思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 即将召开： 2025年7月17日，第二届全球医疗科技大会 2025年9月3-5日，第三届全球手术机器人大会 2025年6月17日， 华大智造掌上无线彩色多普勒超声诊断仪EF6系列 （型号包括EF6-CLA、EF6-CLD、EF6- CLG、EF6-CLP、EF6-CLS）正式获得江苏省药品监督管理局颁发的医疗器械注册证 （注册证编号：苏械注准 20252061068） 。 该注册证的颁发标志着国内首款 64通道双探头掌上超声诊断设备 完成国家级安全性与有效性验证，正式取得 合法上市资质。 作为便携超声领域的一项关键进展，EF6系列的注册通过，不仅代表着技术参数和应用能力的全面升级，也标 志着中国便携超声设备在产品形态、图像质量与临床适配性方面，开始迈入"高清多模态"的阶段。 这是继远程超声机器人MGIUS-R3、H1系列掌上超声之后，华大智造在超声产品线中的又一重要技术成果，进 一步丰富了其"智能+远程+自动化"医疗影像生态系统。 # 产品机制与设计理念 EF6系列定位为新一代掌上超声旗舰机型，在结构 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-06-18 股票投资评级 增持 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 中集环科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.02 | | | --- | --- | --- | | 总股本/流通股本（亿股）6.00 | / 0.90 | | | 总市值/流通市值（亿元）96 | / 14 | | | 52 周内最高/最低价 | 18.80 / 13.82 | | | 资产负债率(%) | 13.7% | | | 市盈率 | 31.41 | | | WIN | | SCORE | | 第一大股东 | INVESTMENTS | | | LIMITED | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Em ...

Core Viewpoint - The AI medical imaging market in China is projected to reach 92.3 billion yuan by 2030, with a staggering compound annual growth rate of 76.7% [2]. However, despite the industry's potential, Airdoc Technology, the first medical AI company listed in Hong Kong, has faced significant financial challenges, including a 23.34% decline in revenue and a net loss of 255 million yuan in 2024, raising questions about the management's compensation structure amidst poor performance [2][20]. Group 1: Company Performance - Airdoc's revenue in 2024 was 156.4 million yuan, a slight increase from 115 million yuan in 2021, but the net loss expanded from 143 million yuan in 2021 to 255 million yuan in 2024 [6][20]. - The company has reported continuous losses for six consecutive years, accumulating a total loss of 880 million yuan [7]. - Airdoc's stock price has plummeted over 80% since its IPO, with a market capitalization of only 12.54 million yuan as of June 12, 2025, compared to over 6 billion yuan at its IPO [8]. Group 2: Market Potential - The demand for AI medical imaging is driven by a large chronic disease patient population in China, with over 100 million diabetes patients needing affordable and efficient diagnostic tools [4]. - Airdoc holds a unique position in the market, having obtained the only domestic license for AI-assisted diagnosis of diabetic retinopathy in 2020 [5]. Group 3: Management Compensation - Airdoc's management compensation has seen a dramatic increase, with founder Zhang Dazhi's salary rising from 461,000 yuan in 2021 to 22.224 million yuan in 2024, a staggering increase of 4,800% [2][15]. - In 2024, the total compensation for Airdoc's top executives reached 29.217 million yuan, with Zhang Dazhi accounting for 76% of this amount [15]. - The significant rise in management salaries is attributed to stock-based compensation, which has become a major component of executive pay in recent years [16][20].

内容概要：数字化X射线诊断系统（DR）是一种利用X射线和计算机技术进行影像采集和处理的医学影 像技术，已成为现代放射科的基础设备。作为医疗影像设备市场的重要组成部分，近年来，中国数字化 X射线诊断系统（DR）行业发展迅速，国内品牌在DR市场的竞争实力正在不断壮大。2024年，我国数 字化X射线诊断系统（DR）市场进口品牌的市场份额呈现下降趋势，国产化率再创新高，达到 68.78%。随着"设备更新"项目的逐步落实，相应的招采需求将陆续得到释放。"设备更新"热潮预计将推 动全国各级医院的老旧数字化X射线诊断系统（DR）进行全面的升级换代，进而在2025年为中高端数 字化X射线诊断系统（DR）市场带来新的增长机遇。中国数字化X射线诊断系统（DR）产业链正从"组 装制造"向"核心部件自主+智能化增值服务"升级，未来三年国产化率有望突破80%。 上市企业：联影医疗[688271]、万东医疗[600055]、迈瑞医疗[300760] 相关企业：西门子医疗、普爱医疗、安健科技、岛津、奕瑞科技、康众医疗、江苏感创、昆山医源、南 京普爱、宁波康力、东软医疗、深圳贝斯达、飞利浦、Trixell、万睿视、Vieworks、日本东丽 ...

Core Viewpoint - After being acquired by Midea Group for four years, Wandong Medical has undergone a leadership change, with Hu Ziqiang resigning as chairman and being succeeded by Ma Chibing, both of whom are Midea Group executives [2][3]. Group 1: Leadership Changes - Hu Ziqiang has resigned from his positions at Wandong Medical due to personal reasons, effective immediately, and will no longer hold any roles within the company [2]. - Ma Chibing, who has over 20 years of experience at Midea Group, has been appointed as the new chairman of Wandong Medical [2][3]. - Hu Ziqiang previously served as Midea Group's Vice President and CTO, while Ma Chibing has held various leadership roles within Midea, including overseeing the cleaning appliance division [3]. Group 2: Financial Performance - In 2024, Wandong Medical reported a revenue of 1.524 billion yuan, marking a 23.26% year-on-year increase, the largest revenue growth in the past decade [6]. - Despite the revenue growth, the company's net profit attributable to shareholders decreased by 16.54% to 157 million yuan in 2024, following a trend of declining net profits over the past three years [6]. - The company has experienced a decline in gross profit margin each year, with costs increasing significantly, particularly in the context of a shift towards higher-end products [6][7]. Group 3: Market Strategy - Wandong Medical is focusing on expanding into the mid-to-high-end market, with a strategic plan to strengthen its domestic foundation while also targeting international markets [6]. - The company has established a "5+1" regional layout for overseas markets, achieving a revenue of 233 million yuan from international sales, which represents a 68.36% increase year-on-year [7]. - However, the costs associated with this international expansion have risen sharply, with a 108.38% increase in corresponding costs, leading to a decrease in gross margin [7].

在众多应用场景中，因病理图像具有非常大的多样性，病理大模型也被认为是医疗模型"皇冠上的明 珠"。为破解病理诊断准确性与效率难题，透彻未来研发了全球首个临床应用级病理大模型产品——透 彻洞察，基于亿级参数量和海量高精度病理数据训练，为病理医生提供精准稳健、全面快速的病理临床 诊断辅助。 2025年以来，Deepseek通过开放生态加速了算法研发与临床场景的深度融合。医疗大模型摒弃了"技术 至上"的思维，逐渐进入实用主义阶段。作为AI应用最为深入的领域之一，医学影像在大模型时代迎来 了更快速的发展。 如何增强AI模型泛化能力？大模型幻觉问题如何解决？大模型多模态数据整合的难点及解决方案有哪 些？动脉网与数坤科技首席技术官郑超、透彻未来联创兼首席技术官王书浩这两位深耕医疗AI多年的 专家们聊了聊，供行业参考。 本文主要观点如下： 01 大模型已深入医生全工作流程 医学影像人工智能模型在参数规模未达当前水平时便展现出了广阔的应用前景，现已在影像科医生的工 作全流程中实现了常态化应用。而在辅助诊断专用模型之后，数坤科技在4月发布的"数坤坤多模态医疗 健康大模型"，便实现了让AI从辅助工具进化为诊疗生态的核心驱动力。 数 ...

以下文章来源于AGI接口 ，作者陈广晶 AGI接口 . AI卷起的财富风暴。 出品 | 虎嗅科技医疗组 实际上，2016年以来，医疗影像AI产品在国内几经沉浮，一度因商业化难以解决被唱衰，融资规 模缩水超60%。此后的几年，藉由疫情期间检查需求量激增且须减少接触等因素，这类产品反弹 成为最成功的AI+医疗典范，不仅有望获得医保支持还在准入上占尽先机。 动脉智库的统计数据显示，截至2024年，仅中国，拿到药监部门签发的三类医疗器械证的AI产品 就有160多个。其中，绝大多数都与影像检查相关。 同时，大型医疗设备企业也在卷医疗影像AI产品。比如：联影集团旗下的联影智能，自2017年成 立以来已经推出了100多款AI影像产品，覆盖筛查、诊断、科研、手术规划等多个场景，被3000多 家医院用到了临床上。跨国巨头GE医疗（ 通用电气医疗系统 ）也在FDA拿到了81个相关产品的 认证。 与前一阶段，专注专科领域产品不同，如今医疗AI更注重生态，主流玩家都在致力于将原本分散 的功能整合起来。这一趋势，也有望进一步打破医院内部、医院之间的数据壁垒，推进医疗设备 市场格局、临床诊疗模式发生颠覆性的改变。 01 不知不觉之间，A ...

不知不觉之间，AI成了医疗中的"刚需"，它正在改写5000亿元医疗影像市场的底层逻辑。 "大家离不开它了，因为AI已经真真正正成为了我们的生产工具。"中山大学肿瘤防治中心副院长孙颖在2025联影创新大会上这样说。 "我们医院是要求48小时出影像报告，有一天我说怎么这个报告还没出来？我一去问，他们说AI坏了，这个医生也不写报告了，他等着修好了以后再写报 告。"听了这个故事，现场很多人都忍不住笑了。 在笑声背后，AI通过影像设备早就与临床工作密不可分了。科研信息分析公司爱思唯尔近期报告显示，中国临床医护人员使用AI工具的比例超过三分之 一，全球平均水平也达到了26%。 实际上，2016年以来，医疗影像AI产品在国内几经沉浮，一度因商业化难以解决被唱衰，融资规模缩水超60%。此后的几年，藉由疫情期间检查需求量激增 且须减少接触等因素，这类产品反弹成为最成功的AI+医疗典范，不仅有望获得医保支持还在准入上占尽先机。 动脉智库的统计数据显示，截至2024年，仅中国，拿到药监部门签发的三类医疗器械证的AI产品就有160多个。其中，绝大多数都与影像检查相关。 同时，大型医疗设备企业也在卷医疗影像AI产品。比如：联影集团旗下 ...

Core Viewpoint - The company, a leading domestic medical imaging equipment manufacturer, has undergone significant strategic empowerment since Midea Group's acquisition in 2021, focusing on product structure upgrades and marketing reforms to enhance its market position and operational resilience [1][2]. Group 1: Company Performance - In 2024, the company achieved a revenue of 1.524 billion yuan (+23.26%) and a net profit of 157 million yuan (-16.54%), indicating a resilient performance despite industry pressures [1]. - The company has implemented a new round of equity incentive plans in March 2025, emphasizing revenue growth and R&D investment, reflecting confidence in its development [1]. Group 2: Market Position and Product Development - The company remains the domestic leader in the DR segment, with a continuous increase in market share and a focus on high-end imaging equipment such as MR, CT, and DSA [2]. - The introduction of innovative products, including the world's first full-field DR high-end product and a 1.5T superconducting MR, has strengthened the company's competitive position, particularly in secondary and lower-tier medical institutions [2]. Group 3: AI Integration and Future Growth - The AI medical imaging market is projected to reach 8.84 billion yuan in 2024, with a CAGR of nearly 50% until 2028, prompting the company to strategically partner with Alibaba Health to enhance its AI capabilities [3]. - The company's AI initiatives, including the Kunlun AI smart imaging platform and the rapid development of its imaging SaaS platform, have led to significant growth in service coverage, reaching over 7,000 hospitals and serving more than 60 million patients [3]. - Revenue from the company's cloud business, Wanliyun, has grown from 66 million yuan in 2020 to 124 million yuan in 2023, with a CAGR of 23.2%, indicating robust growth potential as AI business matures [3].

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 名额有限 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 2025年3月22日， 万东医疗 （600055.SH）发布了2024年年报。 # 财报数据 # 关于万东医疗 2024年营业收入 15.24亿 元，同比增长 23.26% ； 归母净利润1.57亿元，同比下降16.54%；扣非归 母净利润1.42亿元，同比增长4.84%；基本每股收益0.22元/股，同比下降16.73%。经营活动产生的现 金流量净额为2.18亿元，同比增长4.82%。 2024Q4营业收入 4.31亿 元，同比增长 38.73% ，环比增长9.74%； 归母净利润0.42亿元，同比下降 39.12%，环比增长34.29%；扣非归母净利润0.31亿元，同比增长1.36%，环比增长4.19%。 分产品：2024年 MRI销量为131套 、同比增长92.65%，收入同比增长75.24%； CT销量为317套 、 同比增长89.82%，收入同比增长55.27%； DSA销量为45套 、同比增长28.57%，收入同比增长 24.90%；DR销量为 ...