联影医疗等来“换新潮”

Core Viewpoint - In the first half of 2025, United Imaging Healthcare (688271.SH) reported revenues and net profits of 6.016 billion yuan and 999.8 million yuan, respectively, marking year-on-year growth of 12.79% and 4.59% [1] Revenue Performance - After experiencing its first revenue decline since listing due to the impact of the old-for-new policy last year, United Imaging Healthcare has returned to a growth trajectory [1] - The MR (Magnetic Resonance) segment, which is the main revenue driver, generated 1.968 billion yuan in the first half of 2025, reflecting a significant year-on-year increase of 16.81% [1] - In contrast, the CT segment faced challenges from low-price competition, resulting in a revenue decline to 1.515 billion yuan, down over 6% year-on-year [1][2] Product Development - United Imaging Healthcare is focusing on high-end CT technology, having received approval for the "uCT Ultima," China's first photon-counting spectral CT, which offers advantages in spatial resolution and multi-energy spectrum imaging [3] - The service revenue, including maintenance, reached 816 million yuan, showing a nearly 30% year-on-year increase, but only accounted for just over 10% of total revenue [3] Profitability and Market Position - The overall gross margin for United Imaging Healthcare in the first half of 2025 was 47.93%, while the gross margin for service-related business exceeded 60% [4] - There is potential for improvement in the service revenue share, as compared to the "GPS trio" (GE Healthcare, Philips Healthcare, Siemens Healthcare), which has service revenue accounting for over 30% [4] International Business - International business is a significant aspect of United Imaging Healthcare's performance, with overseas revenue reaching 1.142 billion yuan in the first half of 2025, representing a year-on-year growth of 22.48% and accounting for 19% of total revenue, an increase of 1.5 percentage points year-on-year [5][6]