从产品研发推出的节奏上看，2025年将是开立医疗新品推出的大年。公司表示，年内将有超声80平台、 内镜HD-580系列产品、外科精卫系列产品、心血管介入IVUS等系列新品持续放量，构成公司营收的基 础盘，同时内镜HD-650系列产品、外科4K-200系列产品的上市将带来高端产品增量，为公司2025年收 入稳定增长夯实产品基础。 5月14日，开立医疗（300633）召开2024年年度股东大会和投资者交流会，与数十家机构投资者围绕市 场环境、产品布局、技术创新等展开深度交流。公司董事长陈志强表示，自2024年第四季度开始国内医 疗设备更新逐渐起量，今年前四个月终端医院医疗设备招标采购金额大幅增长，行业有望快速复苏，预 计终端医院全年的采购将好于去年，公司收入有望回归增长趋势。 据介绍，目前开立医疗的超声、消化与呼吸内镜、微创外科、心血管介入四条产品线已布局完成，逐步 实现公司"内科+外科""设备+耗材""诊断+治疗"的产品线布局，构建了中长期的产品线矩阵。 交流会上，开立医疗总裁吴坤祥称，2025年一季度以来，国内医院端招标复苏明显，公司中标增幅明显 好于行业背景，但市场中标与企业报表端收入增长存在一定周期差，预 ...

5月14日，开立医疗（300633.SZ）正式召开2024年年度股东大会，并于同日开展投资者交流会，与数十 家机构投资者围绕市场环境、产品布局、技术创新等展开深度研讨交流。 开立医疗董事长陈志强在投资者交流会上表示，自2024年第四季度开始国内医疗设备更新逐渐起量，今 年前四个月终端医院医疗设备招标采购金额大幅增长，预示行业有望快速复苏。目前公司超声、消化与 呼吸内镜、微创外科、心血管介入四条产品线已布局完成，逐步实现公司"内科+外科""设备+耗材""诊 断+治疗"的产品线布局，构建了中长期的产品线矩阵，经历过行业洗礼后，公司将迎来更加稳健的未 来。 一季度行业恢复好转，高端产品持续推新确保市占优势 交流会上，开立医疗总裁吴坤祥对今年以来的医疗设备市场状况以及公司应对情况进行说明。2025年一 季度以来，国内医院端招标复苏明显，公司中标增幅明显好于行业背景，但市场中标与企业报表端收入 增长存在一定周期差，预计今年将呈现前低后高的业绩节奏。 展望2025年，开立医疗表示，随着终端招采的逐渐恢复，以及医疗设备更新政策落地，根据年初以来的 招标恢复情况，开立医疗预计终端医院全年的采购将好于去年，公司收入有望回归增长 ...

Group 1: Company Performance Overview - In 2024, the total procurement amount for medical devices in China significantly decreased due to domestic industry policy factors and the company's strategic investments, leading to a decline in revenue from ultrasound and endoscope businesses [2][3]. - In Q1 2025, the company experienced a noticeable recovery in hospital procurement, with a marked increase in successful bids, although revenue still declined due to a lag between market bids and reported income [2][3]. - The company added over 400 employees in 2024, resulting in increased R&D and sales expenses, which contributed to a significant drop in net profit in Q1 2025 [2][3]. Group 2: Revenue and Product Development Outlook - The company anticipates that the procurement from terminal hospitals in 2025 will exceed that of the previous year, with a return to revenue growth expected [2][3]. - 2025 is projected to be a significant year for new product launches, including the ultrasound 80 platform and HD-580 series endoscopes, which will support stable revenue growth [2][3]. Group 3: Gross Margin Challenges and Strategies - The decline in gross margin is attributed to several factors, including the reclassification of warranty fees to operating costs and a decrease in domestic business revenue proportion [4]. - Increased market competition and concentrated procurement projects have led to a continuous decline in terminal bid prices for ultrasound and endoscope products, impacting overall gross margins [4]. - The company aims to maintain market share while investing heavily in R&D to launch advanced products, which will help sustain higher gross margins [4]. Group 4: Impact of Tariffs and Market Trends - The company’s cost structure shows that raw materials constitute a low percentage, and recent tariff increases are not expected to significantly impact product costs [5]. - The rollout of large-scale procurement plans for medical device updates is anticipated to occur in 2025, potentially increasing market demand [6]. - The concentration of procurement projects may signal a downward trend in overall industry gross margins, prompting the company to adapt its strategy by focusing on high-end products and diversifying its product lines [6]. Group 5: New Product Lines and Growth Potential - The minimally invasive surgery product line achieved a 30% revenue growth in 2024, with expectations for over 100% growth in Q1 2025, indicating a strong upward trend [6][7]. - The cardiovascular intervention product line is still in the strategic investment phase, with plans to introduce a broader product range to improve profitability in the future [7].