Core Viewpoint - The financial performance of Kangtong Medical in the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges for the company moving forward [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 265 million yuan, a year-on-year decrease of 39.29% [1]. - The net profit attributable to shareholders was -8.4044 million yuan, a year-on-year decline of 154.53% [1]. - The basic earnings per share were -0.09 yuan [1]. - The gross profit margin for the first half of 2025 was 22.09%, an increase of 3.65 percentage points year-on-year [2]. - The net profit margin was -3.45%, a decrease of 6.97 percentage points compared to the same period last year [2]. Cost Structure - Total operating expenses for the first half of 2025 were 48.8419 million yuan, a decrease of 2.3451 million yuan year-on-year [2]. - The expense ratio was 18.41%, an increase of 6.70 percentage points year-on-year [2]. - Sales expenses decreased by 24.03%, while management expenses increased by 12.24% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 8,154, a decrease of 301 from the previous quarter, representing a decline of 3.56% [3]. - The average market value per shareholder increased from 220,200 yuan to 249,300 yuan, an increase of 13.21% [3]. Business Overview - Kangtong Medical, established on January 13, 1998, is located in Chengdu, Sichuan Province, and was listed on July 25, 2023 [3]. - The company's main business involves providing medical institutions with overall solutions centered on medical gas systems and clean surgical departments [3]. - The revenue composition includes: 55.69% from clean medical equipment and systems, 37.30% from medical gas equipment and systems, 4.06% from medical devices and other product sales, 2.81% from operation and maintenance services, and 0.14% from other sources [3].

Financial Data and Key Metrics Changes - Global HIFU revenues reached $9.7 million, an increase of 89% year over year, driven by the placement of 12 Focal One systems, representing a 140% growth compared to Q2 2024 [4][5] - Total revenue for Q2 2025 was €16 million, a 1.6% increase from €15.8 million in Q2 2024, with HIFU revenue growing 76.8% year over year [21][22] - Gross profit for Q2 2025 was €6.8 million, with a gross margin of 42.5%, up from 37.5% in the same period last year [24] Business Line Data and Key Metrics Changes - HIFU business revenue for Q2 2025 was €8.5 million, compared to €4.8 million in Q2 2024, driven by nine capital sales versus three in the prior year [22][23] - Non-core distribution and ESWL businesses declined by 31.2% in Q2 2025 compared to Q2 2024 [21] Market Data and Key Metrics Changes - U.S. procedures grew approximately 4.8% year over year, despite challenges with Medicare Advantage plans impacting growth in certain markets [10][11] - The proposed hospital payment for the Focal One HIFU procedure in 2026 is set at $9,765, a 5.6% increase from 2025 [12] Company Strategy and Development Direction - The company is focusing on expanding its Focal One Endometriosis application, having received CE marking for HIFU in treating rectal endometriosis [14][15] - A strategic financing facility with the European Investment Bank for €36 million is expected to enhance the balance sheet and support the expansion of Focal One robotic HIFU [17][19] - Transitioning to a U.S. domestic filer starting January 1, 2026, to comply with SEC reporting rules and attract new institutional investors [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the accelerating growth of Focal One, driven by strong clinical data and increasing awareness among patients and physicians [30] - The company updated its 2025 financial guidance, expecting core HIFU business revenue to grow between 26% to 34% year over year [29] Other Important Information - Inventory decreased to $15.5 million in Q2 2025 from €18 million at the end of Q1 2025, attributed to efficient inventory management [26] - The company is actively working with market access partners to improve pre-authorizations for Focal One procedures [11] Q&A Session Summary Question: Can you provide details on the payer issues and reimbursement situation? - Management noted improvements in reimbursement efforts, with strong collaboration with market access partners to accelerate pre-authorizations for Focal One procedures [33][34] Question: What factors does CMS consider for higher reimbursement rates? - CMS evaluates average payments, cost of service, volume of procedures, and clinical value when determining reimbursement rates [43][44] Question: Can you provide an update on the endometriosis trial? - The phase three study showed over 80% of sham arm patients opted for Focal One treatment post-unblinding, with a limited European launch currently underway [53][54] Question: How is the €36 million from the EIB intended to be used? - The funds are earmarked for accelerated commercial growth in the HIFU business and investment in clinical indications and new technologies [56][59]

Market Performance - The pharmaceutical sector experienced a decline of -2.73% on August 27, 2025, underperforming the CSI 300 index by 1.24 percentage points, ranking 26th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (-1.37%), medical research outsourcing (-1.98%), and blood products (-2.06%) performed relatively better, while in vitro diagnostics (-3.98%), vaccines (-3.45%), and hospitals (-3.12%) lagged behind [1] - Top three gainers included Nanjing New Pharmaceutical (+20.00%), Ailis (+17.00%), and Aomei Medical (+10.04%), while the largest decliners were Yuekang Pharmaceutical (-16.82%), Rejing Bio (-10.47%), and Guangshengtang (-10.32%) [1] Industry News - Gilead announced that the European Commission has approved its HIV-1 capsid inhibitor Yeytuo (Lenacapavir) for market release as a pre-exposure prophylaxis (PrEP) therapy, aimed at reducing the risk of HIV-1 infection in high-risk adults and adolescents (weighing at least 35 kg) [2] - Lenacapavir is a "first-in-class" long-acting HIV capsid inhibitor that interferes with the assembly and disassembly of the HIV capsid protein, demonstrating a 100% prevention rate of HIV infection in a study with 2,134 participants receiving biannual subcutaneous injections, outperforming the daily oral Truvada treatment group [2] Company News - Xingqi Eye Pharmaceutical (300573) reported a revenue of 1.163 billion yuan for the first half of 2025, a year-on-year increase of 30.38%, with a net profit attributable to shareholders of 335 million yuan, up 97.75% [3] - Nossger (301333) achieved a revenue of 380 million yuan in the first half of 2025, a slight increase of 0.18%, with a net profit of 61 million yuan, growing by 4.45% [3] - Mindray Medical (300706) reported a revenue of 16.743 billion yuan for the first half of 2025, a decline of 18.45%, with a net profit of 5.069 billion yuan, down 32.96% [3] - Zhongsheng Pharmaceutical (002317) announced that its subsidiary Zhongsheng Ruichuang has completed the first participant enrollment and dosing for two Phase III clinical trials (SHINING-2 and SHINING-3) of its innovative polypeptide drug RAY1225 injection [3]

Group 1 - The Suzhou Industrial Park is a significant window for opening up to the outside world and has attracted over 5,200 foreign investment projects, with actual foreign capital utilization exceeding 42 billion USD [2] - The local tax authority has introduced personalized tax service measures, including "New 8 Measures," to address the tax needs of cross-border investment and financing, providing tailored support for complex tax issues [2] - The tax authority has already implemented tax treaty benefits for 654 enterprises, resulting in a tax reduction of 1.344 billion CNY in 2024 [2] Group 2 - The "immediate refund" service for outbound travelers has been promoted to enhance the shopping experience, allowing travelers to receive tax refunds at the point of purchase with credit card pre-authorization [3] - The tax authority is expanding the coverage of the "immediate refund" service and is establishing a centralized service center for outbound travelers to streamline the tax refund process [3][4] - A new policy exempting stamp duty for offshore trade contracts will be implemented from April 1, 2025, to December 31, 2027, to boost the region's economic openness [4]

1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述经营过程中可能面临的风险及应对措施，有关内容敬请查阅第三节"管理层 讨论与分析"之"四、风险因素"。敬请投资者予以关注，审慎作出投资决定。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司代码：688310 公司简称：迈得医疗 第一节 重要提示 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 联系人和联系方式 2.4前十名境内存托凭证持有人情况表 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ □适用 ...

Group 1 - The core viewpoint of the news is that Kaili Medical has experienced a continuous decline in stock price, with a total drop of 8.11% over the last five days, currently trading at 32.76 CNY per share [1] - As of the latest report, Kaili Medical's market capitalization stands at 14.176 billion CNY, with a trading volume of 174 million CNY and a turnover rate of 1.23% [1] - The company's main business involves the research, development, production, and sales of medical diagnostic and treatment equipment, with revenue composition being 58.07% from ultrasound, 40.90% from endoscopes and related instruments, and 1.02% from other sources [1] Group 2 - From the perspective of major circulating shareholders, Huabao Fund's Huabao Zhongzheng Medical ETF (512170) increased its holdings by 134,200 shares in the second quarter, now holding 7.1867 million shares, which is 1.66% of the circulating shares [2] - The estimated floating loss for Huabao Zhongzheng Medical ETF today is approximately 1.2217 million CNY, with a total floating loss of 20.7697 million CNY during the five-day decline [2] - The Huabao Zhongzheng Medical ETF was established on May 20, 2019, with a current scale of 26.147 billion CNY, and has achieved a year-to-date return of 16.35% and a one-year return of 40.88% [2]

Group 1 - The core viewpoint of the news is that Ailong Technology's stock has experienced a decline of 5.05%, with a current price of 20.50 yuan per share and a total market capitalization of 1.583 billion yuan [1] - Ailong Technology, established on January 20, 2006, focuses on intelligent management of medical supplies, providing comprehensive solutions through smart management devices and software platforms for medical institutions [1] - The company's main revenue sources include smart emergency pharmacy products (43.34%), maintenance services (16.55%), inpatient and infusion center products (16.03%), and other categories [1] Group 2 - Among Ailong Technology's top circulating shareholders, Dacheng Fund's index fund has entered the top ten, holding 828,300 shares, which is 1.07% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A fund has achieved a year-to-date return of 34.52% and a one-year return of 94.57% [2] - The fund manager, Xia Gao, has a tenure of 10 years and has managed a total fund size of 2.26 billion yuan, with the best return during his tenure being 217.27% [3]

数据来源：天眼查APP 证券之星消息，根据天眼查APP-财产线索数据整理，根据中国医学科学院北京协和医院月8日25发布的 《医疗设备维保服务（七）采购项目》内容显示，上海联影医疗科技股份有限公司中标，详情如下： 标题：医疗设备维保服务（七）采购项目 通过天眼查大数据分析，上海联影医疗科技股份有限公司共对外投资了21家企业，参与招投标项目7844 次；财产线索方面有商标信息860条，专利信息5436条，著作权信息94条；此外企业还拥有行政许可432 个。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：中国医学科学院北京协和医院 供应商：上海联影医疗科技股份有限公司 中标金额：9630000.0 地区：北京市 发布日期：2025-08-25 ...

Group 1: Company Performance - XINWANDA reported a revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit of 856 million yuan, up 3.88% [1] - GUANGXUN TECHNOLOGY achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [1] - NORTHEAST SECURITIES posted a revenue of 2.046 billion yuan, a year-on-year increase of 31.66%, and a net profit of 431 million yuan, up 225.90% [1][2] - SHANXI COAL reported a revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.014 billion yuan, down 48.44% [3] - SHENGTIAN NETWORK achieved a revenue of 633 million yuan, a year-on-year increase of 17.23%, and a net profit of 52.304 million yuan, up 1186.02% [4] - SANLIAN FORGING reported a revenue of 775 million yuan, a year-on-year increase of 6.86%, and a net profit of 71.335 million yuan, up 3.88% [5][6] - JIAMEI PACKAGING posted a revenue of 1.257 billion yuan, a year-on-year decrease of 8.73%, and a net profit of 19.7416 million yuan, down 65.59% [8] - ANZHENG FASHION achieved a revenue of 1.146 billion yuan, a year-on-year increase of 12.38%, and a net profit of 22.0834 million yuan, turning from a loss of 12.1096 million yuan in the previous year [9] - HUAHENG BIO reported a revenue of 1.489 billion yuan, a year-on-year increase of 46.54%, and a net profit of 115 million yuan, down 23.26% [10] - BAIREN MEDICAL achieved a revenue of 248 million yuan, a year-on-year increase of 30.07%, and a net profit of 71.4006 million yuan, up 102.90% [12] - TIANZHIHANG reported a revenue of 125 million yuan, a year-on-year increase of 114.89%, but a net loss of 57.5482 million yuan, worsening by 23.80% [14] - AIBO MEDICAL achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, up 2.53% [15] - ZHONGSHAN SHIPPING reported a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, and a net profit of 2.125 billion yuan, down 14.91% [16] - SHANGHAI XINYANG achieved a revenue of 897 million yuan, a year-on-year increase of 35.67%, and a net profit of 133 million yuan, up 126.31% [17] - SHANCOAL INTERNATIONAL reported a revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit of 655 million yuan, down 49.25% [18] - GUIDANCE reported a revenue of 935 million yuan, a year-on-year increase of 71.55%, and a net profit of 143 million yuan, turning from a loss of 48.9539 million yuan in the previous year [19] - YINGFANGWEI reported a revenue of 1.927 billion yuan, a year-on-year increase of 4.48%, but a net loss of 32.2966 million yuan, worsening from a loss of 22.4024 million yuan in the previous year [21] - CHINA COMMUNICATIONS reported a revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% [22] - CHINA GENERAL NUCLEAR reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit of 5.951 billion yuan, down 16.30% [23] - CHINA HEAVY TRUCK reported a revenue of 26.162 billion yuan, a year-on-year increase of 7.22%, and a net profit of 669 million yuan, up 8.10% [24] - SHENGGUANG GROUP achieved a revenue of 9.275 billion yuan, a year-on-year increase of 22.78%, and a net profit of 60.8446 million yuan, up 3.06% [25] Group 2: Dividend Proposals - XINWANDA proposed a cash dividend of 0.6 yuan per 10 shares [1] - SHANXI COAL proposed a cash dividend of 0.36 yuan per 10 shares [3] - ZHONGSHAN SHIPPING proposed a cash dividend of 0.7 yuan per 10 shares [16] - CHINA HEAVY TRUCK proposed a cash dividend of 3.15 yuan per 10 shares [24]

Core Insights - The integration of artificial intelligence (AI) is rapidly transforming the healthcare industry, with Zhonghong Medical actively engaging in AI healthcare initiatives to enhance its development framework [1] - The management's decision to increase shareholding reflects confidence in the company's future prospects, which is expected to stabilize market expectations and bolster investor trust [2] - Strategic investment in Weimike Technology marks a significant step in building an AI-driven digital healthcare ecosystem, leveraging both companies' strengths for mutual benefit [3] Investment and Strategic Moves - Zhonghong Medical's management plans to purchase at least 50,000 shares within six months, using personal funds, which indicates strong belief in the company's current operations and future growth [2] - The partnership with Weimike Technology aims to enhance technology development and market expansion in the digital vital signs management sector, with Weimike's solutions already serving over 1,000 hospitals nationwide [3] Technological Advancements - Weimike's AI-driven health management software predicts disease progression and manages patient temperature during surgeries, significantly reducing complications and improving recovery efficiency [3] - The AI-powered cardiopulmonary rehabilitation management platform personalizes intervention plans based on real-time physiological data, enhancing the precision of rehabilitation efforts [4] - Zhonghong Medical is addressing high-end medical equipment challenges through the development of an intra-aortic balloon pump, marking a key advancement in domestic medical technology [4] Data Infrastructure Development - The introduction of brain electrode technology through a partnership with Jincheng Rui Medical enhances Zhonghong Medical's data collection capabilities for neurological conditions [5] - The integration of brain activity monitoring with external environmental data aims to create innovative medical devices for real-time patient monitoring [5] Organizational Strengths - Zhonghong Medical's robust business structure includes three major divisions, ensuring comprehensive coverage of healthcare sectors and efficient product development [6] - The company has established a strong talent pool and innovation platform, supporting its AI healthcare initiatives with over 200 patents and ongoing product innovation [6] Future Outlook - Zhonghong Medical's AI healthcare strategy is characterized by a complete logic chain of confidence, technological collaboration, and data support, positioning the company to play a significant role in the digital healthcare ecosystem [7] - The ongoing penetration of AI in healthcare is expected to enhance the quality and efficiency of medical services provided to patients globally [7]