SONOSCAPE(SZ:300633) Sou Hu Cai Jing·2025-10-29 21:33Core Viewpoint - The stock price of Kaili Medical (300633) experienced a significant decline of 11.39% on October 29, 2025, closing at 30.26 yuan, despite a net inflow of main funds indicating potential investor interest [1][2][6]. Trading Information Summary - On October 29, 2025, Kaili Medical's closing price was 30.26 yuan, with a trading volume of 192,400 hands and a total transaction amount of 589 million yuan [1][2]. - Over the past ten trading days, the main funds have seen a cumulative net outflow of 36.64 million yuan, while the stock price has dropped by 11.34% [2]. - The financing balance decreased by 14.43 million yuan, and the margin trading volume increased by 400 shares [2]. - In the last 90 days, 21 institutions rated the company, with 13 buy ratings and 8 hold ratings, and the average target price set at 41.63 yuan [2]. Institutional Research Highlights - For the first three quarters of 2025, domestic business revenue grew by over 6% year-on-year, while international business revenue increased by over 2%, with international revenue accounting for over 45% of total revenue [3]. - The endoscope business saw a nearly 6% year-on-year growth, while the ultrasound business declined by 6% due to centralized procurement impacts. The surgical business grew by 80%, and the intravascular ultrasound business surged by 270% [3]. - The overall gross margin decreased primarily due to pricing pressures from domestic ultrasound centralized procurement and lower margins from new product lines [3]. - The company is introducing high-end products to improve its product mix and has completed cost reduction initiatives for intravascular ultrasound products, which are expected to enhance gross margins in the future [3]. Product Development - The HD-650 series endoscope supports 4K resolution and advanced imaging technologies, receiving positive feedback from both domestic and international markets, with small-scale sales already initiated [4]. Company Announcements - On October 27, 2025, the company held a supervisory board meeting to review the Q3 2025 report, confirming its compliance and accuracy [5]. - The company completed the stock option incentive plan registration on October 29, 2025, granting 3.9678 million stock options at an exercise price of 31.86 yuan per option, involving 306 core personnel [7]. - The performance assessment for the incentive plan requires net profit growth rates of no less than 30%, 70%, 150%, and 260% from 2025 to 2028, based on the 2024 net profit of 136.49 million yuan [7].