Core Viewpoint - Q3 performance met expectations, with stable growth in domestic terminal surgeries and sales, and continuous performance growth in international business, especially in the US market [1][4] - The company is expected to achieve steady growth in domestic spinal business and continued expansion in ultrasound bone knife and overseas business in Q4 and next year [1][5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 391 million yuan (+17.65%) and a net profit attributable to shareholders of 62 million yuan (+623.19%), with a non-recurring net profit of 49 million yuan (+1737.69%) [2][4] - Q3 single-quarter revenue was 142 million yuan (+17.44%) and net profit attributable to shareholders was 25 million yuan (+268.13%) [4] - The company’s gross profit margin improved to 74.31% (+4.63 percentage points) [6] Business Growth - The domestic spinal business is expected to return to steady growth following the clearance of the impact from spinal centralized procurement [5][7] - The ultrasound bone knife business is anticipated to grow rapidly as its penetration rate in the domestic market is currently low [5][7] - The company’s overseas revenue from the French subsidiary Implanet reached 291.59 million euros, with the US market becoming the largest market for Implanet [5] Future Outlook - The company is projected to achieve revenues of 545 million yuan, 675 million yuan, and 840 million yuan from 2025 to 2027, with year-on-year growth rates of 20.2%, 23.8%, and 24.4% respectively [7] - Net profit attributable to shareholders is expected to reach 90 million yuan, 130 million yuan, and 167 million yuan during the same period, with significant growth rates [7]

2025年1月28日，骨科巨头 史赛克 Stryker 宣布，已达成协议将其 美国脊柱植入物业务 出售给投资公司 Viscogliosi Brothers ，新公司命名为 VB Spine # 史赛克的战略调整 史赛克出售脊柱植入业务是其战略调整的一部分， 此次交易预计将于2025年上半年完成。 在交易最终完成之前，史赛克的美国脊柱植入物业务和VB Spine将独立运营。 交易完成后， VB Spine将作为史赛克的战略合作伙伴，将获得独家使用权，使用Mako脊柱系统和辅助的Copilot系统，用于VB Spine在脊柱手术中的植入 物。 此外，该最终协议还包含一项具有法律约束力的要约， 计划收购史赛克在法国的脊柱植入物业务 ，但前提是必须与员工及/或员工代表进行必要的协商。预 计史赛克在其他国际市场的脊柱植入物业务也将被出售，前提是满足所有法律和监管要求，包括进行任何必要的协商。 此次合作预计将使史赛克和VB Spine都能更好地满足客户及其患者的需求，实现更快的增长，并为所有利益相关者创造更大的价值。 # 史赛克的脊柱业务 史赛克的脊柱植入物业务主要集中在脊柱疾病的治疗和手术解决方案上。 1. 产品范围： ...