21世纪经济报道记者唐唯珂 2025年12月31日，美国锐珂医疗正式宣布分拆为两家聚焦不同区域市场的独立主体，其中锐珂国际被美 的集团收入麾下。 作为全球传统医疗影像设备龙头，锐珂医疗前身为柯达X光影像部门，自2007年被Onex公司收购后独立 运营。其核心业务包括胶片成像、常规放射设备等领域，是少数在华DR业务能够逆势发展的外资品牌 之一。 在长久的胶片时代，锐珂曾代表放射影像的"黄金标准"，但面对技术迭代与竞争重塑却步履维艰。2022 年，公司因增长困境申请破产保护，虽通过债务重组削减2.2亿美元负债，但转型阵痛仍未平息，这为 后续的分拆埋下伏笔。 "锐珂的困境本质是传统影像企业转型滞后的缩影。" 一位长期跟踪医疗设备行业的分析师向21世纪经 济报道记者表示，"人工智能深度嵌入诊断全流程后，手术机器人与高端影像设备成为行业增长主力， 但锐珂的技术更新速度难以匹配高端市场需求，核心竞争力持续松动。" 数据显示，近年来锐珂在高端影像市场的份额不断被GE医疗、西门子医疗等竞争对手挤压，而全球化 运营的高昂成本进一步加剧了经营压力。此次战略分拆旨在优化资产负债表并减轻国际业务压力，集中 资源深耕美国本土，巩固其在 ...

Core Insights - The core viewpoint of the article is that brain-computer interface (BCI) technology will ultimately achieve the integration of carbon-based biological intelligence and silicon-based computing power, leading to a transformative impact on future medical paradigms [1][2]. Group 1: Advances in Biomedical Imaging and Biological Intelligence - The deep integration of medical imaging and biological intelligence is driving a fundamental transformation in medical paradigms, shifting from "static photography" to "dynamic imaging" [2]. - Artificial intelligence is enabling the creation of personal "digital twins" for comprehensive health management [2]. - The BCI technology is expected to extend human physical capabilities and achieve a leap in intellectual capacity, reshaping the future medical landscape [2]. Group 2: Expert Discussions and Future Trends - A panel discussion featured experts exploring cutting-edge trends in biomedical and biological intelligence, addressing key topics such as whether BCI can solve AI's computing power challenges and the core drivers of future medical imaging development [2][5]. - The discussion also focused on breaking down medical "data silos" and establishing new validation paradigms [2]. Group 3: Academic Development and Outreach - The National Science Communication Center's academic development forum aims to highlight cutting-edge, speculative, and communicative aspects of science, targeting especially young scientific workers [4]. - Future sessions will continue to invite strategic scientists and leading technology talents to share groundbreaking explorations and innovative theories that could redefine industry standards [4].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved significant revenue and net profit growth in Q3 2025, with a year-over-year revenue increase of 27.4% to 8.859 billion RMB and a net profit increase of 66.9% to 1.120 billion RMB [1] - The company is expected to continue its quality and speed improvement in 2025 due to strong product capabilities, recovering domestic market demand, and ongoing overseas channel development [1] Revenue and Profitability - For the first three quarters of 2025, the company's gross margin was 47.0%, a slight decrease of 0.5 percentage points year-over-year, attributed to changes in product sales structure [2] - The company reported a net operating cash flow of 107 million RMB, indicating a significant improvement in cash flow levels [2] Business Segments - Equipment products generated 7.071 billion RMB in revenue, a year-over-year increase of 23.9%, with strong sales in MR, RT, XR, and MI products [3] - Maintenance and service revenue reached 1.243 billion RMB, growing 28.4% year-over-year, supported by a substantial installed base of over 37,300 units globally [3] Geographic Performance - Overseas revenue for the first three quarters of 2025 was 1.993 billion RMB, up 42.0% year-over-year, with a 22.5% share of total revenue [4] - Domestic revenue was 6.866 billion RMB, reflecting a year-over-year increase of 23.7%, driven by new product introductions and favorable domestic equipment upgrade policies [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 2.005 billion RMB, 2.419 billion RMB, and 2.916 billion RMB, respectively, with a target price of 187.89 RMB based on a 64x PE ratio for 2026 [5]

Group 1 - The core viewpoint of the news is that Tiger Medical has signed a share transfer agreement to acquire a portion of MICRON's shares, resulting in Tiger Medical Japan holding 56.37% of MICRON's equity after the transaction [1][2] - The purchase price for the shares is 484 million Japanese yen, equivalent to approximately 23.48 million Chinese yuan [1] - MICRON, established in 2005 and headquartered in Tokyo, specializes in medical imaging and clinical trial services, and has built a strong reputation in Japan's clinical research field [1][2] Group 2 - MICRON's core business focuses on imaging analysis, serving both domestic and international pharmaceutical companies, along with other related services such as clinical monitoring and medical imaging diagnostic software [2] - The acquisition is expected to enhance the company's business expansion in Japan and the Asia-Pacific region by leveraging MICRON's established market presence and customer resources [2] - The collaboration is anticipated to facilitate deep integration of technology and talent, thereby strengthening the overall competitiveness in medical imaging and clinical services [2]

Group 1 - The 2025 China Biomedical Engineering Conference and Innovation Medical Summit opened in Suzhou, highlighting the city's role as a hub for biomedical innovation and high-end medical device R&D [1][2] - The conference aims to encourage young scholars to showcase their talents and achievements, fostering collaboration between the China Biomedical Engineering Society and Suzhou in talent cultivation, technology R&D, and achievement transformation [1] - The conference theme is "Integration of Medicine and Engineering, Innovation Leading the Future," focusing on key areas such as artificial intelligence, smart healthcare, nanomedicine, organoids and organ-on-chip technology, regenerative medicine, medical imaging, medical robotics, biomanufacturing, and life support systems [2] Group 2 - The conference features keynote speeches from academicians, annual thematic forums, 21 sub-venues, and 15 sub-forums, along with competitions for young papers, innovative project roadshows, and entrepreneurship contests for comprehensive academic exchange and achievement display [2] - The opening ceremony included the awarding of the Huang Jiasu Biomedical Engineering Award for 2024-2025 and the presentation of fellow certificates from the China Biomedical Engineering Society [2]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 158.03 [7][8]. Core Views - The company has returned to growth in Q1 2025, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items showing year-on-year increases of 5.4%, 1.9%, and 26.1% respectively [1]. - The company is expected to achieve steady growth in 2025, driven by improved domestic equipment update policies and ongoing global expansion efforts [1][4]. Summary by Sections Financial Performance - For 2024, the company reported revenue of RMB 103.00 billion, a year-on-year decline of 9.7%, with net profit attributable to the parent at RMB 12.62 billion, down 36.1% [1]. - In Q1 2025, the company achieved revenue of RMB 24.78 billion, with a gross margin of 49.9%, reflecting a 0.4 percentage point increase year-on-year [1]. Business Segments - Equipment Products: Revenue for 2024 was RMB 84.45 billion, down 14.9% year-on-year, but the RT business grew by 18.1% due to superior product performance [2]. - Maintenance Services: Revenue for 2024 was RMB 13.56 billion, up 26.8% year-on-year, with a gross margin of 63.4% [2]. Market Position - Domestic Market: Revenue in 2024 was RMB 80.34 billion, down 17.5% year-on-year, but the company maintained the highest market share in new imaging products in China [3]. - International Market: Revenue in 2024 was RMB 22.66 billion, up 35.1% year-on-year, with operations in over 85 countries [3]. Earnings Forecast and Valuation - The company is projected to have EPS of RMB 2.43, 2.93, and 3.53 for 2025, 2026, and 2027 respectively, with a target price based on a 65x PE ratio for 2025 [4][6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 158.03 [7][8]. Core Views - The company has returned to growth in Q1 2025, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items showing year-on-year increases of 5.4%, 1.9%, and 26.1% respectively [1]. - The company is expected to achieve steady growth in 2025, driven by improved domestic equipment update policies and ongoing global expansion efforts [1]. Revenue and Profitability - For 2024, the company reported revenues of RMB 103.00 billion, a year-on-year decline of 9.7%, with net profit attributable to the parent at RMB 12.62 billion, down 36.1% [1]. - In Q1 2025, the company achieved revenues of RMB 24.78 billion, with a gross margin of 49.9%, reflecting a 0.4 percentage point increase year-on-year [1]. Business Segments - Equipment Products: In 2024, revenue from equipment products was RMB 84.45 billion, down 14.9% year-on-year, but the RT business saw a revenue increase of 18.1% [2]. - Maintenance Services: Revenue from maintenance services in 2024 was RMB 13.56 billion, up 26.8% year-on-year, with a gross margin of 63.4% [2]. Market Performance - Domestic Market: In 2024, domestic revenue was RMB 80.34 billion, down 17.5% year-on-year, but the company maintained the highest market share in new imaging products [3]. - International Market: In 2024, international revenue reached RMB 22.66 billion, up 35.1% year-on-year, with operations in over 85 countries [3]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is RMB 2.43, with a projected PE ratio of 65x for 2025 [4]. - The target price of RMB 158.03 corresponds to a 54x PE for 2025, compared to a comparable company average PE of 45x [4].