Core Insights - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year increase of 12.79%, with a net profit attributable to shareholders of 999.8 million yuan, up 5.03% [1] - The second quarter of 2025 saw a revenue of 3.538 billion yuan, an increase of 18.60%, and a net profit of 628 million yuan, up 6.99% [1] - The company experienced a steady recovery in domestic demand and accelerated growth in overseas business, with medical imaging and radiation therapy equipment generating 4.890 billion yuan in revenue, a 7.61% increase [1] Revenue Breakdown - By product line, MR revenue reached 1.968 billion yuan (+16.81%), with a significant market share increase, while CT revenue was 1.515 billion yuan (-6.4%) [2] - MI revenue was 841 million yuan (+13.15%), maintaining the top market share in PET/CT for ten consecutive years, and RT revenue was 242 million yuan, with a substantial market share increase of nearly 18 percentage points [2] - Domestic revenue was 4.873 billion yuan (+10.74%), driven by policy implementation and a recovery in market procurement activities, while overseas revenue reached 1.142 billion yuan (+22.48%) [2] Strategic Initiatives - The company's "high-profile" strategy has shown significant results, covering over 70% of U.S. state-level administrative regions and establishing a comprehensive presence in major European economies [3] - The company invested 1.140 billion yuan in R&D in the first half of 2025, accounting for 18.95% of revenue, leading to the launch of over 140 products [3] - The company has achieved comprehensive independent R&D of core components in multiple product lines, ensuring supply chain security and cost advantages [3] Investment Outlook - The company is positioned as a leading domestic medical imaging equipment manufacturer, benefiting from new medical infrastructure policies and large equipment upgrades, with promising overseas market prospects [4] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 2.007 billion yuan, 2.519 billion yuan, and 3.154 billion yuan, reflecting year-on-year growth of 59.05%, 25.51%, and 25.21% respectively [4] - The current stock price corresponds to a PE ratio of 58, 46, and 37 for 2025-2027, maintaining a "recommended" rating [4]

Core Viewpoint - The company reported a revenue of 6.016 billion yuan (+12.79% YoY) and a net profit attributable to shareholders of 999.8 million yuan (+5.03% YoY) for 1H25, aligning with expectations [1] Revenue Trends - The revenue recovery trend is beginning to materialize, with a breakdown of 1H25 revenue by segment: - Equipment sales revenue was 4.890 billion yuan (+7.6% YoY), including CT revenue of 1.515 billion yuan (-6.4% YoY), MR revenue of 1.968 billion yuan (+16.8% YoY), MI revenue of 841 million yuan (+13.2% YoY), XR revenue of 324 million yuan (+26.6% YoY), and RT revenue of 242 million yuan (flat YoY) - Maintenance service revenue was 816 million yuan (+32.2% YoY), accounting for 13.6% of total revenue (+2.0 percentage points YoY) - Software and other revenue reached 310 million yuan (+79.9% YoY) - The company anticipates revenue growth of 5.4% and 18.6% in 1Q25 and 2Q25, respectively, following a 15.9% decline in 4Q24 [2] - Domestic revenue was 4.873 billion yuan (+10.74% YoY), while overseas revenue was 1.142 billion yuan (+22.48% YoY), with overseas revenue accounting for approximately 19% of total revenue (+1.50 percentage points YoY) [2] Gross Margin and Product Development - The company's gross margin for 1H25 was 47.9%, down 1.3 percentage points from 49.2% in 1H24, primarily due to changes in product mix and pricing pressures from equipment procurement projects [3] - The company is expanding its global presence and R&D investments, with over 70% of U.S. state-level administrative regions covered by its high-end imaging equipment, totaling over 400 units installed, including more than 150 PET/CT units [3] - The approval of photon-counting CT in August is seen as a significant milestone, indicating that domestic brands are achieving global competitiveness in high-end medical imaging equipment [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with an 11% increase in the target price to 161 yuan based on DCF analysis (WACC 6.7%, perpetual growth rate 2.0%), indicating a potential upside of 13.5% [4]

财报体检工具显示： 分析师工具显示：证券研究员普遍预期2025年业绩在18.84亿元，每股收益均值在2.29元。 业务评价：公司去年的ROIC为6.89%，资本回报率一般。去年的净利率为12.06%，算上全部成本 后，公司产品或服务的附加值高。从历史年报数据统计来看，公司上市以来中位数ROIC为 11.78%，投资回报也较好，其中最惨年份2018年的ROIC为-6.12%，投资回报极差。公司历史上的 财报相对一般（注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。），公司上 市来已有年报2份，亏损年份2次，显示生意模式比较脆弱。 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 1. 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为1.43%） 2. 建议关注公司应收账款状况（应收账款/利润已达402.58%） 据证券之星公开数据整理，近期联影医疗（688271）发布2025年中报。截至本报告期末，公司营业总收 入60.16亿元，同比上升12.79%，归母净利润9.98亿元，同比上升5.03%。按单季度数据看，第二季度营 业总收入35.38亿元，同比上升 ...

截至2025年8月29日收盘，联影医疗（688271）报收于141.8元，较上周的135.38元上涨4.74%。本周， 联影医疗8月29日盘中最高价报142.98元。8月28日盘中最低价报133.2元。联影医疗当前最新总市值 1168.66亿元，在医疗器械板块市值排名2/126，在两市A股市值排名149/5152。 本周关注点 股本股东变化 截至2025年6月30日，公司股东户数为1.65万户，较3月31日减少4933.0户，减幅为23.01%。户均持股数 量由上期的3.84万股增加至4.99万股，户均持股市值为637.97万元。 联影医疗第二届董事会第二十二次会议于2025年8月25日召开，审议通过《关于调整公司2025年限制性 股票激励计划首次授予价格的议案》和《关于向公司2025年限制性股票激励计划激励对象首次授予限制 性股票的议案》。因公司2024年年度利润分配方案为每10股派发现金红利0.80元（含税），首次授予价 格由95元/股调整为94.92元/股。董事会同意以2025年8月25日为首次授予日，向1,368名激励对象首次授 予447.13万股限制性股票，授予价格为94.92元/股。 联影医疗于2 ...

Core Insights - The company, United Imaging Healthcare (688271.SH), reported a revenue of 6.016 billion RMB for the first half of 2025, reflecting a year-on-year growth of 12.79% [1] - The net profit attributable to shareholders reached 999.8 million RMB, marking a year-on-year increase of 5.03% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 966 million RMB, which represents a year-on-year growth of 21.01% [1] - Basic earnings per share stood at 1.21 RMB [1] - The company proposed a cash dividend of 1.3 RMB per 10 shares (including tax) to all shareholders [1]

Core Viewpoint - In the first half of 2025, United Imaging Healthcare (688271.SH) reported revenues and net profits of 6.016 billion yuan and 999.8 million yuan, respectively, marking year-on-year growth of 12.79% and 4.59% [1] Revenue Performance - After experiencing its first revenue decline since listing due to the impact of the old-for-new policy last year, United Imaging Healthcare has returned to a growth trajectory [1] - The MR (Magnetic Resonance) segment, which is the main revenue driver, generated 1.968 billion yuan in the first half of 2025, reflecting a significant year-on-year increase of 16.81% [1] - In contrast, the CT segment faced challenges from low-price competition, resulting in a revenue decline to 1.515 billion yuan, down over 6% year-on-year [1][2] Product Development - United Imaging Healthcare is focusing on high-end CT technology, having received approval for the "uCT Ultima," China's first photon-counting spectral CT, which offers advantages in spatial resolution and multi-energy spectrum imaging [3] - The service revenue, including maintenance, reached 816 million yuan, showing a nearly 30% year-on-year increase, but only accounted for just over 10% of total revenue [3] Profitability and Market Position - The overall gross margin for United Imaging Healthcare in the first half of 2025 was 47.93%, while the gross margin for service-related business exceeded 60% [4] - There is potential for improvement in the service revenue share, as compared to the "GPS trio" (GE Healthcare, Philips Healthcare, Siemens Healthcare), which has service revenue accounting for over 30% [4] International Business - International business is a significant aspect of United Imaging Healthcare's performance, with overseas revenue reaching 1.142 billion yuan in the first half of 2025, representing a year-on-year growth of 22.48% and accounting for 19% of total revenue, an increase of 1.5 percentage points year-on-year [5][6]

Financial Performance: Steady Improvement - The company reported a revenue of 6.016 billion yuan, a year-on-year increase of 12.79%, indicating steady expansion [5][6] - The net profit attributable to shareholders was 998 million yuan, up 5.03%, while the net profit excluding non-recurring items reached 966 million yuan, growing by 21.01% [5][6] - Operating cash flow turned positive at 48.76 million yuan, recovering from a negative 625 million yuan in the same period last year [5][6] R&D and Products: High Investment and Technical Depth - R&D expenses reached 1.14 billion yuan, accounting for 18.95% of revenue, maintaining a high level compared to industry peers [7] - The company leads several key national R&D projects, showcasing its capability in high-end imaging equipment [7] - The focus on self-developed core components establishes competitive advantages beyond just product offerings [7] Industry Environment: Policy Opportunities and Market Space - There is a pressing demand for medical equipment upgrades, supported by national policies promoting modernization [8][9] - The Chinese medical imaging equipment market is projected to grow from 53.7 billion yuan in 2020 to nearly 110 billion yuan by 2030, with a compound annual growth rate of approximately 7.3% [8] - The shift from single-device demand to comprehensive solutions aligns with the company's capabilities [9] Competitive Landscape: Competing with International Giants - The company’s product line now matches that of international leaders like GE Healthcare and Siemens, covering a wide range of medical imaging technologies [10][11] - It has achieved breakthroughs in high-end fields, establishing itself as a full-line competitor rather than a partial alternative [11] - The competitive focus is shifting from performance metrics to overall delivery capabilities and clinical reputation [11] Strategy and Globalization: Focus and Expansion - The company is advancing its global layout while concentrating on core business areas, divesting non-core assets [12][14] - It has established multiple R&D and production sites to support international sales and service [13][17] - The strategy of "globalization + focus" aims to maintain a sustainable expansion model in a high-investment environment [14][18]

证券代码：688271 证券简称：联影医疗 公告编号：2025-037 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 根据《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运 作》等相关规定，上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）将公司2025年半年 度募集资金存放与实际使用情况专项报告如下： 一、募集资金基本情况 根据中国证监会核发的《关于同意上海联影医疗科技股份有限公司首次公开发行股票注册的批复》（证 监许可[2022]1327号），公司获准向社会公开发行人民币普通股（A股）10,000万股，发行价格为人民 币109.88元/股，募集资金总额人民币1,098,800万元。公司募集资金总额扣除所有股票发行费用（包括 不含增值税的承销及保荐费用以及其他发行费用）人民币264,158,460.63元后的募集资金净额为人民币 10,723,841,539.37元。上述募集资金到位情况业经普华永道中天会计师事务所（特殊普通合伙）审验， 并出具了普华永道中天验字（2022 ...

Core Viewpoint - 联影医疗 reported a solid revenue growth of 12.79% year-on-year, reaching 6.016 billion RMB in the first half of 2025, driven by both domestic and international market performance [1] Financial Performance - The company's net profit attributable to shareholders was 999.8 million RMB, reflecting a year-on-year increase of 5.03% [1] - The net profit excluding non-recurring gains and losses was 966 million RMB, showing a significant growth of 21.01% year-on-year [1] - Basic earnings per share stood at 1.21 RMB [1] - A cash dividend of 1.3 RMB (including tax) per 10 shares is proposed for all shareholders [1] Business Growth - Domestic revenue growth was stable, supported by the acceleration of industry policy implementation and the company's product advantages and market competitiveness [1] - Internationally, the company achieved a remarkable revenue increase of 22.48% year-on-year, reaching 1.142 billion RMB, which now accounts for 18.99% of total revenue [1] - The overseas business has become a crucial driver for the company's sustained growth [1]

Core Viewpoint - The company reported a steady growth in revenue and profit for the first half of 2025, indicating strong performance in both domestic and international markets [1] Financial Performance - The company's operating revenue reached 6.016 billion RMB, representing a year-on-year increase of 12.79% [1] - Net profit attributable to shareholders was 999.8 million RMB, up 5.03% year-on-year [1] - The net profit excluding non-recurring gains and losses was 966 million RMB, reflecting a year-on-year growth of 21.01% [1] - Basic earnings per share were 1.21 RMB [1] - The company plans to distribute a cash dividend of 1.3 RMB per 10 shares (including tax) to all shareholders [1] Business Growth - The company achieved stable growth in domestic revenue due to the accelerated implementation of industry policies and its competitive product advantages [1] - Internationally, the company experienced significant growth, with overseas revenue increasing by 22.48% to 1.142 billion RMB, accounting for 18.99% of total revenue [1] - The overseas business has become a crucial driver for the company's sustained growth [1]