伴随资本持续注入，公司估值实现跨越式增长，从2016年初的3.2亿元升至IPO前的82.45亿元，增幅近 25倍。然而，在受到资本热捧的背后，公司实际上仍存在诸多隐忧，包括业绩真实性存疑、并购导致大 额商誉悬顶、内控合规方面问题频发等。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在启动A股上市辅导近五年后，深圳麦科田生物医疗技术股份有限公司（以下简称"麦科田"）最终选择 向港交所递交上市申请，摩根士丹利与华泰国际担任其联席保荐人。回顾公司融资历史，自2016年开 始，公司一直保持着高频融资节奏，7年内累计完成10轮融资，总融资金额约22.59亿元。 这一变化与2022年的关键收购密不可分，当年麦科田将内窥镜生产商唯德康医疗收入囊中，成功切入微 创赛道。并购效应立竿见影，该业务营收从2022年的3.86亿元猛增至2024年的7.21亿元，成为绝对的增 长主力。2025年上半年继续发力，同比增长16.85%，收入达4.03亿元。 事实上，近年来并购已成为麦科田扩张业务版图的主要路径。公司在2022年1月收购英国医疗设备公司 Penlon，将生命支持业务延伸至麻醉解决方案领域；同年4 ...

（以下为正文） 题图来源于网络 ~~~雅各布专栏 —— 专注行业第一品牌商业模式研究~~~ 雅各布专栏是一个拥有 5 万名 CxO 的知识内容社区，也是职场不同角色的CxO（Qualified CxO & Intrapreneurs & Entrepreneur）造就增长的首选孵化平台。 创始人雅各布拥有丰富的职业经历，曾任 Nike 大中华区 CxO负责零售，供应链，数字化；LVMH affiliate Trendy Group CxO负责并购，品牌数字化转型；东方国际Lily女装CxO负责战略及数字化；微软 合资公司CxO负责产品及解决方案构架；J&J和Eli Lily医药公司负责IT和Compliance。 创始人也是持续创业者，尤其在半导体，品牌零售，生命科学，新能源等赛道。 I. 摘要 中国经济正经历一场深刻的结构性转型，从过去高速增长、以量取胜的模式，转向更加注重质量的"新存 量市场"环境，这一转变的显著特征是经济增长确立了"L型"轨迹，传统增长引擎面临动力枯竭，这种"新 存量市场"并非简单的经济下行，而是一种范式转变，意味着经济从增量扩张转向存量竞争，对现有资源 和市场份额的争夺将更加激烈，这要 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2][50]. Core Insights - The medical device bidding amount in August 2025 reached 13.065 billion yuan, representing a year-on-year increase of 17% and a month-on-month increase of 2%. The total bidding amount from January to August 2025 was 110.3 billion yuan, showing a year-on-year growth of 51% [3][9]. Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in August 2025 was 13.065 billion yuan, with a year-on-year increase of 17% and a month-on-month increase of 2%. The cumulative bidding amount from January to August 2025 was 110.3 billion yuan, reflecting a year-on-year growth of 51% [3][9]. Domestic Brands - **United Imaging**: August bidding amount was 1.014 billion yuan, up 49% year-on-year; cumulative amount from January to August was 7.028 billion yuan, up 60% [4][13]. - **Myray Medical**: August bidding amount was 850 million yuan, up 18% year-on-year; cumulative amount from January to August was 5.904 billion yuan, up 49% [17][18]. - **Kaili Medical**: August bidding amount was 150 million yuan, up 63% year-on-year; cumulative amount from January to August was 890 million yuan, up 97% [25][26]. - **Shanwaishan**: August bidding amount was 48 million yuan, up 78% year-on-year; cumulative amount from January to August was 284 million yuan, up 194% [28][29]. - **Wandong Medical**: August bidding amount was 137 million yuan, up 200% year-on-year; cumulative amount from January to August was 936 million yuan, up 107% [31][32]. Imported Brands - **Philips**: August bidding amount was 638 million yuan, down 11% year-on-year; cumulative amount from January to August was 5.715 billion yuan, up 31% [34][35]. - **Siemens**: August bidding amount was 852 million yuan, up 41% year-on-year; cumulative amount from January to August was 7.489 billion yuan, up 49% [38][39]. - **GE Medical**: August bidding amount was 1.127 billion yuan, up 36% year-on-year; cumulative amount from January to August was 8.541 billion yuan, up 42% [41][42].

报告导读： 医疗设备招投标规模延续较好增长，伴随设备更新政策持续落地，有望长周期 拉动医疗设备采购水平，推荐有望受益设备更新政策落地带动业绩复苏的医疗设备企业。 投资建议：维持"增持"评级。 推荐有望受益设备更新政策落地带动业绩复苏的医疗设备企业。 医疗设备招投标规模保持较好增长。 根据众成数科数据，单月同比来看， 25 年 8 月新设备招投标规模 MR 增长 36.7% ， CT 增长 77.5% ， DR 增长 50.2% ，超声增长 35.2% ，内窥镜下滑 2.7% ，手术机器人下滑 51.9% 。当年累计同比来看， 25 年前 8 月新设备招投标规模 MR 增长 83.9% ， CT 增长 93.6% ， DR 增长 85.9% ，超声增长 64.2% ，内窥镜增长 31.6% ，手术机器人增长 46.5% 。分公司当月同比情况来看， 25 年 8 月联影 MR 增 长 9.0% ，联影 CT 增长 69.5% ，迈瑞超声增长 48.4% ，开立超声增长 22.2% ，开立内窥镜增长 121.1% ，澳华内窥镜下滑 18.5% 。分公司当年累计 同比来看， 25 年前 8 月联影 MR 增长 51. ...

Core Insights - The medical equipment bidding scale shows significant growth, with MRI increasing by 36.7%, CT by 77.5%, DR by 50.2%, and ultrasound by 35.2% in August 2025, while endoscopy and surgical robots declined by 2.7% and 51.9% respectively [1][2] - Cumulatively, from January to August 2025, MRI grew by 83.9%, CT by 93.6%, DR by 85.9%, ultrasound by 64.2%, endoscopy by 31.6%, and surgical robots by 46.5% [2] - The government aims for a 25% increase in medical equipment investment by 2027 compared to 2023, with large procurement plans announced across provinces in 2024 [3] Medical Equipment Procurement Trends - The procurement of medical equipment is becoming more market-oriented, with an increasing proportion of self-purchases by medical institutions to meet the demand for high-end medical imaging and radiation therapy [4] - The funding structure for equipment updates is diversifying, including central government special funds, local government funds, and self-raised funds from medical institutions [4] - Since 2025, county-level medical equipment updates have become a highly active market segment, with significant contributions from county medical community construction [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed significant improvement in the second quarter, indicating a potential recovery in performance driven by the resumption of domestic procurement and new product launches [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 964 million yuan, a year-over-year decrease of 4.78%, and a net profit of 47 million yuan, down 72.43% year-over-year [1]. - Q2 2025 saw revenue of 534 million yuan, a slight year-over-year increase of 0.17% and a quarter-over-quarter increase of 24.24%, with net profit at 39 million yuan, down 44.65% year-over-year but up 382.45% quarter-over-quarter [1]. - The company’s gross margin decreased to 62.08%, down 5.35 percentage points, and net margin fell to 4.88%, down 11.96 percentage points [3]. Group 2: Market and Product Insights - The domestic bidding and procurement for medical devices are gradually recovering, leading to a significant improvement in Q2 performance, with expectations for continued growth in the second half of the year [2]. - The company’s ultrasound business generated revenue of 550 million yuan, down 9.87%, while the endoscope business saw revenue of 388 million yuan, up 0.08%, indicating overall stability [2]. - The company is focusing on high-intensity strategic investments in R&D and sales, with a sales expense ratio of 31.63% and R&D expense ratio of 25.31%, aimed at accelerating product upgrades and market expansion [3]. Group 3: Future Outlook - The company anticipates revenue growth from 2025 to 2027, with projected revenues of 2.318 billion, 2.712 billion, and 3.252 billion yuan, representing year-over-year growth rates of 15.09%, 17.00%, and 19.91% respectively [3]. - Expected net profits for the same period are 310 million, 454 million, and 598 million yuan, with year-over-year growth rates of 117.76%, 46.50%, and 31.68% respectively [3].

Group 1 - The core viewpoint of the article is that Open Source Securities has given a "buy" rating for Kaili Medical (300633.SZ) based on its innovative product pipeline and strong market performance [1] - The report highlights that the dual drivers of endoscopy and ultrasound businesses are rapidly releasing the performance of IVUS [1] - It notes that the domestic high-end market is accelerating penetration, while localized overseas efforts are aiding the expansion of new products [1] Group 2 - The report also mentions potential risks, including underperformance in product promotion, impairment of raw materials, and the impact of centralized procurement policies on gross margins [1]

Core Viewpoint - The stock price of Kaili Medical reached 35.65 yuan as of August 21, 2025, reflecting a 3.36% increase from the previous trading day [1] Group 1: Company Overview - Kaili Medical specializes in the research, production, and sales of medical devices, including ultrasound diagnostic equipment, endoscopes, and minimally invasive surgical devices [1] - Recently, the company launched several new products in the high-end ultrasound and endoscope sectors, including the high-end full-body machine S80, obstetrics and gynecology machine P80, and the compatibility platform X-2600 [1] Group 2: Financial Performance - For the first half of 2025, the company reported revenue of 964 million yuan, a year-on-year decrease of 4.8% [1] - The net profit attributable to shareholders was 47.03 million yuan, down 72.4% year-on-year [1] - In the second quarter, revenue was 534 million yuan, showing a slight increase of 0.2% year-on-year, but net profit decreased by 44.7% [1] - The company's operating cash flow net amount was -250 million yuan, representing a significant year-on-year decline [1]

Core Insights - The total import and export value of China's medical devices reached $41.09 billion in the first half of 2025, with exports at $24.10 billion (up 5.0%) and imports at $16.99 billion (down 3.9%), resulting in a trade surplus of $7.11 billion [1] Group 1: Export Growth and Structure - Exports of medical devices continued to grow, with all months in the first half of 2025 showing positive growth except for February, indicating a stable external demand [2] - Exports to the U.S. faced challenges due to tariffs, with a 4.41% decline year-on-year, while non-U.S. markets showed strong demand [2] - The export structure improved, with significant growth in hospital diagnostic and treatment products, which reached $11.23 billion (up 8.2%), driven by high-tech products [4] - Exports of disposable consumables reached $5.27 billion (up 8.0%), while health recovery products saw a decline in export value to $4.68 billion (down 1.5%) due to price drops [4][5] Group 2: Market Diversification and International Presence - The export market remained dominated by the U.S., Japan, and Germany, with the U.S. accounting for $5.167 billion (21.44% of total exports), despite a decline in market share [8] - Exports to the EU reached $4.71 billion (up 11.2%), with high-end medical equipment driving growth [10] - Emerging markets showed increased penetration, with exports to ASEAN countries at $2.60 billion (up 1.8%) and to Latin America at $2.02 billion (up 13.8%) [11][13] Group 3: Import Trends and Domestic Innovation - Imports of medical devices totaled $16.99 billion, down 5.7%, marking three consecutive years of decline [19] - The decline in imports was particularly notable in categories like in vitro diagnostic reagents (down 19.4%) and imaging equipment [19][20] - The top three sources of imports remained the U.S., Germany, and Japan, accounting for 49.6% of total imports, with a notable decrease in import values from these countries [21] Group 4: Innovation and Globalization Strategy - The medical device industry in China is focusing on innovation and globalization amidst a complex international environment [23] - In the first half of 2025, 45 innovative medical devices were approved, with 83.3% being domestic products [23] - Companies are restructuring competitive dynamics through technology and global service networks, with significant advancements in high-end medical equipment [23]

Core Viewpoint - O-Film Technology Co., Ltd. has reported a return to losses in its 2025 interim results, with a net profit of -1.09 billion yuan, marking a 378.13% decrease year-on-year, primarily due to increased share-based payment expenses and reduced investment income from joint ventures [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 9.837 billion yuan, a year-on-year increase of 3.15% [1] - The net profit for Q1 2025 was -589.5 million yuan, a 470.51% decline year-on-year, while the net profit for Q2 2025 was -49.92 million yuan, a 314.87% decrease year-on-year [2] - The cash flow from operating activities for the first half of 2025 was 325 million yuan, a 2.39% increase year-on-year [3] Business Segments - The smartphone segment generated revenue of 7.437 billion yuan in the first half of 2025, a 0.43% increase year-on-year, accounting for 75.60% of total revenue [4] - The smart automotive business saw revenue of 1.262 billion yuan, an 18.19% increase year-on-year, making it the fastest-growing segment [6] - Revenue from new fields, including handheld imaging devices and smart locks, reached 1.105 billion yuan, a 9.73% increase year-on-year [7] Market Conditions - The global smartphone market showed a modest growth of 1.28% in the first half of 2025, while the Chinese smartphone market experienced a slight decline of 0.35% [5] - The company faces challenges in the automotive sector, where profit growth lags behind revenue growth [7]