证券代码：002173 证券简称：创新医疗 公告编号：2025-034 创新医疗管理股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日-2025 年 6 月 30 日。 2、预计的业绩：预计净利润为负值。 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的净利润 | 亏损：1,000 万元–1,300 万元 | 亏损：1,602.96 万元 | | 扣除非经常性损益后的净利润 | 亏损：1,150 万元–1,450 万元 | 亏损：1,660.72 万元 | | 基本每股收益 | 亏损：0.02 元/股–0.03 元/股 | 亏损：0.04 元/股 | 二、与会计师事务所沟通情况 本次业绩预告的相关财务数据未经会计师事务所审计。 三、业绩变动原因说明 本报告期得益于医保回款同比增长引起信用减值损失同比下降等原因，公司 亏损同比有所收窄。 四、风险提示 本次业绩预告是公司财务部门初步测算的结果，具体 ...

创新医疗（002173）公告，预计2025年1月1日-2025年6月30日归属于上市公司股东的净利润亏损1000万 元–1300万元，上年同期为亏损1602.96万元；扣除非经常性损益后的净利润亏损1150万元–1450万元， 上年同期为亏损1660.72万元；基本每股收益亏损0.02元/股–0.03元/股，上年同期为亏损0.04元/股。本次 业绩预告的相关财务数据未经会计师事务所审计。 ...

济南市市场监督管理局医药创新服务中心一直聚焦加快生物医药与大健康产业高质量发展方向，以强化 生物医药、中医药、医疗器械、医美抗衰产业服务能力为工作重点，以省药监局审评核查分中心建设为 契机，立足"家门口、一站式"服务定位，赋能济南市医药产业高质量发展。截至目前，该中心共推动9 个第二类创新医疗器械特别审批申请通过审查，占全省比例连续三年达到60%以上。 该企业此次申报注册的"胃蛋白酶原Ⅰ/Ⅱ检测试剂盒(蛋白芯片—荧光法)"是列入山东省重点研发计划 (重大科技创新工程)的第二类创新医疗（002173）器械产品，可广泛应用于胃癌早期筛查、胃功能评估 及胃部疾病动态监测，为临床提供更精准、高效的诊断工具。该产品的成功研发注册，对于企业提升自 主创新能力和科技竞争力，提高医疗器械产业创新能力、服务全民健康事业具有重要意义。 自产品立项以来，创服中心充分发挥"服务在身边"优势，主动对接企业需求，专人全程跟踪指导，在产 品研发难点攻关、临床试验方案优化、注册资料规范化整理以及质量体系考核等关键环节提供"一对 一"精准服务，帮助企业突破技术瓶颈、优化申报流程，大幅缩短了产品上市周期，为企业抢占市场先 机提供有力支撑。 齐鲁 ...

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Investment Rating - The investment rating for the computer industry is optimistic (maintained) [1] Core Insights - The brain-computer interface (BCI) market has significant potential, with global medical applications expected to reach $40 billion by 2030 and $145 billion by 2040 [5][36] - The technology is maturing, with companies like Neuralink receiving FDA approval for human trials, indicating a shift from concept to practical application [6][8] - Policy support is increasing, with various regions in China implementing plans to accelerate the commercialization of BCI technologies [7][45] Summary by Sections 1. Brain-Computer Interface: Continuous Breakthrough - BCI creates a communication channel between the brain and external devices, enabling direct information exchange [17] - The global BCI market was valued at $2.35 billion in 2023, with a projected CAGR of 16.55% from 2023 to 2033 [35] 2. Policy and Technology Resonance: Bright Commercial Prospects for BCI 2.1 Policy: BCI Medical Pricing Implementation Accelerates Commercialization - Major countries are investing in BCI research, with the U.S. and EU leading in funding and project initiatives [41][44] - China's government has issued multiple directives to guide BCI development, including the establishment of independent pricing for BCI services [45][46] 2.2 Technology: Positive Progress in Clinical Trials, Approaching Industrialization - The BCI system faces numerous technical barriers, particularly in balancing performance and commercial viability [48] - China's BCI sector is rapidly advancing, with increasing publications and patents in the field [51][52] 3. Beneficiary Companies 3.1 Neuralink: Pioneer in Invasive BCI Technology - Neuralink is leading in invasive BCI technology, having initiated human trials and planning further patient implants [55][66] 3.2 Strong Brain Technology: Leader in Non-Invasive BCI - Strong Brain Technology focuses on non-invasive BCI solutions, having developed multiple products and secured significant funding [67][69] 3.3 Rock Mountain Technology: Forward-Looking Layout of Brainwave Large Models - Rock Mountain Technology is developing brainwave large models to enhance human-computer interaction systems [80]

Group 1 - The core viewpoint of the news is the performance and holdings of the Zhongyin Innovation Medical Mixed A fund, which has shown a decline in recent net value but strong performance over the past six months and year-to-date [1] - As of July 10, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.9240 yuan, reflecting a decrease of 0.61%. The fund's return over the past month is -2.55%, ranking 3762 out of 3974 in its category. However, its six-month return is 69.25%, ranking 25 out of 3870, and its year-to-date return is 59.89%, ranking 26 out of 3868 [1] - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.44%, with significant positions in companies such as Kelun-Botai (9.77%), Hengrui Medicine (9.39%), and Innovent Biologics (8.54%) [1] Group 2 - Zhongyin Innovation Medical Mixed A was established on November 13, 2019, and as of March 31, 2025, it has a total scale of 2.613 billion yuan. The fund manager is Zheng Ning [1] - Zheng Ning has a background in finance and has held various positions in asset management, including roles at Taikang Asset Management and Zhonggeng Fund Management. He joined Zhongyin Fund Management in 2022 and has been managing multiple funds since then [2]

Core Insights - The integration of high-tech medical devices such as AI medical devices, medical robots, and implantable medical devices is crucial for shaping new productive forces in the medical device industry [1] - In the first half of this year, China approved 43 innovative drugs and 45 innovative medical devices, marking year-on-year growth of 59% and 87% respectively, indicating that reform policy dividends are transforming into industrial development momentum [1] - The approval of innovative medical devices has reached a new high, with the National Medical Products Administration (NMPA) introducing 10 measures to optimize lifecycle supervision and support the innovation of high-end medical devices [1] Medical Device Innovation - Domestic innovative medical device companies are increasingly emerging, with Shenzhen Beixin Life Technology's peripheral IVUS (intravascular ultrasound) catheter breaking the monopoly of imported products, marking a breakthrough in China's peripheral vascular precision intervention [3] - The introduction of IVUS technology allows for clearer visualization of vascular conditions, addressing limitations of traditional DSA (digital subtraction angiography) methods [3] - The application of IVUS in peripheral vascular intervention is still limited due to product usability issues and insufficient training [3] Market Competition in High-End Medical Devices - The competition in the high-end innovative medical device sector is intensifying, particularly in the field of cardiac pulsed field ablation (PFA), which has seen multiple domestic PFA products approved recently [5] - PFA technology is primarily used for atrial fibrillation treatment and is expected to benefit patients with difficult-to-treat conditions [5] - Major global players like Johnson & Johnson, Medtronic, Boston Scientific, and Abbott dominate over 85% of the electrophysiology market in China, while domestic companies are beginning to gain traction [5] Market Growth Projections - The Chinese cardiac electrophysiology surgery volume is expected to approach 500,000 cases by 2024, with the PFA market projected to reach 1.3 billion yuan by 2025 and grow to 16.3 billion yuan by 2032, reflecting a compound annual growth rate of 43.73% [6] Breakthroughs in Heart Valve Technology - The approval of Shanghai Huihe Medical's transcatheter tricuspid valve ring shaping system K-Clip marks the first domestic tricuspid valve medical device, filling a long-standing gap in the market [7] - There are over 1 million patients with severe tricuspid regurgitation in China, with nearly half potentially benefiting from new tricuspid valve devices [7] - The global market for tricuspid valve devices is expected to expand as more products receive regulatory approval [8] AI and Robotics in Healthcare - The integration of AI technology and robotics in healthcare is anticipated to create innovative opportunities, with the NMPA initiating a second batch of tasks for AI medical devices and biomedical materials [8] - AI models are empowering various aspects of the healthcare industry, from diagnostic assistance to personalized treatment plans and medical image analysis [9]

Group 1: Industry Overview - In the first half of the year, China approved 43 innovative drugs and 45 innovative medical devices, representing year-on-year growth of 59% and 87% respectively, indicating that reform policy dividends are transforming into industrial development momentum [1] - The innovative medical device market in China is rapidly growing, with the number of approved innovative medical devices increasing from 19 in 2019 to 65 in 2024 [2] - The overall market size of China's medical device market is projected to grow from 729.8 billion yuan in 2020 to 941.7 billion yuan in 2024, and is expected to reach 1,813.4 billion yuan by 2035 [2] Group 2: Drivers of Growth - The rapid development of China's innovative medical device industry is driven by four key factors: policy support, market demand, capital investment, and talent availability [3] - The National Medical Products Administration has implemented special review procedures and priority approval channels to significantly shorten the time to market for innovative products [3] - The aging population is increasing medical demand, and the reimbursement policies favoring domestic devices are expanding the grassroots market [3] Group 3: Local Government Initiatives - Local governments, such as those in Chongqing and Shenzhen, have issued action plans and measures to support the development of the medical device industry [4] Group 4: Company Engagement - Numerous listed companies are actively investing in the innovative medical device sector, with products from companies like Shanghai United Imaging Healthcare, Shenzhen Mindray Bio-Medical Electronics, and Shenzhen YHLO Biotech being recognized in high-end medical equipment promotion projects [5] - Guangzhou Jiutai Medical Technology, a subsidiary of Boji Pharmaceutical, specializes in clinical trials and registration services for high-risk medical devices, having provided services for nearly 20 innovative medical devices [5] - Guangdong Baolai Medical Technology recently launched new products, including the BioView anesthesia video laryngoscope and the S200 smart enteral nutrition pump, which has already received a Class II registration certificate [5] Group 5: Future Outlook - Listed companies are expected to enhance their R&D capabilities and accelerate the development and commercialization of innovative medical devices by increasing investment and collaborating with universities and research institutions [6] - To overcome core technology bottlenecks, companies need to focus on technological innovation and talent development while actively participating in international competition and cooperation [6]

Group 1 - The brain-computer interface concept sector rose by 0.74%, ranking 8th among concept sectors, with 17 stocks increasing in value [1] - Leading gainers in the sector included Jihua Group, Entropy Technology, and Beiyikang, which rose by 7.59%, 5.92%, and 4.33% respectively [1] - The sector experienced a net inflow of 366 million yuan, with 18 stocks receiving net inflows, and 12 stocks seeing inflows exceeding 10 million yuan [1][2] Group 2 - Jihua Group had the highest net inflow of 331 million yuan, followed by Innovative Medical, Chengyitong, and Zhongke Information with net inflows of 162 million yuan, 77.97 million yuan, and 36.04 million yuan respectively [1][2] - The net inflow ratios for Jihua Group, Chengyitong, and Zhongke Information were 13.23%, 10.52%, and 8.87% respectively [2] - The trading volume and turnover rates for leading stocks in the sector were significant, with Jihua Group showing a turnover rate of 13.84% [2][3]

Group 1 - The brain-computer interface (BCI) sector has seen significant advancements since 2025, with related stocks experiencing substantial increases, such as Saily Medical up 165.37% and Innovative Medical up 92.46% as of July 3 [1] - The A-share BCI sector has an overall increase of 49.1% this year, indicating a strong market sentiment towards this industry [1] - Policy support has been a driving force, with cities like Beijing and Shanghai launching five-year action plans for BCI development, aiming to cultivate innovative enterprises and achieve clinical application of BCI products by 2030 [1][2] Group 2 - The establishment of China's first BCI industrial cluster in Shanghai marks a significant step in the domestic BCI landscape, with the new facility expected to be operational within the year [2] - The stock market has reacted positively, with multiple BCI-related stocks experiencing consecutive gains, such as Saily Medical and Jihua Group achieving three consecutive trading limits [2] - The BCI theme index in A-shares has risen by 4.96% over the past month, reflecting ongoing investor interest [2] Group 3 - Companies are increasingly engaging with investors regarding BCI developments, with Chengyitong announcing a dual-track strategy in invasive and non-invasive BCI technologies [3] - Chengyitong plans to release three prototypes of neuro-rehabilitation devices integrating BCI technology by July 2024 [3] - Other companies, such as Chengdu Huamei and Pulite, are also exploring BCI applications, focusing on signal processing hardware and high-performance materials, respectively [3]