资料显示，山东威高骨科材料股份有限公司位于山东省威海市旅游度假区香江街26号，成立日期2005年 4月6日，上市日期2021年6月30日，公司主营业务涉及骨科医疗器械的研发、生产和销售。主营业务收 入构成为：关节29.01%，脊柱28.99%，运动医学和组织修复19.11%，创伤16.64%，其他6.10%，其他 (补充)0.15%。 截至9月30日，威高骨科股东户数1.07万，较上期增加18.33%；人均流通股37418股，较上期减少 15.49%。2025年1月-9月，威高骨科实现营业收入11.06亿元，同比增长2.12%；归母净利润2.07亿元，同 比增长26.24%。 11月14日，威高骨科涨1.24%，成交额7193.21万元。两融数据显示，当日威高骨科获融资买入额 1425.66万元，融资偿还1278.37万元，融资净买入147.29万元。截至11月14日，威高骨科融资融券余额 合计1.50亿元。 融资方面，威高骨科当日融资买入1425.66万元。当前融资余额1.49亿元，占流通市值的1.20%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，威高骨科11月14日融券偿还0.00股，融券 ...

资料显示，爱威科技股份有限公司位于湖南省长沙市岳麓区学士街道茯苓路26号爱威医疗科技园，成立 日期2000年3月16日，上市日期2021年6月16日，公司主营业务涉及医疗临床检验分析仪器及配套体外诊 断试剂、医用耗材的研发、生产、销售和服务。主营业务收入构成为：试剂45.63%，仪器34.53%，耗 材17.56%，其他(补充)2.28%。 截至9月30日，爱威科技股东户数4350.00，较上期增加6.46%；人均流通股15632股，较上期减少 6.07%。2025年1月-9月，爱威科技实现营业收入1.71亿元，同比增长11.63%；归母净利润2923.75万元， 同比增长16.35%。 分红方面，爱威科技A股上市后累计派现4072.78万元。近三年，累计派现2032.78万元。 11月14日，爱威科技涨0.21%，成交额4651.36万元。两融数据显示，当日爱威科技获融资买入额659.48 万元，融资偿还196.69万元，融资净买入462.80万元。截至11月14日，爱威科技融资融券余额合计 4085.75万元。 融资方面，爱威科技当日融资买入659.48万元。当前融资余额4085.75万元，占流通市值的2 ...

研究早观点 2025 年 11 月 17 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,990.49 | -0.97 | | 深证成指 | 13,216.03 | -1.93 | | 沪深 300 | 4,628.14 | -1.57 | | 中小板指 | 8,022.26 | -1.77 | | 创业板指 | 3,111.51 | -2.82 | | 科创 50 | 1,361.23 | -2.72 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20251103-20251109）：-资本市 场双向开放全面深化，券商基本面持续向好 【山证纺服】裕元集团 2025Q3 季度业绩点评 【山证通信】华测导航（300627.SZ）-海外业务拓展良好，业绩保持稳 健增长 【行业评论】脑机接口更新：十五五规划下，上海阶梯医疗脑机接口 产品首次进入 NMPA 创新医疗器械绿色通道 2 ...

近5日资金流向一览见下表： | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-14 | 60.00 -6.29% | 752.24万 | 4.45% | -395.73万 | -2.34% | -356.51万 | -2.11% | | 2025-11-13 | 64.03 -1.94% | -2040.35万 | -7.20% | 1280.76万 | 4.52% | 759.59万 | 2.68% | | 2025-11-12 | 65.30 11.34% | -90.71万 | -0.31% | 1813.46万 | 6.16% | -1722.75万 | -5.85% | | 2025-11-11 | 58.65 -1.56% | -233.23万 | -2.37% | 196.65万 | 1.99% | 36.59万 | 0.37% | | 2025-11-10 | 59.58 7.35% | 450.32万 | ...

Core Viewpoint - Q3 revenue and profit exceeded expectations, driven by the company's product lines entering a new growth phase after participating in centralized procurement, with domestic business recovering and overseas business maintaining rapid growth [1][2] - Profit growth significantly improved due to refined operational management and optimized resource allocation, leading to a decrease in various expense ratios [1][2] - Q4 is expected to continue the high growth trend, with annual revenue projected to achieve rapid growth and profits potentially doubling due to a low base [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 756 million yuan (+48.75%) and a net profit attributable to shareholders of 192 million yuan (+213.21%), with a non-recurring net profit of 181 million yuan (+311.07%) [2] - In Q3 alone, revenue reached 268 million yuan (+109.51%) and net profit attributable to shareholders was 77 million yuan (+531.12%), indicating a strong performance [2] - The basic earnings per share stood at 0.50 yuan [1] Expense Management - The gross margin for the first three quarters was 67.27% (-2.03 percentage points), primarily due to price reductions from centralized procurement [3] - Sales expense ratio decreased to 19.34% (-12.82 percentage points), attributed to reduced market development costs following the implementation of centralized procurement [3] - Management and R&D expense ratios also saw significant reductions, with management at 5.10% (-1.07 percentage points) and R&D at 11.44% (-8.17 percentage points), reflecting improved efficiency [3] Cash Flow and Receivables - The net cash flow from operating activities was 175 million yuan, a significant improvement from -17 million yuan in the same period last year, mainly due to increased customer payments [3] - Accounts receivable turnover days decreased to 88.8 days, down 105.9 days year-on-year, indicating faster collection efficiency [3] Future Outlook - Short-term focus is on the domestic business turning a corner and the continued high growth of overseas operations, with expectations for rapid revenue growth and profit doubling due to a low base [4] - Long-term prospects remain strong, with robust R&D and production capabilities, new product approvals in sports medicine, robotics, and oral care expected to drive future growth [4] - Revenue projections for 2025-2027 are 1.129 billion yuan, 1.364 billion yuan, and 1.650 billion yuan, with respective growth rates of 40.0%, 20.9%, and 21.0% [4] - Net profit forecasts for the same period are 278 million yuan, 340 million yuan, and 410 million yuan, with growth rates of 122.4%, 22.5%, and 20.5% [4]

Core Viewpoint - Q3 performance met expectations, with stable growth in domestic terminal surgeries and sales, and continuous performance growth in international business, especially in the US market [1][4] - The company is expected to achieve steady growth in domestic spinal business and continued expansion in ultrasound bone knife and overseas business in Q4 and next year [1][5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 391 million yuan (+17.65%) and a net profit attributable to shareholders of 62 million yuan (+623.19%), with a non-recurring net profit of 49 million yuan (+1737.69%) [2][4] - Q3 single-quarter revenue was 142 million yuan (+17.44%) and net profit attributable to shareholders was 25 million yuan (+268.13%) [4] - The company’s gross profit margin improved to 74.31% (+4.63 percentage points) [6] Business Growth - The domestic spinal business is expected to return to steady growth following the clearance of the impact from spinal centralized procurement [5][7] - The ultrasound bone knife business is anticipated to grow rapidly as its penetration rate in the domestic market is currently low [5][7] - The company’s overseas revenue from the French subsidiary Implanet reached 291.59 million euros, with the US market becoming the largest market for Implanet [5] Future Outlook - The company is projected to achieve revenues of 545 million yuan, 675 million yuan, and 840 million yuan from 2025 to 2027, with year-on-year growth rates of 20.2%, 23.8%, and 24.4% respectively [7] - Net profit attributable to shareholders is expected to reach 90 million yuan, 130 million yuan, and 167 million yuan during the same period, with significant growth rates [7]

(本文来自第一财经) 中信建投研报表示，短期来看，随着政策缓和、集采出清、新产品新业务拓展和出海布局，预计2026年 多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机接口、AI医疗等医 疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整合，板块的创新性和国 际化能力逐步得到认可、估值正在被重估。 ...

人民财讯11月17日电，中信建投（601066）研报称，短期来看，随着政策缓和、集采出清、新产品新业 务拓展和出海布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会， 以及脑机接口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和 并购整合，板块的创新性和国际化能力逐步得到认可、估值正在被重估。 ...

中信建投（601066）证券发布研报称，短期来看，随着政策缓和、集采出清、新产品新业务拓展和出海 布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机接 口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整合， 板块的创新性和国际化能力逐步得到认可、估值正在被重估。 IVD：2026年板块业绩仍受多重政策影响，但相比25年有望改善。增值税同比影响将消除、行业检验量 将逐步企稳、部分项目的出厂价仍受集采和检验收费价格影响，国产厂家进口替代仍将持续，海外业务 高增长、占比高的公司业绩确定性更强。 低值耗材：展望2026年，预计国内业务将保持平稳增长；随着企业海外产能陆续投产及中美关税形势缓 和，海外产能释放贡献业绩增量。 家用医疗器械：2026年行业有望延续平稳增长趋势，国内家用医疗器械龙头有望通过自建团队、投资并 购等方式持续加快国际化步伐。 风险提示：招采及控费政策严于预期、行业竞争激烈程度强于预期、器械审批进度不及预期，外部环境 变化难以判断。 中信建投证券主要观点如下： 医疗设备及上游：今年招标大幅改善，2026年的招标景气度需根据政策 ...

截至2025年11月14日收盘，心脉医疗(688016)报收于102.25元，上涨0.25%，换手率1.65%，成交量2.04 万手，成交额2.12亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出462.28万元，占总成交额2.18%；游资资金净流入1128.65万元，占总成交额 5.33%；散户资金净流出666.37万元，占总成交额3.15%。 心脉医疗：2025年第一次临时股东大会决议公告 上海微创心脉医疗科技（集团）股份有限公司于2025年11月14日召开2025年第一次临时股东大会，审议 通过了关于取消监事会并修订《公司章程》及办理工商变更登记的议案、关于修订及新增公司部分管理 制度的议案、关于购买董事及高级管理人员责任险的议案。会议由董事会召集，董事长Jonathan Chen主 持，采用现场与网络投票相结合方式召开，表决结果合法有效。其中，取消监事会为特别决议议案，已 获出席股东所持表决权三分之二以上通过；购买董监高责任险议案对中小投资者单独计票。 心脉医疗：关于选举第三届董事会职工代表董事的公告 上海微创心脉医疗科技（集团）股份有限公司于2025年11月14日召开职工代表大会 ...