证券代码：301033 证券简称：迈普医学 投资者关系活动记录表 1 证券代码：301033 证券简称：迈普医学 源，是否会以医疗康复市场为切入点，将脑机接口与现有 临床业务结合？若如此，在产品研发、临床试验以及市场 推广等方面有哪些初步设想？ 答：尊敬的投资者，您好！脑机接口是一门多学科交 叉的研究领域，涉及微电子、神经科学、材料学、机器 人、临床医学等多个学科。目前，公司主要从事神经外科 领域，主要产品为人工硬脑（脊）膜补片、颅颌面修补及 固定系统、可吸收再生氧化纤维素、硬脑膜医用胶等 III 类医疗器械产品，覆盖开颅手术所需要的关键植入医疗器 械。感谢您对公司的关注！ 问题二:迈普医学与清华大学等顶尖科研机构深度绑 定，这种合作关系为公司进入脑机接口领域提供了良好契 机。基于此，公司是否会以科研成果转化为切入点，将高 校的前沿脑机接口研究成果落地？在成果转化过程中，如 何平衡科研探索与商业化落地的关系，以确保技术的先进 性与市场的适应性？ 答：尊敬的投资者，您好，感谢您对公司的关注！如 有相关信息达到信息披露要求，公司将根据规定进行披 露。谢谢！ 广州迈普再生医学科技股份有限公司 投资者关系活 动类别 ...

事项： 评论： 营收保持较快增长，新产品成为关键驱动。分产品看，人工硬脑（脊）膜补片收入0.71 亿元 （+3.24%），在多省集采下保持平稳增长；颅颌面修补及固定系统收入4426 万元（+24.69%），受益 于河南省级联盟集采落地，PEEK 材料对传统钛金属的替代进程加速；可吸收再生氧化纤维素与硬脑膜 医用胶合计收入3832 万元（+169.66%），成为业绩增长核心驱动力。 出海业务加速突破。分地区看，国内收入1.20 亿元（+23.84%），海外收入0.38亿元（+50.96%），海 外业务表现突出，主要得益于新产品在国际市场的推广，公司止血产品、硬脑膜医用胶等产品海外收入 同比增长超100%。目前公司已覆盖全球超100 个国家和地区。 止血纱、脑膜胶获批关键认证，有望加速放量。2025 年1 月，公司核心产品可吸收再生氧化纤维素（止 血纱）完成拓展适应症的注册变更，应用范围从神经外科拓展至更广泛的外科领域，为加速国产替代提 供了有力支持。2025 年3月，公司的硬脑膜医用胶产品获得欧盟MDR 认证，有望为海外业务贡献显著 增量。 毛利率稳中有升，费用优化驱动净利率提高。2025 年上半年公司整体毛利 ...

资料显示，广州迈普再生医学科技股份有限公司位于广东省广州市黄埔区崖鹰石路3号，成立日期2008 年9月2日，上市日期2021年7月26日，公司主营业务涉及结合人工合成材料特性,利用先进制造技术开发 高性能植入医疗器械。主营业务收入构成为：人工硬脑(脊)膜补片45.42%，颅颌面修补及固定系统 28.17%，可吸收再生氧化纤维素及硬脑膜医用胶24.39%，其他(补充)2.03%。 截至发稿，李兵伟累计任职时间9年86天，现任基金资产总规模3.52亿元，任职期间最佳基金回报 60.76%， 任职期间最差基金回报-11.19%。 从基金十大重仓股角度 数据显示，东兴基金旗下1只基金重仓迈普医学。东兴医药生物量化选股混合A（020830）二季度持有 股数3408股，占基金净值比例为3.5%，位居第七大重仓股。根据测算，今日浮亏损失约1.28万元。连续 3天下跌期间浮亏损失1.76万元。 东兴医药生物量化选股混合A（020830）成立日期2024年9月3日，最新规模250.18万。今年以来收益 37.27%，同类排名1383/8180；近一年收益29.56%，同类排名4558/7978；成立以来收益29.56%。 东兴 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved significant revenue growth, with a total revenue of 158 million yuan, representing a year-over-year increase of 29.28%. The net profit attributable to the parent company reached 47 million yuan, up 46.03% year-over-year [1]. - The overseas market showed remarkable growth, with overseas revenue of 38 million yuan, a year-over-year increase of 50.96%, driven by the rapid expansion of hemostatic products and dura mater medical glue [2]. - The company focuses on the neurosurgery high-value consumables sector, with core products expected to benefit from volume-based procurement policies, leading to market share growth [3]. Revenue and Profitability - The company reported a gross margin of 80.59%, an increase of 1.74 percentage points year-over-year, attributed to improved margins in key product lines [2]. - The sales net profit margin for the first half of 2025 was 29.98%, reflecting a year-over-year increase of 1.66 percentage points due to effective cost control [2]. Financial Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 105 million yuan, 137 million yuan, and 176 million yuan, respectively, with year-over-year growth rates of 33.3%, 30.1%, and 28.4% [3][5]. - Revenue projections for the years 2025 to 2027 are 375 million yuan, 487 million yuan, and 618 million yuan, with growth rates of 34.7%, 29.8%, and 27.0% respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [2][14]. Core Insights - The company achieved a revenue of 158 million yuan in H1 2025, representing a year-on-year growth of 29.28%. The net profit attributable to the parent company was 47 million yuan, up 46.03% year-on-year [4]. - New product revenue has surpassed 20% of total revenue, with significant contributions from artificial dura mater patches and other new products [5]. - The international market has shown strong growth, with foreign revenue reaching 38.1 million yuan in H1 2025, a 50.96% increase year-on-year [5]. Company Overview - The latest closing price of the company's stock is 86.88 yuan, with a total market capitalization of 5.8 billion yuan [3]. - The company has a low debt-to-asset ratio of 12.5% and a high price-to-earnings ratio of 72.40 [3]. Financial Performance - The company forecasts revenues of 364 million yuan, 489 million yuan, and 657 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.7%, 34.3%, and 34.4% [7]. - The projected net profit attributable to the parent company for the same years is 115 million yuan, 166 million yuan, and 237 million yuan, with growth rates of 46.3%, 43.9%, and 42.9% [7]. Product Development and Market Expansion - The company has expanded its product indications and sales regions, including the registration change for absorbable hemostatic products and the certification of dura mater medical glue for the EU market [6]. - The sales of absorbable hemostatic products and dura mater medical glue have seen significant growth, with a combined revenue increase of 169.66% year-on-year [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 158 million yuan (+29.28%) and a net profit of 47 million yuan (+46.03%) for the first half of 2025, with a particularly strong performance in the second quarter [2][3] - The company benefits from centralized procurement, leading to sustained high growth in revenue and profit, with new products showing remarkable growth [3] - Domestic market revenue reached 120 million yuan (+23.84%), while overseas market revenue was 38.1 million yuan (+50.96%), indicating accelerated international business development [4] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively [5][9] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 158 million yuan and a net profit of 47 million yuan, with a gross margin of 80.59% [2][3] - The company has seen continuous year-on-year growth in revenue and profit for six consecutive quarters [3] Product Performance - The artificial dura (spinal) membrane patch generated revenue of 71.36 million yuan (+3.24%), while the craniofacial repair and fixation system achieved revenue of 44.26 million yuan (+24.69%) [3] - The hemostatic materials and medical glue saw a remarkable revenue increase of 38.32 million yuan (+169.66%), driven by new product launches and expanded indications [3] Market Expansion - The company has expanded its product indications and obtained certifications, with a focus on both domestic and international markets [4] - The overseas market revenue growth is particularly strong, with products covering over 100 countries [4] Future Projections - The company is projected to achieve revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 110 million yuan, 157 million yuan, and 230 million yuan [5][9]

Group 1: Company Overview and Performance - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, particularly in the neurosurgery field, offering products like artificial dura mater patches and medical adhesives [4] - In the first half of 2025, the company achieved a revenue of CNY 157.78 million, a year-on-year increase of 29.28%; net profit attributable to shareholders was CNY 47.30 million, up 46.03%; and net profit excluding non-recurring items was CNY 45.99 million, reflecting a growth of 66.20% [4] Group 2: International Expansion and Sales Growth - The company recorded overseas sales of CNY 38.10 million in the first half of 2025, with the main revenue source being dural products, and hemostatic products and medical adhesives seeing over 100% year-on-year growth [4] - The company has established a global presence, covering over 100 countries and regions, including Europe, South America, Asia, and Africa, enhancing brand influence and market expansion [4] Group 3: Product Performance and Development - In the first half of 2025, dural products generated sales of CNY 71.36 million, a growth of 3.24%; craniofacial repair and fixation systems achieved sales of CNY 44.26 million, up 24.69%; and absorbable regenerated cellulose and dura mater medical adhesives totaled CNY 38.32 million, marking a significant increase of 169.66% [8] - The dura mater medical adhesive received MDR certification in March 2025, allowing it to be legally sold in EU markets, which is a key achievement in the company's international strategy [7] Group 4: Strategic Initiatives and Future Plans - The company is actively monitoring and participating in the centralized procurement policies for hemostatic materials, aiming to leverage national and local procurement opportunities [9] - Ongoing due diligence and assessments are being conducted for a potential acquisition, which, upon completion, could expand the company's biocompatible materials technology from the implantable field to the interventional field [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 158 million yuan in the first half of 2025, representing a year-over-year increase of 29.28%, and a net profit attributable to the parent company of 47 million yuan, up 46.03% year-over-year [2] - The growth is driven by core products and new product contributions, with significant revenue growth from absorbable hemostatic products and medical adhesives [2] - The company is expected to maintain a rapid growth trend with the upcoming launch of new products and expansion into international markets [2] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 158 million yuan, with a net profit of 47 million yuan and a cash flow from operating activities of 57 million yuan, reflecting strong growth across various segments [2] - The sales gross margin was stable at 80.6%, with a net profit margin of 30.0%, indicating improved profitability due to optimized expenses [2] Revenue Forecast - The company is projected to achieve revenues of 371 million yuan, 491 million yuan, and 647 million yuan for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 33.1%, 32.5%, and 31.8% [4] - The net profit attributable to the parent company is expected to reach 113 million yuan, 149 million yuan, and 199 million yuan for the same years, with growth rates of 43.6%, 31.8%, and 33.4% [4] Product and Market Development - The company has seen significant growth in its core products, with the absorbable hemostatic products achieving a revenue increase of 169.7% year-over-year [2] - The company is expanding its market presence both domestically and internationally, with a notable increase in revenue from overseas markets [2]

Core Viewpoint - The company, Maipu Medical, reported significant growth in revenue and net profit for the first half of 2025, driven by its focus on core business and innovative product development in the neurosurgery field [1] Financial Performance - The company achieved operating revenue of 158 million yuan, a year-on-year increase of 29.28% [1] - The net profit attributable to shareholders reached 47.3 million yuan, up 46.03% year-on-year [1] - Basic earnings per share were reported at 0.71 yuan [1] Product Development - The company launched a new generation of artificial dura mater (spinal) patch, "Ruikang," which enhances flexibility and ease of use in clinical settings [2] - Sales revenue from dura mater products reached 71.4 million yuan, a growth of 3.24% compared to the previous year [2] - The craniofacial repair and fixation system generated sales of 44.3 million yuan, reflecting a 24.69% increase year-on-year [2] Market Expansion - The company has established partnerships with over 800 distributors and its products are available in more than 2,000 hospitals domestically, with a market presence in over 100 countries and regions globally [1] - Domestic revenue was 119.7 million yuan, growing by 23.84%, while international revenue reached 38.1 million yuan, increasing by 50.96% [3] R&D and Innovation - The company is focused on expanding its product applications from neurosurgery to multiple departments, with ongoing R&D efforts [4] - The absorbable regenerated oxidized cellulose hemostatic product is one of the few domestically industrialized products, aiming to break the long-standing import monopoly [3] - The hard dura mater medical glue received MDR certification, allowing for legal sales in EU markets, marking a significant achievement in the company's international strategy [4]

Core Insights - The company reported a revenue of 158 million yuan for the first half of 2025, representing a year-on-year growth of 29.28% [1] - The net profit attributable to shareholders reached 47.3 million yuan, marking a year-on-year increase of 46.03% [1] - The basic earnings per share stood at 0.71 yuan [1] Revenue Breakdown - The sales revenue from the craniofacial repair and fixation system was 44.3 million yuan, which is a growth of 24.69% compared to the same period last year [1]