中红医疗股价报15.95元，较前一交易日下跌0.01元，跌幅0.06%。当日开盘价为16.10元，最高触及 16.15元，最低下探至15.75元，成交量为98899手，成交金额达1.57亿元。 8月22日主力资金净流出2352.40万元，占流通市值的0.38%。近五日主力资金累计净流出5999.87万元， 占流通市值的0.96%。 风险提示：投资有风险，入市需谨慎。 来源：金融界 中红医疗属于医疗器械板块，是一家专注于医用高分子制品研发、生产和销售的企业。公司主要产品包 括一次性使用无菌注射器、输液器等医疗器械产品。 公司子公司深圳迈德瑞纳近期取得广东省药品监督管理局颁发的输液泵医疗器械注册证。该产品与输液 管路配套使用，通过静脉输注对患者进行药液输注，不用于镇痛药、化疗药物、胰岛素的输注；与肠内 营养输注管路配套使用，供医院以可调节的方式通过肠内输注为患者输注营养液。 ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 国务院原则同意《中国（江苏）自由贸易试验区生物医药全产业链开放创新发展方案》 8月21日，国务院原则同意《中国（江苏）自由贸易试验区生物医药全产业链开放创新发展方案》。 《方案》实施要坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发展格局，扎实 推动高质量发展，更好统筹发展和安全，以高水平开放为引领、以制度创新为核心，开展首创性、集成 式探索，推动生物医药全产业链集成创新发展，将中国（江苏）自由贸易试验区打造成为具有世界影响 力的生物医药产业集聚地、更具国际竞争力的生物医药创新发展高地。 国家卫健委：推动人工智能技术在耳与听力健康领域应用 8月21日，国家卫生健康委等部门发布《关于推进耳与听力健康工作的指导意见》。其中提到，支持耳 与听力领域前沿技术发展与转化。以临床需求为导向，探索医工、医技结合，推动耳科相关药品、医疗 器械以及听力检测、诊断技术等方面的研发，突破关键核心技术。推动数据信息、人工智能技术在耳与 听力健康领域的应用。 国家医保局印发两份医疗服务价格项目立项指南 8月21日，据 ...

Group 1 - The FDA reported that as of June 27, Baxter has documented 79 severe injuries and 2 deaths related to infusion pump issues [1]

Core Insights - The company reported a revenue of 36.726 billion yuan in 2024, reflecting a growth of 5.14%, with a net profit attributable to shareholders of 11.668 billion yuan, up by 0.74% [1] - In Q4 2024, the company experienced a revenue decline of 5.08% to 7.241 billion yuan, while net profit surged by 40.99% to 1.031 billion yuan [1] - The first quarter of 2025 saw a revenue drop of 12.12% to 8.237 billion yuan, with net profit decreasing by 16.81% to 2.629 billion yuan [1] Financial Performance - The overall gross margin for 2024 was 63.14%, a decrease of 1.08%, primarily due to changes in business structure and product pricing adjustments [2] - The company’s operating cash flow for 2024 was 12.432 billion yuan, an increase of 12.38% [1] - The gross margin for Q1 2025 improved by 6.57 percentage points to 62.53%, indicating that short-term adjustments may have been largely absorbed [2] Business Segments - The Life Information and Support segment generated 13.557 billion yuan in 2024, a decline of 11.11%, but the minimally invasive surgery business grew by over 30% [3] - The In Vitro Diagnostics segment achieved a revenue of 13.765 billion yuan, up by 10.82%, despite domestic challenges due to policy changes [3] - The Medical Imaging segment reported a revenue of 7.498 billion yuan, reflecting a growth of 6.60%, with high-end ultrasound models contributing significantly [3] International Expansion - The company’s international business grew by 21.28% in 2024, accounting for approximately 45% of total revenue, driven by high-end customer acquisition and local platform development [2] - The In Vitro Diagnostics international business saw over 30% growth, with local production projects initiated in 13 countries [3] Research and Development - The company maintained high R&D investment levels, with 4.008 billion yuan in 2024, representing 10.91% of revenue [4] - As of March 31, 2025, the company had applied for approximately 12,000 patents, with 5,973 patents granted [4] Shareholder Returns - The company distributed a total cash dividend of 7.602 billion yuan in 2024, with a cash dividend ratio of 65.15% [4] - A mid-term profit distribution plan for 2025 proposes a cash dividend of 1.710 billion yuan, reflecting strong profitability and commitment to shareholder returns [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see a turning point in its domestic business in 2025 due to the anticipated recovery in local special bonds and monthly bidding for various medical devices, despite short-term impacts from tight local finances and delays in regular tenders [1] - The international market is projected to grow significantly, driven by the company's continued penetration into high-end customer segments and balanced revenue distribution across major global regions, particularly in developing countries and Europe [1] - The company is expected to maintain steady long-term growth, supported by the global medical infrastructure wave and expansion into high-end markets [5] Business Segmentation and Highlights - **Life Information and Support Segment**: Revenue decreased by 11.1% in 2024, with minimally invasive surgery business growing over 30%. Internationally, this segment achieved double-digit growth [2] - **In Vitro Diagnostics Segment**: Revenue grew by 10.8% in 2024, surpassing the Life Information and Support segment for the first time. Internationally, this segment saw growth exceeding 30% [3] - **Medical Imaging Segment**: Revenue increased by 6.6% in 2024, with international business growing over 15%. The high-end ultrasound system Resona A20 generated over 400 million yuan in its first year [3] Profitability Analysis - The company's gross margin for 2024 was 63.1%, a decrease of 3.0 percentage points year-on-year, while the net profit margin was 32.0%, down 1.2 percentage points [4] - Operating cash flow for 2024 was 12.43 billion yuan, a year-on-year increase of 12.4%, representing 102.8% of net operating income [4] - Profitability is expected to improve slightly from 2025 to 2027, driven by an increase in high-end product sales and stable operating expense ratios [4] Financial Forecast and Valuation - The company is projected to maintain stable growth from 2025 to 2027, with expected revenues of 40.33 billion yuan in 2025, 45.76 billion yuan in 2026, and 52.50 billion yuan in 2027, reflecting growth rates of 9.82%, 13.46%, and 14.72% respectively [12] - The estimated earnings per share (EPS) for 2025 is 10.61 yuan, with a price-to-earnings (P/E) ratio of 21.86 [10][12]