其中，2025 年第二季度营业收入5.34 亿元，同比增长0.17%，归母净利润0.39亿元，同比下降44.65%， 扣非归母净利润0.34 亿元，同比下降46.00%? 超声和内镜产品持续发力，高端产品矩阵持续丰富。超 声：公司彩超业务实现收入5.50 亿元，同比-9.87%。P80/S80 高端台式机实现高端突破，高端便携X11 和E11 系列X11/E11 取得临床较高评价；内镜：公司内窥镜业务实现收入3.88 亿元，同比+0.08%。2025 年推出全新iEndo 系列4K 智慧内镜平台HD-650，进一步提升公司内镜产品在国内的领先地位。微创外 科：上半年4K 三维荧光内窥镜摄像系统获批，产品矩阵逐步完善。心血管介入：IVUS于省际集采成功 中标，有望持续加速产品入院放量。 风险提示：新产品研发失败或注册延迟的风险、市场竞争风险、销售风险。 财务表现稳健，盈利能力短期承压。2025 年上半年，公司的综合毛利率同比下降5.34pts 至62.08%。销 售费用率、管理费用率、研发费用率、财务费用率分别为31.63%、7.11%、25.31%、-3.64%，同比分别 变动+3.26pts、+0.91pt ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is experiencing short-term pressure on performance, but there are expectations for recovery driven by new product launches [7][8]. - The financial performance shows a decline in revenue and net profit for the first half of 2025, with a revenue of 964 million yuan, down 4.78% year-on-year, and a net profit of 47 million yuan, down 72.43% year-on-year [2][7]. - The company is focusing on enhancing its product matrix, particularly in ultrasound and endoscopy, with new product launches expected to strengthen its market position [7]. Financial Data and Valuation - The projected total revenue for 2025 is 2.253 billion yuan, with a year-on-year growth of 12% [2][10]. - The projected net profit for 2025 is 299 million yuan, with a significant expected growth of 110% in 2026 [2][10]. - The company's PE ratio is projected to decrease from 47.3 in 2025 to 28.2 in 2027, indicating potential valuation improvement [2][10]. Product Performance - The ultrasound segment generated 550 million yuan in revenue, a decline of 9.87% year-on-year, while the endoscopy segment saw a slight increase in revenue to 388 million yuan [7]. - The company is set to launch the new iEndo series 4K smart endoscope platform, which is expected to enhance its competitive edge in the domestic market [7]. Market Dynamics - Domestic revenue is under pressure, with a reported decline of 9.17%, while overseas revenue showed a slight increase of 0.33% [7]. - The report anticipates a gradual recovery in performance as the domestic medical equipment industry begins to rebound from recent challenges [7].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of revenue growth in Q2, driven by a recovery in terminal bidding and strong performance of new products [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 964 million yuan, a year-on-year decrease of 4.78%, and a net profit of 47.03 million yuan, down 72.43% year-on-year [1]. - For Q2 2025, revenue was 534 million yuan, a slight increase of 0.17% year-on-year, while net profit was 38.96 million yuan, a decline of 44.65% year-on-year [1][2]. - The gross profit margin for Q2 2025 was 61.20%, down 4.46 percentage points year-on-year, with an increase in selling and management expense ratios impacting profit growth [2]. Product Performance - The HD650 product has shown significant performance improvements and has achieved small-scale sales, indicating potential for future growth [3]. - In H1 2025, the company generated 550 million yuan from color ultrasound, a decrease of 9.87% year-on-year, while endoscope revenue was 388 million yuan, a slight increase of 0.08% year-on-year [3]. Market Expansion - The company is actively building its domestic and international marketing networks, which has led to a steady increase in high-end customer acquisition [4]. - Domestic revenue in H1 2025 was 495 million yuan, down 9.17% year-on-year, while overseas revenue was 469 million yuan, a slight increase of 0.33% year-on-year [4]. Future Outlook - The company anticipates revenue growth of 15.9%, 19.4%, and 19.4% for the years 2025 to 2027, with projected net profits increasing significantly during the same period [4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but there are signs of recovery in overseas markets and product innovation [1][2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 964 million yuan, a year-on-year decrease of 4.78%, and a net profit attributable to shareholders of 47 million yuan, down 72.43% [1] - The second quarter of 2025 saw revenue of 534 million yuan, a slight increase of 0.17% year-on-year, while net profit dropped 44.65% to 39 million yuan [1] - The overall gross margin decreased by 5.34 percentage points to 62.08%, with net profit margin declining by 11.97 percentage points to 4.88% [2] Product Performance - The ultrasound segment generated revenue of 550 million yuan, down 9.87% year-on-year, while the endoscope segment achieved revenue of 388 million yuan, a slight increase of 0.08% [1] - The company launched the new iEndo series 4K smart endoscope platform, enhancing its competitive position in the domestic market [1] Market Dynamics - Domestic business revenue was 495 million yuan, down 9.17%, while overseas business revenue was 469 million yuan, up 0.33% [2] - The domestic medical device industry is showing signs of recovery, with increased bidding for ultrasound and endoscope products, although there is a lag between market bidding and revenue recognition [2] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 2.253 billion, 2.614 billion, and 3.030 billion yuan, with expected growth rates of 12%, 16%, and 16% respectively [3] - Net profit forecasts for the same period are set at 299 million, 384 million, and 503 million yuan, with growth rates of 110%, 28%, and 31% respectively [3]