截至2025年9月5日收盘，祥生医疗（688358）报收于29.75元，较上周的31.32元下跌5.01%。本周，祥 生医疗9月1日盘中最高价报31.66元。9月4日盘中最低价报28.81元。祥生医疗当前最新总市值33.36亿 元，在医疗器械板块市值排名103/126，在两市A股市值排名4261/5152。 本周关注点 祥生医疗将于2025年9月17日15:00-17:00参加上交所主办的科创板医疗器械行业集体业绩说明会，通过 上证路演中心以网络文字互动形式召开。参会人员包括董事长莫若理、董秘周峰、财务负责人周峰、独 董李寿喜等。投资者可于9月10日至16日16:00前通过上证路演中心或公司邮箱info@chison.com.cn预提 问。 公司拟召开2025年第一次临时股东大会，审议取消监事会、修订《公司章程》并办理工商变更登记。根 据新《公司法》，监事会职权将由董事会审计委员会行使，《监事会议事规则》将废止，同步制定《会 计师事务所选聘制度》。会议采取现场与网络投票结合方式，现场会议定于2025年9月16日举行。 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31010434571030124 ...

Investment Rating - The investment rating for Xiangsheng Medical (688358) is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and profitability potential, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company reported a revenue of 236 million yuan for the first half of 2025, reflecting a year-over-year decline of 4.61%, primarily due to global geopolitical conflicts, currency fluctuations, and trade barriers affecting traditional export markets. However, revenue showed a positive growth of 1.37% in Q2 2025 compared to Q1 2025 [2]. - The gross profit margin remained stable at 60.65% in H1 2025, with expectations of improved profitability as the revenue share from high-end intelligent ultrasound products increases [2]. - The company is focusing on AI and robotics to enhance growth opportunities, with significant R&D investment of 37.61 million yuan, representing 15.93% of revenue. The launch of the SonoAI solution aims to upgrade ultrasound diagnostics across various clinical applications [2]. - Revenue projections for 2025-2027 are estimated at 534 million, 626 million, and 728 million yuan, with corresponding net profits of 165 million, 192 million, and 222 million yuan, indicating growth rates of 13.9%, 17.3%, and 16.3% respectively [2][3]. Financial Summary - For 2025, the expected total revenue is 534 million yuan, with a year-over-year growth rate of 13.9%. The projected net profit is 165 million yuan, reflecting a growth rate of 17.6% [3]. - The gross margin is expected to be around 58.9% in 2025, with a gradual increase to 59.4% by 2027 [3]. - The earnings per share (EPS) is projected to be 1.47 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.32 [3].

政策方面，2025年6月20日，国家药监局审议通过《关于优化全生命周期监管支持高端医疗器械创新发 展的举措》。该政策明确指出，医用机器人、高端医学影像设备、人工智能医疗器械和新型生物材料医 疗器械等（以下简称高端医疗器械）是塑造医疗器械新质生产力的关键领域。 祥生医疗相关工作人员表示，此举措将极大促进新技术、新材料、新工艺和新方法在医疗健康领域的应 用转化，通过优化流程加速科研成果落地，为祥生医疗等聚焦AI与高端医学影像的创新企业提供了明 确的政策支持和广阔的市场机遇。未来，凭借在高端超声设备与AI辅助诊断领域的扎实布局，祥生医 疗有望依托创新驱动和国际化策略，全面增强其在超声医学影像领域的综合竞争力。 在衍生技术方面，祥生医疗自主研发的"乳腺人工智能超声机器人"取得重要进展，已获得医疗器械检测 报告。该技术在公司已有乳腺疾病智能分析技术基础上，增加了集触摸屏、电动检查床、六自由度机械 臂、超声影像自动传输、AI辅助阅片等在内的一体化设计，可实现大规模扫查与数据跟踪管理，构 建"筛查-转诊-治疗"全闭环服务模式。 除了在人用超声设备方面持续深耕，祥生医疗还进一步突破兽用超声领域。2025年上半年，祥生医疗焕 ...

8月28日晚间，祥生医疗（688358.SH）发布2025年半年报。公告显示，2025年上半年，公司实现营业 收入2.36亿元，实现归母净利润0.70亿元，实现扣非后归母净利润0.64亿元。 研发高投入构筑壁垒 AI赋能超声价值升级 在着力提升品牌影响力与临床价值方面，2025年上半年，祥生医疗携全线产品及AI辅助诊断等创新解 决方案，亮相阿拉伯健康展、墨西哥医疗展、CMEF等全球70余场行业盛会与学术会议，持续扩大公司 品牌曝光度。同时，祥生医疗积极构建可持续战略合作体系，2025年上半年，公司于迪拜、墨西哥、上 海三地联动举办"SonoGlobal2025"全球代理商大会，并启动"常青树精英项目"，通过沉浸式超声工作 坊、临床案例共创及渠道数字化赋能，帮助核心合作伙伴由"产品销售"向"解决方案交付"升级，有效增 强了公司的渠道稳定性，也为下一代产品的全球同步上市奠定了协同基础。 值得一提的是，2025年5月，祥生医疗携未来超声家族SonoFamily及全应用智能解决方案SonoAI，重磅 亮相南美最具影响力之一的巴西圣保罗放射学大会（JPR）及巴西国际医疗器械展览会（Hospitalar）。 其产品，特别 ...

Core Insights - The article highlights the rapid evolution of ultrasound diagnostic equipment towards intelligence and portability, with Xiangsheng Medical emerging as a representative enterprise in technological innovation and market expansion in the ultrasound AI field [1] Group 1: Technological Innovation - Xiangsheng Medical has positioned itself as a pioneer in the domestic ultrasound AI diagnostic sector, leveraging AI technology to enhance traditional ultrasound practices [2] - The company employs a dual-engine approach of "ultrasound artificial intelligence + specialized models" to drive innovation across various scenarios, establishing a comprehensive intelligent framework that covers device development, image acquisition, and diagnostic decision-making [2] - The company has achieved significant advancements in AI-assisted diagnostic technologies across multiple fields, including breast, liver, and cardiovascular diseases, with its breast ultrasound analysis software receiving medical device registration approval in 2022 [2] Group 2: Product Development and Applications - Xiangsheng Medical has launched the "Breast Artificial Intelligence Ultrasound Robot" system to address the challenges of mass screening for breast cancer in China, integrating ultrasound imaging, robotics, and AI technology into a comprehensive health management model [3] - The system features an original integrated design that includes a touchscreen, electric examination bed, six-degree-of-freedom robotic arm, and AI-assisted diagnostic capabilities, facilitating large-scale efficient scanning and data tracking for breast cancer prevention and treatment [3] Group 3: Market Expansion and New Applications - The company is actively exploring new ultrasound application scenarios, achieving breakthroughs in areas such as helicopter medical rescue, precision aesthetic medicine, and veterinary ultrasound [4] - Xiangsheng Medical provided medical support at major sporting events, utilizing its self-developed 5G remote consultation system and portable ultrasound devices to enhance emergency response efficiency [4] - The company is expanding its portable intelligent product offerings in the aesthetic medicine sector and has entered various domestic and international medical institutions, including partnerships with notable organizations like the Gates Foundation for project funding [5]

Group 1 - The global robotics industry is experiencing explosive growth, with the healthcare sector becoming a key battleground for technological integration [1] - Xiangsheng Medical has launched the "Breast Artificial Intelligence Ultrasound Robot" system, addressing the screening challenges of breast cancer, the most prevalent cancer globally [2] - The new system integrates ultrasound, robotics, and artificial intelligence, enabling large-scale patient scanning and data management [2] Group 2 - Xiangsheng Medical has developed 61 core technologies, including harmonic imaging and high-speed blood flow detection systems, demonstrating its deep technological accumulation over nearly 30 years [2] - The company’s products have received international certifications such as EU CE and US FDA, indicating its research and development level is at the international advanced level [2] - The company has established strategic partnerships with several international medical giants through an ODM model, contributing to its revenue [2] Group 3 - Xiangsheng Medical is pioneering the ultrasound AI diagnostic field in China, creating a complete value chain of "precise screening - intelligent diagnosis - personalized rehabilitation" [3] - The company employs a dual-engine approach of "ultrasound artificial intelligence + specialized models" to build a technological moat [3] - The ultrasound imaging equipment market in China is projected to grow from 10.4 billion yuan in 2021 to 17.1 billion yuan by 2026, with a compound annual growth rate of 10.5% [3]

格隆汇8月7日丨祥生医疗(688358.SH)在互动平台表示，公司已布局的超声智能技术，可实现动态图像 识别、疾病自动检测与测量、智能化诊断流程优化及多模态AI融合，建立了覆盖设备研发-影像采集-诊 断决策的智能化标准框架，打造 "精准筛查-智能诊断-个性康复"三位一体服务网络。以"乳 腺人工智能超声机器人"为例，该技术着眼于解决目前国内乳腺癌群体性筛查困境，结合超声、机器人 和人工智能技术，实现大范围的患者筛查入口，逐步形成从筛查到诊断与数据跟踪管理的乳腺健康管理 模式。 ...

Group 1 - The core viewpoint of the article highlights that Wuxi Xiangsheng Medical Technology Co., Ltd. has successfully obtained the EU Medical Devices Regulation (MDR) certification for its entire range of digital color ultrasound diagnostic products, marking a significant achievement in aligning with international safety and quality standards [1][2] - The MDR certification serves as a "hard currency" for entering the EU market and provides strong international credibility for the company's expansion into potential markets in Asia-Pacific, the Middle East, and Latin America [1] - Xiangsheng Medical has established a comprehensive technological capability in ultrasound imaging, covering various aspects from core components to clinical applications, thereby creating differentiated advantages in portability, specialization, and intelligence [1][2] Group 2 - The company's products are already utilized in over 30% of tertiary hospitals in China and have been exported to more than 100 countries and regions globally, establishing solid strategic partnerships with renowned international medical device companies [2] - In the field of ultrasound AI diagnostics, Xiangsheng Medical has developed an intelligent standard framework that encompasses device research and development, image acquisition, and diagnostic decision-making, with its breast ultrasound analysis software receiving medical device registration approval in 2022 [2] - The company aims to enhance its global market penetration with the MDR certification as a new starting point, focusing on providing smarter, more precise, and more accessible ultrasound diagnostic services worldwide, thereby strengthening the "China Intelligent Manufacturing" brand in the high-end medical device sector [2]

Core Viewpoint - The company, Xiangsheng Medical, is increasing its R&D investment and has introduced innovative products in the field of ultrasound technology, particularly focusing on breast cancer screening and maternal health solutions. Group 1: Financial Performance - As of May 23, 2025, Xiangsheng Medical's stock closed at 28.63 yuan, up 0.74% from the previous week [1] - The company's total market capitalization is 3.21 billion yuan, ranking 93rd out of 126 in the medical device sector and 3960th out of 5148 in the A-share market [1] Group 2: R&D Investment - In 2024, the company plans to increase its R&D expenditure to nearly 80 million yuan, which represents 16.99% of its operating revenue [2][3] - The company will authorize 48 new patents in 2024, including 30 new invention patents, and will file 66 new intellectual property applications, with 15 being invention patent applications [2][3] Group 3: Product Development - The company has launched a "Breast Artificial Intelligence Ultrasound Robot" aimed at addressing the challenges of mass screening for breast cancer in China, integrating ultrasound, robotics, and AI technology [2][3] - In the field of obstetrics, the company has developed an intelligent solution that automatically tracks fetal position, recognizes growth indicators, and generates fetal examination reports [2][3]

Group 1: Fund Overview - Chunhou Xinrui C (Fund Code: 008187) is a mixed fund under Chunhou Fund, established on February 12, 2020, with a total management scale of 2.117 billion RMB [1] - The fund has achieved a one-year return of 11.89% as of May 12, 2025, outperforming the benchmark growth rate of 9.10% and the CSI Mixed Fund Index return of 4.41% [1] - Since its inception, the fund's return has reached 116.42%, significantly exceeding the performance benchmark of 4.58% [1] Group 2: Risk Management and Fund Size - The maximum drawdown over the past three years is 30.32%, which is better than the average level of similar mixed funds [1] - As of March 31, 2025, the fund's size reached 402 million RMB, with a total of 186 million shares outstanding [1] - The institutional holder ratio of the fund is 53.67% according to the 2024 annual report [1] Group 3: Company Research and Development - Xiangsheng Medical has a profit distribution plan for 2024, proposing a cash dividend of 10 RMB per 10 shares, totaling 112 million RMB, which accounts for 79.62% of the net profit attributable to shareholders [3] - The company increased its R&D investment in 2024, with R&D expenses nearing 80 million RMB, representing 16.99% of revenue, and received 48 new patent authorizations [3] - The company has developed a "Breast Artificial Intelligence Ultrasound Robot" aimed at addressing breast cancer screening challenges, integrating ultrasound, robotics, and AI technologies [3] Group 4: Market Strategy and Global Presence - The company has established a global marketing network, exporting products to over 100 countries and regions, and has formed strategic partnerships with international medical device companies [3] - The company is exploring "technology service output" to mitigate risks from single market dependency, employing an ODM model for customized product and technology services [3] - Future strategies include enhancing the global supply chain and adjusting sales strategies to expand into emerging markets in response to potential impacts from U.S. tariffs [3]