 additional countries in the registration process and 5 new distributors added[22]. Technological Innovation - The company continues to focus on technological innovation, leading the industry with advancements in 3D printing, personalized platforms, and intelligent navigation technologies[9]. - The company launched the K3 knee joint intelligent navigation robot system and became the first in the orthopedic field to commercialize self-developed robotic arm technology[9]. - The company’s K3 intelligent surgical robot received approval from the National Medical Products Administration, enhancing the iCOS digital orthopedic platform[14]. - The group achieved breakthroughs in smart medical imaging and digital orthopedics, developing a deep learning-based multi-modal imaging fusion algorithm[25]. - The group has built a comprehensive solution network for "preoperative planning - intraoperative digital assistance - postoperative monitoring" to ensure surgical accuracy and efficiency[20]. Research and Development - Research and development expenses for the six months ended June 30, 2025, were approximately RMB 66.7 million, an increase of 4.9% from RMB 63.6 million in 2024, reflecting ongoing investment in R&D projects[50]. - The group has entered 7 products into the national innovation approval channel, maintaining a leading position in the orthopedic field in China[24]. Financial Position and Cash Flow - As of June 30, 2025, the group's cash and cash equivalents totaled approximately RMB 3,751 million, up from RMB 1,027.7 million as of December 31, 2024[53]. - The group's net current assets as of June 30, 2025, were approximately RMB 1,845.5 million, an increase of about RMB 263.9 million from RMB 1,581.6 million as of December 31, 2024[54]. - The group generated a net foreign exchange gain of approximately RMB 53 million for the six months ended June 30, 2025, compared to a foreign exchange loss of RMB 9 million in the same period of 2024[55]. - Total capital expenditures for the six months ended June 30, 2025, were approximately RMB 766 million, primarily for factory construction, patent purchases, and production equipment[56]. - The group reported a profit before tax of RMB 186,671,000 for the six months ended June 30, 2025, compared to RMB 162,524,000 for the same period in 2024, reflecting a growth of 14.8%[85]. Shareholder Information and Equity - As of June 30, 2025, Mr. Li Zhijiang holds 505,157,500 shares, representing 45.00% of the company's equity[116]. - The total issued shares of the company as of June 30, 2025, is 1,122,695,778[116]. - The largest shareholder, Himalaya Limited, holds 505,157,500 shares, which is 45.00% of the company's equity[118]. - The company has no treasury shares as of June 30, 2025[121]. Corporate Governance and Compliance - The audit committee reviewed the interim financial report for the six months ending June 30, 2025, and found it to be in accordance with applicable accounting standards[169]. - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance for the six months ending June 30, 2025[167]. - The board believes that the current structure of having the same individual serve as both chairman and CEO does not impair the balance of power and authority within the board and management[168].

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].

Core Viewpoint - The report from Guotai Junan maintains a buy rating for Aikang Medical (01789), indicating that the company's performance in the first half of 2025 met expectations, with potential acceleration in the second half [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 694 million yuan, representing a year-on-year increase 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] Group 2: Domestic and International Business Development - The company has made breakthroughs in domestic operations, with the procurement results for artificial joints being implemented across provinces, leading to an increase in market share due to superior product performance and reputation, particularly in high-end hospitals in economically developed regions [3] - The domestic revenue for H1 2025 grew by 6.0% to 566 million yuan, while overseas revenue increased by 4.0% to 128 million yuan, with expectations for acceleration in the second half [3] Group 3: Technological Advancements - The company continues to invest in new technology development, enhancing its competitiveness in the orthopedic field, with over 1,700 clinical surgeries completed using smart-assisted devices by June 2025, and the K3 smart surgical robot approved for market in May 2025 [4] - The company is also improving conventional prosthetics and 3D printing platforms, expanding into sports medicine and biomaterials, which is expected to further enhance its comprehensive competitiveness [4]

Investment Rating - The report maintains a rating of "Buy" for the company [2][10]. Core Views - The company's performance in the first half of 2025 met expectations, and there is potential for acceleration in the second half of the year [2][10]. - The company has achieved steady revenue growth, with a 5.6% year-on-year increase in revenue to 694 million RMB and a 15.3% increase in net profit to 161 million RMB in the first half of 2025 [10]. - The domestic business is making breakthroughs, and overseas exports are continuously expanding, with a 4.0% increase in overseas revenue to 128 million RMB in the first half of 2025 [10]. Financial Summary - Total revenue is projected to grow from 1,100.29 million RMB in 2023 to 2,250.62 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [4]. - Net profit is expected to increase from 182.10 million RMB in 2023 to 499.13 million RMB in 2027, with a CAGR of about 22.4% [4]. - The company's price-to-earnings (PE) ratio is projected to decrease from 32.89 in 2023 to 11.84 in 2027, indicating improving valuation [4]. Market Data - The company's current market capitalization is approximately 6.41 billion HKD, with a stock price range of 3.98 to 7.05 HKD over the past 52 weeks [7][10]. - The target price is set at 7.56 RMB (equivalent to 8.26 HKD) based on a target PE of 21X for 2026 [10].

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]