蓝帆医疗：一季度扭亏为盈，跨国医疗器械平台企业成型

Core Insights - Bluefan Medical reported a 26.91% year-on-year increase in revenue for 2024, reaching 6.253 billion yuan, while narrowing its net loss by 21.60% to -446 million yuan [1] - The company achieved a positive net cash flow from operating activities of 136 million yuan, a significant increase of 286.39% year-on-year [1] - In Q1 2025, Bluefan Medical generated revenue of 1.478 billion yuan, with a return to profitability, reporting a net profit of 77.02 million yuan [1] Cardiovascular Division - The Cardiovascular Division's sales revenue exceeded 1.1 billion yuan in 2024, marking a growth of approximately 12%, with an improved gross margin [1] - Sales in the Asia-Pacific region grew by about 21%, driven by increased sales of coronary and valve products [1] - The division's losses have significantly narrowed despite ongoing R&D investments, maintaining R&D expenses around 200 million yuan [1] Health Protection Division - The Health Protection Division saw a notable improvement in 2024, with revenue growth of 33% as the supply-demand balance in the glove industry gradually recovered [2] - The division's gross margin increased by 7.4 percentage points due to cost reduction and efficiency enhancement initiatives [2] - In Q1 2025, the division's performance slightly declined due to tariff policies, but the company has strategically shifted focus to non-U.S. markets, reducing U.S. sales of nitrile gloves to below 30% of total exports [2] Emergency Rescue Division - The Emergency Rescue Division achieved stable profitability in 2024, implementing automation measures to reduce costs and improve efficiency [3] - In Q1 2025, the division reported revenue of nearly 47.5 million yuan and a net profit of approximately 5.5 million yuan, reflecting a year-on-year growth of about 12% [3]