积极强化皮肤科、眼科等消费医疗业务，看好成为业绩增长新动能公司积极布局消费医疗业务并持续推 进皮肤科、眼科等新品研发工作。在皮肤科领域，截至中报披露日，公司聚乳酸面部填充剂、注射用透 明质酸钠溶液已获批上市，目前已进入商业化推广阶段；注射用交联透明质酸钠凝胶、注射用透明质酸 钠复合溶液已申报注册，含聚左旋乳酸的交联透明质酸钠凝胶处于临床试验阶段。在眼科领域，截至中 报披露日，公司高度数角膜塑性镜已申报注册，多焦点人工晶状体处于临床试验阶段。我们看好公司消 费医疗业务布局持续壮大，并成为公司业绩增长新驱动。 公司1H25 实现收入33.69 亿元（yoy-0.4%）、归母净利6.91 亿元（yoy-0.9%）、扣非归母净利6.62 亿元 （yoy+2.3%），其中2Q25 实现收入16.33 亿元（yoy+11.7%）、归母净利3.12 亿元（yoy+45.0%）、扣 非归母净利3.25 亿元（yoy+70.3%），业绩增长积极提速。公司1H25 海外收入yoy+6.9%，海外业务毛 利率yoy+3.2pct，国际化拓展稳扎稳打。公司1H25 经营活动现金流量净额6.36 亿元（yoy+300.5%）， 现金流 ...

盘面上，医疗器械、大金融、消费电子、液冷服务器等板块涨幅居前，国防军工、光伏设备、培养钻 石、水泥等板块跌幅居前。 AI医疗器械市场急速增长 医疗器械概念早间放量走强，板块指数盘初一度直线拉涨逾3%，创年内新高，半日成交接近昨日全天 成交。麦澜德触及20%涨停，股价创历史新高，三鑫医疗、迈普医学、山外山等涨幅居前。 自7月国家药监局发布《关于优化全生命周期监管支持高端医疗器械创新发展有关举措的公告》以来， 叠加第十一批集采明确"反内卷"。医疗器械板块就频频走强，一度走出连续9日上涨的行情，经过短期 调整之后，近期又开始连续上攻频创新高。 大金融板块早间集体爆发。 今日早盘，A股继续震荡上扬，上证指数、深证成指等均再创年内新高，北证50、中证1000等股指则微 幅飘绿。下跌个股远多于上涨个股，成交保持平稳。 农业银行连续6日创历史新高 大金融早间集体走强，银行、多元金融、保险、券商等板块指数盘中均出现放量拉升走势。九鼎投资 （600053）开盘一字涨停，连续第2日封板，股价创近1年半新高，国盛金控亦强势涨停，创年内新高， 翠微股份、南华期货等涨幅居前。 农业银行（601288）表现尤其亮眼，近11个交易日10日 ...

医疗器械概念早间放量走强，板块指数盘初一度直线拉涨逾3%，创年内新高，半日成交接近昨日全天成交。麦澜德触及20%涨停，股价创历史新高，三 鑫医疗、迈普医学、山外山等涨幅居前。 大金融板块早间集体爆发。 今日早盘，A股继续震荡上扬，上证指数、深证成指等均再创年内新高，北证50、中证1000等股指则微幅飘绿。下跌个股远多于上涨个股，成交保持平 稳。 盘面上，医疗器械、大金融、消费电子、液冷服务器等板块涨幅居前，国防军工、光伏设备、培养钻石、水泥等板块跌幅居前。 AI医疗器械市场急速增长 自7月国家药监局发布《关于优化全生命周期监管支持高端医疗器械创新发展有关举措的公告》以来，叠加第十一批集采明确"反内卷"。医疗器械板块就 频频走强，一度走出连续9日上涨的行情，经过短期调整之后，近期又开始连续上攻频创新高。 国家药监局数据显示，2024年中国医疗器械市场规模达到1.11万亿元，同比增长12.3%，预计2025年将突破1.3万亿元，2035年进一步增至1.8万亿元。全球 市场2024年规模为6230亿美元，2035年预计达1.16万亿美元，年复合增长率约8.1%。 其中智能化与数字化加速渗透，2024年AI医疗器械市 ...

Core Viewpoint - The AI medical device industry in China is experiencing rapid growth driven by policy support, technological advancements, and market demand, with the market size projected to reach 242.3 billion yuan by 2025, up from 94.61 billion yuan in 2024 and 2.92 billion yuan in 2020 [1][12]. Industry Overview - AI medical devices utilize artificial intelligence to assist in diagnosis, monitoring, and optimizing medical processes, categorized into six main types: medical imaging analysis, diagnostic assistance systems, surgical robots, health monitoring devices, drug development tools, and personalized treatment systems [2][4]. - The industry has formed a multi-dimensional ecosystem involving traditional healthcare providers, internet companies, AI algorithm developers, and medical device manufacturers, creating a closed-loop industry ecology [4]. Industry Environment - The AI chip market, crucial for the smart capabilities of medical devices, is projected to reach 141.2 billion yuan in 2024, growing by 17.1% year-on-year, providing strong technical support for the AI medical device sector [6]. - The machine vision market, which enhances the precision of medical devices, is expected to grow to 207.17 billion yuan in 2024, with an 11.9% increase, indicating significant advancements in this technology [8]. Social Environment - The aging population and uneven distribution of medical resources in China are driving strong demand for AI medical devices, which play a vital role in early disease screening and long-term monitoring [10]. - There is a growing consumer demand for personalized services, prompting AI medical devices to focus on customized offerings through deep learning and big data analysis [10]. Current Industry Status - The AI medical device industry in China is in its early commercialization stage, with a significant increase in product approvals, as evidenced by a 50% year-on-year rise in the number of approved Class III AI medical devices in 2023 [14]. - By mid-2024, 92 Class III AI medical imaging products had been approved, covering various diseases such as cardiovascular, pulmonary, and neurological conditions [14]. Competitive Landscape - Leading companies in the AI medical device sector include United Imaging, Pushang Medical, and Sukun Technology, each leveraging core technology and deep integration with clinical scenarios to establish a differentiated competitive landscape [16]. - United Imaging leads the market with a comprehensive product line and strong partnerships with top-tier hospitals, while Pushang Medical and Sukun Technology focus on specific areas like lung AI imaging and cardiovascular AI [16][17]. Future Trends - The industry is expected to see enhanced technological innovation and accelerated product iterations, driven by advancements in deep learning and computer vision [22]. - Market competition is intensifying, with companies adopting differentiated strategies in niche areas, particularly in medical imaging [23]. - The internationalization of Chinese AI medical device companies is accelerating, facing global competition and regulatory challenges as they expand into overseas markets [25].