迈普医学(301033) 公司研究/公司点评 业绩高增兑现，海外市场增长显著 ——迈普医学（301033）2025 年中报业绩点评 公司发布 2025 年中报业绩，实现营收 1.58 亿元（yoy+29.28%），实现 归母净利润 0.47 亿元（yoy+46.03%），实现扣非归母净利润 0.46 亿元 （yoy+66.20%）。分季度看，2025Q2 实现营收 0.84 亿元（yoy+29.66%）， 实现归母净利润 0.23 亿元（yoy+32.62%），实现扣非归母净利润 0.23 亿元（yoy+47.86%）。 ◼ 核心观点 海内外收入齐发力，多项产品驱动业绩放量。分区域看，25 年上半年 公司海外实现收入 0.38 亿元，同比增长 50.96%，预计受益于止血产 品、硬脑膜医用胶等产品快速放量；国内市场实现收入 1.20 亿元，同 比增长 23.84%。分产品看，公司持续聚焦核心主业，多项产品驱动业 绩放量，脑膜产品共实现收入 0.71 亿元，同比增长 3.24%；颅颌面修 补及固定系统实现收入 0.44 亿元，同比增长 24.69%；可吸收再生氧 化纤维素和硬脑膜医用胶共计实现收入 0.38 亿 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-08-22 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 86.88 | | --- | --- | | 总股本/流通股本（亿股）0.67 | / 0.56 | | 总市值/流通市值（亿元）58 | / 49 | | 52 周内最高/最低价 | 88.80 / 38.35 | | 资产负债率(%) | 12.5% | | 市盈率 | 72.40 | | 第一大股东 | 袁玉宇 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 迈普医学(301033) 公司新产品收入占比突破 20%，国际市场销量增速 强劲 l 业绩简评 公司发布 2025 年半年报，2025 年 H1 公司实现营业收入 1.58 亿 元，同比增长29.28%；实现归属于母公司所有者的净利润0.47亿元， 同比增长 46.03%；归属于母公司所有者的扣 ...

证券代码：301033 证券简称：迈普医学 广州迈普再生医学科技股份有限公司 投资者关系活动记录表 编号：2025006 | | 为；中泰证券 谢木青、刘照芊；路博迈投资 张翔宇；泰 | | --- | --- | | | 康资管 马步云；鹏华基金 胡颖；中邮创业基金 杨朋；博 | | | 远基金 谭飞；光大保德信基金 林晓枫；天弘基金 丁雪 | | | 松；华夏基金 常黎曼；上海歌汝私募基金 应晓立；深圳 | | | 市河床资管 杨田；甬兴证券 徐昕；信达澳亚 李点典； | | | 华源证券 林海霖；广发证券 张晨旭；上海和谐汇一资管 | | | 陈凯；浦銀國際證券 胡澤宇；长江养老保险 邱宏斌；深 | | | 圳前海云溪基金 陈铭；浙江益恒投资 钱坤；深圳市榕树 | | | 投资 李敏生、许群英；上海途灵资管 赵梓峰；中银国际 | | | 证券 吴炉飞；广州市航长投资 麦浩明；平安资管 林启 | | | 姜；上海禧弘投资 赵然；国泰基金 邱晓旭；万和证券 许 | | | 俊武；申万宏源 陈烨远 | | 时间 | 2025年08月22日 15:30-16:30 | | 地点 | 公司会议室 | | 上市公司 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迈普医学(301033) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_OtherReport] 深耕神外赛道，脑膜胶和可吸收止血 纱新品上量可期 集采助力产品放量，盈利能力逐步增 强 集采压力期已过，国内海外双丰收 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩符合预期，多产品驱动成长 [Table_ReportDate] 2025 年 08 月 22 日 [Table_S 事件：公司发布 ummary] 2025 年中期报告，2025 年上半年实现营业收入 1.58 亿元 （yoy+29.28%），归母净利润 0.47 亿元（yoy+46.03%），扣非归母净利 润 0.46 亿元（yoy+66.20%），经营活动现金流 0.57 亿元（yoy+64.31%）。 其中 2025Q2 实现营业收入 0.84 亿元（ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90 CNY [1][10]. Core Views - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and centralized procurement [1][8]. - The acquisition of Yijie Medical is a strategic move to expand into the high-potential neurointervention market, despite some short-term concerns regarding profit dilution [2][8]. Summary by Sections Neurosurgery Business Development - Before 2023, the company experienced a period of low revenue growth, heavily reliant on a single product, artificial dura mater, with revenues growing from 54 million CNY in 2017 to 195 million CNY in 2022, achieving a CAGR of 29% [16][22]. - After 2023, the impact of centralized procurement on the dura mater business is expected to stabilize, while new products like PEEK craniofacial repair products and hemostatic gauze are anticipated to drive revenue growth [1][32]. Strategic Acquisition of Yijie Medical - Yijie Medical focuses on the neurointervention sector, which has low penetration and localization rates, presenting significant growth potential [2][52]. - Concerns regarding the acquisition include potential short-term profit dilution and pricing issues related to related-party transactions, but regulatory scrutiny reduces the risk of unreasonable pricing [2][8]. Financial Projections - The company forecasts total revenue of 372 million CNY in 2025, with a year-on-year growth rate of 33.8%, and net profit of 113 million CNY, reflecting a 43.8% increase [3][10]. - The earnings per share (EPS) are projected to grow from 1.70 CNY in 2025 to 3.32 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 66 in 2024 to 23 in 2027 [3][10].

Company Overview - Mypu Medical is a technology-driven enterprise focused on high-performance implantable medical devices, specifically in the neurosurgery field, and is one of the few domestic companies entering the global high-end market [3][4]. Market Insights - The global market for absorbable hemostatic materials was valued at approximately CNY 20.2 billion in 2020 and increased to CNY 21.9 billion in 2021 [3]. - The terminal market for dural sealing materials in China was about CNY 2.275 billion in 2020 [3]. Technology Platforms - Mypu Medical has developed four major technology platforms: - **Bioprinting Technology**: Used to create artificial dura mater and absorbable repair membranes [4]. - **Digital Design and Precision Processing**: Enables high compatibility for cranial defect repair products using PEEK materials [4]. - **Selective Oxidation and Microfiber Network Formation**: Focused on high-performance hemostatic products for neurosurgery, breaking the long-standing import monopoly [4]. - **Multicomponent Crosslinking and Gel Technology**: Developed dural adhesive products with low swelling and neutral pH, addressing sealing effectiveness and clinical application risks [4]. Product Development - The dural adhesive product received domestic NMPA registration in February 2023 and is expected to obtain EU CE certification by March 2025, with ongoing sales efforts in domestic and international markets [4][5]. - The absorbable regenerated oxidized cellulose hemostatic product is one of the few successfully industrialized products in China, demonstrating effective hemostatic capabilities [5]. Strategic Focus - Mypu Medical aims to strengthen core capabilities and seize opportunities to enhance operational efficiency, targeting improved performance in 2025 [6]. - The company is actively monitoring and participating in centralized procurement projects to leverage national and local procurement opportunities [6].

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].

Core Viewpoint - The article discusses the recent adjustments in stock holdings by various fund managers and institutions, highlighting contrasting strategies and significant movements in specific sectors such as medical devices, renewable energy, and high-end manufacturing [1][2][5][9]. Group 1: Medical Sector Adjustments - Fund managers Ge Lan and Wu Xingwu have shown "reverse operations" regarding Mai Pu Medical, with Ge Lan's fund entering the top ten shareholders while Wu Xingwu exited [1][2]. - Mai Pu Medical's stock price has increased by 37.52% year-to-date, with a cumulative rise of 18.16% in the second quarter [2]. - After reducing holdings in Jianyou shares, Ge Lan's fund has also exited the top ten shareholders of Jianyou, which has seen a cumulative decline of 19.1% in the second quarter [2]. Group 2: Adjustments in Renewable Energy Sector - Zheng Chengran has made significant adjustments in the photovoltaic sector, notably increasing holdings in Guodewei by 95.19% while exiting Daqian Energy [5][6]. - Guodewei's stock has experienced a cumulative decline of 9.37% in the second quarter, while Daqian Energy reported a 69.57% year-on-year revenue drop in the first quarter [5]. - Contrasting strategies are evident as Zhao Yi has continuously increased his holdings in De Ye shares, while Zheng Chengran has reduced his [6]. Group 3: Military and Semiconductor Sector Movements - Fund managers from Yongying Fund have shown differing strategies in military stocks, with a significant increase in holdings of Beifang Changlong by 56.9% from one manager, while another has exited the top ten shareholders [7]. - In the semiconductor sector, notable reductions in holdings of Ju Guang Technology have been observed, with a decrease of 20.45% [7][8]. Group 4: Institutional Adjustments - Domestic brokerages and foreign institutions have also made notable adjustments, primarily focusing on high-end manufacturing and chemical new materials [9][11]. - Notably, Morgan Stanley and JPMorgan have exited several top shareholder positions, including those in North Changlong and Aipu shares, while also increasing their stakes in Xusheng Group [9][10]. - The article highlights a divergence in strategies, with Abu Dhabi Investment Authority increasing its stake in Baofeng Energy while CITIC Securities has reduced its holdings [11].

Core Viewpoint - The rise of innovative drugs in China is reshaping the global pharmaceutical industry, with significant market opportunities and challenges highlighted in the report [2]. Market Performance - Innovative drug concept stocks have shown strong performance in both A-shares and Hong Kong markets, with the Guotai Innovative Drug ETF (517110) up over 25% and the Hong Kong Innovative Drug ETF (513120) up over 60% year-to-date [2]. - Guanhao Biological, as an innovative drug concept company, saw its stock price rise by 28.56% from May 13 to June 12, 2024, reaching a peak of 18.38 yuan, with a notable single-day increase of 19.97% on June 3 [2][3]. R&D Expenditure Trends - Guanhao Biological has significantly reduced its R&D expenses, with a year-on-year decrease of 18.74% in 2024, ranking 60th among innovative drug companies [6]. - The company's R&D expenses as a percentage of revenue stand at 9.58%, ranking 50th among peers [8]. - R&D expenditures have decreased for three consecutive years, totaling 50.52 million yuan in 2022, 44.50 million yuan in 2023, and 36.16 million yuan in 2024, representing a cumulative decline of 28.4% [8][9]. R&D Personnel and Project Progress - The number of R&D personnel has decreased from 70 in 2022 to 66 in 2024, with total R&D personnel compensation dropping by 33.1% from 20.48 million yuan in 2022 to 13.71 million yuan in 2024 [9]. - The progress of ongoing projects is slow, with key projects like the artificial liver still in preclinical research and the new indication for Benvimod facing a 25.1% revenue decline in 2024 [9][10]. Competitive Landscape - Competitors have successfully launched products, such as Zhenghai Biological's "Haiyu" active biological bone filling material, which has entered the sales system in many hospitals [10]. - Guanhao Biological's recent strategic adjustments have not yet yielded significant performance support, while traditional biological materials face intensified market competition [10]. Financial Performance - Guanhao Biological's revenue fluctuated from 377 million yuan in 2022 to 404 million yuan in 2023, then back to 377 million yuan in 2024, reflecting a 6.6% year-on-year decrease due to price drops from centralized procurement policies [12]. - The company's net profit has also seen significant fluctuations, with a loss of 300 million yuan in 2022, a profit of 31 million yuan in 2023, and a further decline to 27.42 million yuan in 2024, down 11.57% year-on-year [13].

Group 1: Company Overview - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, specifically in the neurosurgery field, offering products such as artificial dura mater patches and absorbable regenerative oxidized cellulose [2][3] - The company aims to become a platform-based medical device enterprise providing comprehensive solutions for customers, entering the global high-end market [3] Group 2: Mergers and Acquisitions - The acquisition of Yijie Medical is part of the company's strategy for both organic growth and external expansion, aiming to diversify its product matrix and extend its biocomposite material technology into the interventional field [3] - The completion of the acquisition is subject to regulatory approvals, and the operational performance of the target company is not expected to impact the listed company until the transaction is finalized [3] Group 3: Market Trends and Product Development - The market for cranial and facial repair and fixation products in China is projected to reach CNY 1.75 billion in 2023, with a compound annual growth rate (CAGR) of 15.3% from 2018 to 2023 [5] - The company's cranial and facial repair and fixation system achieved sales revenue of CNY 79.8963 million in 2024, representing a year-on-year growth of 31.05% [5] Group 4: Product Innovations - PEEK material is becoming the preferred alternative to titanium due to its superior properties, and the company’s craniofacial repair and fixation system is one of the few domestic products utilizing PEEK [5] - The target company has developed the first thin-walled radial artery support catheter in China, which features a 2.5mm outer diameter, 10% smaller than existing products, enhancing its ability to address challenging lesions [8]