Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The pricing power of innovative drugs is improving, reflecting the global competitiveness of Chinese pharmaceutical companies [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions due to continued domestic substitution and accelerated overseas business progress [2]. - The neurosurgery and neurointervention fields are experiencing stable growth post-collection, with new products being launched [2]. - The high-value consumables market is expected to benefit from ongoing domestic replacement and the introduction of new products [2]. Group 3: Medical Devices - The medical device sector is seeing a recovery in bidding prices, with ongoing high-speed growth in bidding data this year [2]. - Companies are entering a phase of inventory reduction, with performance expected to improve in the second half of the year [2]. - The low-value consumables sector is experiencing product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is concentrating on central state-owned enterprises, gradually clearing the competitive landscape [2]. - The demand side is expected to see continuous upgrades to new products, with industry sentiment gradually improving [2]. Group 5: API (Active Pharmaceutical Ingredients) - The API sector is benefiting from the end of a capital expenditure peak, with three growth logic points driving upward trends: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies in the API sector are expected to see explosive growth in revenue and profits [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is witnessing a recovery in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs and ongoing observation of collection progress [2]. - The retail pharmacy sector is influenced by the pace of supply-side clearing and business model upgrades, with expectations of increased store closures in the second half of 2025 [2]. Group 8: Research and Development Services - The domestic innovative drug business development is heating up, likely driving downstream demand recovery [2]. - The overseas market presents significant growth opportunities for domestic companies, leveraging cost-effectiveness and service differentiation [2].

证券代码：301033 证券简称：迈普医学 投资者关系活动记录表 1 证券代码：301033 证券简称：迈普医学 源，是否会以医疗康复市场为切入点，将脑机接口与现有 临床业务结合？若如此，在产品研发、临床试验以及市场 推广等方面有哪些初步设想？ 答：尊敬的投资者，您好！脑机接口是一门多学科交 叉的研究领域，涉及微电子、神经科学、材料学、机器 人、临床医学等多个学科。目前，公司主要从事神经外科 领域，主要产品为人工硬脑（脊）膜补片、颅颌面修补及 固定系统、可吸收再生氧化纤维素、硬脑膜医用胶等 III 类医疗器械产品，覆盖开颅手术所需要的关键植入医疗器 械。感谢您对公司的关注！ 问题二:迈普医学与清华大学等顶尖科研机构深度绑 定，这种合作关系为公司进入脑机接口领域提供了良好契 机。基于此，公司是否会以科研成果转化为切入点，将高 校的前沿脑机接口研究成果落地？在成果转化过程中，如 何平衡科研探索与商业化落地的关系，以确保技术的先进 性与市场的适应性？ 答：尊敬的投资者，您好，感谢您对公司的关注！如 有相关信息达到信息披露要求，公司将根据规定进行披 露。谢谢！ 广州迈普再生医学科技股份有限公司 投资者关系活 动类别 ...

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The industry is positioned for a "Davis double" effect, where both performance and valuation are expected to improve [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions, while domestic replacements continue to grow, and overseas business progresses rapidly [2]. - The neurosurgery and neurointervention fields are stabilizing after centralized procurement, with new products expected to contribute to growth [2]. Group 3: Medical Devices - The medical device sector is experiencing a high-speed growth in bidding data, with companies entering a destocking phase, which is expected to improve performance in the second half of the year [2]. - The low-value consumables sector is seeing continuous product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape [2]. - The demand side is expected to upgrade towards new products, gradually improving the industry's overall health [2]. Group 5: API (Active Pharmaceutical Ingredients) - The industry is at an upward turning point due to the end of a capital expenditure peak, combined with three growth drivers: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies are expected to see explosive growth in revenue and profits in the medium term [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is seeing a revival in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs, while the retail pharmacy sector is influenced by supply-side adjustments and business model upgrades [2]. - The performance of offline pharmacies is expected to improve in the second half of 2025, with leading chains like YaoXingTang making progress in store upgrades [2]. Group 8: Research Reports - A series of in-depth research reports on various companies and sectors within the pharmaceutical and medical device industries have been published, highlighting their growth potential and market positioning [3][4].

内容概要：人工硬脑膜是用生物材料制成人体脑膜的替代物，用于因颅脑、脊髓损伤、肿瘤及其他颅脑 疾病引起的硬脑膜或脊膜缺损的修补，防止脑脊液外漏、颅内感染、脑膨出、脑粘连和疤痕等严重并发 症，以恢复其完整性。人工硬脑膜属于植介入耗材，伴随着国民可支配收入增加、老龄化程度加深，脑 血管疾病发病率上升，神经外科介入类手术需求增加，推动人工硬脑膜的需求放量增长。但2021年以来 随着集采的稳步推进，国内人工硬脑膜产品价格下降较为明显。2024年，我国人工硬脑膜需求量从2017 年的44.63万片增长至94.61万片，产品价格从2017年的1775元/片下降至800元/片，人工硬脑膜市场规模 则从2020年的10.26亿元下降至2024年的7.57亿元。 关键词：人工硬脑膜行业政策、人工硬脑膜产业链、人工硬脑膜需求量、人工硬脑膜行业均价、人工硬 脑膜市场规模、人工硬脑膜市场竞争格局、人工硬脑膜行业发展趋势 一、人工硬脑膜行业基本概况 神经外科作为医学领域最为复杂的学科之一，是以手术为主要手段，医治中枢神经系统（脑、脊髓）、 周围神经系统和植物神经系统疾病的一门临床外科专科。作为高精尖的前沿学科之一，神经外科对应用 在手术 ...

Group 1 - The core point of the article is that Maipu Medical has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [2] Group 2 - The announcement was made on the evening of September 16 [2] - This development indicates a significant step forward in the company's product pipeline and potential market offerings [2] - The clinical trial phase is crucial for the validation and eventual commercialization of the product [2]

格隆汇9月16日丨迈普医学(301033.SZ)公布，研发项目"可吸收再生氧化纤维素止血颗粒"于近期正式进 入临床试验阶段。临床用途：在外科手术中，当结扎或其他传统的止血方法无法操作或无效时，本产品 可作为辅助止血产品用于控制毛细血管、静脉及小动脉的渗血。 ...

Core Viewpoint - The company Maipu Medical has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [1] Clinical Application - The product is intended for use in surgical procedures where traditional hemostatic methods, such as ligation, are not feasible or ineffective, serving as an auxiliary hemostatic product to control bleeding from capillaries, veins, and small arteries [1]

Core Viewpoint - The company, Maipu Medical (301033.SZ), has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [1] Group 1 - The product is designed to be used as an auxiliary hemostatic agent in surgical procedures when traditional methods such as ligation are ineffective or cannot be performed [1] - It aims to control bleeding from capillaries, veins, and small arteries [1]

Core Viewpoint - The company Maipu Medical (301033.SZ) has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [1] Group 1 - The product is designed to be used as an auxiliary hemostatic product in surgical procedures when traditional methods such as ligation are ineffective or cannot be performed [1] - It aims to control bleeding from capillaries, veins, and small arteries [1]