Core Viewpoint - The report highlights the financial performance and operational challenges faced by Aojing Medical Technology Co., Ltd. in 2024, including a significant decline in revenue and net profit due to price reductions from centralized procurement and increased competition in the medical device market [2][11]. Summary by Sections Business Performance - In 2024, the company's main business revenue was impacted by a decrease in the ex-factory price of artificial bones due to centralized procurement, leading to a net profit of -12.66 million yuan, a year-on-year decrease of 123.35% [2][11]. - The revenue from the neurosurgery product "Cerebrum" was 13.85 million yuan, down 70.07% year-on-year [2][11]. - The company reported a significant increase in sales volume of its orthopedic product "Guanjin," with a total sales volume of 1.4714 million cm³ in 2024, a 93.54% increase from 2023 [5][11]. Product Analysis - The centralized procurement led to a drop in the clinical terminal price of artificial bones from 1,000-1,500 yuan/cm³ to 320-340 yuan/cm³, which increased the accessibility of artificial bones for patients [5][11]. - The oral product "Zhibei" saw a substantial revenue increase due to new high-quality distributor partnerships, contributing 30.84 million yuan, accounting for 78.44% of its total revenue [5][16]. Regional Sales Concentration - The company's sales are primarily concentrated in East and North China, where it has established a strong presence with over 200 hospitals using its products [7][11]. - The concentration in these regions is attributed to the availability of advanced medical resources and the acceptance of innovative medical products [7][11]. Sales Expenses - Sales expenses increased significantly due to the expansion of the sales team and marketing efforts related to the centralized procurement and the acquisition of HumanTech Dental [9][11]. - The increase in travel expenses was driven by a higher number of terminal hospitals and the need for market support activities [9][11]. Financial Challenges - The company's performance turned from profit to loss due to several factors, including reduced profit margins from centralized procurement, declining neurosurgery product revenue, and increased operating costs [11][10]. - The overall gross margin for the orthopedic product "Guanjin" fell to 72.84%, a decrease of 11.03 percentage points year-on-year [10][11]. Acquisition of HumanTech Dental - The acquisition of HumanTech Dental was completed in 2024, with a goodwill of 24.62 million yuan, although the acquired company has not yet achieved profitability [20][21]. - The integration of HumanTech Dental's operations is aimed at expanding the company's market presence in the dental implant sector [21][22]. Accounts Receivable - The accounts receivable increased by 13.31% year-on-year, with the company extending credit terms to some high-quality distributors to support their sales efforts [17][19]. - The company has a bad debt provision ratio of 13.55%, indicating a cautious approach to credit risk management [17][19].

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 即将召开： 2025年7月17日，第二届全球医疗科技大会 2025年9月3-5日，第三届全球手术机器人大会 2025年6月17日， 奥精医疗科技股份有限公司 （证券代码：688613）发布公告称，公司于2024年12月向 越南卫生部递交了人工骨修复材料产品的注册申报资料 ，并于近日收到越南卫生部通知， 该产品获得批准 。 此前，该产品于2014年12月获得 中国国家食品药品监督管理总局 （现国家药品监督管理局）颁发的 第三类 医疗器械产品注册证 ，2025年2月获得 印度尼西亚C类医疗器械产品注册证 。 # 关于SkuHeal ™ 人工骨修复材料 SkuHeal ™ 人工骨修复材料是 奥精医疗 基于其具有完全自主知识产权的 体外仿生矿化技术研发和生产的一 种仿生矿化胶原人工骨修复材料 。该产品在组成成分和微观结构上均对人体天然骨组织高度仿生，能够在植 入体内后引导骨再生，并被新生骨组织爬行替代。 主要用于 神经外科相关的无植骨禁忌的骨缺损修复 ，包括骨折、骨不连、骨缺损等。具有良好的骨组织再生 修复能 ...

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Aojing Medical, including its stock price increase and market valuation [1] - As of March 31, 2025, Aojing Medical has 7,905 shareholders, a decrease of 232 from the previous period, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - Aojing Medical specializes in high-end biomedical materials and related medical device products, with key products including BONGOLD, single-tooth anti-rotation abutments, and oral implants [1] Group 2 - The latest financial report for Q1 2025 shows Aojing Medical achieved revenue of 42.46 million yuan, a year-on-year decrease of 10.35%, and a net profit of 1.04 million yuan, down 84.99%, with a gross margin of 60.71% [1] - The company's current price-to-earnings (P/E) ratio is significantly negative at -150.60, with a price-to-book (P/B) ratio of 1.99, and a total market capitalization of 2.795 billion yuan [2] - The industry average P/E ratio is 51.00, while the median is 37.03, indicating Aojing Medical's valuation is below industry standards [2]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 奥精医疗(688613) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 仿生矿化胶原技术领先，人工骨修复 材料市场龙头正扬帆 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩短期承压，市场拓展加速，成长动能充 沛 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件：公司发布 ummary]2024 年年报和 2025 年一季报，2024 年实现营业收入 2.06 亿元（yoy-9.03%），归母净利润-0.13 亿元（yoy-123.35%），扣非归母净 利润-0.28 亿元（yoy-210.11%），经营活动产生的现金流量净 ...

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月26日， 奥精医疗 发布了2024年年报以及2025年一季报。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 206,033,014.77 | 226,475,894.98 | -9.03 | 245,305,139.72 | | 扣除与主营业务无关的业务收 入和不具备商业实质的收入后 | 200,430,853.46 | 218,427,930.77 | -8.24 | 240,282,309.74 | | 的营业收入 | | | | | | 归属于上市公司股东的净利润 | -12,662,162.69 | 54,231,840.71 | -123.35 | 95,217,271.83 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | -28,371,119.81 | 25,766,199.74 | -210.11 | 80,059, ...

美国"对等关税"的无差别攻击致使全球经济、贸易体系正面临严峻考验，尤其是关税战不确定性重点聚 焦的半导体、汽车和医药等相关产业受到了高度的关注。 近来，有投资者通过互动平台向奥精医疗（688613.SH）询问公司的骨修复材料产品是否会受到中美关 税战的影响。奥精医疗回复表示，公司的出海业务主要集中在东南亚等新兴市场，且目前公司营收主要 集中在国内市场，美国对等关税政策不会对公司的出海业务产生影响。 对于未来的发展规划，奥精医疗强调，全球化战略是公司的长期战略目标，公司会通过不断地技术创新 来丰富产品品类、提高产品附加值，以提升公司的产品竞争力，并积极拓展具备高成长价值的新兴市 场，实现公司国内市场与海外市场的协同发展，确保公司稳健经营。 行业分析师表示，关税重构的不仅是成本曲线，更是医药产业全球竞争力图谱。短期看，政策催化下的 国产替代与成本优势企业直接受益；长期而言，具备真正创新力与全球化布局的企业，方能在波动中锚 定价值。 骨修复材料行业多重替代趋势凸显，关税战加速人工骨国产替代进程 在骨修复材料领域，目前主要存在自体骨、天然骨与人工骨等产品，三者各具优劣。以异种骨和同种异 体骨为代表的天然骨材料历史悠久 ...