从传统低值耗材企业到全球创新高值 医疗器械 平台企业， 蓝帆医疗 用了十年的战略定力，完成了中国 医疗器械行业最具代表性的转型升维。这家成立于2002年的企业，以十年为周期，在2025年交出了一份 跨越周期的成长答卷。 第一个十年：低值耗材龙头的原始积累（2003-2012） 在2002年成立之初，蓝帆医疗以医疗手套为核心产品，凭借中国加入WTO的东风，公司通过全球贸易 和精益制造，迅速成长为PVC手套领域全球龙头。这一阶段，公司构建了扎实的制造能力、供应链管理 体系和运营能力及管理，为后续转型积蓄了关键势能。在2010年更是成了手套行业内第一家上市的公 司。 在第三个十年，蓝帆医疗已不仅仅是一家医疗器械企业，而是中国创新医疗器械走向全球的"超级接 口"。正如公司使命所述："做医疗 健康中国 创造，为人类生命保驾护航"，这或许正是中国医疗器械行 业从"跟跑"到"并跑"再到"领跑"的最佳注脚。 2013年蓝帆医疗启动战略转型，决定向高值医疗耗材领域发展。2018年，蓝帆医疗跨境收购新加坡柏盛 国际，开启"低值+高值"双轮驱动战略。这次交易，是截至当时中国医疗器械史上最大的跨境并购，使 公司直接切入冠脉介入领域成 ...

Core Viewpoint - Bluefan Medical's half-year report for 2025 shows a net loss of 134.78 million yuan, a reduction in loss by 15.88% year-on-year, while net cash flow from operating activities increased by 407.48% to 335.15 million yuan, indicating a significant improvement in cash generation despite ongoing losses [1] Financial Performance - The cardiovascular division's sales revenue reached 695 million yuan in the first half of 2025, growing over 22% year-on-year, which is a notable increase compared to the 12% growth in the same period of 2024 [1] - The cardiovascular division achieved a turnaround to profitability despite a fair value loss of approximately 122 million yuan due to valuation changes in an associated company, indicating that the net profit from operations reached the billion yuan level [2] Strategic Initiatives - Bluefan Medical has maintained high levels of investment in R&D, leading to the approval of innovative products that meet clinical demands and establish competitive barriers [3] - The company has launched several new products and expanded existing ones into new indications and sales regions, contributing to sustained high gross margins in the high-end medical device sector [3][4] Product Development - The company’s flagship product, the BA9 drug balloon, saw domestic sales increase by over 300% and international sales grow by nearly 90% in the first half of 2025 [4] - The cardiovascular division has nearly 20 self-developed products sold globally, with significant sales growth expected from ongoing commercialization efforts [4] Investment and Ecosystem Development - Bluefan Medical is expanding its reach through investments, including a significant stake in Suzhou Tongxin Medical Technology, a leader in the artificial heart sector [6] - The company has also incubated Shanghai Bomaian Medical, which focuses on comprehensive treatment solutions for cerebrovascular and peripheral artery diseases [7] Global Market Positioning - Bluefan Medical is recognized as the only truly global player in its field, with a sales network covering over 8,000 hospitals in more than 100 countries [8] - The company collaborates with international brands and serves as a platform for domestic medical device companies to enter overseas markets, enhancing their global presence [8][9]