蓝帆医疗：心脑血管迈入盈利周期，全球竞争力加速凸显

Core Viewpoint - Bluefan Medical's cardiovascular division has turned profitable, driven by new product launches and strategic investments in R&D, marking a significant growth phase for the company [1][3]. Group 1: Financial Performance - The cardiovascular division achieved sales revenue exceeding 690 million yuan in the first half of 2025, representing over a 20% increase compared to the same period last year [1]. - The division has successfully reduced sales and management expense ratios, contributing to its profitability [1]. Group 2: Innovation and R&D - Since 2018, Bluefan Medical has invested approximately 2 billion yuan in R&D, leading to a significant increase in product approvals and market readiness [1]. - The company is transitioning towards an innovation-driven development model, enhancing its production capabilities [1]. Group 3: International Strategy - Bluefan Medical has established a global sales network covering over 100 countries and regions, with a focus on emerging markets in Europe, Southeast Asia, and the Middle East since 2018 [3]. - The company has set up R&D and production bases in China, Singapore, and Germany, creating a "triangular support" system for efficient operations [3]. Group 4: Market Resilience - The company's localized production strategy has provided resilience against trade tensions, allowing it to navigate regulatory challenges effectively [4]. - Recent government policies favoring domestic medical device manufacturers are expected to create further opportunities for Bluefan Medical [4].