丨证券研究报告丨 公司研究丨点评报告丨美好医疗（301363.SZ） [Table_Title] 短期业绩影响波动较大，新业务进展顺利 报告要点 [Table_Summary] 2025 年上半年业绩符合预期，基石业务短期有所波动。2025 年上半年公司收入 7.33 亿元，其 中家用呼吸机组件收入 4.36 亿元，同比下滑 2.76%；人工耳蜗收入 5977.01 万元，同比下滑 7.53%；其他医疗组件收入 7571.80 万元，同比增长 54.41%，主要是由于血糖新产品的放量， 其中在胰岛素笔项目上，目前可调式胰岛素注射笔已实现批量交付，供货顺畅；已与客户签订 减肥笔订单。在 CGM 产品上，2025 年二季度起公司开始批量交付 CGM 产品，后续订单有望 逐步释放。公司持续扩展新业务，在脑机接口和机器人等领域前瞻性布局。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美好医疗（301363.S ...

政策降负 集采与支付双管齐下，治疗费用大大降低 7岁听障儿童海海（化名）的左耳后有一道约4厘米长的伤口，这是因为不久前医生给他装了一个"新耳朵"。 海海在3岁时确诊双耳极重度感音神经性聋、大前庭导水管综合征，人工耳蜗是他重获听力、学会说话的希 望。然而，对经济条件一般的家庭来说，植入人工耳蜗是一笔巨大的支出。 为了不影响孩子语言发育，保障孩子正常入学，2023年5月，海海的父母自费为其右耳植入人工耳蜗，"非常 期待他的双耳都能清楚地听见美妙的声音。"海海妈妈说。 2024年12月，人工耳蜗集中带量采购在我省落地，人工耳蜗类耗材单套（含植入体、言语处理器）价格从平 均20余万元降至5万元左右；今年6月1日起，电子耳蜗植入术及人工耳蜗正式纳入我省基本医疗保险支付范围。集 采与支付双管齐下，患者单例治疗费用从20余万元降至3万元左右。 四川省八一康复中心（四川省康复医院）医生正对完成人工耳蜗植入的小患者进行康复训练。受访者供图 近日，在四川省八一康复中心（四川省康复医院）的康复病房中，3岁的小男孩小希（化名）躺在妈妈怀中， 咿咿呀呀地说着话。几天前，他顺利完成了人工耳蜗植入手术，开机后，他第一次清晰地听见妈妈的呼唤 ...

美好医疗 20250819 摘要 美好医疗战略性投入疾病防治及体外诊断领域，短期财务承压，但长期 将提升竞争力。剔除股份支付费用，修正后净利润同比减少 25.46%至 1.26 亿元，反映出转型期的挑战。 家用呼吸机和人工耳蜗业务因关税战及稀土管制略有下滑，但家用及消 费电子组件业务增长 35.69%，其他医疗产品组件增长 54.41%，表明 公司在多元化业务上取得进展。 公司积极应对全球贸易格局变化，实施供应链全球化布局、人才梯队建 设、技术能力培育及数字化平台搭建等战略，旨在构建可持续盈利增长 点。 马来西亚三期生产基地预计 2025 年底完工投产，公司作为医疗器械上 游 CDMO，产能规划根据客户订单调整，现金流充足，未来或有进一步 收并购计划。 公司在收并购方面关注高增长、高技术壁垒的细分赛道，如心血管、血 糖管理、给药及 IVD 等领域，通过内生与外延双轮驱动，并重点考虑客 户、技术、人才及地理位置因素。 Q&A 美好医疗在 2025 年上半年的经营情况如何？ 2025 年上半年，美好医疗实现营业收入 7.33 亿元，同比增长 3.73%，净利 润 1.14 亿元，同比下降 32.44%。净利润的下 ...

Market Overview - On July 31, 2025, A-shares experienced a decline with the Shanghai Composite Index falling by 1.18%, the Shenzhen Component Index down by 1.73%, and the ChiNext Index decreasing by 1.66% [1] - Hong Kong stocks also faced a downturn, with the Hang Seng Index dropping by 0.57% to 23,157.97 points, and the Hang Seng Tech Index falling by 0.7% [1] - U.S. stocks closed lower, with the Dow Jones Industrial Average down by 0.74% and the S&P 500 Index decreasing by 0.37% despite reaching historical highs during the day [1] New Stock Subscription - Guangdong Jiankang, a new stock on the ChiNext, has an issue price of 6.56 yuan per share and a price-to-earnings ratio of 26.48 times. The company specializes in providing inspection and testing technical services in the construction engineering sector, with inspection and testing services accounting for 98% of its revenue [3] Policy Developments - The State Council announced a personal consumption loan interest subsidy policy aimed at reducing credit costs for residents and financing costs for service industry entities, which is expected to stimulate consumption and enhance market vitality [4] - The State Council also approved the "Artificial Intelligence+" action plan to promote the large-scale commercialization of AI applications, leveraging China's complete industrial system and large market scale [5] - The National Healthcare Security Administration is supporting the clinical application and pricing of new technologies such as brain-computer interfaces, with new pricing mechanisms established for various medical technologies to encourage innovation in pharmaceuticals and medical devices [5]

Group 1 - The core viewpoint of the article emphasizes the rapid development and commercialization of brain-computer interface (BCI) technology in China, supported by government policies and a growing market potential [2][3]. - The National Healthcare Security Administration has introduced new pricing mechanisms for innovative drugs and medical technologies, including specific pricing for BCI-related services, which is expected to accelerate clinical application and commercialization [1][2]. - The comprehensive scale of China's BCI industry is projected to exceed 100 billion yuan, driven by supportive policies and increasing market demand [2]. Group 2 - The BCI technology is approaching a critical turning point in its industrialization process, with ongoing clinical trials validating its feasibility and optimizing performance metrics, thereby reducing technical risks [3]. - The investment cycle for BCI technology is suggested to be divided into three stages: medical application, consumer application, and downstream application expansion [3][4]. - Companies focusing on BCI-related business through technology collaboration, investment, or independent research and development are expected to benefit significantly in the initial application phase [4].

Core Viewpoint - During the "14th Five-Year Plan" period, China's medical insurance system has made significant progress in addressing urgent issues faced by the public, enhancing accessibility and affordability of medical services and medications [1][17]. Group 1: Medical Insurance Achievements - The implementation of centralized bulk purchasing and dynamic adjustments to the medical insurance drug list has enabled patients to access affordable medications and new treatments [1][5]. - The number of people benefiting from cross-provincial direct settlement of medical expenses has surged from 5.37 million in 2020 to 238 million in 2024, marking a 44-fold increase [13]. - The total expenditure of the medical insurance fund reached 12.13 trillion yuan during the "14th Five-Year Plan," with an average annual growth rate of 9.1% [15]. Group 2: Impact on Patients - The introduction of centralized procurement for high-value medical consumables, such as cochlear implants, has significantly reduced costs, with prices dropping from over 200,000 yuan to around 50,000 yuan [3][5]. - Innovative drugs, such as the newly approved treatment for rare lung cancer, have been included in the medical insurance directory, reducing patient costs from full out-of-pocket expenses to minimal payments after insurance coverage [9][11]. - The medical insurance coverage has expanded to include outpatient treatments for chronic diseases, providing greater financial relief for patients [11][13]. Group 3: Future Directions - The 11th batch of centralized procurement is underway, focusing on optimizing measures to ensure quality and affordability while promoting fair competition among pharmaceutical companies [7][9]. - The continuous improvement of the medical insurance system aims to enhance the accessibility and quality of healthcare services, ultimately contributing to the development of a healthier society [17].

Group 1: Impact of the China International Import Expo (CIIE) - The CIIE serves as a comprehensive platform for international brands to connect with local governments and supply chains, enhancing brand visibility and business opportunities [1][4] - The eighth CIIE is expected to showcase a growing number of international brands, reflecting the event's expanding influence and the ongoing relationship between new and returning exhibitors [1][3] Group 2: Company Strategies and Market Focus - CASETiFY views China as a core market in its global strategy, planning to increase both online and offline investments while expanding its product range [3] - Sony has redefined itself as a creative entertainment company and is significantly increasing its exhibition space at the CIIE to showcase diverse business segments [5] - Sonova aims to leverage the CIIE to penetrate the Chinese market more deeply, with plans for high double-digit growth driven by an aging population and increased awareness of hearing health [6] Group 3: Local Partnerships and Product Innovations - Inne is focusing on local partnerships and clinical research to adapt its products to meet the needs of Chinese consumers, highlighting the importance of scientific backing in product development [8] - Swiss pump manufacturer Aeg Pump is enhancing its localization strategy, increasing its revenue share in China from 15% to 20% [8] Group 4: Investment and Growth in China - Straumann is investing in a high-end implant production facility in Shanghai, reflecting its commitment to the Chinese market and the anticipated annual revenue of 1.4 billion RMB [11] - The semiconductor industry in China is experiencing rapid growth, with companies like Panshi planning to expand production capacity to meet increasing demand [12] - Wärtsilä is capitalizing on strong demand in China, with its Shanghai facility operating at full capacity and serving as a key production base for dual-fuel engines [12]

Core Viewpoint - The article discusses the recent developments in China's healthcare reform, particularly focusing on the medical device industry, highlighting the shift towards quality-driven procurement, credit evaluation systems, and the integration of innovative technologies into the healthcare payment system. Group 1: Procurement and Quality Control - The 11th batch of national drug procurement has been officially launched, emphasizing four principles: stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition [2] - New rules require that production lines must not have GMP violations within two years, and all selected companies must undergo comprehensive inspections [3] - The trend of "de-emphasizing low prices" is accelerating in high-value consumables procurement, with new mechanisms like clinical recommendations and quality reviews being introduced [3] Group 2: Credit Evaluation System - A dual-dimensional credit evaluation system has been established to address issues of market manipulation and excessive pricing by some companies [4] - By the end of 2024, 735 companies have been identified as untrustworthy, leading to restrictions on their procurement qualifications [4] - The new market entry logic emphasizes compliance and quality-driven operations, marking a shift from previous practices [4] Group 3: Pricing and Payment Reforms - The National Healthcare Security Administration (NHSA) is actively managing price risks, having completed eight rounds of price checks involving 566 companies and 726 product specifications [5] - The payment model has shifted from a "post-payment" to a "pre-payment" system, with total healthcare expenditure expected to reach 2.98 trillion yuan in 2024, reducing patient out-of-pocket expenses by approximately 5% [9] - The integration of innovative technologies into the payment system is accelerating, particularly for companies involved in AI imaging and interventional consumables [10] Group 4: Immediate Settlement and Direct Payment - The immediate settlement mechanism has been implemented in 91% of the national healthcare areas, reducing the settlement cycle from 30 to 20 working days [11] - The direct payment mechanism for selected companies is being promoted, which could significantly benefit cash-sensitive small and medium-sized medical device companies [11] Group 5: Regulatory Oversight and Compliance - The NHSA is enhancing its regulatory oversight, with a focus on compliance and transparency in the supply chain [12] - The establishment of big data models for monitoring healthcare practices is underway, with a focus on identifying and addressing fraudulent activities [14] - Future regulations will emphasize the tracking of medical devices and the ability to close data loops, which will directly impact market performance [17] Group 6: Innovations in Medical Services - The NHSA is accelerating reforms in medical service pricing, with over 100 projects focusing on cutting-edge technology and urgent clinical needs [18] - This creates a pathway for the integration of innovative medical devices into clinical use, payment, and service pricing [19] Group 7: Strategic Directions for Medical Device Companies - The article outlines five key areas for medical device companies to focus on in light of the ongoing healthcare reforms, emphasizing the need for quality, compliance, and value recognition [20][23]

Core Viewpoint - Cochlear implants are currently the gold standard for treating severe to profound sensorineural hearing loss, but they have limitations in restoring natural hearing and improving speech perception in noisy environments and music [1][3] Group 1: Current Treatment Landscape - Cochlear implants are the only clinical option for congenital deafness, but advancements in gene therapy may provide new treatment methods in the future [1][3] - Hearing loss is one of the most common sensory disabilities globally, affecting approximately 20% of the population, with around 26 million congenital deafness patients [3] Group 2: Gene Therapy Research - A recent study led by Professor Shu Yilai from Fudan University compared gene therapy targeting the OTOF protein with cochlear implants in 72 children, showing that gene therapy resulted in better outcomes in multiple auditory perception dimensions [4] - The study included 11 children who received gene therapy and 61 who received cochlear implants, assessing various factors such as hearing thresholds, speech tests, music perception, and quality of life over a year [4] Group 3: Future Implications - The results indicated that children who underwent gene therapy showed stable hearing recovery and surpassed cochlear implant recipients in noise speech recognition, music pitch accuracy, and auditory processing capabilities [4] - The gene therapy for congenital deafness is expected to transition into clinical applications, potentially transforming treatment approaches for hearing loss [4]

Group 1 - The State Medical Insurance Administration has introduced 30 batches of project guidelines, focusing on enhancing the consistency and comparability of hospital charging items [1] - The guidelines emphasize three main areas: technological innovation, quality service, and industry regulation [1][2] - Over 100 new pricing projects related to innovative technologies have been added, encouraging medical institutions to provide diverse services and accelerate the application of new technologies [1][2] Group 2 - New pricing projects have been established to ensure better healthcare services for elderly patients and newborns, such as "bedside ultrasound" and "premature infant care" [2] - The administration aims to standardize the pricing of assisted reproductive services and introduce new items like "labor analgesia" and "family companionship during childbirth" to enhance maternal healthcare [2] - The administration is committed to supporting innovative developments in medical services while promoting a more regulated and transparent aesthetic medicine market [2]