内生外延并举，持续拓展产品管线。公司在夯实神经外科植入器械产品优势的同时，积极通过内生研发 和外延并购拓展产品矩阵。内生研发方面，公司研发项目"可吸收再生氧化纤维素止血颗粒"处于临床试 验阶段，已取得关键性进展。此外公司正积极筹划已上市的硬脑膜医用胶产品的拓适应症工作。外延方 面，公司拟发行股份及支付现金购买广州易介医疗科技有限公司100%股权，通过本次交易，公司进入 神经介入市场，打开成长天花板。并且公司还将代理关联公司的CGM、超声手术刀等产品，强化多元 化产品矩阵，为公司提供更多业绩增长点。 毛利率提高与管理费用率下降带动净利率提升。25Q1-3，公司总体毛利率为80.87%，同比提升 2.65pct，预计公司新产品随着放量毛利率有所提高。费用端，公司持续加大市场与研发投入，销售/研 发费用率稳定，25Q1-3 销售费用率为17.75%（+0.31pct），主要系销售人员数量及市场拓展活动增加所 致；研发费用率为10.34%（+1.63pct），主要系本期研发项目临床试验检测费用增加所致。管理费用率 优化至19.66%（-3.83pct）。毛利率提升及管理效率优化带动公司25Q1-3 归母净利率提升2. ...

Core Viewpoint - The company continues to experience high growth in revenue and profit in Q3 2025, with overall performance meeting expectations. Short-term growth is driven by the implementation of centralized procurement for craniofacial repair PEEK products, while long-term growth is supported by a comprehensive layout in neurosurgical consumables and active external expansion efforts [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 249 million yuan, a year-on-year increase of 30.53%, and a net profit attributable to shareholders of 76 million yuan, up 43.65%. The non-recurring net profit was 73 million yuan, reflecting a 57.94% increase [2] - In Q3 alone, the company achieved revenue of 91 million yuan, a 32.74% year-on-year growth, and a net profit of 29 million yuan, up 39.89%. The non-recurring net profit for the quarter was 27 million yuan, marking a 45.54% increase, indicating a significant profit growth rate compared to revenue growth due to scale effects and cost optimization [3] Product Line Analysis - The company’s four major business segments are developing synergistically, with clear growth logic. The artificial dura mater patch remains a cornerstone business benefiting from centralized procurement policies, while craniofacial repair and fixation systems (PEEK) continue to grow rapidly due to price advantages from centralized procurement [4] - New products such as absorbable regenerated oxidized cellulose (hemostatic gauze) and dura mater medical glue have shown strong growth, with combined revenue increasing by 169.66% year-on-year in the first half of 2025, continuing the high growth trend into Q3. Successful bidding for hemostatic materials in Tianjin could accelerate product volume [4] Strategic Developments - The company is progressing with the acquisition of Yijie Medical, which focuses on the research, production, and sales of neuro-interventional medical devices. This acquisition is expected to expand the company’s business from neurosurgery to neurology, enhancing its product matrix and opening up long-term growth potential [4] Profitability and Cost Structure - The company’s overall gross margin for the first three quarters of 2025 was 80.87%, an increase of 2.65 percentage points year-on-year, driven by scale effects and improved margins on new products. The sales expense ratio remained stable at 17.75%, while the management expense ratio decreased by 3.83 percentage points to 19.66%, reflecting effective cost control [5] - Research and development expenses increased by 54.88% year-on-year, with a research expense ratio of 10.34%, indicating a commitment to advancing clinical trials for new products [5] Earnings Forecast and Valuation - Short-term growth is expected to continue with the ongoing volume increase of craniofacial repair PEEK products and the accelerated promotion of new products. Mid-term, the company’s comprehensive layout in neurosurgical consumables is anticipated to enhance market share. Long-term, the acquisition of Yijie Medical is projected to create business synergies and unlock growth potential [6][7] - Revenue forecasts for 2025-2027 are 366 million, 480 million, and 627 million yuan, representing year-on-year growth rates of 31.57%, 30.98%, and 30.66%, respectively. Net profits are projected at 111 million, 146 million, and 190 million yuan, with growth rates of 40.74%, 31.11%, and 30.60% [7]

Group 1: Company Overview and Performance - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. specializes in high-performance medical devices, particularly in the neurosurgery field, offering key implantable medical devices for craniotomy surgeries [3][4]. - As of September 30, 2025, the company achieved a revenue of CNY 24,922.82 million, representing a year-on-year growth of 30.53% [4]. - The net profit attributable to shareholders reached CNY 7,585.40 million, marking a 43.65% increase compared to the previous year [4]. Group 2: Strategic Initiatives - The company is focusing on both internal growth and external expansion by diversifying its product matrix, including the introduction of blood glucose and minimally invasive products [5]. - This strategy aims to enhance the company's comprehensive service capabilities and customer loyalty while contributing to new revenue and profit growth [5]. Group 3: Market and Product Insights - The company is actively participating in the collective procurement of hemostatic materials, with a focus on the opportunities presented by national and local procurement policies [6]. - The acquisition target "Yijie Medical" specializes in providing minimally invasive solutions for cerebrovascular diseases, indicating a strategic move to expand its product offerings in the neurosurgery sector [6]. Group 4: International Market Performance - The company has a presence in over 100 countries and regions, with Europe contributing the largest share of overseas revenue [8]. - The artificial dura (spinal) membrane patch is the top contributor to overseas revenue during the reporting period [8]. Group 5: Research and Development - The absorbable regenerated oxidized cellulose hemostatic granules are currently in the clinical trial phase, achieving significant progress [8]. - The company is also planning to expand the indications for its already marketed dura mater medical glue product [8].

Group 1 - The core point of the article is that Maipu Medical has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [2] Group 2 - The announcement was made on the evening of September 16 [2] - This development indicates a significant step forward in the company's product pipeline and potential market offerings [2] - The clinical trial phase is crucial for the validation and eventual commercialization of the product [2]

格隆汇9月16日丨迈普医学(301033.SZ)公布，研发项目"可吸收再生氧化纤维素止血颗粒"于近期正式进 入临床试验阶段。临床用途：在外科手术中，当结扎或其他传统的止血方法无法操作或无效时，本产品 可作为辅助止血产品用于控制毛细血管、静脉及小动脉的渗血。 ...

Core Viewpoint - The company Maipu Medical has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [1] Clinical Application - The product is intended for use in surgical procedures where traditional hemostatic methods, such as ligation, are not feasible or ineffective, serving as an auxiliary hemostatic product to control bleeding from capillaries, veins, and small arteries [1]

Core Viewpoint - The company, Maipu Medical (301033.SZ), has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [1] Group 1 - The product is designed to be used as an auxiliary hemostatic agent in surgical procedures when traditional methods such as ligation are ineffective or cannot be performed [1] - It aims to control bleeding from capillaries, veins, and small arteries [1]

Core Viewpoint - The company Maipu Medical (301033.SZ) has announced that its research project "Absorbable Regenerative Oxidized Cellulose Hemostatic Granules" has officially entered the clinical trial phase [1] Group 1 - The product is designed to be used as an auxiliary hemostatic product in surgical procedures when traditional methods such as ligation are ineffective or cannot be performed [1] - It aims to control bleeding from capillaries, veins, and small arteries [1]

迈普医学公告，公司研发项目"可吸收再生氧化纤维素止血颗粒"已正式进入临床试验阶段。该产品注册 分类为第三类医疗器械，在外科手术中可作为辅助止血产品用于控制毛细血管、静脉及小动脉的渗血。 在临床试验完成后，公司计划开展注册申报及产业化上市销售工作。此次临床试验的开展将丰富公司在 外科领域的產品线，但对公司未来业绩的具体影响尚无法预测。 ...