9月25日，超研股份跌0.04%，成交额4603.10万元。两融数据显示，当日超研股份获融资买入额271.72 万元，融资偿还466.80万元，融资净买入-195.08万元。截至9月25日，超研股份融资融券余额合计 9967.50万元。 截至6月30日，超研股份股东户数2.23万，较上期减少16.65%；人均流通股2456股，较上期增加 19.98%。2025年1月-6月，超研股份实现营业收入1.84亿元，同比增长15.00%；归母净利润6844.55万 元，同比增长18.50%。 分红方面，超研股份A股上市后累计派现4368.96万元。 机构持仓方面，截止2025年6月30日，超研股份十大流通股东中，华宝中证医疗ETF（512170）位居第 一大流通股东，持股191.27万股，为新进股东。南方中证1000ETF（512100）位居第二大流通股东，持 股51.45万股，为新进股东。香港中央结算有限公司位居第四大流通股东，持股47.00万股，相比上期增 加2.16万股。华夏中证1000ETF（159845）位居第七大流通股东，持股30.48万股，为新进股东。圆信永 丰聚优A（010469）位居第九大流通股东，持 ...

Summary of the Conference Call for 联影医疗 Company Overview - **Company**: 联影医疗 (United Imaging Healthcare) - **Industry**: Medical Imaging Key Points and Arguments Product Line Performance - **CT Product Line**: - Steady growth with the launch of the first domestic photon technology spectral CT - Global first dual wide-body dual-source CT is under special review - Introduction of high-end CT series Pro and Elite [2][5] - **MR Product Line**: - Achieved nearly 17% growth with over 40 units of 5.0T installed - 3.0T new products received market recognition and FDA approval - 1.5T and below products maintain industry leadership [2][5] - **MI (Molecular Imaging)**: - Revenue growth of 13% with PET-CT being the domestic leader for 10 consecutive years - Over 600 units installed globally, with more than 150 units in the US [2][6] - **XR and DSA**: - Revenue growth of 26%, with DSA showing rapid growth - Aviva received triple certification in China and FDA, entering the global mainstream market [2][6] - **RT (Radiation Therapy)**: - Market share increased by nearly 18 percentage points, ranking second in China [2][6] Revenue Growth - **Overall Revenue**: - Achieved nearly 13% revenue growth in the first half of 2025 - Domestic market growth at approximately 11%, while overseas market growth reached 22% [4] - **Service Revenue**: - Service revenue increased by 32%, accounting for 14% of total revenue - Global installations exceeded 36,000 units, with over 15,000 users [2][8] International Market Expansion - **Overseas Revenue**: - Overseas revenue grew by 22%, making up 19% of total revenue - Focus on high-end markets in Europe and the US, as well as emerging markets in Asia-Pacific [2][7] Future Directions - **Market Focus**: - Attention on high-end replacement in the domestic medical imaging market and potential in grassroots markets - Expansion into overseas markets and smaller fields like ultrasound - Increase in maintenance and service revenue proportion to improve profitability [3][9] Additional Insights - **Service Business Importance**: - Service business is crucial for long-term growth, leveraging network density, technological iteration, and full lifecycle services to set industry standards [2][8]

新京报讯（记者张秀兰）9月4日，人工智能医学影像企业深至科技宣布，旗下子公司杭州微影医疗科技 有限公司自主研发的wMR-510系列移动式头部磁共振成像系统获得国家药监局颁发的第三类医疗器械 注册证及生产许可证，深至科技也成为中国首家掌握无屏蔽、移动式MRI核心技术并成功实现产品注册 上市的企业。 早在2021年12月，深至科技团队在Nature Communications发表研究论文，初步验证该系统在脑肿瘤和脑 卒中诊断方面的临床可行性。此次获批的移动式头部磁共振成像系统具有小型化、轻型化等特点，设备 主机重量仅850公斤，占地不足2平方米，使用220V/10A普通市电供电，运行功率低于3kW，无需专用 供电与冷却系统，实现即插即用，也有望实现价格的指数级降低，提升MRI产品可及性和可负担性，小 型化MRI也有望彻底打破传统大型设备的使用壁垒，为急诊、重症、基层医疗及床旁诊断等多场景提供 影像支持，为优质医疗资源普惠下沉注入动力。 当前，医学影像设备正在经历一场从"大型固定"向"小型移动"的革命性转变。2020年，美国食药监局 （FDA）批准了全球首款移动式核磁共振成像设备，适用于两岁及以上患者的头部扫描， ...

Core Insights - The small-scale medical imaging equipment market is experiencing rapid growth globally, with significant advancements in mobile MRI technology [1][4] - Deep Insight Technology has become the first company in China and one of the few globally to successfully register and launch a mobile MRI system without shielding [1][4] Company Overview - Deep Insight Technology, founded in 2018 and headquartered in Shanghai, focuses on the development and commercialization of small-scale imaging devices and remote diagnostic services [2] - The company has served over 30,000 grassroots medical institutions in China, aiming to bridge the last mile in medical services [2] Industry Trends - The medical imaging equipment industry is undergoing a revolutionary shift from large fixed systems to small mobile solutions [3][4] - The global medical landscape is driving the growth of the small-scale imaging market, with future shipments expected to surpass those of large equipment [4] Technological Breakthroughs - The wMR-510 series mobile MRI system has achieved several technological breakthroughs, addressing traditional MRI equipment pain points [6][7] - Key innovations include: - Shielding-free and mobile design, eliminating the need for specialized electromagnetic shielding rooms [7] - Compact and lightweight structure, with a weight of only 850 kg and occupying less than 2 square meters, allowing for easy installation and operation [7] - AI-enhanced image quality, ensuring high-quality imaging even under low field strength conditions [7] Future Implications - The mobile MRI system is expected to provide new solutions for rapid imaging diagnosis in emergency and critical care settings, shifting the paradigm from "patients finding equipment" to "equipment finding patients" [8] - The approval of the small-scale MRI product marks a significant step towards making professional imaging services accessible in rural and community settings, addressing affordability and availability issues [8]

Core Viewpoint - Deep Insight Technology has achieved a significant breakthrough in the medical imaging field by developing the wMR-510 series mobile MRI system, which has received regulatory approval in China, marking it as the first company in the country to master this technology and successfully bring it to market [2][5]. Company Overview - Deep Insight Technology, founded in 2018, is a smart medical imaging and health solutions company established by a team of returnee PhDs from Columbia University and top medical imaging experts [3][4]. - The company has received investments from multiple institutions, including Zhi Niu Fund and Meian Health, indicating strong financial backing [4]. Industry Trends - The medical imaging industry is undergoing a revolutionary shift from "large fixed" to "small mobile" devices, with the market for small-scale medical imaging expected to grow rapidly [6]. - The approval of the first mobile MRI device by the FDA in 2020 signifies the beginning of a new era in medical imaging, with small devices projected to surpass large equipment in shipment volume [6]. Technological Breakthroughs - Deep Insight Technology's mobile MRI system has overcome three major technical barriers, including the elimination of the need for electromagnetic shielding, making it deployable in standard hospital environments [10]. - The device is compact, weighing only 850 kg and occupying less than 2 square meters, which allows for easy installation and operation using standard electrical supply [11]. Product Features - The mobile MRI system is designed to be low-cost and portable, enhancing accessibility to high-quality medical imaging services, particularly in emergency and critical care settings [11]. - The integration of artificial intelligence in the imaging process ensures high-quality outputs even under low-field conditions, enabling accurate clinical diagnoses [11]. Market Impact - The launch of the mobile MRI system is expected to significantly improve the availability of professional imaging services in grassroots medical institutions, addressing the challenges of affordability and accessibility in traditional MRI setups [11].

Core Viewpoint - The company reported a revenue of 6.016 billion yuan (+12.79% YoY) and a net profit attributable to shareholders of 999.8 million yuan (+5.03% YoY) for 1H25, aligning with expectations [1] Revenue Trends - The revenue recovery trend is beginning to materialize, with a breakdown of 1H25 revenue by segment: - Equipment sales revenue was 4.890 billion yuan (+7.6% YoY), including CT revenue of 1.515 billion yuan (-6.4% YoY), MR revenue of 1.968 billion yuan (+16.8% YoY), MI revenue of 841 million yuan (+13.2% YoY), XR revenue of 324 million yuan (+26.6% YoY), and RT revenue of 242 million yuan (flat YoY) - Maintenance service revenue was 816 million yuan (+32.2% YoY), accounting for 13.6% of total revenue (+2.0 percentage points YoY) - Software and other revenue reached 310 million yuan (+79.9% YoY) - The company anticipates revenue growth of 5.4% and 18.6% in 1Q25 and 2Q25, respectively, following a 15.9% decline in 4Q24 [2] - Domestic revenue was 4.873 billion yuan (+10.74% YoY), while overseas revenue was 1.142 billion yuan (+22.48% YoY), with overseas revenue accounting for approximately 19% of total revenue (+1.50 percentage points YoY) [2] Gross Margin and Product Development - The company's gross margin for 1H25 was 47.9%, down 1.3 percentage points from 49.2% in 1H24, primarily due to changes in product mix and pricing pressures from equipment procurement projects [3] - The company is expanding its global presence and R&D investments, with over 70% of U.S. state-level administrative regions covered by its high-end imaging equipment, totaling over 400 units installed, including more than 150 PET/CT units [3] - The approval of photon-counting CT in August is seen as a significant milestone, indicating that domestic brands are achieving global competitiveness in high-end medical imaging equipment [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with an 11% increase in the target price to 161 yuan based on DCF analysis (WACC 6.7%, perpetual growth rate 2.0%), indicating a potential upside of 13.5% [4]

Core Insights - The company reported a revenue of 47.35 million yuan for the first half of 2025, representing a year-on-year decline of 17.15% [1] - The net profit attributable to shareholders was -14.82 million yuan, a decrease of 32.22% compared to the previous year [1] Financial Performance - Revenue for the first half of 2025: 47.35 million yuan, down 17.15% year-on-year [1] - Net profit attributable to shareholders: -14.82 million yuan, down 32.22% year-on-year [1] - Foreign revenue reached 9.44 million yuan, an increase of 7.60% year-on-year, driven by the recovery of import repair business and the export of gradient coils [1] Cost Management - Sales expenses decreased by 22.63% compared to the same period last year [1] - Management expenses reduced by 20.80% year-on-year [1] Research and Development - R&D expenses amounted to 16.50 million yuan, an increase of 34.79% year-on-year, accounting for 34.84% of total revenue [1] - Focus areas include MRI system integration technology, 7.0T and multi-core high-end RF detectors, and superconducting magnets [1] - Some R&D outcomes have already been applied to the company's products [1] Product Development - The company is expanding its medical imaging equipment product line and advancing new product registration and commercialization [1] - The digital X-ray machine (DR) has obtained medical device registration and is in the market promotion phase [1] - The CT project has completed prototype production and is in the new product registration review stage [1][2]

Core Insights - Shanghai United Imaging Healthcare Co., Ltd. won the first prize at the 2024 Shanghai Science and Technology Progress Award for its project on the independent research and industrialization of multimodal molecular imaging equipment, highlighting its technological advancements in the field [1] - The company aims to enhance product performance and accessibility of medical services, driven by clinical and research needs [1] Product Performance and Innovation - The project developed the world's first full-body PET/CT, which has nearly 40 times the sensitivity of traditional devices and can complete full-body imaging in seconds, providing new technical support for systemic diseases, drug development, and cancer micro-metastasis research [2] - The project established a vertical innovation system that supports continuous innovation of domestic molecular imaging products and enhances their influence in the global medical imaging industry [2] - The integrated PET/MR system is the first in China and the second in the world with time-of-flight (TOF) capabilities, enabling real-time data collection from both MR and PET modalities, crucial for early diagnosis of complex diseases [3] Technological Breakthroughs - The project overcame key technological challenges in large-size LYSO crystal growth, PET-specific chips, high-performance digital PET detectors, and integrated PET/CT and PET/MR systems, achieving breakthroughs in spatial and temporal resolution [4] - The molecular imaging team pioneered a modular multi-unit architecture to address engineering challenges, significantly enhancing clinical application levels [4][5] Clinical Applications and Research Contributions - The project has established imaging and diagnostic protocols based on over 40,000 tumor clinical images collected from ten major hospitals, promoting standardized clinical applications of full-body PET/CT [5] - Research based on the full-body PET/CT has provided new paradigms for multi-parameter imaging applications and demonstrated its potential in supporting targeted therapy drug research [5] - The company's molecular imaging products have led to over 380 published papers by experts, with many appearing in top journals in the field [5] Market Presence and Recognition - The project has received 13 national Class III medical device registrations and 12 certifications from the US and EU, with over 600 molecular imaging devices installed globally, covering nearly 30 countries [6] - The PET/CT product has maintained the number one market share in China's molecular imaging market for nine consecutive years, while the PET/MR product achieved a 60% market share in 2022 [6]

Group 1 - The core viewpoint is that Shanghai United Imaging Healthcare Co., Ltd. has received approval from the National Medical Products Administration (NMPA) for its photon-counting spectral CT, marking a significant breakthrough in China's medical technology sector and a major advancement in the "14th Five-Year Plan" key research and development project [1][2] - The photon-counting spectral CT has been installed in Fudan University Zhongshan Hospital and Shanghai Jiao Tong University School of Medicine Ruijin Hospital for clinical medical research [1] - Compared to traditional CT, the new technology features a reduction in detector pixel area to 1/9 of its original size, allowing for the visualization of finer pathological structures while maintaining image quality through innovative correction and reconstruction algorithms [1][2] Group 2 - The photon-counting spectral CT technology is recognized as a revolutionary direction for next-generation CT technology, with United Imaging leading the "14th Five-Year Plan" key research and development project in collaboration with various hospitals and institutions [2] - The company has made significant breakthroughs in core areas such as system design, algorithm innovation, and spectral applications, supported by its strong technical foundation and continuous investment in innovation [2] - The new CT technology significantly reduces radiation doses by 60% to 70%, and in some organs, it can lower the dose by 80% to 90%, enhancing patient safety during scans [1]

Core Viewpoint - The launch of VITA Genesis, the first fully independently developed quantum photon counting CT system in China by XianDao Technology Group, marks the beginning of the "quantum flow" perception era in medical imaging technology [1] Group 1: Technology Advancement - The traditional energy-integrating detectors (EID) used in CT technology have been in use for over 50 years, revealing significant limitations in their physical capabilities [1] - Traditional CT has reached the boundary of "morphological imaging," while precision medicine urgently requires tools for "functional analysis" [1] - Photon counting CT significantly enhances image spatial resolution, reduces radiation dose, and allows for direct acquisition of energy images, providing more comprehensive and rich information for clinical diagnosis [1]