Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is making steady progress in the European market and is experiencing continuous breakthroughs in Continuous Glucose Monitoring (CGM) [8] - The company's revenue for the first half of 2025 reached 2.264 billion yuan, reflecting a year-on-year increase of 6.12%, while the net profit attributable to the parent company was 181 million yuan, down 8.52% year-on-year [8] - The report anticipates that the company's net profit attributable to the parent company will be 4.27 billion yuan, 5.32 billion yuan, and 6.61 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28, 22, and 18 times [8] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 5.035 billion yuan, representing a year-on-year growth of 13.31% [1] - The net profit attributable to the parent company is expected to reach 427.04 million yuan in 2025, reflecting a growth of 30.88% compared to 2024 [1] - The earnings per share (EPS) is forecasted to be 0.76 yuan in 2025, with a P/E ratio of 27.50 times based on the latest diluted EPS [1] Market Performance Summary - The company's domestic revenue for the first half of 2025 was 1.266 billion yuan, up 5.40% year-on-year, while overseas revenue was 744 million yuan, up 7.06% year-on-year [8] - The report notes that the company has expanded its CGM product registration to several countries, including Brazil, Iran, and Vietnam, enhancing its competitiveness in overseas markets [8]

Investment Rating - The report suggests a positive outlook for the medical device industry, indicating that the adjustment period is nearing its end and a recovery is expected in the second half of 2025 [2][4]. Core Insights - The medical device sector is experiencing a recovery trend, with domestic bidding demand showing signs of restoration in the second half of 2025 after a significant decline due to policy delays [2]. - The medical consumables segment is steadily growing, with a slight increase in gross margin, indicating resilience in demand related to patient treatment needs [2]. - The in-vitro diagnostics sector is under pressure, but there is potential for increased domestic market share for local manufacturers in the long term [2]. - Leading medical device companies are accelerating their overseas market expansion, with many reporting higher growth rates in international markets compared to domestic ones [2]. Summary by Sections Medical Equipment - Revenue for Q2 2025 showed a year-on-year decline of 5.26%, with net profit down 27.93% and gross margin decreasing from 53.07% in Q2 2024 to 49.00% in Q2 2025 [16]. - The industry is expected to reach a turning point as domestic bidding demand recovers [2][18]. Medical Consumables - Q2 2025 revenue increased by 1.33% year-on-year, with net profit down 6.28% and a slight improvement in gross margin from 42.13% to 42.24% [23]. - The segment is characterized by stable growth, with companies focusing more on R&D and innovative products [2]. In-Vitro Diagnostics - Revenue for Q2 2025 decreased by 16.53% year-on-year, with net profit down 37.58% and gross margin declining from 62.43% to 59.66% [29]. - The sector faces short-term demand pressure but may benefit from increased domestic production rates in the long run [2]. Investment Recommendations - The report recommends focusing on three key areas: companies leading in international market product and channel expansion, domestic medical device industry leaders, and high-value consumables firms with strong innovation capabilities [34]. - Specific companies to watch include Nanwei Medical, Mindray Medical, Sanofi, and Xinjiang Technology [34].

Core Points - Company announced that five products have received EU CE certification, including a film dyeing integrated machine, an automatic slide maker, and three consumable products [1] - The certification allows these products to be sold in the EU and European Economic Area (EEA) markets, facilitating entry into other international markets that recognize or reference EU standards [1] - The certificates for the certified products are valid from July 2025 and are long-term [1] Market Expansion - The actual sales performance of the certified products will depend on market promotion effectiveness, brand influence, and actual market demand, indicating significant uncertainty [1] - The company stated that obtaining the EU In Vitro Diagnostic Medical Device Regulation (IVDR) certification will aid in entering other international markets that recognize EU standards, further broadening the overseas application scenarios for these products [1] - The company has already obtained market access qualifications in multiple countries and regions, including Japan, the EU, Ukraine, Ecuador, and Vietnam, and plans to accelerate the expansion of its overseas access footprint [1]

截至2025年5月23日收盘，维力医疗(603309)报收于12.28元，上涨0.82%，换手率1.42%，成交量4.15万 手，成交额5131.88万元。 董秘最新回复 投资者： 董事会秘书您好，请问维力医疗从美国进口（不是出口）的产品原料占比是多少？ 董秘： 尊敬的投资者，您好！公司从美国进口的原材料较少，2024年从美国采购的原材料占公司总体 采购比例不到1%。谢谢您的关注！ 当日关注点 交易信息汇总 5月23日，维力医疗的资金流向显示主力资金净流出344.14万元；游资资金净流出431.32万元；而散户资 金则净流入775.45万元。 公司公告汇总维力医疗2024年年度权益分派实施公告 维力医疗发布2024年年度权益分派实施公告，主要内容包括：- A股每股现金红利0.5元。- 股权登记日 为2025年5月28日，除权（息）日和现金红利发放日为2025年5月29日。- 分红方案已经2025年5月15日 召开的2024年年度股东大会审议通过。- 本次利润分配以方案实施前的公司总股本292,868,018股为基 数，每股派发现金红利0.5元（含税），共计派发现金红利146,434,009元。- 无限售条件流 ...