智通财经APP获悉，招商证券国际发布研报称，2025年上半年，医疗器械行业整体收入同比降3.8%，归 母净利润同比降12.8%；扣非净利润同比降14.5%。1H25医疗器械整体呈现结构性复苏与分化并存态 势。在经历了政策消化与业绩承压后，医疗器械行业有望于2H25迎来业绩与估值的双重修复拐点，行 业核心驱动力源于国内政策的边际优化与全球化出海的加速突破，建议关注国产替代与出海拓展两大主 线，短期关注业绩改善明确的低估值标的，长期配置创新驱动的高成长赛道。 招商证券国际主要观点如下： 1H25医疗器械整体呈现结构性复苏与分化并存态势，扰动因素逐步改善 2025年上半年，行业整体收入同比降3.8%，归母净利润同比降12.8%；扣非净利润同比降14.5%。2Q单 季收入同比降5.5%，归母净利润同比降20.3%，扣非净利润同比降25.0%。以港股和A股上市的129家医 疗器械公司为样本，经过分析发现上半年一半以上(约53%)的公司收入实现同比增长(去年同期该比例为 58%)，增速超20%占比16%，增速处于0-20%区间占比37%。净利润增长或扭亏公司与收入端类似。 利润率方面，上半年整体医疗器械行业毛利率50.7 ...

Core Insights - The humanoid robot sector has seen over 10 billion yuan in funding in the first half of the year, while the surgical robot sector is transitioning from early-stage development to commercialization [1] - Domestic surgical robots are making significant clinical breakthroughs, as evidenced by the world's first cross-continental robotic-assisted liver cancer surgery performed by a Chinese hospital [1] - The domestic surgical robot market is maturing, with a notable increase in the number of approved products and companies [6][8] Group 1: Technological Advancements and Market Dynamics - Surgical robots are categorized into operational and positioning types, with the former being exemplified by the well-known "Da Vinci" system [2] - The introduction of the Da Vinci robot to China in 2006 marked the beginning of a market dominated by high prices due to technology monopolies and tariffs [3] - Domestic companies like Tianzhihang and MicroPort have made significant strides in developing their own surgical robots, breaking the monopoly previously held by foreign brands [4][5] Group 2: Market Penetration and Pricing Strategies - The price of domestic surgical robots is significantly lower than that of Da Vinci, with domestic brands like MicroPort and Jingfeng priced around 13 million yuan [9] - The market share of domestic surgical robots is approaching 50%, driven by competitive pricing and policy support [9][10] - The penetration of surgical robots into second-tier cities is increasing, with a notable rise in procurement from county-level hospitals [10][12] Group 3: Policy Support and Future Outlook - The "14th Five-Year Plan" emphasizes the development of intelligent surgical robots, with policies aimed at increasing accessibility in midwestern and grassroots medical institutions [11][12] - The approval process for new surgical robot configurations is expected to accelerate, further supporting market growth [11] - The domestic surgical robot market is projected to experience explosive growth in installation volumes and clinical applications by 2025 [15] Group 4: Competitive Landscape and Challenges - The surgical robot industry is becoming increasingly competitive, with numerous domestic brands entering the market, leading to price wars and innovation challenges [21][23] - Despite the rise of domestic brands, the Da Vinci system remains the top seller in the market, indicating that product performance is still a key consideration for hospitals [24][25] - The industry faces challenges such as uneven medical resources, the need for training, and limited insurance coverage for robotic surgeries [16][18][20]

Core Viewpoint - Fourier has established a "humanoid + rehabilitation" concept application scene in collaboration with Shanghai International Medical Center, focusing on the integration of humanoid robots in rehabilitation therapy and medical services [1][2]. Group 1: Company Overview - Founded in 2015, Fourier initially entered the market with medical rehabilitation robots and launched China's first commercial lower limb exoskeleton robot in 2017, gradually forming a comprehensive product matrix covering upper limbs, lower limbs, and balance training [1][3]. - Fourier has introduced over 30 intelligent rehabilitation products and provides professional services to more than 3,000 medical institutions across over 60 countries and regions [1][7]. Group 2: Product and Technology Development - The company has developed various intelligent rehabilitation devices, including lower limb exoskeleton robots and three-dimensional upper limb rehabilitation robots, which enhance treatment efficiency and reduce the need for multiple therapists [2][3]. - Fourier's humanoid robots, such as the GR-1 and GR-2, are designed for applications in guidance, consultation, and academic research, showcasing the versatility of humanoid robots in medical settings [3][4]. Group 3: Strategic Focus and Future Plans - The CEO of Fourier emphasized a core strategy for the next decade focused on human-centered embodied intelligence, aiming to enhance interaction, efficiency, and research innovation in rehabilitation and elder care [3][4][5]. - Fourier plans to optimize strategies around embodied intelligence to improve the efficiency of rehabilitation therapists, allowing them to manage multiple robots simultaneously [6][8]. Group 4: Industry Context and Challenges - The company recognizes the shortage of experienced rehabilitation therapists in China, particularly in rural areas, and aims to address this gap through the deployment of humanoid robots [6][7]. - The broader industry faces challenges in the implementation of embodied intelligence technology in healthcare, including ecological, talent, and policy barriers [10][11]. Group 5: Collaborative Efforts and Initiatives - Fourier has initiated collaborations with institutions like Tongji University and launched the "Embodied Intelligent Rehabilitation Technology Development Initiative" to accelerate clinical applications of embodied intelligence [10][11]. - The company is also involved in government initiatives aimed at promoting technological innovation in elder care and medical robotics, with a goal to establish Shanghai as a hub for medical robot technology by 2025 [12].