机构：华创证券 事项： 公司发布25 年中报，25H1 实现营业收入4.82 亿元（+31.7%）；净利润1.21 亿元（+76.0%）。 评论： 业绩持续高增长。2025H1，公司实现营业收入4.82 亿元（+31.7%）；净利润大幅增长至1.21 亿元 （+76.0%），毛利率在集采扩围下稳定在71.2%（-0.1pct），研发、销售和管理费率较同期整体下降7 个百分点，实现净利率25.1%。 神经介入：25H1 公司神经介入收入3.04 亿元（+25.0%），保持快速增长。其中颅内中间导管、弹簧圈 及神经血管导丝等主要成熟产品收入大幅增长，密网支架等较新产品在进入集采后快速入院，公司持续 致力于提高产品在各级医院的渗透率。 外周介入：25H1 外周血管介入业务实现收入约1.76 亿元（+46.2%），持续高速增长。其中成熟产品 DCB、腔静脉滤器、腔静脉滤器抓捕器及静脉腔内射频闭合导管的销售收入保持快速增长，外周可解 脱带纤维毛弹簧圈、髂静脉支架、血管缝合器等较新的产品组合在全国范围内商业化上市，贡献收入增 量。 研究员：郑辰/李婵娟 风险提示：1）集采降价幅度超预期；2）神经/外周介入行业渗透率、国产 ...

证 券 研 究 报 告 归创通桥-B（02190.HK）2025 年中报点评 推荐（维持） 业绩持续高增，海外将成为增长新动能 目标价：30.4 港元 事项： ❖ 公司发布 25 年中报，25H1 实现营业收入 4.82 亿元（+31.7%）；净利润 1.21 亿 元（+76.0%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 782 | 1044 | 1379 | 1803 | | 同比增速(%) | 47.4% | 33.5% | 32.0% | 30.8% | | 归母净利润(百万) | 100 | 195 | 279 | 378 | | 同比增速(%) | 227.3% | 95.0% | 42.7% | 35.7% | | 每股盈利(元) | 0.30 | 0.59 | 0.84 | 1.15 | | 市盈率(倍) | 71.0 | 36.4 | 25.5 | 18.8 | | 市净率(倍) | 2.3 | 2. ...

智通财经APP获悉，中金发布研报称，基于归创通桥(02190)对神经/外周产品放量，及公司费用管控的 看好，上调2025年经调整利润14%至1.92亿元，并首次引入2026年经调整净利润预测2.79亿元。当前股 价对应2025/26年市盈率37/25倍。该行维持跑赢行业评级。考虑港股医疗板块整体回暖，该行上调基于 DCF模型(WACC 10.9%，永续增长率1%)的目标价108%至30港元，对应2025/26年市盈率47/32倍，较当 前股价有28%上行空间。 中金主要观点如下： 1H25业绩超出该行预期 公司公布1H25业绩：收入4.82亿元，同比+31.7%;经调整净利润1.31亿元，同比+68.1%。由于神经/外周 两条业务线国产替代加速，以及公司费用管控得力，上半年收入利润均超出该行的预期。 神经/外周双轮驱动，国产龙头地位逐渐确立 1H25神经/外周业务收入同比+25%/46%。其中存量产品进一步增加医院渗透率和市场份额，而新产品 例如密网支架、髂静脉支架、血管缝合器和外周弹簧圈在外部集采驱动+公司自身销售努力之下也有良 好放量趋势。考虑后续反内卷等积极因素的推动，作为已经建立完整产品管线和强劲营销 ...

集采中标成绩亮眼，国家全方位支持高端医疗器械2022 年以来，公司神经及外周介入产品涉及多轮集 采，品类包括弹簧圈、PTA 球囊、取栓支架、密网支架、静脉支架等。公司中标表现亮眼，渗透率提 升显著：2024 年外周支架国采，公司静脉支架A 组中标，髂总静脉适应证唯一首轮中标；2025 年河北 集采，公司密网支架、颅内球囊和外周球囊均中选。2025 年7 月，国家药监局《优化全生命周期监管支 持高端医疗器械创新发展有关举措》，聚焦优化特殊审批、注册审查、沟通指导、产业跟进、监管科研 及全球协调等；国家医保局明确集采"反内卷"，并陆续召开5 场创新药械系列座谈会，充分说明政策拐 点已至，国内集采规则优化、温和趋势明确，国家支持高端医疗器械创新，提升国际竞争力。 国际化业务蓄势待发，产品矩阵全面放量 机构：华安证券 研究员：谭国超/钱琨 事件： 2025 年8 月19 日，公司发布2025 年中期业绩。报告期内，公司实现营业收入4.82 亿元（+31.7%），毛 利3.43 亿元（+31.5%），毛利率71.2%（-0.1pct）；未经调整盈利1.21 亿元（+76.0%），经调整盈利 1.31 亿元（+68.1% ...

Summary of Peijia Medical's Conference Call Company Overview - **Company**: Peijia Medical - **Industry**: Medical Devices, specifically focusing on heart valve and neurointerventional products Key Points Financial Performance - In the first half of 2025, Peijia Medical achieved a revenue growth of **16.2%**, reaching **CNY 3.5 to 3.6 billion** [3][4] - The valve division's implant volume increased by **18.8%**, totaling **2050 units** [2][3] - Neurointerventional business revenue growth was between **10% to 15%** [2][6] Product Performance - The new generation **TORS Max delivery system** significantly contributed to revenue growth due to its high factory and terminal prices [2][4] - The **DC wire guidewire** sales volume increased nearly **2.5 times**, enhancing the competitiveness of the neurointerventional product line [2][6] - The company expects to launch more new products in **2026**, further enriching its product line [2][5] Market Outlook - Management is optimistic about the second half of 2025, projecting an annual revenue growth of **20% to 30%** [2][7] - The average selling price (ASP) of the TV business remained stable with slight growth, and the sales team size was maintained at around **190 people** [2][8] - The company holds a neutral stance on potential price and volume exchanges due to ongoing research on valve product procurement in Gansu Province [2][8] Competitive Landscape - The valve industry has been competitive since **2017**, but Peijia Medical is gaining ground in implant volume and R&D layout [2][18] - The company emphasizes product quality and the professional promotion capabilities of its commercial team as core competitive advantages [2][18] Regulatory and Market Challenges - The impact of **balloon procurement** in Hebei has affected revenue, but the company has implemented pricing strategies to mitigate negative effects [2][14][15] - The company is actively pursuing FDA registration for its products, with plans to export through agents once approved [2][10] Future Product Launches - In **2026**, Peijia Medical plans to launch several new products, including **regurgitant valves** and **third-generation repair clips**, which are expected to significantly contribute to revenue growth [2][19][20] - The anticipated volume for regurgitant products could exceed surgical volumes due to inventory stocking in channels [2][21] Long-term Growth Potential - The regurgitant product line is expected to grow faster than existing main products, with potential revenues reaching or exceeding **CNY 200 to 300 million** [2][22] - Upcoming projects like **Highlife** and **Monarq** are in clinical trials and are expected to enter the market in the coming years, providing new growth points [2][23] Market Positioning - The company is not currently planning to re-enter the Hong Kong Stock Connect but is optimistic about meeting the necessary market capitalization and index requirements in the future [2][24] Additional Insights - The company is focusing on internal capability building to prepare for more competitive product launches in the future [2][7] - Overall, Peijia Medical is positioned for steady growth with a strong emphasis on innovation and market expansion strategies [2][18]

Summary of Sino Medical Conference Call Company Overview - **Company**: Sino Medical - **Industry**: Medical Devices, specifically focusing on coronary and neuro-interventional products Key Points and Arguments Coronary Stent Business Growth - The coronary stent business is experiencing rapid growth, with shipment volumes expected to reach 180,000 and 280,000 units in 2023 and 2024, respectively, resulting in revenue growth rates of 50% and 70% [2][4] - Despite a slowdown in growth in the first half of 2025 due to increased competition and a larger base, the company still anticipates meeting expectations [4] Policy Environment for Innovative Medical Devices - The current policy environment is supportive of innovative medical devices, with increased backing from the government and a shift in insurance payment strategies away from solely low prices [5] - However, the implementation of these policies will take time, and their short-term impact on the company is limited [5] Neuro-Interventional Product Development - The focus in the neuro-interventional field is shifting towards innovative products like the Nova stent, while the intracranial balloon is gradually being phased out due to price pressures from centralized procurement [6] - The company has received approval for the mesh stent and is awaiting approval for the self-expanding drug-eluting stent, which is expected to be a significant product for future growth [6] Sales Performance of Specific Products - The spinal balloon achieved a sales target of 40,000 units last year, generating revenue of 37 million yuan, with over 90% of this year's target already completed in the first half [7] - Centralized procurement is seen as a crucial channel for quickly introducing new products into hospitals [7] Approval Process for Innovative Products - The self-expanding drug-eluting stent is a global first and is currently in the approval process, with expectations for a conclusive result soon [8] - The company has submitted additional materials for the innovative device approval, focusing on single-arm trial data to demonstrate safety and efficacy [9][10] Clinical Data and Efficacy - Recent clinical data shows high perioperative safety and success rates, with a significant reduction in restenosis rates at six months and one year, indicating potential for standardizing treatment for intracranial atherosclerosis [3][11] Market Demand and Sales Projections - The company estimates that there are over 3 million new stroke patients annually, with a significant portion being candidates for their products, projecting potential sales of 1 to 2 billion yuan if market share reaches 20% to 30% [13] - The anticipated surgical volume for their new products could reach 60,000 to 70,000 procedures in the short term [13] International Market Progress - The company has applied for CE certification for its mesh and self-expanding drug-eluting stents in Europe, with expectations for approval by 2026 [17] - In the U.S. market, the company is exploring partnerships due to limited resources, with a focus on meeting FDA requirements for eventual market entry [22] Financial Outlook - For 2025, there are concerns about revenue declines in certain products due to centralized procurement impacts, but growth from the Nova stent and new neuro-interventional products is expected to offset these declines [23] - The company remains optimistic about achieving significant revenue and profit growth in 2026 with the full market entry of new products [23] Additional Important Insights - The company is preparing for the launch of new products by engaging with distributors and enhancing sales team capabilities [15][16] - The potential for off-label use of the drug-eluting stent will depend on actual application outcomes and regulatory requirements [12] - The company is considering joint ventures for product sales and development to mitigate risks and enhance market presence [19]

Summary of Key Points from the Conference Call Industry Overview - The medical device sector is experiencing accelerated approval policies, which are beneficial for the industry, driven by innovation, internationalization, and mergers and acquisitions [1][2] - Companies like Xinmai Medical, Nanwei Medical, and Chunli Medical are actively transforming and showing significant growth in international business, contributing to valuation recovery in the sector [1][2] Core Insights and Arguments - The optimization of centralized procurement policies is shifting focus from low prices to supporting innovative medical devices, which is expected to benefit the development and valuation of related companies [2][5] - The orthopedic industry is seeing a shift towards increased domestic production rates and concentration among leading companies, with significant growth potential in overseas markets [3][10] - Specific companies such as Xinmai Medical and Nanwei Medical are experiencing valuation recovery, with projected valuations around 22-25 times for 2025 [4][6] Future Opportunities in the Medical Device Industry - Future opportunities in the medical device industry are primarily in innovation, internationalization, and frequent mergers and acquisitions [5][7] - High-value consumables are expected to benefit from policy support, particularly in areas like aortic stents, digestive interventions, and minimally invasive surgical consumables [7][9] Performance Expectations for 2025 - The medical device sector is expected to show positive growth across various sub-sectors in 2025, with companies like Huatai Medical and Weidian Medical anticipated to see performance turning points [8][9] - Companies such as Union Medical and Mindray are expected to achieve significant growth in the third quarter, driven by improved bidding data and product performance [8][9] Specific Company Recommendations - Recommended companies include Xinmai Medical, Nanwei Medical, and Guichuang Tongqiao, which are expected to perform well due to their growth potential and favorable market conditions [6][20] - In the Hong Kong market, companies like Guichuang Tongqiao and Weikang Medical are highlighted for their strong performance and innovation capabilities [18][19] Notable Trends and Developments - The IVD sector is facing challenges due to previous rounds of centralized procurement, but there is optimism for gradual improvement in performance in the latter half of the year [28][29] - The high-value consumables sector, particularly in electrophysiology, is expected to see significant growth, with companies like Huatai Medical benefiting from product launches and market acceptance [26][27] Conclusion - The medical device industry is poised for recovery and growth, driven by policy support, innovation, and international expansion. Investors are encouraged to focus on companies demonstrating strong growth potential and favorable market dynamics [1][5][20]

Core Viewpoint - The neurointervention industry has undergone significant changes since the introduction of centralized procurement in 2021, leading to drastic price reductions and a shift in market dynamics, with a notable increase in the market share of domestic products and a concentration of market share among leading companies [1][2]. Group 1: Price Changes and Market Dynamics - The average price of spring coils dropped from 12,000 yuan to around 6,400 yuan, a decrease of 46.82%, with the highest drop reaching 66% [1]. - The minimum winning price for spring coils is now approximately 3,244 yuan, while the average price for intracranial thrombectomy stents has fallen from 26,900 yuan to below 4,000 yuan [1]. - The market share of domestic neurointervention products surged from less than 10% to 26% by 2024, indicating a significant shift in the competitive landscape [1]. Group 2: Financial Performance of Leading Companies - Despite gaining market share, leading companies in the neurointervention sector have faced continuous losses, with notable losses reported by companies such as MicroPort Brain Science and Guichuang Tongqiao [2]. - By 2024, these companies have turned profitable, with MicroPort Brain Science achieving a net profit of 249 million yuan, marking a significant turnaround from previous losses [2]. Group 3: Revenue Growth Factors - Revenue growth for leading companies has been substantial, with Guichuang Tongqiao's neurointervention business experiencing revenue growth rates of 463%, 108%, 64%, and 38.4% from 2021 to 2024 [3][4]. - The number of approved and commercialized products has increased significantly, with MicroPort Brain Science expanding from 8 to 25 products from 2021 to 2024 [5]. Group 4: Sales and Market Expansion Strategies - Centralized procurement has accelerated the commercialization of neurointervention products, leading to increased sales volumes despite lower prices [7][9]. - Companies like MicroPort Brain Science have expanded their product reach to approximately 520 hospitals, significantly increasing their market presence [8]. Group 5: Cost Management and Efficiency - Leading companies have focused on improving operational efficiency to reduce costs, with Guichuang Tongqiao reducing its sales and distribution expenses from 31% to 22.3% of total revenue [14]. - Companies have also optimized their supply chains and production processes, with MicroPort Brain Science achieving a 90% localization rate for raw materials by the end of 2023 [15][16]. Group 6: International Market Expansion - In response to domestic market pressures, leading companies are increasingly targeting international markets, with MicroPort Brain Science conducting over 50 overseas training and academic exchange events in 2024 [10][11]. - Guichuang Tongqiao reported international business revenue of 22.6 million yuan in 2024, a 58.2% increase, indicating successful market penetration in Europe and Asia [11].