本报（chinatimes.net.cn）记者胡金华 上海报道 中国企业的出海浪潮出现了新的路径和趋势。 近日，国产高端医疗影像龙头联影医疗正式发布超声uSONIQUE系列产品，成为补齐其在医学影像领域 的最后一块拼图。此举也成为中企扩大海外新市场的一个缩影。 上海国家会计学院院长卢文彬在2025年度CFO论坛上表示，中国企业正处在新一轮全球化浪潮中，产业 链重构、技术变革迭代等给企业国际化带来机遇和挑战，企业CFO的角色正在发生结构性变化，财务领 导者需要重点构建三项核心能力：全球视野下的资源配置能力、基于数据的战略判断能力，以及国际规 则下的合规与治理能力。 中企全面"出击" 掌握核心技术，联影医疗成为中企"出海"的最新成功案例。 "我们计划在国内外主要市场同步推出全线超声新品，依旧秉持高举高打策略。目前联影正在申请产品 注册证，其中超高端、高端的全身、心脏和妇产超声已经获得二类证；海外市场同步正在申请CE、 FDA市场许可证。公司将于今年12月初在RSNA大会上重磅发布多款创新影像设备及全系超声产品，进 一步完善海外市场的产品矩阵。目前联影超声在美国西雅图建立了超声研发中心与海外超声营销团队， 并已经与 ...

Core Viewpoint - Chao Yan Co., Ltd. has shown a stable financial performance with a notable increase in revenue and net profit, while also experiencing changes in shareholder structure and trading activity [1][2][3]. Financial Performance - For the first half of 2025, Chao Yan Co., Ltd. achieved operating revenue of 184 million yuan, representing a year-on-year growth of 15% [2]. - The net profit attributable to shareholders reached 68.45 million yuan, marking an 18.5% increase compared to the previous period [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 16.65% to 22,300, while the average circulating shares per person increased by 19.98% to 2,456 shares [2]. - The top circulating shareholder is Huabao Zhongzheng Medical ETF, holding 1.91 million shares as a new shareholder [3]. - Other notable new shareholders include Southern Zhongzheng 1000 ETF and Huaxia Zhongzheng 1000 ETF, indicating a shift in institutional holdings [3]. Trading Activity - On October 27, 2023, Chao Yan Co., Ltd. experienced a slight decline of 0.36% in stock price, with a trading volume of 50.21 million yuan [1]. - The financing buy-in amount for the day was 7.87 million yuan, with a net buy of 5.14 million yuan after repayments [1]. - The total margin trading balance reached 97.31 million yuan, with financing accounting for 6.68% of the circulating market value [1].

Core Viewpoint - Chao Yan Co., Ltd. has shown a slight decline in stock price and trading volume, with notable financing activities indicating investor sentiment and market dynamics [1][2]. Financing and Trading Activity - On October 22, Chao Yan Co., Ltd. experienced a stock price drop of 0.16% with a trading volume of 32.10 million yuan. The financing buy-in amounted to 2.52 million yuan, while financing repayment was 2.54 million yuan, resulting in a net financing outflow of 0.018 million yuan. The total financing and securities lending balance reached 95.12 million yuan [1]. - The current financing balance stands at 94.95 million yuan, representing 6.69% of the circulating market value. In terms of securities lending, 1,500 shares were repaid, and 600 shares were sold, with a selling amount of 14,600 yuan based on the closing price [1]. Company Overview - Chao Yan Co., Ltd., established on November 15, 1982, is located in Shantou, Guangdong Province. The company specializes in the research, development, production, and sales of medical imaging equipment and industrial non-destructive testing equipment, recognized as a national key high-tech enterprise. The revenue composition includes 71.16% from medical ultrasound, 17.30% from industrial ultrasound, 5.72% from accessories, 4.56% from X-ray, and 1.26% from other sources [1]. Financial Performance - For the first half of 2025, Chao Yan Co., Ltd. reported a revenue of 184 million yuan, reflecting a year-on-year growth of 15%. The net profit attributable to shareholders reached 68.45 million yuan, marking an 18.5% increase compared to the previous period [2]. Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Chao Yan Co., Ltd. was 22,300, a decrease of 16.65% from the previous period. The average number of circulating shares per shareholder increased by 19.98% to 2,456 shares [2]. - The top ten circulating shareholders include new entrants such as Huabao Zhongzheng Medical ETF and Southern Zhongzheng 1000 ETF, with significant holdings of 1.91 million shares and 514,500 shares, respectively. Hong Kong Central Clearing Limited is the fourth-largest shareholder, increasing its holdings by 21,600 shares [3].

Core Viewpoint - On October 17, Chao Yan Co., Ltd. experienced a decline of 2.07% in stock price, with a trading volume of 44.8858 million yuan, indicating a negative market sentiment towards the company [1] Financing Summary - On October 17, Chao Yan Co., Ltd. had a financing buy-in amount of 3.2515 million yuan and a financing repayment of 3.9078 million yuan, resulting in a net financing outflow of 656,300 yuan [1] - As of October 17, the total financing and securities lending balance for Chao Yan Co., Ltd. was 98.2781 million yuan, with the current financing balance at 98.0541 million yuan, accounting for 6.98% of the circulating market value [1] - In terms of securities lending, there were no shares repaid on October 17, with 100 shares sold short, amounting to 2,409 yuan at the closing price, and a remaining short position of 9,300 shares valued at 224,000 yuan [1] Company Overview - Chao Yan Co., Ltd., established on November 15, 1982, is located at 77 Jinsasha Road, Shantou City, Guangdong Province, and is recognized as a national key high-tech enterprise specializing in the research, production, and sales of medical imaging equipment and industrial non-destructive testing equipment [1] - The company's main business revenue composition includes: medical ultrasound (71.16%), industrial ultrasound (17.30%), accessories (5.72%), X-ray (4.56%), and other supplementary sources (1.26%) [1] Financial Performance - As of June 30, Chao Yan Co., Ltd. had 22,300 shareholders, a decrease of 16.65% from the previous period, with an average of 2,456 circulating shares per person, an increase of 19.98% [2] - For the first half of 2025, the company achieved an operating income of 184 million yuan, representing a year-on-year growth of 15.00%, and a net profit attributable to shareholders of 68.4455 million yuan, up 18.50% year-on-year [2] - Since its A-share listing, Chao Yan Co., Ltd. has distributed a total of 43.6896 million yuan in dividends [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder of Chao Yan Co., Ltd. was Huabao Zhongzheng Medical ETF (512170), holding 1.9127 million shares as a new shareholder [2] - The second largest circulating shareholder was Southern Zhongzheng 1000 ETF (512100), with 514,500 shares, also a new shareholder [2] - Other notable shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 21,600 shares, and Huaxia Zhongzheng 1000 ETF (159845), which is a new shareholder holding 304,800 shares [2]

Core Insights - The stock of Chao Yan Co., Ltd. experienced a decline of 1.60% on October 13, with a trading volume of 51.83 million yuan [1] - The company reported a financing net buy of -67,400 yuan on the same day, with a total financing and securities balance of 96.02 million yuan [1] Financing and Trading Data - On October 13, Chao Yan Co., Ltd. had a financing buy amount of 5.56 million yuan and a financing repayment of 5.62 million yuan [1] - The current financing balance is 95.85 million yuan, accounting for 6.68% of the circulating market value [1] - The company had no shares repaid in the securities lending segment, with 3,100 shares sold, amounting to 76,200 yuan at the closing price [1] Company Overview - Chao Yan Co., Ltd. is located in Shantou, Guangdong Province, and was established on November 15, 1982, with a listing date set for January 22, 2025 [1] - The company specializes in the research, production, and sales of medical imaging equipment and industrial non-destructive testing equipment, recognized as a national key high-tech enterprise [1] - The revenue composition includes 71.16% from medical ultrasound, 17.30% from industrial ultrasound, 5.72% from accessories, 4.56% from X-ray, and 1.26% from other sources [1] Financial Performance - As of June 30, the number of shareholders for Chao Yan Co., Ltd. was 22,300, a decrease of 16.65% from the previous period [2] - The average number of circulating shares per person increased by 19.98% to 2,456 shares [2] - For the first half of 2025, the company achieved a revenue of 184 million yuan, representing a year-on-year growth of 15.00%, and a net profit attributable to shareholders of 68.45 million yuan, up 18.50% year-on-year [2] Dividend and Shareholding Structure - Chao Yan Co., Ltd. has distributed a total of 43.69 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the largest circulating shareholder is Huabao CSI Medical ETF, holding 1.91 million shares as a new shareholder [3] - Other notable shareholders include Southern CSI 1000 ETF and Hong Kong Central Clearing Limited, with increases in their holdings compared to the previous period [3]

Core Viewpoint - Chao Yan Co., Ltd. experienced a slight decline in stock price on September 25, with a trading volume of 46.03 million yuan and a net financing outflow of 1.95 million yuan, indicating a cautious market sentiment towards the company [1][2]. Financing Summary - On September 25, Chao Yan Co., Ltd. had a financing buy amount of 2.72 million yuan, with a total financing balance of 99.58 million yuan, accounting for 6.90% of its market capitalization [2]. - The company had no shares repaid in the securities lending market, with 100 shares sold, amounting to 2,474 yuan at the closing price, and a remaining securities lending balance of 96,500 yuan [2]. Business Overview - Chao Yan Co., Ltd., established on November 15, 1982, is located in Shantou, Guangdong Province, and specializes in the research, development, production, and sales of medical imaging and industrial non-destructive testing equipment [2]. - The company's revenue composition includes medical ultrasound (71.16%), industrial ultrasound (17.30%), accessories (5.72%), X-ray (4.56%), and other supplementary products (1.26%) [2]. Financial Performance - For the first half of 2025, Chao Yan Co., Ltd. reported a revenue of 184 million yuan, representing a year-on-year growth of 15.00%, and a net profit attributable to shareholders of 68.45 million yuan, reflecting an 18.50% increase compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Chao Yan Co., Ltd. was 22,300, a decrease of 16.65% from the previous period, while the average number of circulating shares per shareholder increased by 19.98% to 2,456 shares [2]. - The top shareholders include Huabao Zhongzheng Medical ETF, which is the largest shareholder with 1.91 million shares, and several new institutional investors have entered the shareholder list [3].

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]

Core Insights - Deepwise Technology's subsidiary, Hangzhou Weiying Medical Technology, has received regulatory approval for its wMR-510 mobile MRI system, making Deepwise the first company in China to master and commercialize mobile MRI technology without shielding [1][2] - The medical imaging industry is undergoing a significant shift from large fixed equipment to smaller mobile devices, with the global market for miniaturized imaging expected to grow rapidly [1] Company Highlights - The wMR-510 system is characterized by its compact and lightweight design, weighing only 850 kg and occupying less than 2 square meters, which allows for easy installation and operation [2] - The system operates on standard 220V/10A power supply with a low running power of under 3kW, eliminating the need for specialized power and cooling systems, thus enhancing accessibility and affordability of MRI technology [2] Industry Trends - The approval of mobile MRI systems aligns with a broader trend in the medical imaging market towards miniaturization, which is expected to surpass the shipment volumes of traditional large-scale equipment in the future [1] - The shift to smaller imaging devices is anticipated to break down barriers to access in various medical settings, including emergency care, critical care, and bedside diagnostics, thereby promoting equitable distribution of quality healthcare resources [2]

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].