心脉医疗(688016)：Q3业绩基本符合预期 海外业务保持高速增长

Core Viewpoint - In Q3 2025, the company's performance met expectations, with overseas business maintaining rapid growth, while domestic business rebounded quickly against last year's low base. Looking ahead to Q4 2025, revenue is expected to show rapid growth, and profits are anticipated to turn from loss to profit. For 2026, while external peripheral intervention and overseas business are expected to continue high growth, uncertainties exist in the domestic large stent business due to centralized procurement [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.015 billion yuan, a year-on-year increase of 4.66%. The net profit attributable to the parent company was 429 million yuan, a decrease of 22.46% year-on-year, while the net profit excluding non-recurring items was 372 million yuan, down 25.80% year-on-year. The earnings per share (EPS) was 3.54 yuan [2][3]. - In Q3 alone, the company reported revenue of 300 million yuan, a year-on-year increase of 64.68%, with a net profit of 114 million yuan, down 23.63% year-on-year. The net profit excluding government subsidies and other investment income increased by 60% year-on-year [3]. Regional Performance - Domestic product sales growth remained above 20% in the first three quarters, but revenue was flat year-on-year due to price governance and centralized procurement impacts. In Q3 2025, domestic revenue showed positive growth year-on-year after a 17.24% decline in the first half of the year. Overseas business revenue grew over 65% year-on-year, increasing its share of total revenue to 18% [3][4]. Future Outlook - In Q4 2025, revenue is expected to grow rapidly, and profits are projected to turn positive. For 2026, while external peripheral intervention and overseas business are likely to maintain high growth, uncertainties in the domestic large stent business due to centralized procurement may impact performance. Excluding the effects of centralized procurement, revenue and profits are expected to recover rapidly based on this year's low base [4][9]. - The company is enhancing its global layout and product innovation, with a focus on meeting clinical market demands and increasing R&D investment to build a competitive product portfolio in the fields of aortic intervention, peripheral intervention, and tumor intervention [1][5]. R&D and Product Development - The company is progressing well with its R&D projects, including the Hector thoracic aortic multi-branch stent, which has completed clinical enrollment for the first patient in a domestic multi-center trial. Other products like the Aegis II abdominal aortic stent and IBD iliac branch stent are also advancing as planned [5]. - The company has a strong pipeline of products expected to be approved and launched in the coming year, including several key products in the peripheral business [5][6]. International Expansion - The company has been expanding its overseas business, covering regions such as the Middle East, Asia-Pacific, and South America, with a recent acquisition enhancing its presence in Europe. As of October, the company has added 11 new overseas registrations and expanded into 7 new countries [6][7]. - The Castor and Cratos branched aortic stents are experiencing good growth in Europe, South America, and Asia-Pacific, with the Cratos stent expected to receive approval in 2026. The Hector stent has already received a custom certificate in the EU and is now being launched in the market [7]. Operational Efficiency - The company's gross margin for Q3 was 73.28%, an increase of 2.43 percentage points year-on-year, attributed to improved production efficiency and reduced material costs. The company aims to maintain a gross margin above 70% for the year [8]. - The company’s operating cash flow for the first three quarters was 363 million yuan, a decline of 3.26% year-on-year. Accounts receivable turnover days increased by 42.13 days to 91.52 days, while inventory turnover days decreased by 44.57 days to 228.85 days [8].