证券代码： 688271 证券简称： 联影医疗 公告编号： 2025-045 上海联影医疗科技股份有限公司关于全资子公司 取得彩色多普勒超声诊断系统医疗器械注册证的 自愿性信息披露公告 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。 上海联影医疗科技股份有限公司（以下简称"公司"）全资子公司武汉联影 医疗科技有限公司于 2025 年 11 月 11 日收到了关于彩色多普勒超声诊断系统的 《医疗器械注册证》。具体情况公告如下： | 类别 | 产品名称 | 生效日期 | 有效期至 | | --- | --- | --- | --- | | NMPA | 彩色多普勒超声诊断系统 | 2025/11/11 | 2030/11/10 | | NMPA | 彩色多普勒超声诊断系统 | 2025/11/11 | 2030/11/10 | | NMPA | 彩色多普勒超声诊断系统 | 2025/11/11 | 2030/11/10 | 作为可及性最强、覆盖最广、最安全的医学影像诊断技术，超声产品线是联 影医疗影像诊疗融合全生态布局中的关键 ...

本次获得《医疗器械注册证》的彩色多普勒超声诊断系统，为公司自主研发的 uSONIQUE Pulse 系列、 uSONIQUE Genesis 系列及 uSONIQUE Venus 系列，构建了覆盖超高端至高端、中端及经济型市场的全 系列超声产品矩阵，该系列系统可全面支持在全身、心脏、心内科、产科、血管、重症监护、急救、麻 醉及床旁等多种科室和应用场景中的使用。依托原生智能技术并基于从硬件到算法全链路内嵌的 uEDGETEC 技术平台，该系列产品实现了从图像、场景及探头的多维主动感知，到语言、视觉、语音 大模型驱动的智能思考，再到图像优化、病灶分析及自动测量等环节的主动执行，标志着超声诊疗进入 全面智能化的新阶段。 uEDGETEC 智能感知技术平台以 PureGrid 纯净矩阵探头、xCompute 异构超算系统、DeepFocus 成像算 法及 MindSpace 智能架构为核心支撑，融合SensiFlow超敏血流等多项创新技术，实现更高成像精度、 更智能的应用体验和持续进化能力。 格隆汇11月12日丨联影医疗(688271.SH)公布,公司全资子公司武汉联影医疗科技有限公司于2025年11月 11日收到了 ...

Core Viewpoint - The acquisition of the medical device registration certificate for the color Doppler ultrasound diagnostic system is expected to enhance the company's product offerings and strengthen its core competitiveness in the market [1] Company Summary - Union Medical's wholly-owned subsidiary, Wuhan Union Medical Technology Co., Ltd., received the medical device registration certificate on November 11, 2025 [1] - The new certification will help diversify the company's product range to meet various clinical needs [1] - This development is anticipated to further enhance the company's core competitiveness [1]

Core Viewpoint - The announcement highlights that the wholly-owned subsidiary of the company, Wuhan United Imaging Healthcare Co., Ltd., received a Medical Device Registration Certificate for its color Doppler ultrasound diagnostic systems, indicating a significant advancement in its product offerings [1] Product Development - The newly certified color Doppler ultrasound diagnostic systems include the uSONIQUE Pulse series, uSONIQUE Genesis series, and uSONIQUE Venus series, showcasing the company's commitment to developing a comprehensive range of ultrasound products [1] - This product range covers ultra-high-end, high-end, mid-range, and economical market segments, indicating a strategic approach to cater to diverse customer needs [1] Application Versatility - The certified ultrasound systems are designed to support a wide array of applications across various medical departments, including general medicine, cardiology, obstetrics, vascular, intensive care, emergency, anesthesia, and bedside use [1]

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Market Overview - The precision medicine sector experienced a slight decline of 0.01% on November 12, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Zhongyuan Xiehe saw a significant increase of 10.00%, closing at 28.61 with a trading volume of 311,400 shares and a transaction value of 857 million [1] - Yangpu Medical and Beilu Pharmaceutical also reported gains of 4.13% and 2.96%, respectively [1] - Guomai Technology, on the other hand, declined by 3.17%, closing at 11.62 [2] Capital Flow - The precision medicine sector saw a net inflow of 311 million from institutional investors, while retail investors experienced a net outflow of 318 million [2] - Major stocks like Zhongyuan Xiehe and Yaoming Kangde attracted significant institutional investment, with net inflows of 1.941 billion and 76.27 million, respectively [3] Individual Stock Highlights - Zhongyuan Xiehe had a net institutional inflow of 1.941 billion, accounting for 22.65% of its trading volume, while retail investors withdrew 932 million [3] - Yaoming Kangde also saw a net institutional inflow of 76.27 million, with retail investors withdrawing 430 million [3] - Other notable stocks with positive institutional inflows include Beilu Pharmaceutical and Yangpu Medical, with net inflows of 33.03 million and 26.56 million, respectively [3]

Core Insights - The medical equipment bidding scale has shown significant growth, indicating a new round of equipment updates is expected to emerge in 2025 [1][3] Group 1: Medical Equipment Bidding Growth - In October 2025, the new equipment bidding scale showed substantial year-on-year growth: MR increased by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [1] - For October 2025 alone, the month-on-month growth rates were: MR at 2.9%, CT at 49.4%, DR at 54.4%, ultrasound at 59.9%, endoscopes at 11.6%, and surgical robots at 108.9% [1] Group 2: Company Performance - In October 2025, company-specific performance showed varied results: - United Imaging's MR decreased by 5.9%, while CT increased by 74.7% - Mindray's ultrasound grew by 61.8% - Kaili's ultrasound and endoscope grew by 54.5% and 96.6% respectively - Aohua's endoscope increased by 4.8% [2] - Cumulatively for the year, United Imaging's MR grew by 46.6%, CT by 59.4%, Mindray's ultrasound by 74.1%, Kaili's ultrasound by 98.1%, Kaili's endoscope by 96.5%, and Aohua's endoscope by 19.7% [2] Group 3: Policy Impact on Market - The implementation of equipment update policies is expected to drive long-term procurement levels in the medical equipment sector [3] - A joint notice from four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability [3] - The domestic market is showing signs of recovery, with increased procurement demand from medical institutions due to supportive macroeconomic policies [4] - United Imaging reported a revenue of 6.866 billion yuan in the domestic market for the first three quarters of 2025, reflecting a year-on-year growth of 23.7% [4]

Core Insights - The medical equipment bidding scale continues to grow, with a new round of equipment updates expected in 2025, which is anticipated to drive long-term procurement levels in the medical equipment industry [1][2][3] Industry Summary - The bidding scale for medical equipment has shown consistent growth, with significant year-on-year increases in October 2025: MRI up 2.9%, CT up 49.4%, DR up 54.4%, ultrasound up 59.9%, endoscopes up 11.6%, and surgical robots up 108.9%. Cumulatively, for the first ten months of 2025, MRI increased by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [2] - Specific company performance in October 2025 shows that while Union Medical's MRI decreased by 5.9%, its CT increased by 74.7%. Mindray's ultrasound grew by 61.8%, and Kailing's endoscope increased by 96.6% [2] Policy Impact - The continuous implementation of equipment update policies is expected to significantly boost procurement levels. A joint notice from four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability to levels seen in middle-income countries [3] - In 2025, the domestic market is expected to recover effectively due to policy support and increased procurement demand from medical institutions, with Union Medical reporting a revenue of 6.866 billion yuan in the first three quarters of 2025, reflecting a 23.7% year-on-year growth [3]

Core Viewpoint - The stock of United Imaging Healthcare (688271) has shown a slight decline, with a closing price of 141.5 yuan on November 11, 2025, reflecting a decrease of 0.19% [1] Financial Performance - For the first three quarters of 2025, the company's main revenue reached 8.859 billion yuan, an increase of 27.39% year-on-year - The net profit attributable to shareholders was 1.12 billion yuan, up 66.91% year-on-year - The non-recurring net profit was 1.053 billion yuan, a significant increase of 126.94% year-on-year - In Q3 2025, the company reported a single-quarter main revenue of 2.843 billion yuan, a year-on-year increase of 75.41% - The single-quarter net profit attributable to shareholders was 122 million yuan, up 143.8% year-on-year - The single-quarter non-recurring net profit was 87.614 million yuan, an increase of 126.24% year-on-year - The company's debt ratio stands at 30.08%, with investment income of 606.847 million yuan and financial expenses of -438.233 million yuan [3] Market Position and Valuation - United Imaging Healthcare's total market value is 116.618 billion yuan, ranking 2nd in the medical device industry - The company's net assets are 20.805 billion yuan, ranking 3rd in the industry - The net profit of 1.12 billion yuan places the company 5th in the industry - The price-to-earnings ratio (P/E) is 78.08, which is higher than the industry average of 62.82, ranking 65th - The price-to-book ratio (P/B) is 5.6, compared to the industry average of 4.02, ranking 106th - The gross margin is 47.02%, lower than the industry average of 51.22%, ranking 77th - The net margin is 12.44%, higher than the industry average of 9.57%, ranking 56th - The return on equity (ROE) is 5.5%, significantly higher than the industry average of 0.15%, ranking 46th [3] Institutional Ratings - In the last 90 days, 27 institutions have rated the stock, with 20 buy ratings and 7 hold ratings - The average target price set by institutions over the past 90 days is 174.43 yuan [4]

Market Overview - The medical device sector experienced a slight decline of 0.13% on November 11, with Danaher Biomedical leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Top Performers - Anxu Bio (688075) saw a closing price of 42.54, with an increase of 4.39% and a trading volume of 23,700 [1] - Nanwei Medical (688029) closed at 86.17, up 3.89% with a trading volume of 31,700 [1] - Yirui Technology (688301) closed at 109.90, increasing by 2.65% with a trading volume of 22,000 [1] Underperformers - Danaher Biomedical (920009) closed at 77.69, down 4.91% with a trading volume of 16,300 [2] - Ruimait (301367) closed at 86.41, down 4.32% with a trading volume of 18,600 [2] - Tianchen Medical (688013) closed at 52.68, down 3.59% with a trading volume of 26,900 [2] Capital Flow - The medical device sector saw a net outflow of 642 million yuan from institutional investors, while retail investors contributed a net inflow of 463 million yuan [2][3] - The top net inflows from retail investors were observed in Nanwei Medical (688029) with 46.22 million yuan, and Tianchen Medical (688013) with 24.78 million yuan [3]