A股公司进入2025年半年度业绩预告密集披露期。数据显示，2025上半年医药生物行业上市公司业绩稳 中向好，截至7月25日，深圳证券交易所市场（以下简称"深市"）生物医药行业已有56家公司披露2025 年半年度业绩预告，预计合计实现净利润38亿元至50亿元。 其中，大博医疗（002901）科技股份有限公司（以下简称"大博医疗"）、北京奥赛康（002755）药业股 份有限公司（以下简称"奥赛康"）、吉林敖东（000623）药业集团股份有限公司（以下简称"吉林敖 东"）等深市行业龙头企业在政策环境趋稳、创新成果落地及多元化业务布局的共同推动下，展现出强 劲的增长势头和良好的发展韧性，业绩预告增幅显著。 创新成果集中兑现 驱动业绩增长 深市医疗健康板块企业在2025年上半年展现出强劲复苏和增长势头。集采政策影响逐步被消化，龙头企 业通过持续的高强度研发投入，在创新药、高端医疗器械等领域不断取得突破并进入收获期。 作为国内骨科植入物领域的领先企业，大博医疗预计2025年上半年实现归属于上市公司股东的净利润约 2.3亿元至2.5亿元，同比大幅增长66.37%至80.84%。大博医疗公司相关负责人表示，报告期内各产品线 ...

7月24日，大博医疗今日收盘43.76元，上涨1.30%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到45.50倍，创669天以来新低，总市值181.17亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均54.55倍，行业中值37.54倍，大博医疗排 名第84位。 股东方面，截至2025年3月31日，大博医疗股东户数18310户，较上次增加374户，户均持股市值35.28万 元，户均持股数量2.76万股。 大博医疗科技股份有限公司的主营业务是医用高值耗材的生产、研发与销售。公司的主要产品是髓内 钉、空心钉、普通钉板、锁定钉板、手/足钉板产品、外固定支架、骨针、线缆、小儿产品、脊柱接骨 板（前路）、脊柱内固定器（后路）、椎间融合器、椎体成形、颅骨修复钛网系列、微小型接骨板、螺 钉系统、髋关节假体、膝关节假体、不可吸收带线锚钉、带袢钛板、种植体系统、一次性腹腔镜穿刺器 系列。 最新一期业绩显示，2025年一季报，公司实现营业收入5.50亿元，同比28.80%；净利润1.03亿元，同比 67.04%，销售毛利率69.64%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13大博 ...

Core Viewpoint - The report highlights a positive performance in the pharmaceutical sector, particularly in the innovative drug industry, driven by ongoing licensing agreements and supportive domestic policies [3]. Fund Performance - The fund reported a profit of 26.97 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0627 yuan [2]. - The fund's net asset value (NAV) growth rate for Q2 was 7.62%, and the fund size reached 375 million yuan by the end of Q2 [2][16]. - As of July 18, the fund's unit NAV was 0.96 yuan [2]. - The fund's performance over the past three months showed a NAV growth rate of 14.74%, ranking 112 out of 138 comparable funds [4]. - Over the past six months, the fund's NAV growth rate was 25.40%, ranking 100 out of 138 [4]. - The one-year NAV growth rate was 24.99%, also ranking 100 out of 133 [4]. - The three-year NAV growth rate was 4.99%, ranking 46 out of 107 [4]. Investment Strategy - The fund manager expressed optimism about the innovative drug sector, indicating a shift from a general revaluation phase to a stage where actual performance and partnerships will be tested [3]. - The strategy includes a "barbell" approach, focusing on high-probability or high-return innovative drug companies [3]. - The fund is also looking at sectors with strong performance, such as orthopedics and upstream innovative drugs, while making early allocations in improving sectors like medical devices [3]. - New technologies like AI and brain-computer interfaces are expected to transform the healthcare system, although short-term financial impacts on related companies may be limited [3]. Risk and Return Metrics - The fund's three-year Sharpe ratio was 0.1406, ranking 41 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 29.8%, ranking 97 out of 106 [11]. - The fund's average stock position over the past three years was 85.43%, slightly below the comparable average of 86.95% [14].

Core Viewpoint - The company, Dabo Medical (stock code: 002901), anticipates a significant increase in net profit for the first half of 2025, projecting a growth of approximately 66.37% to 80.84% compared to the same period last year, driven by product line expansion and innovation [1][3]. Financial Performance - The estimated net profit attributable to shareholders is expected to be between 230 million to 250 million yuan, compared to 138.24 million yuan in the same period last year, reflecting a growth of 66.37% to 80.84% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 210 million to 230 million yuan, up from 121.93 million yuan last year, indicating a year-on-year increase of 72.23% to 88.63% [2]. - Basic earnings per share are expected to be between 0.5657 yuan and 0.6148 yuan, compared to 0.3339 yuan in the previous year [2]. Reasons for Performance Growth - The primary reason for the performance growth is the transition of various product lines into a new growth phase following the centralized procurement of medical consumables. The company is also focusing on product innovation, technical services, and international development strategies to ensure stable and healthy business growth [3]. Company Overview - Dabo Medical Technology Co., Ltd. was established in 2004 and is headquartered in Xiamen, Fujian Province. It specializes in the research, production, and sales of high-value medical consumables, particularly in orthopedics, neurosurgery, and minimally invasive surgery [4]. - The company was listed on the Shenzhen Stock Exchange in 2017 and has products certified by FDA, CE, ISO13485, and GMP [4]. - Dabo Medical's main business includes the production, research, and sales of medical high-value consumables, with key products such as orthopedic trauma implants, spinal implants, and joint implants [4][6][9]. Product Line and Market Presence - The company has a diverse product line with 158 product registration certificates or filing credentials, covering approximately 15,400 specifications of various consumables, making it one of the few companies in the industry with a complete product line for orthopedic implants [8]. - Dabo Medical's products are distributed across more than 30 provinces and cities in China, collaborating with over 3,000 hospitals and more than 500 commercial companies. Internationally, its products are exported to the United States, the European Union, Southeast Asia, the Middle East, and South Africa [8].

Trading Information Summary - Dabo Medical closed at 41.61 yuan on July 15, 2025, with a limit-up increase of 9.99% and a turnover rate of 2.15% [1][3] - The stock reached its limit-up at 9:36 AM and did not open the limit, with a closing order amount of 39.48 million yuan, accounting for 0.33% of its market capitalization [1] - On July 15, 2025, the net inflow of main funds was 48.92 million yuan, while retail funds experienced a net outflow of 27.17 million yuan [1] Company Announcement Summary - Dabo Medical announced its half-year performance forecast for 2025, estimating a net profit attributable to shareholders of 230 million to 250 million yuan, representing a year-on-year growth of 66.37% to 80.84% [1][3] - The forecasted net profit after deducting non-recurring gains and losses is expected to be 210 million to 230 million yuan, reflecting a growth of 72.23% to 88.63% compared to the previous year [1] - The basic earnings per share are projected to be between 0.5657 yuan and 0.6148 yuan, up from 0.3339 yuan in the same period last year [1]

资金流向方面，7月15日，大博医疗主力资金净流入4891.97万元，近5日总体呈流入状态，5日共流入 7310.49万元。 7月15日，大博医疗今日收盘41.61元，上涨9.99%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到43.26倍，创650天以来新低，总市值172.27亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均51.83倍，行业中值37.23倍，大博医疗排 名第84位。 大博医疗科技股份有限公司的主营业务是医用高值耗材的生产、研发与销售。公司的主要产品是髓内 钉、空心钉、普通钉板、锁定钉板、手/足钉板产品、外固定支架、骨针、线缆、小儿产品、脊柱接骨 板（前路）、脊柱内固定器（后路）、椎间融合器、椎体成形、颅骨修复钛网系列、微小型接骨板、螺 钉系统、髋关节假体、膝关节假体、不可吸收带线锚钉、带袢钛板、种植体系统、一次性腹腔镜穿刺器 系列。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13大博医疗43.2648.285.39172.27亿行业平均 51.8349.634.51107.50亿行业中值37.2337.992.5052.12亿1九安医疗11.0311 ...

Core Viewpoint - The company, Dabo Medical Technology Co., Ltd., is forecasting a significant increase in net profit for the first half of 2025, driven by product innovation and strategic international development [1][2]. Financial Performance Summary - The expected net profit for the reporting period (January 1, 2025, to June 30, 2025) is projected to be between 230 million to 250 million yuan, representing a year-on-year growth of approximately 66.37% to 80.84% [1][2]. - The net profit attributable to shareholders is expected to be between 230 million to 250 million yuan, compared to 138.24 million yuan in the same period last year [1]. - The basic earnings per share are forecasted to be between 0.5657 yuan to 0.6148 yuan, up from 0.3339 yuan per share in the previous year [1]. Business Development Factors - The company attributes its performance improvement to the new growth norm following the centralized procurement of consumables, alongside a commitment to product innovation and technical services [2]. - The company has incurred approximately 25 million yuan in equity payment expenses during the reporting period [2].

证券代码：002901 证券简称：大博医疗 公告编号：2025-028 大博医疗科技股份有限公司 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 | 项 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：23,000 | 万元–25,000 | 万元 | 盈利：13,824.40 | 万元 | | | 比上年同期增长：66.37%–80.84% | | | | | | 扣除非经常性损 益后的净利润 | 盈利：21,000 | 万元–23,000 | 万元 | 盈利：12,193.12 | 万元 | | | 比上年同期增长：72.23%–88.63% | | | | | | 基本每股收益 | 盈利：0.5657 | 元/股–0.6148 | 元/股 | 盈利：0.3339 | 元/股 | 二、与会计师事务所沟通情况 本期业绩预告相关数据是公司财务部门初步测算结果，未经审计机构审计。 公司就业绩预告 ...

股东方面，截至2025年3月31日，大博医疗股东户数18310户，较上次增加374户，户均持股市值35.28万 元，户均持股数量2.76万股。 大博医疗科技股份有限公司的主营业务是医用高值耗材的生产、研发与销售。公司的主要产品是髓内 钉、空心钉、普通钉板、锁定钉板、手/足钉板产品、外固定支架、骨针、线缆、小儿产品、脊柱接骨 板（前路）、脊柱内固定器（后路）、椎间融合器、椎体成形、颅骨修复钛网系列、微小型接骨板、螺 钉系统、髋关节假体、膝关节假体、不可吸收带线锚钉、带袢钛板、种植体系统、一次性腹腔镜穿刺器 系列。 7月11日，大博医疗今日收盘37.13元，上涨1.45%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到38.61倍，创21天以来新低，总市值153.73亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均52.06倍，行业中值37.22倍，大博医疗排 名第80位。 最新一期业绩显示，2025年一季报，公司实现营业收入5.50亿元，同比28.80%；净利润1.03亿元，同比 67.04%，销售毛利率69.64%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13大博医 ...

Group 1: Business Impact and Market Trends - The company's market share has been increasing post-collective procurement, but the profit margin for 2024 is still lower than before the policy implementation [1] - Since 2021, the orthopedic consumables have achieved full national procurement coverage across four major product categories: joints, spine, trauma, and sports medicine, leading to increased industry concentration [2] Group 2: Core Competitiveness - The company focuses on innovation and R&D as a core driver, increasing investment to meet clinical needs with high-quality products, which helps to enhance market share [2] - Technical services play a crucial role, with regular training for distributors to ensure high product and clinical compatibility [2] - The company leverages economies of scale to gradually reduce costs [2] Group 3: R&D Investment - R&D investment has increased due to a decline in overall revenue post-collective procurement, while maintaining previous investment levels [3] - The company invests in various orthopedic fields, including trauma, spine, joints, and sports medicine, as well as non-orthopedic areas like dental and neurosurgery [3] Group 4: Capital Expenditure Plans - The company completed its refinancing project by the end of 2024 and has no large-scale capital expenditure plans currently, having passed the peak of construction [4] Group 5: Robotics and International Market - The knee joint robot has begun clinical applications, with ongoing efforts to register other orthopedic robots [5] - The company exported products to over 60 countries, with overseas revenue of approximately 217 million yuan in 2024, accounting for 10.16% of total revenue [7] - The company is open to acquisitions to enhance its international market competitiveness [7] Group 6: Future Planning - The company aims to achieve higher market shares in trauma, spine, joints, and sports medicine, targeting top positions in each field [8] - Plans to strengthen market expansion in countries along the "Belt and Road" initiative and in Europe and the United States [8] Group 7: Infrastructure and Logistics - The company has established a logistics network across most prefecture-level cities in China, enhancing its core competitiveness [9] - Investment in logistics and digital platforms will continue, although the pace is slowing down as the construction phase concludes [9]