Core Viewpoint - Nanwei Medical (688029.SH) has achieved steady performance growth for five and a half consecutive years, driven by innovation and internationalization [1] Financial Performance - In the first half of 2025, Nanwei Medical reported revenue of 1.565 billion yuan, a year-on-year increase of 17.36% - The net profit attributable to shareholders was 363 million yuan, reflecting a year-on-year growth of 17.04% [1] Product and Market Development - The company specializes in minimally invasive medical devices, including endoscopic diagnostic instruments, microwave/radiofrequency ablation equipment, and disposable endoscopes [1] - Revenue from the Asia-Pacific region was 808 million yuan, a decrease of 1.7%; revenue from the Americas was 341 million yuan, an increase of 21.75%; and revenue from Europe, the Middle East, and Africa was 416 million yuan, a growth of 89% [1] - Overseas revenue grew by 45%, accounting for 58% of total revenue [1] Strategic Initiatives - In February 2025, Nanwei Medical acquired 51% of Spanish company Creo Medical S.L.U., marking a significant step in expanding its European market presence [2] - The construction and operational preparation of the manufacturing center in Thailand is progressing, with production expected to commence by the end of the year, enhancing the global supply chain [2] Research and Development - In the first half of 2025, R&D investment reached 88.28 million yuan, a year-on-year increase of 26.88%, representing 5.64% of revenue [2] - The company applied for 64 new patents, including 8 foreign invention patents, and received 48 new patent authorizations [2] Patent Portfolio - As of June 30, 2025, Nanwei Medical has obtained a total of 701 patents, including 203 invention patents and 433 utility model patents [3] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 93.46 million yuan, which is 25.72% of the net profit for the period [3] - Since its IPO in 2019, Nanwei Medical has distributed a total of 978 million yuan in dividends [3] - The company is also advancing a share repurchase plan, having repurchased 15,700 shares for a total expenditure of 977,400 yuan as of the end of July [3]

各类创新产品及国内外医工转化创新项目，如新一代胆道镜、支气管镜和热穿刺支架等进展顺利，已进 入注册提交阶段。5 月公司创新研究机构正式成立，致力于通过术式创新引领器械设计创新，识别重大 临床需求和探索前沿技术。 海外生产及并购战略稳步推进，泰国工厂有望年底投产。公司于2 月份完成对西班牙公司Creo Medical S.L.U.51%股权的收购，为公司深入拓展欧洲市场迈出重要一步，目前并购整合进展顺利，产品切换正 有序推进。公司泰国制造中心建设与运营筹备有序推进，年底前将正式投产，有利于建立安全的全球供 应链。 盈利预测、估值与评级 经营分析 扎实推进国际化，海外业绩亮眼。公司在全球化布局方面优势突出，海外发达国家产品及渠道能力逐步 彰显。上半年公司海外业务实现收入8.98 亿元，同比+44%。其中美洲区域收入3.41 亿元，同比+22%; 欧洲、中东及非洲区域收入4.16 亿元，同比+89%。海外营收占比已提升至总收入的58%。国内市场实 现收入6.56 亿元，主要受到止血夹等部分耗材产品集采降价等因素影响，预计未来国内增速有望逐步恢 复。 坚持创新驱动，研发成果不断涌现。上半年公司研发投入8828 万元， ...

8月11日晚间，南微医学(688029)发布2025年半年报，2025年上半年，公司实现营收15.65亿元，较上年 同期增长17.36%；归母净利润3.63亿元，同比增长17.04%。同时，公司海外营收占比已提升至总收入的 58%。 近年来，内镜手术和相关技术的不断进步，使内镜市场呈现快速增长趋势，也带动了对内镜器械耗材的 需求不断提升。根据iData Research的统计，全球消化内镜市场在2021年价值达到92亿美元，预计以 5.3%的复合年增长率增长，到2028年将达到131亿美元。据波士顿科学在JP Morgan的报告分析，预计 2025年全球内镜诊疗器械市场规模为70亿美元，整体增速为6%。另据奥林巴斯2024财年年报报告分 析，2024年全球消化内镜设备市场约为23亿—28亿美元，增速为4%—6%；全球消化内镜耗材市场约为 25亿—32亿美元，增速为5%—7%。 南微医学多年深耕内镜下诊疗领域，对微创技术发展历程和趋势、临床诊疗需求、医患痛点有着深刻理 解。多年来，公司顺应临床医学从传统外科手术到微创诊疗手术的行业发展趋势，依托内镜诊疗技术平 台，通过自主研发和医工结合逐步形成了包括扩张(包含非 ...