中国AI+治疗行业调研简报 | 2025/09 www.leadleo.com 报告标签：CT、X射线、AI医疗 2025年9月 作者：何婉怡 1 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 头豹调研简报 | 2025/07 AI医疗器械行业 Q1：中国AI手术规划行业市场规模及增长驱动力是什么？ 图表1：中国AI手术规划医疗器械行业市场规模，2022-2030E 单位：亿元 0.1 0.3 0.7 1.5 3.0 5.5 8.2 13.7 21.1 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 期间 复合年增长率 2 ...

Core Viewpoint - The report from CICC maintains the EPS forecast for Aikang Medical (01789) at 0.30 CNY for 2025 and 0.36 CNY for 2026, with a target price of 7.11 HKD, indicating a potential upside of 26.73% from the latest closing price [1] Group 1: Financial Performance - In 1H25, Aikang Medical reported revenue of 694 million CNY, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 161 million CNY, up 15.3%, with diluted EPS of 0.14 CNY, aligning with CICC's expectations [1] - The company's hip joint business generated revenue of 410 million CNY, a 14% increase year-on-year, while knee joint business revenue was approximately 194 million CNY, a slight decline of 0.7% due to price adjustments and returns [2] - The gross profit margin for 1H25 was 59.1%, down 1.5% year-on-year, primarily due to a decrease in the revenue share from spinal products [4] Group 2: Growth Drivers - The company anticipates accelerated growth in overseas sales in the second half of 2025, with overseas revenue reaching 128 million CNY in 1H25, and an estimated actual growth rate of about 7% after adjustments [2] - Aikang Medical is responding to favorable policies by initiating a digital transformation, with seven products entering the innovation channel and five digital orthopedic training centers established [3] - The net profit margin increased to 23.1%, up 1.9 percentage points year-on-year, supported by revenue growth and cost control measures [4] Group 3: Market Position and Strategy - The company maintains its industry-leading position, with strong performance in Southeast Asia and Central Asia, where revenues grew approximately 60% and 30%, respectively [2] - Aikang Medical plans to build a comprehensive ecosystem covering pre-operative (AI surgical planning), intra-operative (robotics/navigation), and post-operative (patient management) phases to drive growth in orthopedic smart assistive device installations [3]