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 ...

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 ...

Financial Performance - In the first half of 2025, the company achieved revenue of 733 million CNY and a net profit attributable to shareholders of 114 million CNY, with a net profit of 129 million CNY after excluding share-based payment impacts [2] - The home and consumer electronics components segment saw a year-on-year revenue growth of 35.69%, while other medical product components experienced a 54.41% increase [2] Strategic Development - The company is focusing on long-term strategic development in emerging sectors such as blood glucose management, IVD, and cardiovascular fields, increasing investments in R&D, talent acquisition, and sales team development [2] - The company plans to enhance its strategic investments in emerging business areas and systematically advance the construction of professional talent teams and core technology capabilities [2] Overseas Expansion - The Malaysia Phase III project is expected to be completed by the end of the year, with production commencing based on customer demand [3] - The current capacity utilization rate at the Malaysia facility remains healthy, sufficient to meet existing customer needs [3] Mergers and Acquisitions - The company is actively pursuing mergers and acquisitions, focusing on industry chain collaboration, technology expansion, and global layout, with a dedicated investment and acquisition team in place [4] Product Development - The company has successfully delivered adjustable insulin injection pens to international clients and is expanding its customer base for GLP-1 products and CGM business [5] - The CGM products began mass delivery in Q2 2025, with expectations for gradual order release [5] Regulatory Compliance - The company is adapting to the increasing demand for localized supply chains due to deepening medical device procurement policies, collaborating with major clients under the MAH policy framework [6] Technological Innovation - The company is a strategic partner and core supplier for global cochlear implant manufacturers, actively monitoring developments in brain-computer interface (BCI) technologies [7] - In the robotics sector, the company is exploring development paths for humanoid robots and has begun small-scale supply of surgical robots to domestic and international clients [8]