Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2][50]. Core Insights - The medical device bidding amount in August 2025 reached 13.065 billion yuan, representing a year-on-year increase of 17% and a month-on-month increase of 2%. The total bidding amount from January to August 2025 was 110.3 billion yuan, showing a year-on-year growth of 51% [3][9]. Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in August 2025 was 13.065 billion yuan, with a year-on-year increase of 17% and a month-on-month increase of 2%. The cumulative bidding amount from January to August 2025 was 110.3 billion yuan, reflecting a year-on-year growth of 51% [3][9]. Domestic Brands - **United Imaging**: August bidding amount was 1.014 billion yuan, up 49% year-on-year; cumulative amount from January to August was 7.028 billion yuan, up 60% [4][13]. - **Myray Medical**: August bidding amount was 850 million yuan, up 18% year-on-year; cumulative amount from January to August was 5.904 billion yuan, up 49% [17][18]. - **Kaili Medical**: August bidding amount was 150 million yuan, up 63% year-on-year; cumulative amount from January to August was 890 million yuan, up 97% [25][26]. - **Shanwaishan**: August bidding amount was 48 million yuan, up 78% year-on-year; cumulative amount from January to August was 284 million yuan, up 194% [28][29]. - **Wandong Medical**: August bidding amount was 137 million yuan, up 200% year-on-year; cumulative amount from January to August was 936 million yuan, up 107% [31][32]. Imported Brands - **Philips**: August bidding amount was 638 million yuan, down 11% year-on-year; cumulative amount from January to August was 5.715 billion yuan, up 31% [34][35]. - **Siemens**: August bidding amount was 852 million yuan, up 41% year-on-year; cumulative amount from January to August was 7.489 billion yuan, up 49% [38][39]. - **GE Medical**: August bidding amount was 1.127 billion yuan, up 36% year-on-year; cumulative amount from January to August was 8.541 billion yuan, up 42% [41][42].

Core Viewpoint - The company, Shenzhen Kaili Biomedical Technology Co., Ltd., has confirmed the legitimacy and effectiveness of the incentive plan for 2025, with no objections raised during the public notice period [1][2][4]. Trading Information Summary - As of September 16, 2025, the stock price closed at 35.78 yuan, with a turnover rate of 1.05% and a trading volume of 45,600 shares, resulting in a transaction amount of 162 million yuan [1]. - On the same day, the main funds experienced a net outflow of 12.4025 million yuan, while speculative funds saw a net inflow of 9.7896 million yuan, and retail investors had a net inflow of 2.6128 million yuan [1][4]. Company Announcement Summary - The Supervisory Board has verified the list of incentive plan participants, confirming that all individuals meet the necessary qualifications and are legitimate candidates, including directors, senior management, middle management, and technical personnel, excluding independent directors, supervisors, foreign employees, and shareholders holding more than 5% [1][2]. - The Board's Compensation and Assessment Committee also conducted a review of the incentive plan participants, affirming their qualifications and the absence of any disqualifying conditions [2].

Group 1 - The stock of KAILI Medical (300633) closed at 35.78 yuan on September 16, 2025, with no change in price, a turnover rate of 1.05%, a trading volume of 45,600 lots, and a transaction amount of 162 million yuan [1] - On September 16, the net outflow of main funds was 12.4 million yuan, accounting for 7.67% of the total transaction amount, while the net inflow of retail funds was 2.61 million yuan, accounting for 1.62% of the total transaction amount [1] - The company reported a main business income of 964 million yuan for the first half of 2025, a year-on-year decrease of 4.78%, and a net profit attributable to shareholders of 47.03 million yuan, a year-on-year decrease of 72.43% [2] Group 2 - KAILI Medical's total market value is 15.482 billion yuan, which is higher than the industry average of 12.274 billion yuan, ranking 22 out of 123 in the medical device industry [2] - The company's net profit margin is 4.88%, which is lower than the industry average of 10.39%, ranking 84 out of 123 [2] - In the last 90 days, 18 institutions rated the stock, with 12 buy ratings and 6 hold ratings, and the average target price set by institutions is 40.17 yuan [3]

证券代码：300633 证券简称：开立医疗 公告编号：2025-037 深圳开立生物医疗科技股份有限公司监事会 关于公司 2025 年限制性股票与股票期权激励计划激励对象名单的核 查意见及公示情况说明 本公司及监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。 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 9 月 4 日召开第四届董事会第十次会议、第四届监事会第九次会议，审议通过了《关于 公司 2025 年限制性股票与股票期权激励计划（草案）及其摘要的议案》等相关 议案，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证 券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律 监管指南》"）等相关法律法规的规定，公司对 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"）激励对象的姓名和职务在公司内部进行了 公示，公司监事会结合公示情况对激励对象名单进行了核查，相关公示及核查情 况如下： 一、公示情况及核查方式 1、公司对激励对象的公示情况 公司于 2025 年 9 月 6 日在巨潮资讯网 ...

证券代码：300633 证券简称：开立医疗 公告编号：2025-038 深圳开立生物医疗科技股份有限公司董事会薪酬与考核委员会 关于公司 2025 年限制性股票与股票期权激励计划激励对象名单的核 查意见及公示情况说明 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。 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 9 月 4 日召开第四届董事会第十次会议、第四届监事会第九次会议，审议通过了《关于 公司 2025 年限制性股票与股票期权激励计划（草案）及其摘要的议案》等相关 议案，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证 券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律 监管指南》"）等相关法律法规的规定，公司对 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"）激励对象的姓名和职务在公司内部进行了 公示，公司董事会薪酬与考核委员会结合公示情况对激励对象名单进行了核查， 相关公示及核查情况如下： 一、公示情况及核查方式 1、公司对激励对象的公示情况 公司于 2025 ...

Core Viewpoint - The report from Zheshang Securities indicates that Kaili Medical's net profit attributable to shareholders for H1 2025 is projected to be 47 million yuan, representing a year-on-year decline of 72.4% [1] Financial Performance - The net profit for Q2 2025 is expected to be 39 million yuan, showing a year-on-year decrease of 44.7% [1] - The impact of domestic medical equipment bidding and procurement in 2024 is anticipated to affect revenue and profit growth in H1 2025 [1] Future Outlook - As the bidding process is expected to gradually recover in 2025, Q2 revenue growth is projected to turn positive year-on-year [1] - The company is expected to see overall revenue growth for the full year of 2025, driven by the recovery of the bidding process [1] Profit Forecast Adjustment - Due to the impact of bulk procurement on gross margins and ongoing expense investments, the profit forecasts for the company from 2025 to 2027 have been revised downward [1] - The rating for the company remains "Buy" despite the adjustments [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue for H1 2025 was 964 million yuan, a year-on-year decline of 4.8%, with a net profit attributable to shareholders of 47 million yuan, down 72.4%. However, Q2 2025 showed signs of recovery with revenue of 534 million yuan, a slight increase of 0.2% year-on-year, and a net profit of 39 million yuan, down 44.7%. The report suggests that with the gradual recovery of domestic medical equipment bidding in 2025, the company is expected to achieve revenue growth for the full year [1] - The ultrasound segment is anticipated to recover in 2025 due to the resumption of domestic bidding, new product launches, and breakthroughs in the overseas mid-to-high-end market. H1 2025 revenue for the ultrasound segment was 550 million yuan, down 9.9% year-on-year. The introduction of high-end products and the expansion of market demand are expected to drive growth [2] - The digestive endoscopy segment is also expected to see revenue growth driven by domestic bidding recovery and accelerated domestic substitution. H1 2025 revenue for this segment was 388 million yuan, a slight increase of 0.08% year-on-year. The company has made significant advancements in product capabilities and is expanding its high-end channels [3] - The non-ultrasound and endoscopy segment saw a significant increase in revenue, up 76.5% year-on-year in H1 2025, driven by the commercialization of new surgical and vascular intervention products. The company has launched several new products that are expected to contribute to long-term revenue growth [4] - The company's net profit margin is expected to improve, with a projected net profit margin of 4.88% for H1 2025, down 12 percentage points year-on-year. The report anticipates a recovery in net profit margin in H2 2025 due to the resumption of bidding and new product launches [5] Financial Summary - The company forecasts revenues of 2.318 billion yuan, 2.762 billion yuan, and 3.286 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 15.12%, 19.14%, and 18.97%. The net profit attributable to shareholders is expected to be 201 million yuan, 303 million yuan, and 415 million yuan for the same years, with corresponding growth rates of 41.34%, 50.52%, and 37.08% [10]

Financing Activities - On September 12, 2025, the company Kailing Medical (300633) had a financing buy-in of 21.12 million yuan and a financing repayment of 19.01 million yuan, resulting in a net financing buy of 2.11 million yuan, with a financing balance of 159 million yuan [1] - Over the past three trading days, the company has seen a cumulative net buy of 7.78 million yuan, with 12 out of the last 20 trading days showing net financing buy activity [1] Margin Trading - On September 12, 2025, the company had a margin trading balance of 160 million yuan, which increased by 2.01 million yuan, representing a growth of 1.27% from the previous day [4] - The margin trading activities included a net sell of 2,300 shares on September 12, with a total margin balance of 1.52 million yuan [3] Trading Data Summary - The financing net buy data for the last few trading days shows fluctuations, with September 9 recording a significant net sell of 13.17 million yuan, while September 8 had a net buy of 10.27 million yuan [2] - The margin trading data indicates a consistent pattern of net selling over the past 20 trading days, with the highest net sell recorded on September 9 [3]

Summary of Medical Equipment Industry Conference Call Industry Overview - The medical equipment industry experienced a revenue decline of 7.3% year-on-year in the first half of 2025, with Q2 revenue dropping by 9% [2] - The overall gross margin for the sector was 50.5%, with a slight decrease in Q2 compared to the previous year [2] - Domestic tender procurement is gradually recovering, with a 51% year-on-year increase from January to August [2][3] - The competitive landscape has led to extended revenue recognition cycles, resulting in a significant drop in actual revenue corresponding to last year's tenders [2] Company Performance Mindray Medical - Domestic revenue decreased by 30%, while overseas revenue grew by 5.39% [4] - The life information and support product line saw a 32% decline in revenue [5] - The company is expected to see recovery in Q3 due to increased market share in consumables and IVD products [6][8] United Imaging - Overseas revenue increased by 22.5%, accounting for nearly 20% of total revenue [4] - Domestic market growth was 11%, with several new products approved [5] - MRI equipment revenue grew by 16.81%, while CT equipment sales declined due to high procurement during the pandemic [3][14] KAILI Medical - Overall revenue faced pressure, with a 9% decline in domestic revenue and a 10% drop in gross margin [19] - Soft endoscope revenue grew over 20%, primarily due to breakthroughs in distribution channels [4][19] - The company is focusing on R&D in ultrasound and minimally invasive surgery [20] BGI Genomics - Revenue decreased by 8%, with a net loss reported [21] - Domestic sequencing business saw a double-digit decline, but sales volume of sequencing instruments increased [21] - The inclusion of Illumina on the unreliable entity list by the Chinese Ministry of Commerce is expected to boost BGI's market share [21] Wandong Medical - Achieved a 20% overall revenue growth, benefiting from increased sales of DRCT products and procurement expansion [4][22] - The company is pursuing a dual-driven strategy in domestic and overseas markets, with good growth prospects in Southeast Asia, South America, and Africa [22] Market Trends and Future Outlook - The medical imaging equipment tendering process is recovering, with a 51% year-on-year increase from January to August [5] - The overall trend for international expansion is positive, although short-term demand fluctuations are expected due to complex international conditions [6] - The second half of 2025 is anticipated to show significant improvement due to industry restructuring and the initiation of equipment upgrade projects [7] - Increased investment in consumables is expected to optimize business structures and improve revenue proportions [7] Key Insights - The medical equipment sector is facing challenges due to competitive pressures and extended revenue recognition cycles, but recovery is anticipated in the latter half of 2025 [2][7] - Companies are adapting by focusing on international markets and enhancing product offerings to mitigate domestic market pressures [6][8] - New technologies, such as AI and advanced imaging solutions, are becoming focal points for R&D and market competitiveness [18][20]

Core Viewpoint - The strategic cooperation agreement between Kaili Medical and Zhejiang Batai Medical Technology aims to address the growing demand for cardiovascular disease treatment in China by focusing on advanced interventional techniques and providing comprehensive treatment options for coronary heart disease patients [1] Group 1: Company Collaboration - Kaili Medical and Zhejiang Batai Medical have officially signed a strategic cooperation agreement in Hangzhou [1] - The partnership seeks to integrate resources from both companies to enhance the development and promotion of new interventional technologies [1] Group 2: Market Demand - The collaboration is a response to the increasing demand for cardiovascular disease diagnosis and treatment in the Chinese market [1] - The focus will be on "precise diagnosis and treatment" and "intervention without implantation" as key areas of development [1]