Core Viewpoint - The company is expected to see significant growth in adjusted profits due to the expansion of its neuro/peripheral products and effective cost management, leading to an upward revision of profit forecasts for 2025 and 2026 [1][2] Financial Performance - In 1H25, the company reported revenue of 482 million, a year-on-year increase of 31.7%, and an adjusted net profit of 131 million, up 68.1% year-on-year, exceeding expectations due to accelerated domestic substitution in its neuro/peripheral business lines and effective cost control [2] Business Growth Drivers - The neuro/peripheral business saw revenue growth of 25% and 46% respectively in 1H25, driven by increased hospital penetration of existing products and strong sales of new products such as mesh stents and vascular sutures, indicating a solid market position and potential for further growth [3] Profitability and Management Confidence - The adjusted net profit margin reached 27.3% in 1H25, with the company initiating cash dividends for the first time in 2024 at a payout ratio of 32%, alongside ongoing share buybacks and a new equity incentive plan, reflecting management's confidence in future growth [4] International Expansion Potential - The global market for peripheral and neuro intervention is projected to reach 10 billion and 7 billion respectively by 2024, with China currently accounting for only 12-15% and 15-20% of these markets, indicating significant international growth opportunities [5]

机构：中金公司 研究员：高远/俞波/张琎 1H25 业绩超出我们预期 公司公布1H25 业绩：收入4.82 亿元，同比+31.7%；经调整净利润1.31亿元，同比+68.1%。由于神经/外 周两条业务线国产替代加速，以及公司费用管控得力，上半年收入利润均超出我们的预期。 发展趋势 神经/外周双轮驱动，国产龙头地位逐渐确立。1H25 神经/外周业务收入同比+25%/46%。其中存量产品 进一步增加医院渗透率和市场份额，而新产品例如密网支架、髂静脉支架、血管缝合器和外周弹簧圈在 外部集采驱动+公司自身销售努力之下也有良好放量趋势。考虑后续反内卷等积极因素的推动，作为已 经建立完整产品管线和强劲营销团队的优质企业，我们判断公司在血管介入领域的国产领军地位日益确 立，后续或可在逐渐趋稳的价格体系下引领中国市场的国产替代和渗透率提升浪潮。 盈利能力提升，回购/分红/股权激励彰显管理层信心。1H25 公司经调整净利润1.31 亿元，经调整净利 率达27.3%。公司2024 年度首次完成现金分红（派息率32%），我们预计后续或将维持该比例。公司亦 持续开展回购。 国际化和平台化将为公司打开新的天花板。根据公司公告援引Mar ...