1H25 业绩符合我们预期 公司公布1H25 业绩：收入7.14 亿元，同比-9.2%，环比+70.4%；归母净利润3.15 亿元，同比-22.0%，环 比+219.2%。1H25 业绩符合我们的预期。 发展趋势 主动脉支架业务环比明显企稳。根据公告，1H25 主动脉业务收入5.14 亿元，我们判断环比有大幅提 升，在2H24 降价影响基本出清、集采悲观预期有所好转的情况下，我们判断公司国内主动脉业务呈现 明显企稳趋势，未来或将继续环比修复。外周及其他收入2.00 亿元，同比维持增长态势，我们预计 2H25 及以后或将持续受益于外周支架集采落地、外周药物球囊集采等，持续提升份额。此外，根据公 告，公司本次拟向全体股东每10 股派发现金红利13.00 元，拟派发现金红利总额1.57 亿元（含税）。 海外加速放量。1H25 海外销售收入1.23 亿元，同比+95.22%，收入占比提升至17.25%，截至1H25，公 司目前已销售覆盖45 个国家， 业务拓展至欧洲、拉美、亚太及非洲等其他国家和地区；其中，Castor 分支型胸主动脉覆膜支架在欧亚及拉美等27 个国家实现植入；Minos 腹主动脉覆膜支架在欧亚及拉美 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [5]. Core Insights - The company reported a revenue of 332 million yuan in Q1 2025, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 130 million yuan, down 30% year-on-year [2]. - The domestic market is facing short-term pressure due to changes in the market environment, leading to adjustments in product pricing and promotional strategies, while the overseas market is expanding rapidly with a sales revenue growth of over 93% year-on-year [3]. - The company has set ambitious growth targets in its employee stock ownership plan, aiming for a net profit of no less than 600 million yuan in 2025, reflecting confidence in future operations [4]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 332 million yuan, a decrease of 7% year-on-year, and a net profit of 130 million yuan, down 30% year-on-year [2]. Operational Analysis - The domestic market is under pressure, but the company maintains a leading market share in domestic active artery intervention products and is expanding its market coverage for peripheral vascular intervention products. The overseas market has seen a significant increase in sales, with new registrations in three countries and over 100 total overseas product registrations [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 606 million yuan, 794 million yuan, and 965 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21%, 31%, and 22% [5].