每周股票复盘：山外山（688410）2025年三季度设备营收增39.70%

Core Viewpoint - The company, Shanwaishan, has shown significant growth in its blood purification equipment and consumables sales, indicating a strong market position and potential for future expansion in both domestic and international markets. Group 1: Financial Performance - In Q3 2025, the revenue from blood purification equipment reached 393.08 million yuan, representing a year-on-year growth of 39.70% [7] - During the same period, revenue from blood purification consumables was 136.96 million yuan, with a year-on-year increase of 46.47% [7] - The total market capitalization of Shanwaishan is currently 5.456 billion yuan, ranking 68th in the medical device sector [1] Group 2: Market Position and Strategy - The company holds a leading position in the domestic market, with a market share of 21.44% for blood dialysis machines, making it the top domestic brand [3] - The market share for continuous blood purification equipment is 20.77%, also leading the industry [3] - The company is focusing on technological innovation and market demand to drive growth, aiming to expand both domestically and internationally [3] Group 3: International Expansion - The company has made strides in its international strategy, achieving breakthroughs in emerging markets such as Latin America and Africa, with 22 new overseas device registrations [4] - In Q3 2025, revenue from international markets reached 131.92 million yuan, reflecting a year-on-year growth of 43.04% [4] Group 4: Policy and Market Opportunities - The National Development and Reform Commission has proposed policies to enhance the efficiency of equipment update loans, which the company is actively following to explore new opportunities [2] - The company is closely monitoring the price trends and rhythm of centralized procurement for consumables, indicating a proactive approach to market changes [3] Group 5: Future Plans - The company is progressing with its fundraising projects and will continue to monitor market dynamics to ensure successful implementation [5] - Future stock incentive plans will be evaluated based on operational performance, with timely disclosures as necessary [6]