Group 1 - The core viewpoint of the report is that Open Source Securities has given a "buy" rating for Sino Medical (688108.SH) based on its recent developments and market potential [1] - The intracranial self-expanding drug-eluting stent has entered the FDA's green channel, indicating that the neurointerventional business is entering a harvest period [1] - The coronary business is progressing smoothly with domestic centralized procurement, and there is potential for accelerated expansion in overseas markets [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, with the neuro-interventional business entering a harvest phase [5] - In H1 2025, the company achieved total revenue of 240 million yuan (up 12.53% year-on-year) and a net profit attributable to shareholders of 13.84 million yuan (up 296.54%) [5] - The profit growth is primarily due to cost reduction and a significant decrease in asset impairment losses [5] - The sales gross margin improved to 63.64% (up 4.44 percentage points), driven by product mix adjustments and enhancements in yield and production efficiency [5] - The company has adjusted its annual revenue forecast downward due to uncertainties in new product approvals and market launch schedules, while maintaining net profit forecasts [5] Financial Summary - Revenue projections for 2025-2027 are 580 million yuan, 752 million yuan, and 976 million yuan respectively [5] - Net profit projections for the same period are 24 million yuan, 58 million yuan, and 86 million yuan respectively [5] - The current stock price corresponds to P/S ratios of 21.7, 16.7, and 12.9 for 2025, 2026, and 2027 respectively [5] Business Developments - The intracranial self-expanding drug-eluting stent has entered the FDA green channel, marking a significant milestone for the neuro-interventional business [6] - The company’s coronary intervention business saw a revenue increase of 17.40% in H1 2025, attributed to significant sales growth of two coronary stent products and balloon products [7] - The company has successfully registered its coronary products in several countries, including Argentina, Ecuador, and Vietnam, expanding its overseas market presence [7]