从传统低值耗材企业到全球创新高值 医疗器械 平台企业， 蓝帆医疗 用了十年的战略定力，完成了中国 医疗器械行业最具代表性的转型升维。这家成立于2002年的企业，以十年为周期，在2025年交出了一份 跨越周期的成长答卷。 第一个十年：低值耗材龙头的原始积累（2003-2012） 在2002年成立之初，蓝帆医疗以医疗手套为核心产品，凭借中国加入WTO的东风，公司通过全球贸易 和精益制造，迅速成长为PVC手套领域全球龙头。这一阶段，公司构建了扎实的制造能力、供应链管理 体系和运营能力及管理，为后续转型积蓄了关键势能。在2010年更是成了手套行业内第一家上市的公 司。 在第三个十年，蓝帆医疗已不仅仅是一家医疗器械企业，而是中国创新医疗器械走向全球的"超级接 口"。正如公司使命所述："做医疗 健康中国 创造，为人类生命保驾护航"，这或许正是中国医疗器械行 业从"跟跑"到"并跑"再到"领跑"的最佳注脚。 2013年蓝帆医疗启动战略转型，决定向高值医疗耗材领域发展。2018年，蓝帆医疗跨境收购新加坡柏盛 国际，开启"低值+高值"双轮驱动战略。这次交易，是截至当时中国医疗器械史上最大的跨境并购，使 公司直接切入冠脉介入领域成 ...

Core Viewpoint - The company reported a significant improvement in its cardiovascular business, achieving a turnaround in profitability despite losses from fair value changes related to its investment in a leading artificial heart company [1][2]. Financial Performance - The company recorded a net profit of -135 million yuan for the first half of 2025, marking a year-on-year reduction in losses by 15.88% [1]. - The cardiovascular division generated 695 million yuan in revenue, contributing significantly to the overall improvement in the company's operational quality [1]. Business Growth - The cardiovascular division's performance saw a year-on-year growth rate exceeding 22%, with a notable reduction in sales and management expense ratios, leading to a substantial increase in profitability [2]. - Key products such as the BioFreedom® Ultra stent and BA9™ drug balloon experienced significant sales growth, with the former's sales increasing nearly 30% and the latter's domestic sales soaring over 300% [2]. Product Innovation - The company has developed a comprehensive product pipeline in the cardiovascular sector, with nearly 20 self-developed products achieving global sales in the first half of 2025 [2]. - The introduction of new products, including the ALLEGRA® aortic valve and Sonicracker™ intravascular shockwave system, has positioned the company for future growth in both coronary intervention and structural heart disease markets [3]. Global Expansion - The company has established a global sales network, covering over 100 countries, and is actively expanding its business through investments and partnerships with renowned international brands [4].

Core Viewpoint - Bluefan Medical's half-year report for 2025 shows a net loss of 134.78 million yuan, a reduction in loss by 15.88% year-on-year, while net cash flow from operating activities increased by 407.48% to 335.15 million yuan, indicating a significant improvement in cash generation despite ongoing losses [2] Group 1: Financial Performance - In the first half of 2025, Bluefan Medical's cardiovascular division achieved sales revenue of 695 million yuan, a year-on-year increase of over 22%, significantly up from a 12% growth in the same period of 2024 [2] - The cardiovascular division's gross margin improved, and both sales and management expense ratios decreased, leading to a turnaround in profitability despite a fair value loss of approximately 122 million yuan from an equity investment [3] Group 2: Strategic Focus and Innovation - The cardiovascular business is central to Bluefan Medical's strategic transformation, with high levels of R&D investment leading to the approval of innovative products that meet clinical needs and create competitive barriers [4] - The company launched several new products and expanded existing ones, including the BA9 drug balloon, which saw domestic sales increase by over 300% and international sales by nearly 90% in the first half of 2025 [5] Group 3: Investment and Ecosystem Development - Bluefan Medical is expanding its reach through investments, including a significant stake in Suzhou Tongxin Medical Technology, a leader in artificial heart technology, which is preparing for overseas market expansion [6] - The company also invested in Shanghai Bomaian Medical, which has developed a comprehensive treatment solution for cerebrovascular and peripheral artery diseases, successfully securing external financing [7] Group 4: Global Market Strategy - Bluefan Medical is recognized as the only truly global player in its field, leveraging its extensive sales network covering over 8,000 hospitals in more than 100 countries to facilitate the internationalization of Chinese medical device brands [8] - The company has acted as a key overseas distributor for various domestic products, including those from Beixin Life and Baixin An, helping them achieve commercial breakthroughs in international markets [9][10]

文章来源： 赛柏蓝器械 转载要求：请在文首标明文章来源，可直接转载 北京和上海活动报名： 第三届全球手术机器人大会 2025医疗器械研发创新论坛 01 RDN 百亿市场即将爆发 蓝帆医疗掘金新赛道 RDN 市场正处在爆发前夜。 近日，美国心脏协会、美国心脏病学会等多家机构联合发布了新版成人高血压的预防、检测、评 估和管理指南 ， 将 去 肾神经术（ RDN ）纳入特定耐药性或未控制高血压患者的治疗方案。 此外， 美国医保（ CMS ） 7 月发布的 RDN 国家覆盖决定拟议稿，明确拟在 " 伴随证据发展 （ CED ） " 框架下覆盖超声与射频两类技术。 一旦「临床 + 支付」的双通道同时打开， RDN 在美国乃至全球的商业化脚步也将提速 ， 届 时， RDN 市场 有望 迎来爆发式增长。 长期以来， 高血压作为全球发病率最高的慢性疾病，是心脑血管健康的重大威胁 ，而 RDN 已 被视作治疗高血压的 革命性创新疗法 。 据 LSI 预测， 2023-2028 年 RDN 市场的复合年增长率将高达 22% ，成为未来数年医疗器械 领域增长最快的细分赛道之一。另据中金公司预测，中国 RDN 治疗高血压的远期市场空 ...

Core Viewpoint - Bluefan Medical's half-year report for 2025 shows a net loss of 134.78 million yuan, a reduction in loss by 15.88% year-on-year, while net cash flow from operating activities increased by 407.48% to 335.15 million yuan, indicating a significant improvement in cash generation despite ongoing losses [1] Financial Performance - The cardiovascular division's sales revenue reached 695 million yuan in the first half of 2025, growing over 22% year-on-year, which is a notable increase compared to the 12% growth in the same period of 2024 [1] - The cardiovascular division achieved a turnaround to profitability despite a fair value loss of approximately 122 million yuan due to valuation changes in an associated company, indicating that the net profit from operations reached the billion yuan level [2] Strategic Initiatives - Bluefan Medical has maintained high levels of investment in R&D, leading to the approval of innovative products that meet clinical demands and establish competitive barriers [3] - The company has launched several new products and expanded existing ones into new indications and sales regions, contributing to sustained high gross margins in the high-end medical device sector [3][4] Product Development - The company’s flagship product, the BA9 drug balloon, saw domestic sales increase by over 300% and international sales grow by nearly 90% in the first half of 2025 [4] - The cardiovascular division has nearly 20 self-developed products sold globally, with significant sales growth expected from ongoing commercialization efforts [4] Investment and Ecosystem Development - Bluefan Medical is expanding its reach through investments, including a significant stake in Suzhou Tongxin Medical Technology, a leader in the artificial heart sector [6] - The company has also incubated Shanghai Bomaian Medical, which focuses on comprehensive treatment solutions for cerebrovascular and peripheral artery diseases [7] Global Market Positioning - Bluefan Medical is recognized as the only truly global player in its field, with a sales network covering over 8,000 hospitals in more than 100 countries [8] - The company collaborates with international brands and serves as a platform for domestic medical device companies to enter overseas markets, enhancing their global presence [8][9]

据证券之星公开数据整理，近期蓝帆医疗（002382）发布2025年中报。截至本报告期末，公司营业总收 入27.81亿元，同比下降7.49%，归母净利润-1.35亿元，同比上升15.88%。按单季度数据看，第二季度营 业总收入13.03亿元，同比下降16.0%，第二季度归母净利润-2.12亿元，同比下降245.53%。本报告期蓝 帆医疗短期债务压力上升，流动比率达0.89。 本次财报公布的各项数据指标表现一般。其中，毛利率14.34%，同比减11.46%，净利率-5.14%，同比 增8.36%，销售费用、管理费用、财务费用总计4.33亿元，三费占营收比15.56%，同比增0.42%，每股净 资产7.83元，同比减10.33%，每股经营性现金流0.33元，同比增407.48%，每股收益-0.13元，同比增 18.75% 证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-7.43%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数据 统计来看，公司近10年来中位数ROIC为7.21%，中位投资回报较弱，其中最惨年份2023年的ROIC 为-3.04%，投资回报极差。公司历史上的财报相对一般，公司上 ...

Financial Performance - The company's total revenue for the first half of 2025 was 2.781 billion yuan, a decrease of 7.49% year-on-year [1] - The net profit attributable to shareholders was -135 million yuan, an increase of 15.88% year-on-year [1] - In Q2 2025, total revenue was 1.303 billion yuan, down 16.0% year-on-year, and the net profit attributable to shareholders was -212 million yuan, a decline of 245.53% year-on-year [1] Key Financial Ratios - Gross margin was 14.34%, a decrease of 11.46% year-on-year [1] - Net margin was -5.14%, an increase of 8.36% year-on-year [1] - The ratio of selling, administrative, and financial expenses to revenue was 15.56%, an increase of 0.42% year-on-year [1] Cash Flow and Debt - Cash flow per share was 0.33 yuan, an increase of 407.48% year-on-year [1] - The current ratio was 0.89, indicating increased short-term debt pressure [1] - The company had interest-bearing liabilities of 5.16 billion yuan, an increase of 2.50% year-on-year [1] Historical Performance and Business Model - The company's historical median ROIC over the past 10 years was 7.21%, indicating weak investment returns [4] - The company has reported losses in three out of its 14 annual reports since going public, suggesting a fragile business model [4] - The business relies heavily on R&D and marketing, necessitating careful examination of the underlying drivers [4]

Core Viewpoint - The company has approved a series of governance reforms and a guarantee for bank credit to support its operational needs, reflecting its commitment to enhancing corporate governance and financial stability [10][32][51]. Group 1: Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [4][5]. - The company plans not to distribute cash dividends or issue bonus shares during the reporting period [3]. Group 2: Board Meeting and Governance Reforms - The sixth board meeting was held on August 28, 2025, with all directors present, and the meeting's procedures complied with legal requirements [7][8]. - The board approved the formulation and revision of several governance systems, including four new systems and amendments to fifteen existing ones, to enhance operational standards [10][51]. Group 3: Financial Support and Related Transactions - The company intends to apply for a comprehensive credit limit of up to RMB 100 million from China Minsheng Bank, with the controlling shareholder providing a guarantee for this credit [32][38]. - The guarantee provided by the controlling shareholder is a joint liability guarantee and is offered free of charge, with no need for the company to provide counter-guarantees [33][45]. Group 4: Independent Board Review - The independent board meeting approved the guarantee proposal, confirming that it would not affect the company's independence or financial performance [48].

Core Viewpoint - The company anticipates triggering the condition for a downward adjustment of the convertible bond conversion price due to the closing price being below 85% of the current conversion price for 10 consecutive trading days [2][8]. Summary by Relevant Sections Convertible Bond Issuance and Listing - The company issued convertible bonds approved by the China Securities Regulatory Commission with a total amount of 314.404 million yuan, with a face value of 100 yuan per bond, and these bonds were listed on June 19, 2020 [2][3]. Conversion Price Adjustment History - The conversion price was adjusted from 17.79 yuan/share to 18.64 yuan/share on June 25, 2021, following the repurchase and cancellation of shares [3]. - Further adjustments were made, reducing the conversion price to 18.24 yuan/share on July 7, 2021, and then to 17.84 yuan/share on May 31, 2023 [4]. - The board proposed a downward adjustment to 12.50 yuan/share effective from May 21, 2024, and subsequently to 12.00 yuan/share effective from July 8, 2025 [5][6]. Conditions for Downward Adjustment - The board has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [7]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the latest audited net asset value per share [7][8]. Upcoming Actions - If the condition for downward adjustment is triggered, the board will convene to decide on the adjustment and disclose the decision the following trading day [8].

证券日报网讯 8月29日晚间，蓝帆医疗发布公告称，公司第六届董事会第二十八次会议审议通过了《关 于的议案》等多项议案。 （文章来源：证券日报） ...