事项： 风险提示：1、国内医疗设备集采风险；2、海外拓展受地缘政治因素影响；3、高端产品研发/推广不及 预期；4、设备更新政策落地不及预期。 国内核心产品线市占率持续提升，光子计数CT 获批。随着国内医疗设备更新政策逐步落地及招采需求 稳步复苏，公司2025 年上半年实现国内市场收入48.73 亿元（+10.74%）。凭借产品与技术优势，公司 医学影像与放射治疗设备综合市场占有率同比提升3.4 个百分点，位列行业第二。分产品线看，MR 业 务收入19.68 亿元（+16.81%），市场份额持续提升；CT 业务收入15.15 亿元，全球首创双宽体双源CT 系统uCT SiriuX 进入NMPA 创新医疗器械特别审查程序，国产首款光子计数能谱CT uCT Ultima 获批上 市，高端产品布局持续突破；MI 业务收入8.41 亿元（+13.15%），PET/CT 产品线中国市场占有率连续 十年保持第一；RT 业务收入2.42 亿元，中国市场占有率同比大幅提升近18个百分点；DSA 业务中国市 场占有率同比提升超5 个百分点。 服务业务增长强劲，高毛利业务占比提升。2025H1，公司服务业务收入达8.16亿元（+3 ...

Core Insights - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year growth of 12.79% [1] - The net profit attributable to shareholders reached 998 million yuan, with a year-on-year increase of 5.03% [1] - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 107 million yuan, to reward shareholders [1] Financial Performance - Research and development investment amounted to 1.14 billion yuan, reflecting a year-on-year growth of 12.09%, with an R&D expense ratio of 12.74% [2] - The company filed over 260 new patent applications during the reporting period, focusing on next-generation platform technologies [2] - Cumulative patent applications exceeded 9,700, with over 80% being invention patents [2] Product Development and Innovation - The company has received FDA approval for over 20 AI-enabled devices, positioning it among the industry leaders [2] - The uIPW intelligent radiation therapy system received regulatory approval, marking a significant advancement in standardized and precise intelligent radiation therapy in China [2] - The uCT SiriuX, a dual-source CT system, was included in the special review channel for innovative medical devices, showcasing advanced motion artifact correction capabilities [3] Industry Trends and Regulatory Environment - Recent policy initiatives from the National Medical Products Administration aim to support innovation in high-end medical equipment and AI medical devices [3] - The focus on optimizing the regulatory framework for high-end medical imaging equipment is expected to enhance the global competitiveness of Chinese medical device companies [3]

Core Viewpoint - The company, United Imaging Healthcare, has established a significant global presence since its full-scale globalization in 2018, with products entering over 85 countries and regions, and aims to enhance global health through innovative medical technologies and services [1][2]. Group 1: Company Achievements - United Imaging Healthcare has installed over 34,500 medical devices in more than 14,800 healthcare institutions worldwide [1]. - The company has launched over 220 hardware and software products, showcasing its strong capabilities in independent innovation [2]. - The company has established over 30 subsidiaries and offices globally, enhancing its operational footprint [1]. Group 2: Product Innovations - At the China International Medical Equipment Expo, the company showcased several groundbreaking products, including the world's first 5T whole-body MRI system and the first integrated CT linear accelerator [1]. - The company introduced the globally first dual-source CT system and a next-generation high-performance PET/CT system, emphasizing its commitment to innovation [1]. Group 3: Strategic Initiatives - United Imaging Healthcare is leading the establishment of the China-Africa Hospital Alliance, focusing on cancer prevention and treatment through collaborative efforts with various hospitals and institutions [2]. - The company plans to enhance medical imaging and interventional treatment capabilities in Africa through AI-assisted diagnostics and information technology platforms [2][3]. - The company aims to provide training and support to medical personnel in Africa, enhancing their professional skills and fostering research collaborations with local hospitals [3].