迈瑞医疗 20250926 摘要 国内医疗设备招标复苏，但收入确认周期拉长及去年基数分布不均导致 三季度国内市场改善不明显，公司正加速进口替代并提高行业集中度以 提升市场份额。 迈瑞医疗未来战略聚焦数字化、流水化和国际化。数字化侧重 AI 赋能设 备，增强客户粘性；流水化聚焦体外诊断试剂、微创手术耗材及心血管 耗材等耗材业务增长。 微创外科领域，迈瑞医疗硬件系统国内市占率超 10%，位居前列，产品 覆盖 4K、3D 及荧光技术，并入围集采，市占率有望提升。 动物医疗业务方面，迈瑞医疗已配齐三大产线所需产品，提供数字化解 决方案，上半年国际收入占比超 80%，增长强劲。 心血管领域，通过收购惠泰进入市场，保持其独立性并提升运营效率。 惠泰电生理事业部成立，DBA、RFA 等研发产品进入临床阶段。 国际市场方面，迈瑞医疗复制成功经验，推进本地化建设，扩展销售团 队和渠道，加速微创外科等流水型业务放量，海外高端宠物医院市场取 得突破。 惠泰通过独立运营，引入 MPI 开发流通体系，提升 3D 电生理系统产品 性能，其 DBA、RFA 等产品进入临床，为迈瑞心血管业务注入活力。 Q&A 迈瑞医疗在 2025 年第三季 ...

Summary of the Conference Call for 联影医疗 (United Imaging Healthcare) Company Overview - **Company**: 联影医疗 (United Imaging Healthcare) - **Industry**: Medical Equipment and Healthcare Technology Key Financial Performance - **Revenue Growth**: 2025 H1 revenue reached 6.016 billion CNY, a year-on-year increase of 12.79% [2][4] - **Net Profit**: Net profit attributable to shareholders was 999.8 million CNY, up 5.03% year-on-year [4][22] - **Domestic vs. Overseas Revenue**: Domestic revenue was 4.873 billion CNY (up 10.74%), while overseas revenue was 1.142 billion CNY (up 22.48%), accounting for 18.99% of total revenue [2][4] - **Regional Performance**: North America saw a significant revenue increase of 67%, while Europe grew by 94% [4][20] Research and Development - **R&D Investment**: R&D expenses accounted for 18.95% of total revenue, totaling 1.14 billion CNY, with over 3,300 R&D personnel [2][4] - **Patents**: The company has filed 9,700 patents, with over 83% being invention patents [2][4] - **Innovative Products**: Launched several world-class products, including a new generation of 3T MRI and photon technology CT, which have received regulatory approvals [5][25] Market Expansion and Strategy - **Global Market Presence**: The company has expanded into nearly 90 countries and regions, enhancing its global competitiveness through innovative product offerings and a robust after-sales service network [2][6] - **High-End Product Leadership**: Established a leading position in the ultra-high field MRI market with a 5.0T MRI, significantly increasing market share in China [2][6] - **Service Revenue Growth**: Service revenue grew by 32.21%, with overseas service revenue increasing by over 50% [2][15] Sustainability and ESG Initiatives - **Sustainability Strategy**: The UCT780 CT product received ISO carbon footprint verification, and the company achieved an MSCI ESG rating of A, reflecting its commitment to sustainable development [2][12] Future Outlook - **Growth Projections**: The company expects to accelerate growth in H2 2025, with a projected net profit margin between 16% and 18% for the full year [3][22] - **Market Trends**: Anticipates continued demand for high-end products in North America and Europe, with significant projects expected to drive revenue growth [20][21] Challenges and Responses - **Impact of Policies**: The company is navigating challenges from macroeconomic policies and geopolitical tensions, but has prepared adequately to mitigate risks [10][18] - **Cost Control**: Sales expenses are expected to remain around 15%, with management expenses projected to stay between 4% and 5% [22][23] Key Innovations and Technologies - **AI Integration**: The company has integrated AI into nearly all new products, enhancing operational efficiency and imaging quality [30][31] - **Future Product Launches**: Plans to release new ultrasound products and further enhance its MRI and CT product lines by the end of 2025 [25][39] Conclusion - **Overall Performance**: Despite challenges, the company has demonstrated robust growth and innovation, positioning itself as a leader in the medical equipment industry with a strong focus on R&D and global expansion [35][36]