首次授予部分第二个归属期归属条件成就的公告 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： 首次授予第二个归属期归属条件成就的公告 证券代码：301033 证券简称：迈普医学 公告编号：2025-064 广州迈普再生医学科技股份有限公司 关于 2023 年限制性股票激励计划 1、本次符合归属条件的首次授予部分激励对象人数：41 人； 2、本次拟归属的首次授予部分限制性股票数量：437,691 股， 占公司总股本（剔除回购股份，下同）0.66%； 3、本次拟归属的首次授予部分限制性股票授予价格：19.80 元/ 股（调整后）； 4、本次拟归属的首次授予部分限制性股票来源：公司向激励对 象定向发行的本公司人民币 A 股普通股股票； 5、本次拟归属的首次授予部分限制性股票在相关手续办理完成 后、上市流通前，公司将发布相关提示性公告，敬请投资者关注。 广州迈普再生医学科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第三届董事会第十四次会议，审议通过了《关 首次授予第二个归属期归属条件成就的公告 于 2023 年限制性股票激励计 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved significant revenue growth, with a total revenue of 158 million yuan, representing a year-over-year increase of 29.28%. The net profit attributable to the parent company reached 47 million yuan, up 46.03% year-over-year [1]. - The overseas market showed remarkable growth, with overseas revenue of 38 million yuan, a year-over-year increase of 50.96%, driven by the rapid expansion of hemostatic products and dura mater medical glue [2]. - The company focuses on the neurosurgery high-value consumables sector, with core products expected to benefit from volume-based procurement policies, leading to market share growth [3]. Revenue and Profitability - The company reported a gross margin of 80.59%, an increase of 1.74 percentage points year-over-year, attributed to improved margins in key product lines [2]. - The sales net profit margin for the first half of 2025 was 29.98%, reflecting a year-over-year increase of 1.66 percentage points due to effective cost control [2]. Financial Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 105 million yuan, 137 million yuan, and 176 million yuan, respectively, with year-over-year growth rates of 33.3%, 30.1%, and 28.4% [3][5]. - Revenue projections for the years 2025 to 2027 are 375 million yuan, 487 million yuan, and 618 million yuan, with growth rates of 34.7%, 29.8%, and 27.0% respectively [5].

Group 1: Company Performance - KAILI Medical's overseas sales revenue for the first half of 2025 is expected to remain flat compared to the same period last year, primarily due to a high base effect from the previous year [1] - SANWEI Chemical achieved total operating revenue of 1.25 billion yuan in the first half of 2025, a year-on-year increase of 21.81%, with net profit rising by 42.54% to 120.36 million yuan [1] - XIGAO Institute's proposed dividend for the first half of 2025 is 73.13 million yuan, with a payout ratio of 55.11% [2] - HONGSHENG Huayuan reported a revenue of 4.905 billion yuan for the first half of 2025, a decrease of 4.53%, while net profit increased by 96.30% [3] - MAIPU Medical's overseas sales revenue reached 38.10 million yuan, with significant growth in various product lines, particularly over 100% growth in hemostatic products [4] - DUOLI Technology's revenue grew by 13.15% year-on-year, but net profit declined by 28.13% due to increased competition and costs [5] - TIANRUN Industrial's large horsepower business revenue increased by 40%-50%, with a projected capacity increase of nearly 50% next year [6] - ZHONGKUANG Resources reported operating revenue of 3.27 billion yuan for the first half of 2025, a year-on-year increase of 34.89%, but net profit fell by 81.16% [7] - HUAYANG Group is expanding its international brand client base in automotive electronics, with significant growth in orders for magnesium alloy die-casting products [8] Group 2: Strategic Initiatives - KAILI Medical is focusing on localizing overseas personnel and enhancing new product registrations, particularly for high-end products [1] - SANWEI Chemical is optimizing existing businesses and actively exploring downstream fine chemicals and external expansion opportunities [1] - XIGAO Institute is advancing its green transformation in response to the "dual carbon" policy and enhancing its competitive edge in the new energy sector [2] - HONGSHENG Huayuan is implementing automation and intelligent manufacturing to improve production processes [3] - MAIPU Medical is pursuing global expansion and has received MDR certification for its hard dura mater medical glue products [4] - DUOLI Technology is preparing for the acquisition of a 52% stake in a company to enhance its industrial layout and internationalization [5] - TIANRUN Industrial is developing electric steering products and exploring new materials and high-end manufacturing [6] - ZHONGKUANG Resources is deepening its resource advantages in lithium battery new energy and expanding its multi-metal mineral resource pool [7] - HUAYANG Group is exploring opportunities in the robotics sector while leveraging its existing technological capabilities [8]

（记者 王晓波） 每经AI快讯，迈普医学发布公告称，2025年8月22日，迈普医学接受华创证券等投资者调研，公司董 事、副总经理、财务总监骆雅红等人回答了投资者提出的问题。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [2][14]. Core Insights - The company achieved a revenue of 158 million yuan in H1 2025, representing a year-on-year growth of 29.28%. The net profit attributable to the parent company was 47 million yuan, up 46.03% year-on-year [4]. - New product revenue has surpassed 20% of total revenue, with significant contributions from artificial dura mater patches and other new products [5]. - The international market has shown strong growth, with foreign revenue reaching 38.1 million yuan in H1 2025, a 50.96% increase year-on-year [5]. Company Overview - The latest closing price of the company's stock is 86.88 yuan, with a total market capitalization of 5.8 billion yuan [3]. - The company has a low debt-to-asset ratio of 12.5% and a high price-to-earnings ratio of 72.40 [3]. Financial Performance - The company forecasts revenues of 364 million yuan, 489 million yuan, and 657 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.7%, 34.3%, and 34.4% [7]. - The projected net profit attributable to the parent company for the same years is 115 million yuan, 166 million yuan, and 237 million yuan, with growth rates of 46.3%, 43.9%, and 42.9% [7]. Product Development and Market Expansion - The company has expanded its product indications and sales regions, including the registration change for absorbable hemostatic products and the certification of dura mater medical glue for the EU market [6]. - The sales of absorbable hemostatic products and dura mater medical glue have seen significant growth, with a combined revenue increase of 169.66% year-on-year [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 158 million yuan (+29.28%) and a net profit of 47 million yuan (+46.03%) for the first half of 2025, with a particularly strong performance in the second quarter [2][3] - The company benefits from centralized procurement, leading to sustained high growth in revenue and profit, with new products showing remarkable growth [3] - Domestic market revenue reached 120 million yuan (+23.84%), while overseas market revenue was 38.1 million yuan (+50.96%), indicating accelerated international business development [4] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively [5][9] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 158 million yuan and a net profit of 47 million yuan, with a gross margin of 80.59% [2][3] - The company has seen continuous year-on-year growth in revenue and profit for six consecutive quarters [3] Product Performance - The artificial dura (spinal) membrane patch generated revenue of 71.36 million yuan (+3.24%), while the craniofacial repair and fixation system achieved revenue of 44.26 million yuan (+24.69%) [3] - The hemostatic materials and medical glue saw a remarkable revenue increase of 38.32 million yuan (+169.66%), driven by new product launches and expanded indications [3] Market Expansion - The company has expanded its product indications and obtained certifications, with a focus on both domestic and international markets [4] - The overseas market revenue growth is particularly strong, with products covering over 100 countries [4] Future Projections - The company is projected to achieve revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 110 million yuan, 157 million yuan, and 230 million yuan [5][9]

Group 1: Company Overview and Performance - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, particularly in the neurosurgery field, offering products like artificial dura mater patches and medical adhesives [4] - In the first half of 2025, the company achieved a revenue of CNY 157.78 million, a year-on-year increase of 29.28%; net profit attributable to shareholders was CNY 47.30 million, up 46.03%; and net profit excluding non-recurring items was CNY 45.99 million, reflecting a growth of 66.20% [4] Group 2: International Expansion and Sales Growth - The company recorded overseas sales of CNY 38.10 million in the first half of 2025, with the main revenue source being dural products, and hemostatic products and medical adhesives seeing over 100% year-on-year growth [4] - The company has established a global presence, covering over 100 countries and regions, including Europe, South America, Asia, and Africa, enhancing brand influence and market expansion [4] Group 3: Product Performance and Development - In the first half of 2025, dural products generated sales of CNY 71.36 million, a growth of 3.24%; craniofacial repair and fixation systems achieved sales of CNY 44.26 million, up 24.69%; and absorbable regenerated cellulose and dura mater medical adhesives totaled CNY 38.32 million, marking a significant increase of 169.66% [8] - The dura mater medical adhesive received MDR certification in March 2025, allowing it to be legally sold in EU markets, which is a key achievement in the company's international strategy [7] Group 4: Strategic Initiatives and Future Plans - The company is actively monitoring and participating in the centralized procurement policies for hemostatic materials, aiming to leverage national and local procurement opportunities [9] - Ongoing due diligence and assessments are being conducted for a potential acquisition, which, upon completion, could expand the company's biocompatible materials technology from the implantable field to the interventional field [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 158 million yuan in the first half of 2025, representing a year-over-year increase of 29.28%, and a net profit attributable to the parent company of 47 million yuan, up 46.03% year-over-year [2] - The growth is driven by core products and new product contributions, with significant revenue growth from absorbable hemostatic products and medical adhesives [2] - The company is expected to maintain a rapid growth trend with the upcoming launch of new products and expansion into international markets [2] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 158 million yuan, with a net profit of 47 million yuan and a cash flow from operating activities of 57 million yuan, reflecting strong growth across various segments [2] - The sales gross margin was stable at 80.6%, with a net profit margin of 30.0%, indicating improved profitability due to optimized expenses [2] Revenue Forecast - The company is projected to achieve revenues of 371 million yuan, 491 million yuan, and 647 million yuan for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 33.1%, 32.5%, and 31.8% [4] - The net profit attributable to the parent company is expected to reach 113 million yuan, 149 million yuan, and 199 million yuan for the same years, with growth rates of 43.6%, 31.8%, and 33.4% [4] Product and Market Development - The company has seen significant growth in its core products, with the absorbable hemostatic products achieving a revenue increase of 169.7% year-over-year [2] - The company is expanding its market presence both domestically and internationally, with a notable increase in revenue from overseas markets [2]

Policy Developments - The State Council has agreed in principle to the "Biopharmaceutical Industry Chain Open Innovation Development Plan" for the China (Jiangsu) Free Trade Zone, aiming to create a globally influential biopharmaceutical industry hub and enhance international competitiveness [1] Industry Initiatives - The National Health Commission has issued guidelines to promote the application of artificial intelligence in ear and hearing health, focusing on the development and transformation of cutting-edge technologies in the field [2] Medical Pricing Guidelines - The National Medical Insurance Administration has released two project guidelines for medical service pricing, including the "Hernia and Thyroid Medical Service Pricing Project" and the "Digestive System Medical Service Pricing Project," integrating existing pricing projects into 25 and 150 items respectively [3] Medical Device Approvals - Zhonghong Medical's subsidiary, Shenzhen Maide Rui Na, has obtained a medical device registration certificate for an infusion pump, valid until August 19, 2030 [4] - Zhejiang Medicine has received approval for clinical trials of XC2309 injection, a first-class chemical drug intended for treating gastrointestinal ulcer bleeding [5] Financial Performance - Maipu Medical reported a 29.28% increase in revenue to 158 million yuan and a 46.03% rise in net profit to 47.3 million yuan for the first half of 2025 [6] - Sainuo Medical achieved a 12.53% increase in revenue to 240 million yuan and a remarkable 296.54% growth in net profit to 13.8 million yuan in the same period [8] - Baihua Medicine reported a revenue of 202 million yuan, a 2.95% increase, and a net profit of 25.5 million yuan, up 12.45% [9] Capital Market Activities - Linuo Pharmaceutical plans to acquire a 30% stake in Suzhou Chuangyang New Materials Technology Co., Ltd. for 84 million yuan [10] Industry Innovations - Researchers from Columbia University and Rockefeller University have developed a new therapy using bacteria to deliver viruses directly to tumors, enhancing cancer treatment efficacy [11] - Sanbo Brain Science has begun using surgical robots in certain neurosurgical procedures to improve service quality and surgical outcomes [12] Corporate Changes - Yiming Pharmaceutical announced a change in its actual controller to Yao Jinbo, following a share transfer from the previous controller [13] - Tiantan Biological received a commitment from its actual controller to resolve newly created competition issues due to a recent acquisition [14]

（文章来源：证券日报） 证券日报网讯 8月21日晚间，迈普医学发布公告称，2025年上半年公司实现营业收入157，777，674.14 元，同比增长29.28%；归属于上市公司股东的净利润为47，299，142.70元，同比增长46.03%。 ...