事件： 受地方财政、医疗专项债资金紧张以及常规招标延迟等影响，2024 年国内营收202.9 亿元（-5.1%）， 25Q1 起财政支持规模快速增长，招标持续恢复，但考虑到收入确认周期因素，国内业务持续承压，有 望从25Q3 恢复正增长；海外市场持续拓展，2024 年营收164.34 元（+21.3%），占比增至45%左右，其 中亚太区增长亮眼、近40%，欧洲实现超30%的反弹式增长，25Q1 海外业务持续增长、占比提升至约 47%，本地化建设+出海产品矩阵高端化升级赋能国际业务稳健增长。 2. 体外诊断、微创外科引领增长，产品结构高端升级驱动国内外高端客户突破。2024 年，1）IVD 板块 营收137.6 亿元（+10.8%），国内受DRG2.0 落地、集采降价等影响，同时也借力集采加速国产替代， 公司发光跃居国内第三、生化占比超15%，海外市场协同本地化布局和DiaSys 整合，持续突破大样本量 客户，实现超30%增长；2）医学影像营收75 亿元（+6.6%），国内受益于超高端Resona A20 放量、高 端及超高端贡献六成收入，公司市占率提升至超30%，海外市场主要仍以中低端为主、市占率较低，随 着 ...

Financial Performance - In 2024, the company achieved total revenue of 36.726 billion CNY, a year-on-year increase of 5.14% [2] - The net profit attributable to shareholders was 11.668 billion CNY, up 0.74% year-on-year; excluding financial expenses, the net profit growth was 4.36% [2] - Operating cash flow reached 12.432 billion CNY, reflecting a year-on-year increase of 12.38% [2] - For Q1 2025, total revenue was 8.237 billion CNY, a decline of 12.12% compared to the same period last year, with net profit down 16.81% [9] Dividend Distribution - The company plans to distribute 679 million CNY (including tax) as dividends for 2024, with a cumulative cash dividend of 7.602 billion CNY, representing a payout ratio of 65.15% [3] - A proposal for a mid-year dividend of 1.71 billion CNY (including tax) for 2025 is also in place, pending shareholder approval [3] Market Performance International Market - The international market grew by 21.28% in 2024, with the Asia-Pacific region seeing nearly 40% growth driven by countries like Australia, Thailand, and India [4] - International revenue accounted for approximately 45% of total revenue, with high-potential segments like minimally invasive surgery and cardiovascular care nearing 10% of international income [4] Domestic Market - The domestic market experienced a decline of 5.10% due to sluggish hospital equipment procurement and the impact of DRG 2.0 [4] - A recovery is anticipated in Q3 2025 as local fiscal pressures ease and medical equipment projects are initiated [4] Product Line Performance In Vitro Diagnostics (IVD) - The IVD segment grew by 10.82% in 2024, with international IVD growth exceeding 30% [5] - IVD revenue now constitutes 37.48% of total company revenue, surpassing the life information and support segment [5] Medical Imaging - The medical imaging segment grew by 6.60%, with international growth over 15% [7] - The launch of the high-end Resona A20 ultrasound is expected to enhance market presence [7] Life Information and Support - This segment saw a decline of 11.11%, although international growth was in double digits [8] - The company maintains a leading market share in domestic monitoring and respiratory devices despite challenges [8] Research and Development - R&D investment for 2024 was 4.008 billion CNY, accounting for 10.91% of revenue, while Q1 2025 saw 847 million CNY in R&D, representing 10.28% of revenue [11] - New product launches include advanced systems in life information and support, IVD, and medical imaging [12][13] Sustainability Efforts - The company received an AA rating from MSCI ESG and was included in the S&P Global Sustainable Development Yearbook [14] - Carbon emissions intensity decreased by 11.6% compared to 2021, with ongoing projects contributing to sustainability goals [15] Future Outlook - The company anticipates a significant recovery in domestic revenue starting Q3 2025, driven by the resumption of medical equipment projects [10] - Long-term growth strategies focus on digitalization, internationalization, and enhancing the supply chain to adapt to changing market conditions [24][25]