证券研究报告 | 2025年08月25日 南微医学（688029.SH） 优于大市 25Q2 归母净利润增长 21%，海外增速亮眼 2025 年上半年公司营收利润双增长，25Q2 增速超 20%。2025 年上半年公司 实现营收 15.65 亿元（+17.36%），归母净利润 3.63 亿元（+17.04%）， 扣非归母净利润 3.64 亿元（+18.90%），其中 25Q2 单季营收 8.66 亿元 （+21.36%），归母净利润 2.02 亿元（+21.22%），扣非归母净利润 2.03 亿元（+22.92%）。2025Q2 业绩增长显著提速，主要受益于收购的西班 牙公司并表、海外渠道的持续扩张以及创新产品的放量。 国内业务承压，海外业务增速亮眼。分地区看，公司 2025 年国内市场收 入 6.56 亿元（-7.1%），主要受到集采的影响，公司主要产品如止血夹、 扩张球囊、注射针等已进入集采范围，导致部分产品价格承压。国际市 场收入 8.98 亿元（+43.81%），海外营收占比提升至 57.37%，其中美洲 区收入 3.41 亿元（+21.75%），欧洲、中东及非洲区收入 4.16 亿元（+89%， 含 ...

Summary of Nanwei Medical Conference Call Company Overview - **Company**: Nanwei Medical - **Industry**: Endoscopic medical consumables Key Points and Arguments Market Position and Performance - Nanwei Medical's hemostatic clips have surpassed a 50% market share domestically, indicating strong competitive positioning in the endoscopic consumables market [2][4] - The company has established a presence in the overseas market, with projected revenue of 500 million yuan from the U.S. market in 2024, accounting for over 45% of its overseas income [2][4] - The domestic endoscopic consumables market is expected to grow at approximately 15% annually, driven by increased penetration of colonoscopy and upgrades in high-end hospitals [2][6] Financial Projections - Expected net profits for Nanwei Medical from 2025 to 2027 are projected to be 656 million yuan, 775 million yuan, and 936 million yuan, respectively, with corresponding PE ratios of 27x, 23x, and 19x [2][7][15] - The company maintains a "buy" rating based on its growth potential and market positioning [2][15] Regulatory and Market Risks - Domestic centralized procurement policies may impact the pricing of endoscopic consumables, with relevant documents expected to be released in regions like Guangdong and Zhejiang in the second half of 2025 [2][8][16] - International trade tensions and currency fluctuations pose potential risks, particularly concerning U.S. tariffs on imports from Thailand and the impact on raw material costs [5][17] Competitive Landscape - Major competitors in the endoscopic consumables market include Boston Scientific and Olympus, with Boston Scientific being the market leader globally [3] - Domestic competitors include Anrui, Jiuhong, Weidekang, and Anjies [3] Product Line and Applications - Nanwei Medical focuses on soft endoscope-related consumables, including biopsy forceps, hemostatic clips, and electrosurgical knives, used in common medical procedures such as polypectomy and hemostasis [2][10] - The company has not yet ventured into endoscope equipment but has a comprehensive product line for various medical applications [10] Global Expansion Strategy - Nanwei Medical has established a competitive advantage in the U.S. and European markets through early international expansion and acquisitions, with overseas revenue expected to maintain a growth rate of over 30% [5][12][14] - The company is set to reduce export tariffs to the U.S. by launching its Thai factory by the end of 2025 [5][14] Management and Shareholder Structure - The largest shareholder is Zhongke Investment, which focuses on equity and financial investments without involvement in daily operations [13] - The management team, led by key executives Long Xiaohui and Leng Derong, has remained stable since the company's IPO, which supports business development [13] Future Outlook - The endoscopic consumables market is projected to reach approximately 5 billion yuan by 2022, with increasing demand driven by the rising incidence of gastrointestinal diseases and the need for advanced medical procedures [11] - Despite cost control measures impacting procedure fees, overall demand for endoscopic services continues to grow [9]

Core Viewpoint - The article emphasizes the importance of mature medical devices in China's healthcare system, highlighting the need for a new perspective on these products that are often overlooked despite their critical role in surgical efficiency, safety, and cost management [2][3][4]. Summary by Sections Industry Overview - The series aims to reassess products that are no longer considered "sexy" but are foundational to the Chinese medical system, focusing on their value, challenges, and potential [3][4]. Research Project - A long-term research project titled "Research on Mature Medical Device Tracks in China" has been initiated to systematically analyze mature products that are often taken for granted, revealing their true business logic and emerging structural opportunities [4][5]. Focus Product: Soft Tissue Ultrasound Knife - The first report in the series focuses on the soft tissue ultrasound knife, which is widely used in various minimally invasive surgeries and has transitioned from being dominated by imported brands to a rapidly growing domestic market [5][10]. - This product exemplifies a "mature but not yet concluded" category, having completed the transition from import to domestic production, with high penetration rates and essential demand in surgeries [5][10]. Key Insights from the White Paper - The white paper includes a comprehensive overview of over 20 major domestic and international manufacturers, detailing their certified products, technical features, and core strategies [8][11]. - It addresses critical questions such as market saturation, innovation opportunities post-price wars, potential for new entrants, and the prospects for companies in the post-collective procurement landscape [10][11]. Target Audience - The report is aimed at various stakeholders, including medical device companies, investment analysts, government teams, hospital procurement departments, and entrepreneurs focused on stable and certain market segments [12]. Future Outlook - The upcoming white paper titled "Opportunities in the Operating Room: Ultrasound Knife Industry White Paper (2024)" will be released soon, indicating that this is just the beginning of a broader analysis of other medical devices that may also have untold stories [15].