三友医疗（ [Table_StockNameRptType] 688085） 公司点评 脊柱主业企稳复苏，国际化业务快速增长 | | | 主要观点： ⚫[Table_Summary] 事件： 2025 年 8 月 25 日，公司发布 2025 年半年度业绩。公司 2025H1 实现 营业收入 2.50 亿元（+17.77%），归母净利润 0.37 亿元（+2083.64%）， 扣非净利润 0.26 亿元（扭亏为盈）。单二季度，公司实现营业收入 1.33 亿元（+6.11%），归母净利润 0.24 亿元（+530.37%），扣非净利润 0.15 亿元（+1,185.16%）。 ⚫ 点评： ⚫ 国内脊柱主业企稳复苏，海外业务法国、美国市场协同发力 脊柱集采政策常态化背景下，公司国内脊柱主业已走出低谷，重回增长 态势。公司凭借疗法创新和渠道下沉优势，市场集中度持续提升。公司 超声骨刀高速放量，水木天蓬 25H1 营收 0.74 亿元（+65%），归母净 利润 0.39 亿元（+359%），净利率超 50%。其中，国内刀头耗材收入超 4200 万元（同比增长超 50%），高毛利耗材占比进一步提升，驱动业务 从设备销售 ...

Group 1: Yihua Jiaye - Yihua Jiaye achieved revenue and net profit growth in Q1 2025, driven by the end of inventory destocking in the US ventilator market and the addition of a senior consumer marketing expert [1] - Domestic market revenue and gross margin improved, with a stable channel transition [1] - The company has achieved basic localization of core components, ensuring supply chain security [1] - A strategic partnership with Hanyu Pharmaceutical was established to jointly develop ventilators and casein active peptide applications, expanding health consumer channels [1] - The European market cloud platform construction is nearly complete, with over 20 agents connected [1] - A confidentiality agreement was signed with Qiangnao Technology to discuss brain-computer interface technology cooperation [1] - The newly launched P5 series ventilators primarily target domestic hospital channels and generated sales revenue in Q1 2025 [1] Group 2: Sanyou Medical - Sanyou Medical's wholly-owned subsidiary, Tuoteng (Suzhou), hosted an investor visit on May 14, 2025, showcasing multi-arm surgical robot technology [2] - The commercialization plan includes integrating ultrasonic bone knives and implants, with early communication with doctors and collaboration with renowned hospitals for preclinical research [2] - The domestic application of orthopedic robots mainly focuses on positioning and navigation, with low market penetration and certain operating costs for robotic surgeries [2] - The Spring Breeze Robot features a three-arm design, high precision positioning, and rapid registration without intraoperative CT scanning [2] - Robot products have received testing reports but have not yet obtained registration approval, with overseas clinical surgery validation completed [2] - The Waterwood Tianpeng business is performing well, with significant growth in revenue and net profit, and international business is expanding [2] - The international strategy includes exporting innovative technologies and products, utilizing existing channels from Implanet, and introducing the JZZ resistance band series [2] Group 3: Kaili Medical - In 2024, various provinces and cities in China announced large-scale medical equipment procurement plans, but the implementation rate is low, with expected rollout in 2025 potentially lowering industry gross margins while increasing market share for leading brands [3] - The minimally invasive surgery business is projected to grow by 30% in revenue in 2024, with expected losses narrowing in 2025 [3] - The cardiovascular intervention product line is still in a strategic investment phase [3] - The company is developing a unique solution for minimally invasive surgery through the "Zhihui" operating room concept, with rapid growth in rigid endoscope business [3] - AI is expected to enhance physician efficiency, and the company is committed to an "equipment + AI" strategy, achieving progress in multiple areas [3]