Core Insights - Koser Medical Technology (Suzhou) Co., Ltd. has completed nearly 100 million yuan in B+ round financing, led by Tietou Jushi, with funds allocated for core product development, global market promotion, and capacity expansion [1] Company Overview - Koser Medical was established in November 2013 and is a platform company with comprehensive production and R&D capabilities in vascular interventional devices, aiming to provide systematic solutions for clinical applications [1] - The company has successfully commercialized its innovative product, the inferior vena cava filter, which is the first umbrella-shaped long-term filter approved for registration in China, with several other innovative products set to enter clinical trials [1] - Koser Medical's balloon products in the coronary field have received registration certificates from multiple countries, including China (NMPA), the USA (FDA), the EU (CE), Japan (PMDA), and South Korea (KFDA), and have entered mainstream international markets [1] Leadership - The Chairman, General Manager, and CEO, Hu Qing, is a member of the second Life Science Instrument Professional Committee of the Chinese Society of Biomedical Engineering and has received multiple honors. He has extensive experience in management roles at Fortune 500 companies and has been in the medical device industry since 2002 [1] Financing History - The company has completed four rounds of financing prior to the recent B+ round, with investors including Dacheng Caizhi and Jushi Chuangtou [2] Business Structure - Koser Medical has formed a "one core, three wings" business layout, with the parent company focusing on a one-stop treatment system for peripheral intervention, while subsidiaries specialize in cardiac electrophysiology, coronary intervention product development, and breakthrough core medical materials technology [3] Global Strategy - The company actively practices a "Local Base, Global Reach" strategy, having acquired Ireland's Micell in 2021 to gain access to extensive clinical data and special coating technology, marking a significant step towards globalization [3] - Koser Medical has completed product registrations in over 20 countries and plans to establish more overseas subsidiaries and offices, with global sales set to officially launch in 2024 and aims for large-scale international expansion by 2026 [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 鱼跃医疗(002223) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] "产品+营销"双轮驱动，塑造家用医疗 器械领先品牌 业务发展稳定势好，创新发展布局多 元领域 鱼跃医疗（002223）核心板块稳定增 长，电商渠道表现优异 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 血糖业务增长 40%，海外拓展成效凸显 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 umma ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's blood glucose business has shown a remarkable growth of 40%, with significant results from overseas expansion, leading to an overall revenue increase of over 30% [2] - In 2024, the company reported a revenue of 7.566 billion yuan, a year-on-year decrease of 5.09%, and a net profit attributable to shareholders of 1.806 billion yuan, down 24.63% year-on-year [2] - The company is expected to maintain stable growth in its core segments, with a focus on enhancing its product matrix and brand influence, particularly in overseas markets [2] Financial Performance Summary - In 2024, the company achieved total revenue of 75.66 billion yuan, with domestic revenue at 65.74 billion yuan (down 8.58% year-on-year) and overseas revenue at 9.49 billion yuan (up 30.42% year-on-year) [2] - The blood glucose management and POCT solutions business generated revenue of 10.30 billion yuan, reflecting a growth of 40.20% [2] - The company’s gross profit margin for 2024 was 50.14%, a decrease of 1.35 percentage points year-on-year, while the net profit margin was 23.85%, down 5.96 percentage points year-on-year [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 86.82 billion yuan, 100.07 billion yuan, and 115.20 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.7%, 15.3%, and 15.1% [2] - The net profit attributable to shareholders is expected to be 2.111 billion yuan, 2.494 billion yuan, and 2.930 billion yuan for the same years, with growth rates of 16.9%, 18.2%, and 17.5% [2] - The price-to-earnings ratio (P/E) for 2025 is projected to be 16 times [2]

证券研究报告·公司点评报告·房地产 苏州高新（600736） 2024 年报点评：收入企稳，产业运营及投资 积极布局新兴方向 买入（维持） 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 股价走势 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 56% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 苏州高新 沪深300 市场数据 | 收盘价(元) | 5.54 | | --- | --- | | 一年最低/最高价 | 3.92/7.72 | | 市净率(倍) | 0.87 | | 流通A股市值(百万元) | 6,378.16 | | 总市值(百万元) | 6,378.16 | 基础数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,814 | 7,300 | 7,527 | 7,835 | 8,141 | ...

Core Insights - The article discusses the impact of U.S. tariff policies on China's medical device industry, highlighting both risks and opportunities for domestic innovation [1][11] - It emphasizes the emergence of a new ecosystem focused on risk management in the medical device sector, driven by the need to adapt to global changes [1][14] Group 1: Tariff Impact on Medical Devices - The U.S. aims to reshape the global economy through tariffs, but high-end medical devices remain excluded from exemption lists, creating opportunities for Chinese innovation [1][3] - The medical device landscape can be categorized into "fully imported," "fully self-researched," and "partially self-researched," each facing different challenges and opportunities due to tariffs [2][3] Group 2: Opportunities for Domestic Manufacturers - Domestic manufacturers of mid-to-low-end medical devices are positioned to benefit from tariffs, as they have established technology and supply chains [3][9] - Companies like Yiteng Technology and Zhishub Technology are exploring opportunities to replace imported components with domestic alternatives, particularly in the CT market [9][10] Group 3: Supply Chain Considerations - The complete localization of supply chains is not seen as the optimal solution; collaboration with global suppliers is encouraged to mitigate risks [6][8] - The article notes that while some domestic companies have made significant technological advancements, they still rely on imported components for certain high-end medical devices [4][5] Group 4: Regulatory Challenges - Regulatory hurdles complicate the rapid adaptation of supply chains, as changes in core components require lengthy approval processes [9][10] - The need for compliance with medical device regulations means that companies cannot quickly capitalize on market opportunities created by tariff changes [9][10] Group 5: Long-term Outlook - The article suggests that despite current challenges, a more localized and diversified supply chain ecosystem is likely to develop, fostering innovation and collaboration [11][14] - The importance of maintaining competitive and cooperative relationships with multinational corporations (MNCs) is emphasized to address industry challenges effectively [14]

正式报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 现有取得注册证产品： 取石网篮、肠道支架及输送系统、胆道支架及输送系统、颅内支撑导管等。 2024年临床项目处于快速有序进行中，并以计划启动"下静脉取栓装置用于治疗深静脉血栓形成的安全性和有效性的前瞻性、多中心、随机、开放、平行对 照、非劣效临床试验"。 2025年4月27日，NMPA公布了创新医疗器械特别审查申请审查结果公示（2025年第4号），有9款产品进入创新通道。 1. 产品名称：颅内静脉窦取栓支架 申请人：北京弘海微创科技有限公司 北京弘海微创科技有限公司成立于2017年11月份，是一家以植/介入医疗器械研发、生产、销售于一体的创新型平台公司，聚焦于神经、外周、消化、泌 尿、呼吸等植/介入领域的医疗器械研发，为医患提供完整的治疗方案。公司拥有全球独创的工艺技术，通过自主研发的设备，开发出具有卓越性能的植/介 入医疗器械。 2. 结核分枝杆菌复合群耐药基因突变检测试剂盒（可逆末端终止测序法） 申请人：广州市金圻睿生物科技有限责任公司 广州市金圻睿生物科技有限责任公司（简称"金圻睿"）于2016年成立，聚焦于精准医疗体 ...

从心血管植入物到手术机器人，过去只能靠进口产品解决的疾病疗法，现在几乎都有了本土化的可替代方案。 贸易关税之争升级的背景下，医疗器械行业的发展面临更复杂的环境。此前，医疗器械企业已经在应对集采的挑战。在新形势下，一方面，中国仍是高端医 疗器械的重要进口大国，是全球医疗器械企业最重要的市场之一；另一方面，随着中国本土医疗器械研发制造能力迈向高端化，国产医疗企业也将承担起填 补市场空缺的重任。 关税全面席卷医疗器械行业 过去一两周内，从心血管植入设备到手术机器人，多家美国医疗器械巨头公司都在财报中提到了关税对业务的影响，一些企业评估认为，这些影响可能对利 润造成数亿美元的损失。 波士顿科学公司和爱德华生命科学公司是两家全球领先的心血管医疗器械公司。尤其是波士顿科学公司，在中国拥有大量的业务，并在过去十几年里培训了 大量的中国临床医生。 波士顿科学公司在上周发布的财报中提及，美国关税预计将对公司产生约2亿美元损失，但公司仍然表示，由于对心血管等医疗设备的需求强劲，预计将缓 冲关税影响。 爱德华生命科学公司在最新的财报中表示，预计2025年关税将对该公司产生每股5美分的损失，预计2026年的冲击将进一步显现。 去年， ...

医疗器械第三方物流企业作为医疗器械流通领域中重要组成部分，在降低成本、提高效率、优化资源配置、提高服务质量、提升合规水平及风 险管控能力等方面发挥着积极作用。近年来，随着医疗器械市场资源和渠道整合，集中化、专业化的市场需求也促进医疗器械第三方物流产业 不断发展。目前，我市医疗器械第三方物流企业共6家，外省及本区委托开展运输贮存服务的企业122家，涉及器械品种近20000个。为进一步 强化医疗器械流通环节风险管控，银川市市场监督管理局坚持统筹监管与服务，在重点企业监管上持续发力，坚决守牢医疗器械质量安全防 线。 追根溯源，风险隐患闭环管理 对第三方物流企业实施台账管理，与审批部门及时对接，更新完善企业有关信息。对与物流企业终止委托配送协议的经营企业，实施清单管理，逐一核实 库区变更和实际业务开展情况，杜绝擅自变更库区地址、脱离监管等违规行为发生。同时针对检查中发现的有关问题，对委托企业的供应商资质审核、采 购、销售等环节实施延伸检查，多方位加强风险隐患排查治理。 三 指导帮扶，统筹监管与服务 在强化监管的同时，注重加强新实施的《医疗器械经营质量管理规范》《医疗器械经营质量管理规范附录：专门提供医疗器械运输贮存服 ...

Group 1 - The "Zhengzhou High-tech MedPark Medical Device Industrial Park" ecological planning was officially released, aiming to cultivate the first 10 billion-level medical device industrial cluster in Central China within three years [1] - The park is a key project supported by the provincial government, covering an area of 500 acres with a total investment exceeding 5 billion yuan, focusing on digital healthcare, high-end consumables, and intelligent equipment [1] - The park is expected to attract over 200 enterprises and achieve an annual output value exceeding 10 billion yuan, with the first phase scheduled for completion and operation in 2025 [1] Group 2 - Eighteen leading enterprises, including Xilueke Biotech (Zhengzhou) and Henan Collaborative Space Technology Research Institute, signed contracts with the park, covering fields such as medical imaging equipment, in vitro diagnostic reagents, and intelligent rehabilitation devices [2] - The signing marks a substantial step in the ecological construction of the healthcare industry chain in the high-tech zone, aiming to form an industrial pattern of "leading enterprises driving, supporting collaboration, and cluster development" [2] - An advisory appointment ceremony was held to strengthen intellectual support for industrial development, with nine experts from institutions like the Chinese Academy of Sciences and Sequoia Capital appointed as advisors covering core areas such as technology transfer, compliance operations, and capital connection [2]

Core Insights - The company reported a revenue of 2.066 billion yuan for 2024, representing a year-over-year increase of 25.18%, with a net profit of 673 million yuan, up 26.08% [1] - The company’s Q4 2024 revenue was 541 million yuan, a 23.93% increase year-over-year, while Q1 2025 revenue reached 564 million yuan, also reflecting a 23.93% growth [1] Group 1: Business Performance - The electrophysiology business showed steady growth with revenue of 440 million yuan in 2024, a 19.73% increase, and a gross margin of 73.76% [2] - The coronary pathway revenue was 1.054 billion yuan, up 33.3%, with a gross margin of 73.21%, while peripheral intervention revenue reached 351 million yuan, a 37.09% increase [2] - The overall gross margin for the company improved to 72.31%, an increase of 1.04 percentage points, driven by enhanced production efficiency and scale effects [2] Group 2: Market Expansion - Domestic market revenue reached 1.769 billion yuan, a 25.68% increase, with over 200 new hospital admissions in electrophysiology and more than 15,000 three-dimensional surgeries completed [3] - International market revenue was 280 million yuan, a 19.62% increase, with the company’s own brand growing over 45%, particularly in the Middle East, Africa, and Europe [3] - The company made significant progress in product registration and channel development in the CIS region, enhancing its product matrix in PCI and achieving breakthroughs in high-end hospitals in Spain, France, Italy, and Germany [3] Group 3: Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14% of its revenue, to strengthen its capabilities in interventional devices [3] - New product launches included pulse ablation catheters and various vascular intervention products, contributing to a robust pipeline for long-term growth [3] Group 4: Profit Forecast - Revenue projections for 2025-2027 are 2.695 billion, 3.398 billion, and 4.279 billion yuan, with year-over-year growth rates of 30.47%, 26.08%, and 25.93% respectively [4] - Expected net profits for the same period are 907 million, 1.156 billion, and 1.453 billion yuan, with growth rates of 34.74%, 27.49%, and 25.68% respectively [4]