证券代码：300633 证券简称：开立医疗 公告编号：2025-049 深圳开立生物医疗科技股份有限公司 关于 2025 年股票期权与限制性股票激励计划之 股票期权授予登记完成的公告 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。 重要内容提示： 深圳开立生物医疗科技股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日召开了第四届董事会第十一次会议和第四届监事会第十次会议，审议通 过《关于向 2025 年限制性股票与股票期权激励计划激励对象授予限制性股票与 股票期权的议案》。根据中国证券监督管理委员会《上市公司股权激励管理办法》、 深圳证券交易所、中国证券登记结算有限责任公司深圳分公司有关规则的规定， 公司完成了 2025 年限制性股票与股票期权激励计划（以下简称"本次激励计划" 或"《激励计划》"）之股票期权的授予登记工作。现将有关事项说明如下： 法的议案》、《关于核实公司 2025 年限制性股票与股票期权激励计划激励对象名 单的议案》。 （二）2025 年 9 月 4 日，公司召开第四届董事会第十次会议，审议通过《关 于公司 2025 年限 ...

Financial Performance - In the first three quarters of 2025, the company's revenue increased by 4.37% year-on-year, with a notable 28% growth in Q3 alone [2] - Profit decreased significantly due to increased R&D and marketing personnel costs over the past two years [2] - The company has controlled personnel scale and expense growth since the beginning of the year, leading to improved financial performance [2] Business Segmentation - Domestic business revenue grew over 6%, while international business revenue increased by over 2%, with international revenue accounting for more than 45% of total revenue [3] - Endoscopy business grew nearly 6% year-on-year, while ultrasound business declined by 6% due to centralized procurement and margin pressure [3] - Surgical business saw an 80% increase, and vascular ultrasound business surged by 270% [3] Gross Margin Analysis - Gross margin decline attributed to increased competition in the domestic ultrasound market and lower margins on new products [4] - The introduction of high-end ultrasound products aims to stabilize gross margins [4] - New product lines are expected to improve overall gross margin through cost reduction and efficiency enhancements [4] Cash Flow Situation - Operating cash flow net amount decreased significantly compared to the same period last year, primarily due to strategic inventory buildup and increased employee compensation [6] - Excluding these factors, cash flow remains stable compared to previous years [6] Product Development - The newly launched HD-650 series endoscope features 4K resolution and advanced imaging capabilities, enhancing the company's product lineup [7] - The HD-650 series has received positive feedback from experts and is expected to contribute significantly to the growth of the endoscopy business [7]

Core Insights - Shenzhen Kaili Biomedical Technology Co., Ltd. reported a revenue of 1.459 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.37%, with Q3 revenue reaching 495 million yuan, up 28.42% year-on-year [1] - The company continues to implement its "2+2 strategy," focusing on ultrasound and endoscopy as core businesses while exploring minimally invasive surgery and cardiovascular intervention as emerging growth areas [1][3] Revenue and Profitability - The net profit attributable to shareholders for the first three quarters was 33.51 million yuan, with a net profit excluding non-recurring items of 23.99 million yuan, indicating strong operational resilience [1] - The company’s revenue growth is supported by the recovery of bidding in the medical equipment industry and the deep implementation of its strategic initiatives [1] Product Development and Market Position - In the ultrasound sector, the C-Field+ TianGong intelligent platform series has received positive market feedback, with high-end portable ultrasound models maintaining a leading position in performance and clinical evaluation [2] - The new generation 4K iEndo smart endoscope platform HD-650 has shown strong market performance, featuring innovative ultra-resolution imaging capabilities and a wide range of 4K video transmission interfaces [2] Innovation and R&D Investment - The minimally invasive surgery and cardiovascular intervention sectors are highlighted as significant growth drivers, with the "Lingzhu" 4K 3D fluorescence imaging platform enhancing surgical precision and efficiency [3] - Research and development investment reached 367 million yuan in the first three quarters, accounting for 25.13% of revenue, reflecting the company's commitment to long-term innovation [3] Future Growth Strategy - The company aims to continue advancing its core product lines of ultrasound, endoscopy, minimally invasive surgery, and cardiovascular intervention, focusing on high-end product development and sustainable growth [4] - The ongoing implementation of the "2+2 strategy" is expected to facilitate stable growth in existing businesses while driving rapid expansion in new areas [4]

Core Viewpoint - The company has shown signs of recovery in revenue growth for Q3 2025, despite a significant decline in net profit year-on-year, indicating a focus on sales promotion and new product development [1] Group 1: Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.459 billion yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 33.51 million yuan, a year-on-year decrease of 69.3% [1] - In Q3 2025, the company achieved revenue of 495 million yuan, a year-on-year increase of 28.4%, while the net loss attributable to shareholders was 13.52 million yuan, narrowing by 78.1% year-on-year [1] - The gross margin for the first three quarters of 2025 was 60.4%, down 3.8 percentage points year-on-year, attributed to the impact of centralized procurement orders on product pricing and the lack of scale effect from new cardiology products [1] Group 2: Business Segments - The ultrasound segment is expected to see a slight decline in revenue for the first three quarters of 2025, although there are signs of recovery in domestic bidding activities [2] - The endoscope and related treatment devices segment showed steady revenue growth in the first three quarters of 2025, driven by increasing penetration of digestive endoscopy and the company's leading position in the domestic market [3] Group 3: Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to 176 million yuan, 373 million yuan, and 449 million yuan, reflecting a significant downward revision [4] - The company is positioned as a leader in the domestic ultrasound and endoscope industry, with a diverse product matrix and increasing brand influence, leading to a target price of 43.13 yuan for 2026 based on a 50x PE ratio [4]

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

Core Insights - The company reported a revenue of 1.459 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.37%, with Q3 revenue reaching 495 million yuan, a significant increase of 28.42% compared to the same period last year [1] - The company is implementing its "2+2 strategy," focusing on ultrasound and endoscopy as core businesses while exploring minimally invasive surgery and cardiovascular intervention as emerging growth areas [1][4] - The company has launched multiple new products across various lines, enhancing market vitality and demonstrating strong operational resilience [1] Ultrasound Business - The company maintains a competitive edge in the ultrasound sector, with positive market feedback for its C-Field+ TianGong intelligent platform series [2] - The high-end portable ultrasound S80/P80 series utilizes unique imaging and reconstruction technologies to provide more accurate and higher-resolution images, reinforcing the company's market leadership [2] Endoscopy Business - The new generation 4K iEndo smart endoscope platform HD-650 has performed well since its launch, featuring industry-first super-resolution imaging capabilities and a wide range of 4K video transmission interfaces [3] - The clinical acceptance of the HD-650 is increasing, with a rise in multi-scope configuration orders from top-tier hospitals [3] Emerging Growth Areas - The minimally invasive surgery segment is experiencing rapid growth, with the "LingZhu" 4K 3D fluorescence imaging platform enhancing surgical precision and efficiency [4] - In the cardiovascular intervention field, the company is expanding its product offerings based on intravascular ultrasound imaging technology [4] R&D Investment - The company invested 367 million yuan in R&D during the first three quarters, maintaining a high R&D expenditure ratio of 25.13% [5] - The focus is on integrating AI with medical devices, with initial developments in AI software for endoscopy aimed at improving diagnostic capabilities [5] Market Environment - The domestic medical device procurement market is showing signs of recovery, with high demand for high-end imaging equipment due to ongoing equipment update policies [5] - The overall procurement scale for medical equipment is expected to remain robust in the second half of 2025, indicating a return to stable growth trends [5] Future Outlook - The company aims to continue its "2+2 strategy," promoting stable growth in existing ultrasound and endoscopy businesses while accelerating the expansion of minimally invasive surgery and cardiovascular intervention segments [6] - The focus on high-end product development and sustained R&D investment is expected to support long-term growth and market competitiveness [6]

Key Points - The core viewpoint of the articles highlights the financial performance and shareholder dynamics of Kaili Medical as of October 28, 2025, indicating a mixed financial outlook with a significant drop in net profit despite revenue growth [1][2]. Trading Information Summary - On October 28, 2025, Kaili Medical's stock closed at 34.15 yuan, up 0.29%, with a turnover rate of 0.84%, a trading volume of 36,300 shares, and a transaction value of 124 million yuan [1]. - The net outflow of funds from major investors was 13.95 million yuan, while retail investors saw a net inflow of 15.39 million yuan [1][4]. Shareholder Changes Summary - As of September 30, 2025, the number of shareholders increased to 16,100, up by 1,824, representing a growth of 12.75% since June 30, 2025 [1][4]. - The average number of shares held per shareholder decreased from 30,200 to 26,800, with an average market value of 922,200 yuan per shareholder [1]. Financial Performance Summary - For the third quarter of 2025, Kaili Medical reported a main revenue of 1.459 billion yuan, a year-on-year increase of 4.37%, while the net profit attributable to shareholders was 33.51 million yuan, down 69.25% year-on-year [2]. - The third quarter alone saw a main revenue of 495 million yuan, up 28.42% year-on-year, but the net profit was -13.52 million yuan, an increase of 78.05% year-on-year in losses [2]. - The company reported a debt ratio of 24.22%, investment income of 2.08 million yuan, financial expenses of -38.30 million yuan, and a gross profit margin of 60.36% [2]. Company Announcement Summary - On October 27, 2025, Kaili Medical's supervisory board held its 11th meeting, approving the third quarter report, confirming that the report's preparation and review processes complied with legal and regulatory requirements, and that the content was true, accurate, and complete [2][4].

Core Viewpoint - The stock of Kaili Medical (300633) has shown mixed performance with a slight increase in price but significant outflows from major funds, indicating potential concerns among institutional investors [1][2]. Financial Performance - As of October 28, 2025, Kaili Medical's stock closed at 34.15 yuan, up 0.29% with a trading volume of 36,300 hands and a total transaction value of 124 million yuan [1]. - The company reported a main revenue of 1.459 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.37%, but the net profit attributable to shareholders was 33.51 million yuan, down 69.25% year-on-year [3]. - The third quarter alone saw a main revenue of 495 million yuan, up 28.42% year-on-year, but a net loss of 13.52 million yuan, reflecting a 78.05% increase in losses compared to the previous year [3]. Fund Flow Analysis - On October 28, 2025, the net outflow of major funds was 13.95 million yuan, accounting for 11.25% of the total transaction value, while retail investors saw a net inflow of 15.39 million yuan, representing 12.41% of the total [1][2]. - Over the past five days, the trend shows consistent net outflows from major and speculative funds, with retail investors being the only group showing net inflows [2]. Industry Comparison - Kaili Medical's total market capitalization is 14.777 billion yuan, which is higher than the industry average of 11.668 billion yuan, ranking 21st out of 124 in the medical device industry [3]. - The company's net profit margin is significantly lower than the industry average, with a net profit margin of 2.3% compared to the industry average of 9.96%, ranking 89th out of 124 [3]. Analyst Ratings - In the last 90 days, 21 institutions have rated the stock, with 13 buy ratings and 8 hold ratings, indicating a generally positive outlook despite recent performance issues [4].

Core Points - The stock of Kailing Medical (300633) closed at 34.15 yuan on October 28, 2025, marking a 0.29% increase from the previous trading day, with a total market capitalization of 14.777 billion yuan [1] - The stock opened at 33.94 yuan, reached a high of 34.45 yuan, and a low of 33.69 yuan, with a trading volume of 1.24 billion yuan and a turnover rate of 0.84% [1] - The company held the 11th meeting of the 4th Supervisory Board on October 27, 2025, where the 2025 Q3 report was approved, confirming compliance with legal and regulatory requirements [1] Summary of Relevant Sections - **Stock Performance**: The stock's performance on October 28, 2025, included a closing price of 34.15 yuan, a trading volume of 1.24 billion yuan, and a turnover rate of 0.84% [1] - **Supervisory Board Meeting**: The 11th meeting of the 4th Supervisory Board approved the Q3 report, affirming that the report's preparation and review processes met legal standards and contained no false statements or omissions [1]

Core Insights - The company reported a revenue of 1.459 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.37% [1] - The net profit attributable to shareholders decreased to 33.51 million yuan, a decline of 69.25% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 23.99 million yuan, down 72.15% year-on-year [1] - The basic earnings per share stood at 0.0774 yuan [1]