SONOSCAPE(300633) Zheng Quan Zhi Xing·2025-05-19 00:05Group 1: Yihua Jiaye - Yihua Jiaye achieved double growth in revenue and net profit in Q1 2025, driven by the end of inventory destocking in the US ventilator market and the recruitment of a senior consumer marketing expert [1] - Domestic market revenue and gross margin improved, with a stable transition in channels [1] - The company has nearly achieved localization of core components, ensuring supply chain security [1] - A strategic partnership with Hanyu Pharmaceutical was established to jointly develop ventilators and casein active peptide applications, expanding health consumer channels [1] - The European market cloud platform construction is nearly complete, with over 20 agents connected [1] - A confidentiality agreement was signed with Qiangnao Technology to discuss advancing brain-computer interface technology cooperation [1] - The newly launched P5 series ventilators primarily target domestic hospital channels and generated sales revenue in Q1 2025 [1] Group 2: Kaili Medical - In 2024, large-scale medical equipment procurement plans were announced across provinces, but the implementation rate is low; full rollout is expected in 2025, which may lower industry gross margins while increasing market share for leading brands [2] - The minimally invasive surgery business is projected to grow by 30% in 2024, with expected losses narrowing in 2025 [2] - The cardiovascular intervention product line is still in a strategic investment phase [2] - The company is developing a unique solution through the "Zhihui" operating room for minimally invasive surgery, with rapid growth in the rigid endoscope business [2] - AI is expected to enhance physician efficiency, and the company is committed to an "equipment + AI" strategy, achieving progress in multiple areas [2] Group 3: East China Pharmaceutical - East China Pharmaceutical set higher goals in its eighth three-year plan, focusing on innovative product launches and team capability enhancement [3] - The company aims to balance resource utilization by improving efficiency and project quality to maximize R&D efficiency [3] - Optimized payment policies will allow approximately 35% of products to receive payments in the following month, reducing the average turnover period to 45 days [3] - The medical beauty business has significant growth potential, with new product launches and consumption upgrades expanding market demand [3] - The industrial microbiology sector will continue to implement large-scale variety cultivation plans, focusing on cost reduction and efficiency enhancement [3] - The restructured botulinum toxin offers high purity, high specific activity, and low immunogenicity, providing comprehensive solutions [3] - The company is optimistic about achieving license-out collaborations in the future and aims to develop sustainable international cooperation capabilities [3] - Future plans include establishing a budget for sales expenses and enhancing daily management [3]