公司发布 2025 年半年报。2025 年上半年，公司实现营业收入 7.13 亿元， 同比+11%；归母净利润 0.5 亿元，同比-31.1%；扣非归母净利润 0.53 亿 元，同比-28.4%。2025Q2，公司实现营业收入 3.83 亿元，同比+19.8%； 归母净利润 0.23 亿元，同比-28.6%；扣非归母净利润 0.24 亿元，同比- 28.8%。从产品拆分来看，公司医疗器械业务持续拓展，整体实现营业收 入约 4.82 亿元（+13.8%），整体实现净利润约 0.74 亿元，对归母净利 润影响为 0.37 亿元；药品和医疗服务业务发展稳健，整体实现营业收入 为 2.31 亿元（+5.62%），归母净利润影响为 0.36 亿元；此外股权激励 费用及汇兑损益对公司利润产生影响，剔除该两项后公司归母净利润 0.91 亿元（+20.99%）。 MASH 药物持续获批，行业变革加速带动检测量提升，"卖水人"有望持 续获益。截至 2025 年中报，Echosens 公司按次分成的产品 FibroScan Go、 Box、Handy 已在全球累计实现安装 977 台。公司通过管理架构升级、全 球销售网络建设及产 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][35]. Core Insights - The MASH drug market is projected to exceed $32.2 billion by 2030, driven by the increasing prevalence of metabolic dysfunction-associated steatotic liver disease (MAFLD) and its progression to MASH [1][16]. - The approval of the first MASH drug, Resmetirom, by the FDA in March 2024 marks a significant milestone, leading to increased interest and investment from major pharmaceutical companies [2][17]. - The demand for diagnostic equipment, particularly non-invasive tests like VCTE, is expected to surge as new MASH drugs are approved globally, enhancing the need for effective screening and clinical assessment tools [2][21]. Financial Summary - Revenue is projected to grow from 1,154 million yuan in 2023 to 3,629 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 47.7% [1][28]. - Net profit attributable to the parent company is expected to increase from 102 million yuan in 2023 to 462 million yuan in 2027, with a significant growth rate of 59.4% in 2027 [1][28]. - The company's return on equity (ROE) is forecasted to rise from 9.6% in 2023 to 21.1% in 2027, indicating improving profitability and efficiency [1][28]. Product and Market Position - The company's flagship product, the FibroScan series, is the first non-invasive diagnostic device to quantify liver stiffness using transient elastography, receiving multiple global certifications [3][23]. - FibroScan has been included in various liver disease detection guidelines by leading health organizations, enhancing its credibility and market presence [3][23]. - The company employs multiple business models for its FibroScan products, including one-time sales, per-use fees, and leasing, allowing for flexibility in market penetration [24][25]. Future Growth Potential - The report anticipates that the company will achieve net profits of 188 million yuan, 290 million yuan, and 462 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 53.4, 34.6, and 21.6 [8][26]. - The strategic collaborations with leading pharmaceutical companies are expected to enhance the company's market position and drive revenue growth [3][23].