经济观察报实习记者田韫莘记者张英 上市后，联影医疗出现业绩波动。2023年，营收与利润保持增长，但2024年两项指标均下滑，营收同比 下滑9.73%，扣非净利润同比下滑39.32%。 对2025年业绩恢复增长的原因，联影医疗从国内、国外两方面进行了解释。 在国内市场，大规模医疗设备更新政策2025年进入常态化、专业化实施阶段，高端医学影像、放疗及基 层诊疗相关设备需求持续释放，行业整体规模较上年同期明显回升。联影医疗称，自身在国内市场占有 率持续提升并保持行业领先地位，2025年中国市场收入规模实现显著增长，经营质量与盈利能力同步增 强。 2月25日晚间，国产医疗影像龙头联影医疗(688271.SH)发布业绩快报，2025年营业总收入为138.21亿 元，同比增长34.18%，扣非净利润17.88亿元，同比增长77.01%。营收与扣非净利润的增幅均创上市以 来新高。 联影医疗成立于2011年，主要提供大型医学影像诊断与治疗设备、生命科学仪器。2022年8月，联影医 疗上市，创下当年科创板最大规模IPO。 近年来，联影医疗一直着力拓展海外业务。2023年其境外主营业务收入为16.59亿元，同比增长 53.97% ...

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $772 million, resulting in 4% organic growth, with a full year revenue of $2.86 billion, reflecting 3% organic growth [22][24] - Adjusted EPS for the fourth quarter was $1.70, exceeding the high end of expectations, while the full year adjusted EPS was $5.06, representing 3% growth year-over-year [10][24] - Adjusted operating margins for the fourth quarter were 29.7%, down 60 basis points year-over-year, while full year adjusted operating margins were 27.1%, down 120 basis points year-over-year [23][24] Business Line Data and Key Metrics Changes - The diagnostics segment generated $390 million in revenue for the fourth quarter, up 10% on a reported basis and 7% on an organic basis, with full year organic growth of 4% [28] - The life sciences segment reported revenue of $382 million in the fourth quarter, flat on an organic basis, with full year organic growth also at 2% [26][27] - The immunodiagnostics business grew in the high single digits organically in the fourth quarter, while the reproductive health business grew mid-single digits [28][30] Market Data and Key Metrics Changes - Geographically, the company experienced flat performance in both the Americas and APAC, while Europe saw double-digit growth [26] - For the full year, the Americas grew low single digits, Europe grew high single digits, and APAC declined in the low single digits [26] Company Strategy and Development Direction - The company plans to continue its focus on capital deployment, including share repurchases and potential acquisitions, while maintaining a disciplined approach [11][20] - The introduction of the AI models-as-a-service platform, Signals Synthetica, is expected to enhance the company's position in the market [15][16] - The company anticipates organic growth of 2%-3% for 2026, with potential upside if market conditions improve [12][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of end markets, particularly in pharma and biotech, while acknowledging ongoing uncertainties [11][12] - The company noted improvements in customer sentiment and funding in the biotech sector, contributing to a more favorable outlook [52] - Management emphasized the importance of maintaining a prudent approach in light of recent market trends and uncertainties [12][31] Other Important Information - The company repurchased over $800 million worth of shares in 2025, reducing the share count by 8.5 million shares [10][11] - The acquisition of ACD/Labs is expected to contribute over $20 million in revenue for the year, adding approximately 75 basis points to overall revenue growth [13][31] Q&A Session Summary Question: Can you provide more color on the 2%-3% organic growth guidance? - Management acknowledged positive signs in end markets since September but maintained the conservative guidance to allow for potential upside as the year unfolds [39][40] Question: What is driving the strength in instruments and reagents within life sciences? - Management indicated that continued momentum in the end market and share gains in the preclinical market are contributing factors [45] Question: Can you elaborate on the timing and trajectory of new software products? - Management highlighted that the Signals business is in a significant new product introduction phase, with expectations for growth to accelerate in the coming years [48][49] Question: How is the company approaching M&A opportunities? - Management stated that any potential M&A must provide a strong strategic addition and meet financial return criteria [56] Question: What are the expectations for the diagnostics business going into 2026? - Management expressed a more prudent assumption for newborn screening and immunodiagnostics in China, while still anticipating potential upside [64][70]

Core Viewpoint - The financial performance of United Imaging Healthcare (688271) shows significant growth in revenue and net profit, indicating strong operational efficiency and market demand for its medical imaging and related products [2]. Financial Performance - For the first three quarters of 2025, the company's main revenue reached 8.859 billion yuan, a year-on-year increase of 27.39% [2] - The net profit attributable to shareholders was 1.12 billion yuan, up 66.91% year-on-year [2] - The non-recurring net profit was 1.053 billion yuan, reflecting a substantial increase of 126.94% year-on-year [2] - In Q3 2025 alone, the company reported a single-quarter revenue of 2.843 billion yuan, a remarkable increase of 75.41% year-on-year [2] - The single-quarter net profit attributable to shareholders was 122 million yuan, up 143.8% year-on-year [2] - The non-recurring net profit for Q3 was 87.6141 million yuan, increasing by 126.24% year-on-year [2] - The company's debt ratio stands at 30.08%, with investment income of 606.847 million yuan and financial expenses of -438.233 million yuan, while the gross profit margin is 47.02% [2]. Market Activity - As of January 7, 2026, the stock price of United Imaging Healthcare closed at 134.19 yuan, with a slight increase of 0.15% [1] - The turnover rate was 0.76%, with a trading volume of 62,600 hands and a total transaction amount of 845 million yuan [1] - The net outflow of main funds was 23.748 million yuan, accounting for 2.81% of the total transaction amount, while retail investors saw a net inflow of 18.4835 million yuan, representing 2.19% of the total [1]. Analyst Ratings - In the last 90 days, 25 institutions have provided ratings for the stock, with 18 buy ratings and 7 hold ratings [2] - The average target price set by institutions over the past 90 days is 17.312 billion yuan [2].

Group 1 - The core viewpoint of the news is that United Imaging Healthcare has shown significant financial performance with a notable increase in revenue and net profit, while also experiencing fluctuations in stock trading and financing activities [1][2][3] Group 2 - As of December 31, United Imaging Healthcare's stock price decreased by 1.27%, with a trading volume of 610 million yuan. The financing buy-in amount was 64.52 million yuan, while the financing repayment was 51.51 million yuan, resulting in a net financing buy-in of 13.01 million yuan. The total financing and securities balance reached 1.11 billion yuan [1] - The financing balance of United Imaging Healthcare is 1.11 billion yuan, accounting for 1.07% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1] - On the short-selling side, 1,848 shares were repaid, and 3,000 shares were sold short on December 31, with a total short-selling amount of 376,500 yuan. The short-selling balance was 2,738,900 yuan, which is below the 20th percentile level over the past year, indicating a low level of short-selling activity [1] - As of September 30, the number of shareholders of United Imaging Healthcare reached 32,400, an increase of 96.28% compared to the previous period. The average circulating shares per person decreased by 29.23% to 25,444 shares [2] - For the period from January to September 2025, United Imaging Healthcare achieved an operating income of 8.859 billion yuan, representing a year-on-year growth of 27.39%. The net profit attributable to the parent company was 1.12 billion yuan, with a year-on-year increase of 66.91% [2] - Since its A-share listing, United Imaging Healthcare has distributed a total of 641 million yuan in dividends [3] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited held 19.036 million shares, a decrease of 2.9809 million shares compared to the previous period. Other notable shareholders also saw reductions in their holdings [3]

Group 1 - The core viewpoint of the news is that United Imaging Healthcare experienced a decline in stock price, closing at 125.81 CNY per share, with a market capitalization of 103.69 billion CNY as of December 31 [1] - United Imaging Healthcare, established on March 21, 2011, specializes in high-performance medical imaging equipment, radiation therapy products, life science instruments, and digital healthcare solutions [1] - The company's revenue composition includes 81.29% from sales of medical imaging diagnostic and radiation therapy equipment, 13.56% from maintenance services, 4.68% from other sources, and 0.47% from software [1] Group 2 - According to data, a fund under Bank of China holds a significant position in United Imaging Healthcare, with a reduction of 66,100 shares in the third quarter, leaving 47,700 shares, which represents 3.51% of the fund's net value [2] - The estimated floating loss for the fund on the current day is approximately 62,000 CNY [2] Group 3 - The Bank of China’s fund, the Zhongyin SSE Sci-Tech 50 ETF, was established on March 27, 2025, with a current size of 206 million CNY and a return of 36.9% since inception [3] - The fund manager, Zhao Jianzhong, has been in position for 10 years and 210 days, overseeing total assets of 5.22 billion CNY, with the best return during his tenure being 130.53% and the worst being -31.32% [3]

Core Viewpoint - The stock of United Imaging Healthcare has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 6.28%, indicating volatility in market performance [1]. Financial Performance - For the period from January to September 2025, United Imaging Healthcare reported a revenue of 8.859 billion yuan, representing a year-on-year growth of 27.39% [2]. - The net profit attributable to shareholders for the same period was 1.120 billion yuan, showing a significant increase of 66.91% compared to the previous year [2]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for United Imaging Healthcare reached 32,400, an increase of 96.28% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 29.23% to 25,444 shares [2]. - The stock's trading activity showed a net outflow of 58.49 million yuan from main funds, with significant selling pressure observed [1]. Company Overview - United Imaging Healthcare, established on March 21, 2011, and listed on August 22, 2022, specializes in high-performance medical imaging equipment, radiation therapy products, and medical digital solutions [1]. - The company's revenue composition includes 81.29% from medical imaging diagnostic equipment and radiation therapy equipment sales, 13.56% from maintenance services, and 4.68% from other sources [1]. Institutional Holdings - As of September 30, 2025, major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings [3].

Core Points - The stock price of United Imaging Healthcare has declined by 6.05% over the last three days, closing at 137.69 CNY per share with a market capitalization of 1134.78 billion CNY [1] - The company specializes in high-performance medical imaging equipment, radiation therapy products, life science instruments, and medical digitalization solutions, with 81.29% of its revenue coming from medical imaging and radiation therapy equipment sales [1] Group 1 - United Imaging Healthcare's stock has seen a trading volume of 9.28 billion CNY and a turnover rate of 0.82% [1] - The company was founded on March 21, 2011, and went public on August 22, 2022 [1] - The revenue breakdown includes 13.56% from maintenance services and 4.68% from other sources, with software revenue contributing 0.47% [1] Group 2 - The fund "Jiaoyin Stable Progress Mixed A" holds 2500 shares of United Imaging Healthcare, representing 0.48% of the fund's net value, ranking it as the seventh largest holding [2] - The fund has experienced a floating loss of approximately 5575 CNY today and a total floating loss of 22,200 CNY during the three-day decline [2] - The fund was established on June 21, 2023, with a current size of 57.26 million CNY and has returned 3.3% year-to-date [2]

Core Viewpoint - The stock of United Imaging Healthcare has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 1129.51 billion yuan, reflecting mixed investor sentiment and market activity [1] Financial Performance - For the period from January to September 2025, United Imaging Healthcare reported a revenue of 88.59 billion yuan, marking a year-on-year increase of 27.39% [2] - The net profit attributable to shareholders for the same period was 11.20 billion yuan, showing a significant year-on-year growth of 66.91% [2] Stock and Market Activity - As of November 3, the stock price was 137.05 yuan per share, with a trading volume of 4.05 billion yuan and a turnover rate of 0.35% [1] - The stock has increased by 8.61% year-to-date, but has seen a decline of 4.71% over the last five trading days and 4.95% over the last twenty days [1] Shareholder and Institutional Holdings - As of September 30, the number of shareholders increased to 32,400, a rise of 96.28%, while the average number of circulating shares per person decreased by 29.23% to 25,444 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 19.04 million shares, a decrease of 2.98 million shares from the previous period [3]

Core Viewpoint - 联影医疗 is a leading player in the domestic medical imaging industry, providing a full range of high-performance medical imaging equipment and solutions, and has successfully broken the foreign monopoly in the high-end medical imaging equipment sector [1] Group 1: Business Performance - In Q3 2025, 联影医疗 reported revenue of 8.859 billion yuan, ranking second among 42 companies in the industry, while the industry leader, 迈瑞医疗, achieved revenue of 25.834 billion yuan [2] - The net profit for 联影医疗 in the same period was 1.102 billion yuan, placing it third in the industry, with 迈瑞医疗 leading at 7.814 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 联影医疗's asset-liability ratio was 30.08%, higher than the previous year's 26.10% and above the industry average of 27.21% [3] - The gross profit margin for 联影医疗 in Q3 2025 was 47.02%, down from 49.41% year-on-year and below the industry average of 48.67% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for 联影医疗 increased by 96.28% to 32,400, while the average number of circulating A-shares held per shareholder decreased by 29.23% to 25,400 [5] Group 4: Executive Compensation - The chairman, 张强, received a salary of 2.6521 million yuan in 2024, a decrease of 531,000 yuan from 2023 [4] - The president, JUN BAO, saw a reduction in salary from 2.5667 million yuan in 2023 to 2.2551 million yuan in 2024, a decrease of 311,600 yuan [4] Group 5: Future Outlook - 华泰证券 forecasts that 联影医疗 will achieve a net profit of 2.005 billion yuan in 2025, with projected profits of 2.419 billion yuan and 2.916 billion yuan in 2026 and 2027, respectively [6] - The company is expected to maintain a strong performance in its core equipment business, with significant growth in overseas revenue [6]

Core Insights - On October 13, 2023, United Imaging Healthcare experienced a 2.15% decline in stock price with a trading volume of 1.298 billion yuan, indicating market volatility [1] - The company reported a net financing outflow of 14.54 million yuan on the same day, with a total financing and securities balance of 1.097 billion yuan, suggesting high leverage levels [1] - As of June 30, 2023, United Imaging Healthcare achieved a revenue of 6.016 billion yuan, reflecting a year-on-year growth of 12.79%, and a net profit of 998 million yuan, up 5.03% year-on-year [2] Financing and Trading Activity - On October 13, 2023, the financing buy-in for United Imaging Healthcare was 108 million yuan, while the financing balance stood at 1.094 billion yuan, accounting for 0.87% of the circulating market value, indicating a high financing level compared to the past year [1] - The company had a low short-selling balance of 2.224 million yuan, with a short-selling volume of 3,553 shares on the same day, suggesting limited bearish sentiment [1] Shareholder and Dividend Information - As of June 30, 2023, the number of shareholders for United Imaging Healthcare decreased by 23.01% to 16,500, while the average circulating shares per person increased by 29.89% to 35,953 shares [2] - The company has distributed a total of 641 million yuan in dividends since its A-share listing, reflecting a commitment to returning value to shareholders [3] Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2023, notable increases in holdings were observed for several ETFs, including Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, indicating growing institutional interest [3]