Core Viewpoint - The report from首创证券 indicates a positive outlook for 爱康医疗, projecting revenue and profit growth from 2025 to 2027, supported by strong performance in the orthopedic market and effective operational strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, 爱康医疗 achieved revenue of 694 million yuan, representing a 5.60% increase, and a net profit attributable to shareholders of 161 million yuan, up 15.3% [1]. - The projected revenues for 2025, 2026, and 2027 are 1.512 billion yuan, 1.751 billion yuan, and 2.027 billion yuan, respectively, with net profits expected to be 330 million yuan, 391 million yuan, and 463 million yuan [1]. Group 2: Market Position and Strategy - The implementation of the joint procurement policy across all provinces has allowed 爱康医疗 to maintain a leading position in procurement volumes, with a 10% increase compared to the first round of procurement [1]. - The company has achieved over 90% coverage of high-level hospitals, with surgical volume from these hospitals increasing by 33% year-on-year in the first half of 2025 [1]. - 爱康医疗 is restructuring its sales team to implement a tiered hospital coverage strategy, which is expected to further enhance market share [1]. Group 3: Technological Advancements - The company has developed the iCOS digital orthopedic platform, which integrates personalized services and manages the entire lifecycle of personalized implants [2]. - From 2022 to 2024, 爱康医疗 has launched or received approval for several advanced surgical systems, including the VTS visualization system and knee and hip joint surgical robots, with the K3 intelligent surgical robot approved in the first half of 2025 [2]. - The integrated solution of preoperative planning, intraoperative navigation/robotic systems, and implants is expected to empower orthopedic clinical diagnosis and treatment, driving growth in implant sales [2]. Group 4: International Expansion - 爱康医疗 operates under a dual-brand strategy (JRI and AK) in overseas markets, allowing for complementary branding, product lines, and sales [2]. - The company registered new products in five countries in 2024 and four in the first half of 2025, along with adding 12 and 5 new distributors, respectively [2]. - The ongoing promotion of digital orthopedic solutions abroad is anticipated to enhance clinical service capabilities and become a new growth driver for the company's performance [2].