NO.3 以岭药业G201-Na胶囊临床试验申请获批 NO.2 中外制药与一家新加坡公司达成授权合作 7月7日，中外制药与Gero PTE公司宣布，双方已签署联合研究与许可协议，共同开发与年龄相关疾病 的新型疗法，中外制药将向Gero支付高达约2.5亿美元的首付款和里程碑付款。Gero PTE总部位于新加 坡，是一家处于临床前阶段的人工智能驱动型生物技术公司，其AI平台旨在识别驱动多种与年龄相关 的疾病以及可能对抗衰老本身的治疗靶点。 点评：此次合作涉及高达2.5亿美元的首付款和里程碑付款，反映出市场对衰老相关疾病治疗领域的高 度关注与投资潜力。Gero PTE作为临床前阶段的AI驱动型生物技术公司，其技术平台的创新性与中外 制药的产业资源相结合，有望加速新型疗法的研发进程，为投资者带来长期价值。同时，这也体现了全 球药企在抗衰老赛道的布局加速。 每经记者｜林姿辰 每经编辑｜陈俊杰 丨 2025年7月8日 星期二 丨 NO.1 新华医疗子公司产品获得二类医疗器械注册证 7月7日，新华医疗发布公告，称子公司新华手术器械有限公司于近日收到山东省药品监督管理局颁发的 《中华人民共和国医疗器械注册证》，产品名称为胸腹 ...

双机配置，为区域输送人才。作为国内顶尖医疗科技企业——"微创"公司精心布局的全国核心培训基地 之一，东营市人民医院配置双机，一台直接投入临床一线，服务患者；另一台则专用于区域人才孵化， 构建起"理论+高仿真实操"的先进培训体系，为山东地区外科医师提供沉浸式操作平台。 东营市人民医院5G胸腹腔内窥镜手术系统（手术机器人）启用暨区域培训基地的授牌，是推动医院高 质量发展、满足群众高品质医疗需求的关键一步，标志着医院微创外科技术迈入了智能化、精准化的新 时代。它将在泌尿、普外、妇科、胸外科等高难度手术中发挥巨大作用，为患者带来更优质的诊疗体 验。医院将以此次胸腹腔手术机器人启用为契机，强化技术培训、规范临床应用，积极推动多学科协作 与创新，让这项技术惠及更多患者。 启用仪式上，上海微创医疗机器人（集团）股份有限公司执行董事及首席商务官刘雨为东营市人民医院 5G胸腹腔内窥镜手术系统区域培训基地授牌。上海市第一人民医院副主任医师、硕士研究生导师、泌 尿肿瘤外科治疗组组长蒋琪、上海微创医疗机器人（集团）股份有限公司执行董事及首席商务官刘雨分 别授课，介绍5G胸腹腔内窥镜手术系统（手术机器人）和5G远程技术的应用。东营市人 ...

Core Viewpoint - The surgical robotics industry in China is experiencing rapid growth and transformation, driven by advancements in technology such as smart algorithms and 5G, leading to increased market penetration and commercialization of surgical robots [1][3]. Industry Overview - The penetration rate of surgical robots in China has risen from 3.7% in 2020 to an expected 11.2% by 2025, with minimally invasive surgeries accounting for 68% of applications [1]. - The market size for surgical robots in China reached 71.7 billion yuan in 2023 and is projected to exceed 100 billion yuan by 2025, potentially surpassing 287 billion yuan by 2030 [3]. Technological Advancements - Surgical robots are becoming essential tools in clinical settings, enhancing precision and reducing recovery times for patients [2]. - The integration of 5G technology is enabling remote surgical operations, allowing surgeons to perform procedures from great distances, thus addressing regional disparities in healthcare access [8][10]. Domestic Development - The domestic production rate of surgical robots has exceeded 80%, with a significant increase in the number of approved products, indicating a shift from reliance on foreign technology to local innovation [1][4]. - By the end of 2024, 64 companies are expected to have a total of 115 surgical robot products approved, with domestic brands accounting for 81.7% of these approvals [4]. Market Dynamics - The Chinese market is characterized by a diverse ecosystem with multiple technological pathways and applications, unlike the more consolidated markets in Europe and the U.S. [7]. - Companies like MicroPort and Tianzhihang are making significant strides in both domestic and international markets, with products that have received approvals in multiple regions [7]. Future Outlook - The surgical robotics industry is anticipated to enter a phase of accelerated growth, particularly with the advent of remote surgical capabilities powered by 5G technology [9][10]. - The global market for remote surgical robots is expected to see explosive growth, with China emerging as the second-largest market after North America [9].

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a slight increase in annual revenue but significant declines in quarterly performance, indicating challenges in domestic operations while showing growth in international markets [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 36.726 billion yuan (+5.14%) and a net profit of 11.668 billion yuan (+0.74%), with a decline in Q4 2024 revenue to 7.241 billion yuan (-5.08%) and net profit to 1.031 billion yuan (-40.99%) [1]. - For Q1 2025, revenue was 8.237 billion yuan (-12.12%) and net profit was 2.629 billion yuan (-16.81%), indicating ongoing pressure in domestic operations [1]. Group 2: Domestic and International Market Dynamics - Domestic revenue for 2024 was 20.29 billion yuan (-5.1%), impacted by tight local finances and delays in regular bidding, but is expected to recover by Q3 2025 as fiscal support increases [2]. - International revenue for 2024 reached 16.434 billion yuan (+21.3%), with significant growth in the Asia-Pacific region (nearly 40%) and over 30% rebound in Europe, contributing to an increase in international revenue share to approximately 47% in Q1 2025 [2]. Group 3: Product Segments and Growth Drivers - The IVD segment generated revenue of 13.76 billion yuan (+10.8%), benefiting from domestic market shifts and overseas collaboration, achieving over 30% growth [3]. - Medical imaging revenue was 7.5 billion yuan (+6.6%), with a market share exceeding 30% due to the launch of high-end products [3]. - The life information and support segment saw revenue of 13.56 billion yuan (-11.1%), with micro-invasive surgery maintaining over 30% growth despite domestic procurement delays [3]. Group 4: Research and Development Initiatives - The company invested 4 billion yuan in R&D (10.9% of revenue) in 2024, launching several advanced products and AI solutions to enhance product offerings and market penetration [4]. - The company aims for significant revenue growth in the coming years, projecting total revenues of 39.881 billion yuan, 45.542 billion yuan, and 52.536 billion yuan for 2025-2027, with corresponding net profits of 12.542 billion yuan, 14.585 billion yuan, and 17.081 billion yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure but is expected to improve gradually quarter by quarter [1] - In 2024, the company achieved total revenue of 36.726 billion yuan, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, a year-on-year increase of 0.74% [7] - The company anticipates a turning point in 2025, despite short-term challenges in the domestic market [7] Financial Performance Summary - Total revenue projections for the company are as follows: 39.369 billion yuan in 2025, 45.061 billion yuan in 2026, and 52.403 billion yuan in 2027, with respective year-on-year growth rates of 7.20%, 14.46%, and 16.29% [1] - Net profit attributable to shareholders is projected to be 11.960 billion yuan in 2025, 13.131 billion yuan in 2026, and 15.280 billion yuan in 2027, with year-on-year growth rates of 2.50%, 9.79%, and 16.37% [1] - The latest diluted EPS is expected to be 9.86 yuan in 2025, 10.83 yuan in 2026, and 12.60 yuan in 2027 [1] Business Segment Performance - The Life Information and Support business generated revenue of 13.557 billion yuan in 2024, a decrease of 11.11% year-on-year, while the International Life Information and Support business saw double-digit growth [7] - The In Vitro Diagnostics (IVD) business achieved revenue of 13.765 billion yuan, a year-on-year increase of 10.82%, marking its first time exceeding the Life Information and Support business in revenue [7] - The Medical Imaging segment generated revenue of 7.498 billion yuan, with international business growth exceeding 15% [7] - The Electrophysiology and Vascular Intervention segment generated revenue of 1.439 billion yuan, with the acquisition of control over Huitai Medical to enhance cardiovascular segment capabilities [7] Innovation and Growth Drivers - The company launched several innovative products in 2024, including advanced medical systems and AI-driven solutions to improve patient care and operational efficiency [7] - The company maintains a strong competitive position due to its diverse product lines and continuous innovation [7]

Financial Performance - In 2024, the company achieved total revenue of 36.726 billion CNY, a year-on-year increase of 5.14% [2] - The net profit attributable to shareholders was 11.668 billion CNY, up 0.74% year-on-year; excluding financial expenses, the net profit growth was 4.36% [2] - Operating cash flow reached 12.432 billion CNY, reflecting a year-on-year increase of 12.38% [2] - For Q1 2025, total revenue was 8.237 billion CNY, a decline of 12.12% compared to the same period last year, with net profit down 16.81% [9] Dividend Distribution - The company plans to distribute 679 million CNY (including tax) as dividends for 2024, with a cumulative cash dividend of 7.602 billion CNY, representing a payout ratio of 65.15% [3] - A proposal for a mid-year dividend of 1.71 billion CNY (including tax) for 2025 is also in place, pending shareholder approval [3] Market Performance International Market - The international market grew by 21.28% in 2024, with the Asia-Pacific region seeing nearly 40% growth driven by countries like Australia, Thailand, and India [4] - International revenue accounted for approximately 45% of total revenue, with high-potential segments like minimally invasive surgery and cardiovascular care nearing 10% of international income [4] Domestic Market - The domestic market experienced a decline of 5.10% due to sluggish hospital equipment procurement and the impact of DRG 2.0 [4] - A recovery is anticipated in Q3 2025 as local fiscal pressures ease and medical equipment projects are initiated [4] Product Line Performance In Vitro Diagnostics (IVD) - The IVD segment grew by 10.82% in 2024, with international IVD growth exceeding 30% [5] - IVD revenue now constitutes 37.48% of total company revenue, surpassing the life information and support segment [5] Medical Imaging - The medical imaging segment grew by 6.60%, with international growth over 15% [7] - The launch of the high-end Resona A20 ultrasound is expected to enhance market presence [7] Life Information and Support - This segment saw a decline of 11.11%, although international growth was in double digits [8] - The company maintains a leading market share in domestic monitoring and respiratory devices despite challenges [8] Research and Development - R&D investment for 2024 was 4.008 billion CNY, accounting for 10.91% of revenue, while Q1 2025 saw 847 million CNY in R&D, representing 10.28% of revenue [11] - New product launches include advanced systems in life information and support, IVD, and medical imaging [12][13] Sustainability Efforts - The company received an AA rating from MSCI ESG and was included in the S&P Global Sustainable Development Yearbook [14] - Carbon emissions intensity decreased by 11.6% compared to 2021, with ongoing projects contributing to sustainability goals [15] Future Outlook - The company anticipates a significant recovery in domestic revenue starting Q3 2025, driven by the resumption of medical equipment projects [10] - Long-term growth strategies focus on digitalization, internationalization, and enhancing the supply chain to adapt to changing market conditions [24][25]