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 ...

证券之星消息，根据市场公开信息及8月22日披露的机构调研信息，光大保德信基金近期对9家上市公司 进行了调研，相关名单如下： 1)开立医疗(光大保德信基金管理有限公司参与公司电话会议) 调研纪要：2025年上半年公司海外销售收入与去年同期基本持平，主要因去年基数较高，海外市场增速 不高但稳健。公司大力推进海外人员本土化及新产品注册，尤其在HD-650和SV-M4K200等高端新品推 出后，海外注册力度显著增强。内镜HD-650自推出后市场表现良好，近两个月已实现小批量销售，预 计全年销售将会放量，三甲医院多镜体配置订单占比提升。2025年上半年公司销售毛利率同比下降几个 百分点，但整体仍稳健，预计毛利率有望止跌稳。AI功能已在内镜系统实现质控功能，未来将重点发 展复杂诊断功能。公司已形成超声、软镜、外科及IVUS四条核心产品线，通过持续高研发投入推动各 线产品向高端化发展。 2)三维化学(光大保德信基金参与公司电话会议) 调研纪要：2025年上半年，多利科技营业收入同比增长13.15%，净利润同比下滑28.13%，主要因行业 竞争加剧、资产折旧摊销和费用增加。公司主要客户包括特斯拉、蔚来、比亚迪等，客户结构稳定 ...

Group 1: Financial Performance - The company's sales revenue in Q1 2025 showed positive growth driven by both existing and new products [4] - In Q1 2025, net profit continued to decline significantly, with sales expenses increasing compared to the same period last year [4] - The overall sales volume has been growing over the years, with a 9.21% growth expected in 2024 despite a severe slowdown in 2023 [5] Group 2: Market Challenges - The decline in revenue and profit in 2024 was influenced by multiple factors, including price optimization of oral products and market demand fluctuations [5] - The company faced challenges with the active biological bone product due to limited sales scale and market conditions [5] - The first quarter of 2025 recorded the lowest gross and net profit since the company went public, indicating a potential ongoing trend [5] Group 3: Product Development and Strategy - The company is focusing on enhancing market promotion for active biological bone products and implementing precise marketing strategies in the oral field [4] - There are plans to expand the indications for active biological bone and to conduct comparative experiments with autologous bone [6] - The company is actively working on the registration and market introduction of new products, including calcium-silicon biological ceramics [10] Group 4: Investor Relations and Future Outlook - The company is committed to improving sales volume and achieving sustainable development despite current challenges [5] - There is an ongoing effort to enhance brand recognition and market coverage for active biological bone products [8] - The company is planning to disclose its profit distribution plan and net profit targets for 2025 in future announcements [30]

Group 1: Market Competition and Strategy - The oral industry is experiencing intensified competition, particularly in the private market, following a brief surge in demand for dental implants, which is now slowing down [4] - The company aims to maintain its competitive edge in the dental sector by implementing precise marketing strategies and enhancing collaboration with leading end-users [4] - The company is actively pursuing product upgrades to adapt to market changes [4] Group 2: Product Development and Sales - The second oral repair membrane will focus on applications for superficial soft tissue defects and gingival mucosa repair [4] - The market demand for the company's meninges products remains stable, with 24 provinces participating in bulk procurement, leading to a decrease in prices but an increase in sales volume [5] - The company plans to continue tracking the progress of bulk procurement projects and respond proactively [5] Group 3: Growth Drivers and Financial Outlook - The company will implement a "precision marketing" strategy to strengthen existing channels and core brands, aiming for revenue growth from existing products [6] - New product approvals, including the second-generation oral repair membrane and calcium silicate bio-ceramic bone repair materials, are expected to enhance the product matrix in the oral field [6] - Sales expense ratio is projected to increase in the second half of 2024 due to intensified marketing efforts, but is expected to return to a reasonable level in 2025 as sales revenue grows [6]