三鑫医疗 20250812 摘要 三鑫医疗 2025 年上半年营收增长符合预期，血液净化产品贡献主要增 长，占比达 82%，但给药器具类产品营收同比下降 15%。 海外市场拓展迅速，2025 年上半年出口收入同比增长 67%，其中血透 设备和耗材占比 88%，主要受益于东南亚市场，未来将加速在巴西、土 耳其和印度等国的准入。 为改善资产结构和扩张产能，三鑫医疗计划发行可转债，募集资金主要 用于透析膜、透析器及透析管产线扩建，以及补充流动资金。 国内市场集采压力下，三鑫医疗透析器市占率提升至约 8%，设备营收 同比增长约 70%，透析膜销量已超去年全年，但科兴业受市场调价影响 收入增长较缓。 国内血液透析患者人数持续增长，规范治疗人数已达 102.7 万，预计未 来维持 10%以上增长率，存量病人治疗年限延长及新增病人共同驱动需 求。 国家医保局启动 CA 扣息项目领域收费改革，提高了病人和医院积极性， 对行业整体发展形成有利环境，有助于产业长期发展。 公司预计全年收入增长 10%左右，但面临集采和竞争压力，将通过增加 产能、推广湿膜透析器等新产品，以及差异化竞争策略获取更多市场份 额。 Q&A 2025 年上 ...

Group 1 - The core business of the company is the research, manufacturing, sales, and service of medical devices, with main products including blood purification, drug delivery devices, and thoracic surgery products [2] - As of the end of 2024, the company has obtained 203 authorized patents, 121 accepted patents, and holds 102 medical device product registration certificates, demonstrating a strong focus on technological innovation and R&D [2] - The company has received various governmental support for its projects, including recognition as a "National Intellectual Property Advantage Enterprise" and awards for its key technologies in blood dialysis membrane production [2] Group 2 - The company's latest financial performance for Q1 2025 shows revenue of 361 million yuan, an increase of 8.88% year-on-year, and a net profit of 53.73 million yuan, with a slight increase of 0.20% year-on-year [2] - The company's current rolling P/E ratio is 19.93, which is significantly lower than the industry average of 55.41 and the industry median of 37.94 [1][3] - The total market capitalization of the company is 4.534 billion yuan, ranking it 41st in the medical device industry [1][3]