公司点评 | 开立医疗 收入逐步改善，新品持续放量 国内消化内镜龙头，多产品线共同驱动发展。开立医疗主要产品包括医用超 声诊断设备、消化与呼吸内镜、微创外科产品和心血管介入产品等。公司经 过多年努力，产品线逐渐实现从内科到"内科+外科"，从诊断到"诊断+治 疗"，从设备到"设备+耗材"的扩张，多产品线发展格局初步形成。 终端招标改善，收入趋势向好。2025 年前三季度随着终端医疗机构采购的 复苏，公司超声、内镜等产品的中标金额增长较快，市占率稳步提升，微创 外科、血管内超声两条新产线取得大幅增长，公司整体经营态势持续向好。 2025Q1-Q3，公司实现收入 14.59 亿元/+4.37%，归母净利 0.34 亿元 /-69.25%；其中 25Q3 实现收入 4.95 亿元/+28.42%，归母净利-0.14 亿元。 持续投入夯实研发，新品放量强化竞争力。公司坚持自主创新，持续丰富产 品矩阵，各产品线高端化、平台化布局顺利推进。1）超声：2024 年公司推 出了高端全身机器 S80 及高端妇产机 P80，标志着公司在高端超声领域取得 突破性进展。2）内镜：新一代高端内镜系统 HD-650 于 2025Q2 获证 ...

ab 17 March 2026 Global Research China Medtech Marketing book Equities China Healthcare Jun Deng Analyst jun.deng@ubs.com +852-3712 2103 Chen Chen, PhD Analyst S1460520100001 chen-zb.chen@ubs.com +86-10-5832 8201 Henry Liu, CFA Analyst S1460520110002 henry-za.liu@ubs.com +86-105-832 8509 Liz Han, CFA Analyst liz.han@ubs.com +852-2971 6106 David Guo, PhD Analyst S1460524040001 david-za.guo@ubs.com +86-10-5832 8010 Emma Ma, CFA Associate S1460124070003 emma-mc.ma@ubs.com +86-21-3866 8981 This report has been ...

证券代码：300633 证券简称：开立医疗 公告编号：2026-005 | 序号 | 股东名称 | | 占公司无限 | | --- | --- | --- | --- | | | | 持股数量（股） | 售条件股本 | | | | | 比例 | | 1 | 陈志强 | 23,931,300 | 8.93% | | 2 | 吴坤祥 | 23,931,300 | 8.93% | | 3 | 陈少芬 | 7,478,450 | 2.79% | | 4 | 周忻贝 | 7,478,450 | 2.79% | | 5 | 中国银行股份有限公司－华宝中证医疗交易型 开放式指数证券投资基金 | 7,412,241 | 2.77% | | 6 | 鹏华基金－中国人寿保险股份有限公司－分红 险－鹏华基金国寿股份成长股票型组合单一资 | 7,062,958 | 2.64% | | | 产管理计划（可供出售） | | | | 7 022 | 汇添富基金管理股份有限公司－社保基金 17 组合 | 6,708,494 | 2.50% | | | 中国工商银行股份有限公司－融通健康产业灵 | | | | 8 | 活配置混合型证券投资基金 ...

一、回购公司股份方案的基本情况 证券代码：300633 证券简称：开立医疗 公告编号：2026-004 深圳开立生物医疗科技股份有限公司 关于取得金融机构股票回购专项贷款承诺函的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 公司实际贷款金额未超过本次回购方案金额的上限，且具体业务需满足《中 国人民银行、金融监管总局、中国证监会关于设立股票回购增持再贷款有关事宜 的通知》的要求，并符合银行按照相关规定制定的贷款政策、标准和程序。 三、其他说明 本次取得《贷款承诺函》可为公司回购股份提供融资支持，该事项不构成 关联交易，亦不构成重大资产重组，不会对公司当年的经营业绩产生重大影响。 本次取得《贷款承诺函》不代表公司对回购金额的承诺，具体回购资金总额以实 际使用的资金总额为准。公司后续将根据市场及资金到位情况，在回购期限内实 施本次回购计划，并根据相关法律、法规和规范性文件的规定及时履行信息披露 义务，敬请广大投资者注意投资风险。 四、备查文件 1、招商银行股份有限公司深圳分行出具的《贷款承诺函》。 深圳开立生物医疗科技股份有限公司（以下简称"公司"）于 20 ...

证券代码：300633 证券简称：开立医疗 公告编号：2026-002 深圳开立生物医疗科技股份有限公司 关于回购公司股份方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、深圳开立生物医疗科技股份有限公司（以下简称"公司"）拟使用自有 或自筹资金（含股票回购专项贷款资金等）以集中竞价交易方式回购公司人民币 普通股 A 股股份（以下简称"本次回购"），简要情况如下： （1）拟回购股份的用途：本次回购的公司股份将全部用于注销并减少注册 资本。 （2）拟回购股份的价格区间：不超过人民币 40.32 元/股（含），该价格不高 于公司董事会通过回购决议前 30 个交易日公司股票交易均价的 150%。 （3）拟回购股份的金额及资金来源：本次拟回购金额不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含），具体回购资金总额以回购期限届 满或回购实施完成时实际使用的资金总额为准。本次回购股份的资金来源为公司 自有资金或自筹资金（含股票回购专项贷款资金等）。 （4）拟回购股份数量及占公司总股本的比例：按回购资金总额上限人民币 ...

证券代码：300633 证券简称：开立医疗 公告编号：2026-003 深圳开立生物医疗科技股份有限公司 关于召开 2026 年第一次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：公司董事会；公司第四届董事会第十四次会议审议通 过了《关于提请召开 2026 年第一次临时股东会的议案》。 3、会议召开的合法、合规性：公司董事会认为，本次股东会的召开已经董 事会审议通过，召集程序符合有关法律、行政法规、部门规章、规范性文件、深 圳证券交易所业务规则和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议：2026 年 4 月 3 日（星期五）下午 14:30 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的时间为 2026 年 4 月 3 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网系统投票的具体时间为 2026 年 4 月 3 日 9:15-15:00 期间的任意时间。 公司将通 ...

证券代码：300633 证券简称：开立医疗 公告编号：2026-001 深圳开立生物医疗科技股份有限公司 第四届董事会第十四次会议决议公告 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、董事会会议召开情况 2026 年 3 月 17 日，深圳开立生物医疗科技股份有限公司（以下简称"公司"） 第四届董事会第十四次会议以现场和通讯表决相结合的方式在深圳市光明区光 电北路 368 号开立医疗大厦一楼会议室召开。本次会议已于 2026 年 3 月 12 日以 电话、电子邮件等方式通知全体董事。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下决议： （一）逐项审议通过了《关于回购公司股份方案的议案》 1.01 回购股份的目的 基于对公司发展前景的信心和内在价值的认可，结合对自身财务状况、经营 状况和发展战略的充分考虑，以及近期公司股票在二级市场的表现，为促进公司 健康稳定长远发展，有效增强投资者对公司的信心，维护广大投资者的利益，公 司计划使用自有资金或自筹资金（含股票回购专项贷款资金等）以集中竞价的交 易方式回购部分公司已发行的人民币普通股（A 股） ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The geopolitical tensions in the Middle East have led to increased volatility in international energy markets, affecting the prices of upstream raw materials and consequently the prices of glove products [5][14] - The production cost of nitrile gloves has risen approximately 28.9% due to significant increases in the prices of key raw materials, specifically butadiene and acrylonitrile, which have risen by 84.43% and 45.33% respectively since the end of 2025 [20][19] - The expected price for nitrile gloves is projected to rise to 17.5 yuan per thousand pieces [5] Summary by Sections Geopolitical Impact on Disposable Gloves - The geopolitical situation has caused a surge in oil prices, which directly impacts the prices of key raw materials for glove production [14][15] - The cost increase in raw materials is expected to be passed down the supply chain, leading to higher prices for end products [20][19] Medical Device Investment Directions for 2026 - The medical device sector is anticipated to see a gradual recovery in profits, driven by policy adjustments and the implementation of new procurement strategies [34] - Key areas of focus include brain-computer interfaces, AI medical technologies, and surgical robots, which are expected to receive increased attention and investment [34] Recommendations for Investment - Focus on leading companies that are likely to experience a turnaround in 2026, benefiting from brand strength and channel advantages [7] - Emphasize companies with strong R&D capabilities and clinically differentiated products to capitalize on policy corrections in high-value consumables [7] - Consider firms with established overseas operations and successful business development models to leverage international growth opportunities [7] - Target companies that are positioned to benefit from domestic policy support and accelerated localization efforts [7] - Monitor innovative sectors such as brain-computer interfaces and AI medical technologies for potential high-growth opportunities [7] Market Performance Overview - The pharmaceutical and biological sector saw a decline of 0.22%, underperforming the CSI 300 index by 0.41 percentage points [44] - The medical consumables sector experienced the highest growth, while the medical equipment sector faced the largest decline [46]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The geopolitical tensions in the Middle East have led to increased volatility in international energy markets, affecting the prices of upstream raw materials and consequently the prices of glove products [5][14] - The production cost of nitrile gloves has risen approximately 28.9% due to significant increases in the prices of key raw materials, specifically butadiene and acrylonitrile, which have risen by 84.43% and 45.33% respectively since the end of 2025 [20][29] - The expected price for nitrile gloves is projected to rise to 17.5 yuan per thousand pieces [5] Summary by Sections Geopolitical Catalysts in the Disposable Glove Industry - The geopolitical situation has caused a surge in oil prices, which directly impacts the prices of essential raw materials for glove production [14][15] - The cost of butadiene and acrylonitrile has increased significantly, leading to higher production costs for nitrile gloves [18][19] 2026 Medical Device Investment Directions - The medical device sector is expected to see a gradual recovery in profits, driven by policy adjustments and increased focus on high-value consumables [34] - The emphasis on brain-computer interfaces, AI medical technology, and surgical robots is anticipated to catalyze growth in related sectors [34] Recommended Focus Areas - Focus on leading companies that are expected to reverse their challenges in 2026, confirming performance inflection points [35] - High-value consumables are expected to see a correction in pricing policies, presenting opportunities for companies with strong R&D capabilities [36] - The international expansion of medical devices is opening new growth avenues, with companies that have established overseas certifications and partnerships being particularly well-positioned [38] - Domestic policies are accelerating the pace of localization, benefiting companies that are core beneficiaries of these policies [40] - The convergence of new technologies is creating significant opportunities in innovative sectors, with a focus on companies that can quickly commercialize their technologies [41] - Companies that can successfully expand into new business areas are likely to uncover new growth trajectories [42] Pharmaceutical Layout and Recommended Targets - The report maintains a positive outlook on the innovative drug sector and its supply chain, including CROs and AI technologies [8] - Monthly recommendations include companies such as WuXi AppTec, CSPC Pharmaceutical, and InnoCare Pharma, while weekly recommendations feature companies like HengRui Medicine and Frontier Biotech [8]

Investment Rating - The report does not explicitly state an investment rating for the IVUS industry but highlights significant growth potential driven by multiple factors. Core Insights - The IVUS industry is experiencing growth due to three main factors: increasing PCI surgery volumes, rising IVUS penetration in PCI procedures, and substantial domestic replacement opportunities for imported products. Summary by Sections Market Overview - The IVUS technology is essential for guiding PCI (Percutaneous Coronary Intervention) procedures, providing real-time imaging of vascular structures and improving diagnostic accuracy [14][21]. Growth Drivers - **Increasing PCI Surgery Volumes**: The number of PCI procedures is expected to grow significantly, with China's PCI surgeries projected to increase from 1.906 million in 2024 to 4.298 million by 2030, reflecting a CAGR of 14.5% [27][28]. - **Rising IVUS Penetration**: The penetration rate of IVUS in PCI procedures in China is expected to rise from 15.4% in 2021, with projections indicating a market size growth from 1.76 billion RMB in 2024 to 5.11 billion RMB by 2030, achieving a CAGR of 19.4% [38][39]. - **Domestic Replacement Opportunities**: The IVUS market in China is currently dominated by imported brands, with local manufacturers like Beixin Life and Kaili Medical beginning to capture market share. The domestic market share for Beixin Life is projected to reach 10.6% by 2024 [39][40]. Competitive Landscape - The IVUS market is characterized by a mix of domestic and international players, with significant room for growth in domestic production and innovation. The report identifies key players such as Beixin Life and Kaili Medical as emerging competitors in the IVUS space [44][47].