开立医疗（300633.SZ） 业绩短期承压，期待新品放量业绩恢复 消费品/生物医药 公司发布 2025 半年度报告：2025 年上半年实现营业收入 9.64 亿元，同比下降 4.78%；归母净利润 0.47 亿元，同比下降 72.43%；扣非归母净利 0.40 亿元， 同比下降 74.26%。 其中，2025 年第二季度营业收入 5.34 亿元，同比增长 0.17%，归母净利润 0.39 亿元，同比下降 44.65%，扣非归母净利润 0.34 亿元，同比下降 46.00% ❑ 风险提示：新产品研发失败或注册延迟的风险、市场竞争风险、销售风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2120 | 2014 | 2253 | 2614 | 3030 | | 同比增长 | 20% | -5% | 12% | 16% | 16% | | 营业利润(百万元) | 475 | 122 | 326 | 418 | 547 | | 同比增长 | 2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company's performance is under short-term pressure, but there are expectations for new product launches to drive growth in the second half of the year [5]. - The domestic medical equipment industry is showing signs of recovery, with significant growth in the company's ultrasound and endoscope products [6]. - The company has launched several new products across its business lines, including advanced endoscope platforms and bronchoscopes, which are expected to enhance its market position [6]. - The company is expanding its domestic and international marketing networks, which is anticipated to support ongoing business growth [7]. - Revenue forecasts for 2025-2027 are projected at 2.22 billion, 2.68 billion, and 3.18 billion yuan, with corresponding net profits expected to be 188 million, 391 million, and 503 million yuan [8]. Company Overview - The latest closing price of the company's stock is 34.45 yuan, with a total market capitalization of 14.9 billion yuan [4]. - The company reported a revenue of 964 million yuan in H1 2025, a year-on-year decrease of 4.78%, and a net profit of 47 million yuan, down 72.43% year-on-year [5]. - The company has a debt-to-asset ratio of 27.9% and a price-to-earnings ratio of 104.39 [4].

Group 1 - The core viewpoint of the news is that Kaili Medical (SZ 300633) is actively engaging with investors and has announced a scheduled investor meeting from September 8 to 19, 2025, where the company’s board secretary will participate [1] - As of the latest report, Kaili Medical's market capitalization stands at 14.9 billion yuan [3] - For the year 2024, Kaili Medical's revenue composition is entirely from the medical device industry, accounting for 100% [2]

Group 1: Company Performance and Market Outlook - The company anticipates a positive trend in performance following the recovery from the industry's low point since the 2023 medical sector restructuring, with a notable improvement in quarterly results [2] - The company has established a diversified product portfolio across four lines: ultrasound, endoscopy, surgery, and cardiovascular intervention, enhancing its competitive edge [2] - International business accounts for 50% of total revenue, indicating a strong global market presence and improved risk resilience [2] Group 2: Product Sales and Market Acceptance - The HD-650 endoscope has shown promising sales performance, with expectations for increased volume throughout the year, reflecting high clinical acceptance and competitive advantages [3] - The proportion of multi-scope configurations in orders from top-tier hospitals has increased, demonstrating the product's growing recognition in the market [3] Group 3: AI Integration in Medical Devices - The company employs over 30 dedicated R&D personnel in AI, focusing on enhancing ultrasound and endoscopy products with advanced functionalities [4] - AI applications in endoscopy include independent software for polyp detection and quality control, which significantly reduces the workload for frontline doctors [4] - In ultrasound, AI solutions have been developed for obstetrics and gynecology, improving diagnostic capabilities and clinical value [4] Group 4: Competitive Landscape and R&D Investment - The company views the influx of startups in the endoscopy sector as a challenge, citing high technical barriers and the lengthy process required for new products to gain clinical acceptance [5] - Continuous high-level investment in R&D allows the company to maintain its leading position in the endoscopy market and effectively compete against emerging players [5]

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]