【8月22日，开立医疗发布2025年半年度报告】8月22日，开立医疗(300633)披露2025年半年度报告。报 告期内，公司营收9.64亿元，归母净利润4703.03万元。二季度归母净利润3895.56万元，环比增 382.45%，盈利逐季改善。 2024年四季度起，全国医疗设备更新项目加速。2025年1 - 7月采购规模同比 增长，招投标好转，行业回归正常增速。开立医疗中标金额增速超行业平均，二季度经营回暖。 2025 年下半年采购意向或迎爆发期，上半年中标收入将在下半年确认，国内医疗设备企业有望"前低后高"恢 复业务。 2025年是开立医疗新品大年，多款高端新品获批上市。微创外科业务加速，与内镜产品构成 第二增长曲线。公司深化"医疗设备+AI"战略，增强产品线市场。 超声领域，C - Field+天工智能平台产 品放量，S80/P80、X11/E11系列提供优质体验。消化与呼吸内镜领域，全新4KiEndo平台上市。微创外 科领域，"凌珠"4K3D荧光三合一腔镜影像平台2月获证。 海外方面，开立医疗加快本地化布局，搭建 运营和决策体系，提供本地化服务，提升客户黏性和品牌影响力。 2025年上半年，开立医疗 ...

2025年是开立医疗新品推出大年，上半年有多款高端新品获批并上市，多产品线优势逐渐显现。报告期 内，公司近年新布局的微创外科业务动能加速释放，与公司原本优势的消化与呼吸内镜产品共同构成第 二增长曲线，带来积极的业绩增量。同时，公司持续深化"医疗设备+AI"战略，通过AI技术紧密结合临 床，打造更符合临床需求的产品，进一步增强多产品线的市场竞争力。 在超声领域，公司C-Field+天工智能平台系列产品持续放量，超高端智能超声S80/P80系列和高端便携 超声X11/E11系列以先进的智能化功能为临床提供更优的使用体验，极大丰富了公司的临床解决方案覆 盖。在消化与呼吸内镜领域，公司的全新4KiEndo智慧内镜平台已取得NMPA注册证书，已经在2025年 正式发布上市，为公司贡献高端产品新增量。在微创外科领域，开立医疗"凌珠"4K3D荧光三合一腔镜 影像平台在2025年2月正式获证。 在海外，开立医疗继续加快本地化布局的步伐，公司以深度融入区域市场为战略核心，搭建了覆盖全球 的本地化运营团队和决策体系，更通过定制化售后服务、技术培训等本地化服务体系，在提升客户黏性 的同时，构筑了深厚的品牌认知与信任基础，进一步巩固 ...

报告显示，在超声领域，公司C-Field+ 天工智能平台系列产品持续放量，超高端智能超声S80/P80系列 和高端便携超声X11/E11系列以先进的智能化功能为临床提供更优的使用体验，丰富了公司的临床解决 方案覆盖。在消化与呼吸内镜领域，公司的全新4KiEndo智慧内镜平台已取得NMPA注册证书，并正式 发布上市。该产品在业内首次推出超分辨成像功能且支持4K分辨率，并搭载性能强劲的独立GPU，实 现了图像处理能力与AI运算效率的突破性提升。在微创外科领域，开立医疗"凌珠"4K3D荧光三合一腔 镜影像平台于今年2月正式获证，该产品可兼容2D摄像头与3D电子镜产品形态，4K3D荧光电子镜立体 感真实，实现3D与荧光的超清融合。 开立医疗表示，在未来的行业竞争中，只有不断地大力投入研发，持续推出高端产品，才能保证公司拥 有长久的竞争力。报告显示，2025年上半年，开立医疗研发投入金额为2.44亿元，占营收比例为 25.31%。据介绍，目前，公司研发总人数达800余名，公司及其子公司已拥有境内外各项发明专利、实 用新型专利及外观设计专利共计1087项，拥有软件著作权319项，作品著作权24项。 中证报中证网讯（王珞） ...

进入 2025 年，国内医疗设备行业呈现出一幅复杂的图景。 通过持续加码研发、加快高端化布局，开立医疗正在用一场 "新品集中爆发" 的动作，回应行业变革下的拐点挑战。 2025 年一季度，公司在医疗设备招采市场的成交增速远高于整体市场水平，多款重磅新品集中上市，为高端化战略提供了有力支撑。 思宇 MedTech 观察到，开立医疗以 高强度研发投入和多产品线协同布局 为支撑，正在成为国产设备向高端价值链攀升的重要代表，迈向"高端化能力提升"与"系 统化整体解决方案建设"的转型阶段。 本文将结合行业变化与开立医疗的战略实践，探讨国产医疗器械企业在新周期下的成长路径。 一、需求释放但竞争加剧，开立医疗为何坚持高强度研发？ 过去十年，国产医疗设备行业整体经历了一轮高速增长。然而，随着集采政策持续推进，设备价格不断下探，国产与进口品牌在同一张低价牌桌上竞争，小企业被 加速淘汰，大企业也面临利润收缩的考验。 在这样的竞争格局下，单靠规模扩张已难以支撑长期发展。 如何从低价竞争中突围？ 一方面，政策加码下，大规模设备更新提速，市场需求正在修复；另一方面，集采常态化带来的价格压力并未松动，国产与进口品牌在低价竞争中同台竞技， ...

Group 1 - The company reported a revenue of 430 million yuan and a net profit of 8.07 million yuan for Q1 2025, with a non-recurring net profit of 5.9981 million yuan [1] - R&D investment for Q1 2025 reached 126 million yuan, representing a year-on-year increase of 23.7% [1] - The company is focusing on integrating medical technology with clinical applications, leveraging "medical devices + AI" to drive smart development [1] Group 2 - The company has launched several key products, including the 4K iEndo smart endoscope platform, which has received NMPA registration and is now in the promotion phase [1] - The iEndo platform features an independent GPU module that enhances image processing and AI computing capabilities, introducing a new super-resolution imaging technology for clearer clinical diagnostics [1] - In the minimally invasive surgery sector, the "Lingzhu" 4K 3D fluorescence imaging platform has been certified, offering a comprehensive solution that combines various imaging technologies [2] Group 3 - The company aims to maintain its competitive edge by continuously innovating and advancing its product lines towards high-end and specialized markets [2] - With the recovery of the domestic medical device market in 2025, the company is increasing its market share in ultrasound and endoscopy, while its strategic layout in minimally invasive surgery and cardiovascular intervention products is maturing [2] - The company is expected to return to a growth trajectory, developing a comprehensive multi-product line strategy that includes "internal medicine + surgery," "diagnosis + treatment," and "equipment + consumables" [2]

Core Insights - The company reported a decline in both revenue and net profit for Q1 2025, with revenue at 430 million yuan and net profit at 8.07 million yuan, indicating a year-on-year decrease [1] - The company is focusing on multi-product line strategies and high-intensity strategic investments, aiming for sustained performance growth in 2025 through high-end and specialized product development [1] - The domestic medical equipment procurement market is expected to grow by over 20% this year, driven by a significant increase in hospital procurement scale and a surge in project approvals [1] Financial Performance - In Q1 2025, the company achieved revenue of 430 million yuan and a net profit of 8.07 million yuan, both showing a certain degree of decline compared to the previous year [1] - The company's R&D investment reached 126 million yuan in Q1, reflecting a year-on-year increase of 23.7% [1] Product Development - The company has launched several key products, including the 4K iEndo smart endoscope platform and the "Lingzhu" 4K 3D fluorescence imaging platform, enhancing its competitive edge in minimally invasive surgery [2] - The integration of AI and medical devices is being emphasized, with the company aiming to create a new engine for intelligent development [1][2] Market Position - The company is witnessing an increase in market share in ultrasound and endoscopy businesses, with a strategic focus on minimally invasive surgery and cardiovascular intervention products [2] - The company aims to establish a comprehensive multi-product line development framework, combining internal and external medicine, diagnosis and treatment, as well as equipment and consumables [2]

本报讯 （记者王镜茹）4月25日晚，深圳开立生物医疗科技股份有限公司（以下简称"开立医疗 （300633）"）披露2025年一季度业绩，公司一季度实现营业收入4.30亿元，归属于上市公司股东的净 利润807.46万元，归属于上市公司股东的扣非净利润599.81万元。 一季度开立医疗继续聚焦多产品线布局，保持高强度战略投入，加大对新产品线的支持，坚持推动产品 向高端化、专科化发展，有多项高端新品获证上市，有望为公司带来持续业绩增量。 一季度公司研发投入1.26亿元，同比增长23.7%。公司积极推进医疗科技与临床应用的深度融合，通 过"医疗设备+AI"打造数智化发展新引擎，在细分业务领域再度实现突破性进展。报告期内，公司有多 款重磅产品获批上市，有望为公司持续贡献业绩增长点。 在消化与呼吸内镜领域，开立医疗全新4K iEndo智慧内镜平台已取得NMPA注册证书，进入上市推广阶 段。该产品创新性地引入了独立GPU模块，显著提升了图像处理与AI运算效能，并首创内镜超分辨成 像技术体系，通过高精度光学采集系统获取原始影像，结合智能算法进行细节优化、还原和重构，为临 床诊断提供更清晰精准的影像依据。 业内认为，开立医疗持 ...

4月25日晚，开立医疗（300633）公布2025年一季度报告，公司一季度共实现营业收入4.30亿元，归属 于上市公司股东的净利润807.46万元，归属于上市公司股东的扣非净利润599.81万元。2025年一季度， 开立医疗继续聚焦多产品线布局，保持高强度战略投入，加大对新产品线的支持，坚持推动产品向高端 化、专科化发展，期间有多项高端新品获证上市，有望在2025年内为公司带来持续的业绩增量。 2025年第一季度，开立医疗作为国产超声与消化内镜的龙头企业，正以领先的产品与技术优势持续增强 自身的市场份额。一季度内医院医疗设备招采规模增长明显，开立医疗增速则远强于市场。 2025年开年以来，随着国家发改委、财政部发布《财政部关于2025年加力扩围实施大规模设备更新和消 费品以旧换新政策的通知》，明确提出强化资金支持力度，国内医疗设备更新市场热度持续提升，诸多 项目进入招标环节，后续有望逐步落地。业内人士表示，今年2月和3月的医疗设备采购项目审批批复呈 现了一波小爆发现象，经验上来说年初立项的大批项目有望集中于下半年大规模落地，在设备更新政策 指引下，今年国内医疗设备采购市场规模有望较去年增长20%以上。 202 ...

Core Viewpoint - The 91st China International Medical Equipment Fair (CMEF) showcased cutting-edge medical technologies and devices from nearly 5,000 global enterprises, emphasizing the theme of "Innovative Technology, Leading the Future" [1] Company Highlights - KaiLi Medical, a leading domestic enterprise in ultrasound medical imaging and endoscopy, presented its innovative products and solutions under the theme "Intelligent Wave, Surge Towards New" at CMEF, highlighting its comprehensive smart diagnosis and treatment ecosystem [3] - The company introduced several high-end products across four major product lines: ultrasound medical imaging, endoscopic diagnosis and treatment, minimally invasive surgery, and cardiovascular intervention, demonstrating its strong self-research capabilities [4] - In the ultrasound medical imaging sector, KaiLi Medical showcased its ultra-high-end full-body ultrasound product, HeTu® S80, and the intelligent obstetric ultrasound product, MengXi TMP80, both featuring advanced imaging technologies for enhanced clinical solutions [4] - The new generation of the iEndo smart endoscope platform was launched, utilizing a multi-core heterogeneous hardware architecture and advanced imaging technologies to improve early cancer screening and complex lesion diagnosis [6] - In minimally invasive surgery, the company presented the "LingZhu" 4K 3D fluorescence imaging platform, which integrates various imaging modalities for precise diagnosis and treatment [7] - The cardiovascular intervention segment featured the V-reader® series intravascular ultrasound diagnostic system, designed for flexible use in sterile environments, enhancing access to quality medical resources [8] R&D and Innovation - KaiLi Medical has significantly increased its R&D investment, with expenditures reaching 338 million yuan, a year-on-year increase of 28.33%, surpassing the total R&D expenses of 2022 [10] - The company has been at the forefront of AI applications in the medical field, having launched the world's first AI technology for automatic image capture in 2018, and recently achieved a significant milestone with the first domestic AI medical device for prenatal ultrasound [10] - The introduction of the 5G + AI cloud imaging platform at CMEF allows regional hospitals to utilize AI services across various ultrasound devices, addressing interoperability issues within medical networks [11] Strategic Vision - KaiLi Medical adheres to the philosophy of "Creating More Possibilities for Life," focusing on a multi-product line strategy and continuous investment in high-end product development, aiming to fill gaps in the domestic market and enhance its competitive advantage [15]