证券研究报告 | 2025年08月26日 福瑞股份（300049.SZ） 优于大市 25Q2 营收同比增长 20%，MASH 无创检测迎来关键催化 营收稳健，剔除股份支付和汇兑影响后归母净利润同比增长超 20%。2025 年上半年公司实现营收 7.13 亿元（+11.02%），归母净利润 0.52 亿元 （-31.09%),扣非归母净利润 0.53 亿元（-28.39%)。其中 25Q2 单季营 收 3.83 亿元（+19.76%），归母净利润 0.23 亿元（-28.63%），扣非归 母净利润 0.24 亿元（-28.80%）。2025 年上半年利润端有所承压，主要 受汇兑损失（2855 万元）及股权激励费用（1244 万元）影响，剔除两 者影响后归母净利润为 9136.02 万元，同比增长约 20.99%。 药品及医疗服务业务收入微增，器械业务增长良好。分业务看，药品和医 疗服务业务实现收入为 2.31 亿元（+5.62%），对归母净利润影响为 0.36 亿元。器械业务增长良好，实现收入 4.8 亿元（+13.80%），其中设备 销售实现收入 2.53 亿元，占比 52.5%，按次收费、租赁及其他收入 2 ...

上 市 公 司 医药生物 2025 年 08 月 25 日 福瑞股份 (300049) —— Q2 设备高增长，看好诺和 MASH 获批后检测需求 提升 报告原因：有业绩公布需要点评 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,349 | 713 | 1,677 | 2,063 | 2,506 | | 同比增长率（%） | 16.9 | 11.0 | 24.3 | 23.0 | 21.4 | | 归母净利润（百万元） | 113 | 52 | 210 | 313 | 426 | | 同比增长率（%） | 11.5 | -31.1 | 85.4 | 49.1 | 35.9 | | 每股收益（元/股） | 0.43 | 0.20 | 0.79 | 1.18 | 1.61 | | 毛利率（%） | 74.1 | 75.3 | 75.3 | 76.4 | 77.2 | | ROE（%） | 6.5 | 2.8 | 10.7 | 14.5 | 17 ...

Group 1: Financial Performance - The company achieved a revenue of 713 million CNY, representing an increase of 11.02% compared to the same period last year [3] - Medical device business revenue reached approximately 482 million CNY, growing by 13.8% [3] - The net profit attributable to shareholders was approximately 74 million CNY, with a year-on-year growth of about 20.99% after excluding stock incentive expenses and exchange losses [3] Group 2: Business Operations - The company focuses on management-style medical services, primarily in the liver disease sector, including drug production, diagnostic equipment development, and related medical services [3] - Echosens has installed a total of 977 units of its products globally [3] - The company is currently collaborating with Novo Nordisk to promote early diagnosis and treatment of Metabolic Associated Steatotic Hepatitis (MASH) [3] Group 3: Market Trends and Strategies - The approval of semaglutide for MASH is expected to enhance awareness and treatment options in the industry [3] - The company has stable internal shareholding and strategic plans, indicating no adjustments to its operational strategies [4] - E-commerce channels for traditional Chinese medicine have shown significant growth, with a year-on-year increase of 59.23% [4] Group 4: Future Outlook - The company's mission is to "keep every family away from liver cancer," focusing on a closed-loop management strategy to reduce liver cancer incidence [5] - There is confidence in the industry outlook and the company's development trajectory, supported by a clear organizational and shareholding structure [5]