8月21日晚间，迈普医学（301033）披露2025年半年报，公司上半年实现营业收入1.58亿元，同比增长 29.28%；归母净利润4729.91万元，同比增长46.03%；基本每股收益0.71元。 在可吸收再生氧化纤维素方面，公司开发的可吸收再生氧化纤维素止血产品是国内少数实现产业化的氧 化再生纤维素产品，其产业化将打破我国神经外科可吸收止血产品被长期进口垄断的局面。同时，公司 积极筹划已上市的"可吸收再生氧化纤维素"止血产品的拓适应症工作，于2025年1月完成产品拓展适应 症注册变更。 在硬脑膜医用胶方面，公司自主研发的睿固硬脑膜医用胶于2023年2月获准上市，报告期内，可吸收再 生氧化纤维素和硬脑膜医用胶共计实现销售收入3832.22万元，比上年同期增长169.66%。 在全球化方面，报告期内，公司国内外分别实现营业收入11967.84万元、3809.92万元，比上年同期分别 增长23.84%、50.96%。 在国际市场，公司上半年止血产品、硬脑膜医用胶等产品收入同比增长超100%。目前，市场已覆盖全 球超100个国家和地区。公司未来将以神经外科开颅整体解决方案进一步扩大在国内市场的竞争优势， 提升市占 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company, Maipu Medical, is a leading player in the domestic neurosurgery field, focusing on high-performance implantable medical devices. The company is expected to enter a growth phase by continuously enriching its product portfolio and improving marketing channels. Key products include artificial dura mater (spinal) patches, which are expected to see accelerated market penetration due to centralized procurement, and new products like absorbable hemostatic gauze and dura mater glue, which are anticipated to provide sustained growth momentum [6][14][17]. Summary by Sections Company Overview - Maipu Medical, established in 2008 and listed on the Shenzhen Stock Exchange in 2021, specializes in high-performance implantable medical devices for neurosurgery. The company has developed a range of products including dura mater repair products and craniofacial repair systems, enhancing its capability to provide comprehensive solutions in neurosurgical repair [17][18]. Product Performance - The artificial dura mater (spinal) patch is a cornerstone product benefiting from centralized procurement, with projected revenue of 156 million yuan in 2024, reflecting a year-on-year growth of 11.46%. The product's unique bionic structure offers advantages in biocompatibility and degradability [15][32]. - Craniofacial repair products are expected to generate 80 million yuan in revenue in 2024, with a year-on-year growth of 31.05%. The superior properties of PEEK materials are anticipated to drive market penetration, replacing traditional titanium materials [16][44]. - The absorbable hemostatic gauze is projected to achieve revenue of 36 million yuan in 2024, with a year-on-year growth of 49.89%. This product is expected to break the import monopoly and rapidly gain market share [16][49]. Financial Projections - Revenue forecasts for the company from 2025 to 2027 are 371 million yuan, 491 million yuan, and 647 million yuan, with year-on-year growth rates of 33.1%, 32.5%, and 31.8% respectively. Net profit attributable to the parent company is expected to be 113 million yuan, 149 million yuan, and 199 million yuan for the same period, with growth rates of 43.6%, 31.8%, and 33.4% respectively [6][7][28]. Market Position - The company is the only domestic enterprise with a comprehensive product line in the neurosurgery field, including artificial dura mater patches, craniofacial repair systems, and absorbable hemostatic products. This diverse product structure is expected to support stable revenue growth and long-term sustainable development [18][30].