直击股东大会丨开立医疗董事长：今年医疗设备更新明显提速，公司收入有望重回增长

Core Viewpoint - The medical equipment procurement amount in terminal hospitals has significantly increased in the first four months of this year, indicating a rapid recovery in the industry, with companies like Kaili Medical expressing confidence in returning to a growth trend [1][2]. Industry Summary - The total budget for medical equipment in Guizhou Province exceeds 578 million, and Hebei Province has made a one-time procurement of 79 ultrasound devices, indicating a reshaping of the domestic medical equipment market [1]. - The shift from "following" to "leading" in various segments by Chinese medical equipment manufacturers is becoming more pronounced [1]. - The procurement policies are expected to lead to a significant increase in the volume of equipment purchased, with a three-year cycle for equipment updates anticipated to boost sales [2]. Company Summary - Kaili Medical, which started with ultrasound equipment and expanded into endoscopy, is now a leading domestic player in soft endoscopes, with market share second only to Olympus and Fujifilm [2]. - In Q1 2024, Kaili Medical reported revenue of 430 million and a net profit of 8.07 million, both showing a decline, but there are signs of recovery with procurement activities picking up [2][3]. - The company has seen a significant increase in successful bids, with expectations for a "low first half, high second half" performance in 2024 [3]. - The recent collective procurement results in Hainan Province showed a budget of 190 million for 200 ultrasound devices, with a savings rate exceeding 37%, indicating a trend towards cost-effective procurement [3]. - Kaili Medical's dual business model of "ultrasound + endoscopy" is now stable, with optimistic growth projections for new business areas like minimally invasive surgery and cardiovascular intervention [5]. - The company has invested heavily in R&D, with 473 million allocated in 2024, representing 23.48% of revenue, and a 23.7% increase in R&D expenses in Q1 2025 [7].