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开立医疗(300633):25Q2收入环比改善显著 新品推陈出新 积蓄长期增长潜力
Xin Lang Cai Jing· 2025-09-05 00:47
Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of revenue growth in Q2, driven by a recovery in terminal bidding and strong performance of new products [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 964 million yuan, a year-on-year decrease of 4.78%, and a net profit of 47.03 million yuan, down 72.43% year-on-year [1]. - For Q2 2025, revenue was 534 million yuan, a slight increase of 0.17% year-on-year, while net profit was 38.96 million yuan, a decline of 44.65% year-on-year [1][2]. - The gross profit margin for Q2 2025 was 61.20%, down 4.46 percentage points year-on-year, with an increase in selling and management expense ratios impacting profit growth [2]. Product Performance - The HD650 product has shown significant performance improvements and has achieved small-scale sales, indicating potential for future growth [3]. - In H1 2025, the company generated 550 million yuan from color ultrasound, a decrease of 9.87% year-on-year, while endoscope revenue was 388 million yuan, a slight increase of 0.08% year-on-year [3]. Market Expansion - The company is actively building its domestic and international marketing networks, which has led to a steady increase in high-end customer acquisition [4]. - Domestic revenue in H1 2025 was 495 million yuan, down 9.17% year-on-year, while overseas revenue was 469 million yuan, a slight increase of 0.33% year-on-year [4]. Future Outlook - The company anticipates revenue growth of 15.9%, 19.4%, and 19.4% for the years 2025 to 2027, with projected net profits increasing significantly during the same period [4].