证券代码：688085 证券简称：三友医疗 公告编号：2026-007 上海三友医疗器械股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以上海三友医疗 器械股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 ■ 注： 1、报告期内，公司实施2024年度权益分配，向全体股东每10股以资本公积金转增2股，故对2024年基本 每股收益按照考虑实施2024年权益分配后的股本进行调整。 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3、本公告中除特别说明外，所有数值均保留2位小数，如有差异均为四舍五入原因造成。 二、经营业绩和财务状况情况说明 （一）报告期内公司的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业总收入54,279.25万元，同比增长19.66%；研发费用8,371.08万元，研发投入占 比15.42%；实 ...

2025年，公司在带量采购全面执行的压力下，利用自身创新疗法优势，不断进行新产品的开发和合作， 进一步丰富和增加公司的产品线，促进终端销售的持续扩展和渠道下沉，销售业绩稳定增长。同时，借 助全资子公司水木天蓬超声能量平台特别是超声骨刀和超声吸引设备等的创新技术，公司继续加强无源 和有源在疗法上的有机配合，为市场提供更多的一体化解决方案。2025年，超声骨刀业务在销售业绩和 净利润上均取得了快速的增长。公司国际化业务亦保持持续快速发展，2025年，公司控股公司 Implanet 实现营业收入1247.39万欧元，同比增长32.62%，其中美国市场表现优异，同比增长49.30%。但由于国 际化业务还处于销售推广和市场拓展前期，因此 Implanet 报告期内仍处于亏损状态，对公司2025年归 属于母公司的净利润的影响为-2600.00万元左右。 格隆汇2月26日丨三友医疗(688085.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入5.43亿 元，同比增长19.66%；研发费用8371.08万元，研发投入占比 15.42%；实现归属于母公司所有者的净利 润6328.95万元，同比增加451.85%； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 391 million yuan for the first three quarters of 2025, representing a year-on-year increase of 17.65%, and a net profit attributable to shareholders of 62 million yuan, up 623.19% [6] - The company's core growth driver, the Shuimu Tianpeng product line, continues to show rapid growth, with a revenue of 115 million yuan in the first three quarters, an increase of 52.21% [7] - The international business, particularly in the U.S. market, has become a significant growth engine, with overseas revenue reaching over 18 million yuan, nearly doubling year-on-year [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 391 million yuan (+17.65%) and a net profit of 62 million yuan (+623.19%) [6] - The third quarter alone saw a revenue of 142 million yuan (+17.44%) and a net profit of 25 million yuan (+268.13%) [6] - The company expects revenues of 599 million yuan, 759 million yuan, and 952 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.0%, 26.8%, and 25.4% [9] Growth Drivers - The company’s ultrasound bone knife product line is experiencing rapid growth, with over 50% increase in both shipment volume and sales value for the high-margin consumables [7] - The innovative spinal surgery robot and the JAZZ system are expected to create long-term competitive advantages, with the robot entering the "innovation channel" for expedited approval [8] - The U.S. market has become the largest market for the company’s subsidiary Implanet, with a revenue growth of 83.04% year-on-year [7]

Core Viewpoint - The company has reported strong financial performance for the third quarter of 2025, with significant growth in both domestic and international markets, particularly in the U.S. market, indicating a positive outlook for future operations and expansion efforts [6][7][8]. Financial Performance - In Q3 2025, the company achieved a revenue of 141.71 million yuan, representing a year-on-year increase of 17.44% [6]. - The net profit attributable to shareholders reached 25.38 million yuan, up 268.13% year-on-year [6]. - For the first three quarters of 2025, total revenue was 391.47 million yuan, a 17.65% increase, while net profit attributable to shareholders surged by 623.19% to 61.98 million yuan [6]. Business Segments - The domestic business showed stable growth in surgical volumes and sales performance, while international operations, especially in the U.S., continued to grow significantly [6][7]. - The company’s subsidiary, Waterwood Tianpeng, reported a revenue of 114.92 million yuan for the first three quarters, marking a 52.21% increase, with net profit rising by 179.65% [7]. Product Development - The company received regulatory approval for the JAZZ fixed tension band system in China, enhancing its product line and competitive edge in the spinal surgery market [8]. - The company’s innovative spinal surgery robot and related products have also passed the special review process for innovative medical devices, marking a significant milestone in its R&D efforts [8]. Strategic Decisions - The company has decided to waive its preferential subscription rights for a capital increase in its subsidiary, Implanet, which will reduce its ownership stake from 74.18% to between 63.72% and 64.91% [24][25]. - This decision aligns with the company's strategic planning and funding needs, allowing Implanet to raise capital for market expansion without adversely affecting the company's consolidated financial results [25][40].