机构：东北证券 集采等因素下销售压力致使分销成本提升，研发成本持续优化。报告期内，公司①毛利率73.39% （+1.12pct）；②期间费用率：分销成本率20.81%（+7.06pct）、绝对值0.80 亿元（+41.98%），主要系 海内外加大市场销售活动力度；行政开支率8.28%（+1.24pct）、绝对值0.32 亿元（+10.25%），主要系 股份支付开支增长；研发成本率9.67%（-2.17pct）、绝对值0.37 亿元（-23.38%）主要系集团层面持续 优化成本；③利润率：年内溢利率24.22%（-10.10pct），经调整净溢利率39.05%（+0.04pct），主要系 25H1确认Rapid Medical 投资减值亏损。 研究员：叶菁/古翰羲 国内业务受集采影响，海外市场增长迸发。①出血性脑卒中产品收入2.34亿元（-5.51%），主因密网支 架受集采影响，但弹簧圈全球销售维持高速增长；②狭窄类产品收入1.15 亿元（-11.52%）主要系代理 产品停止合作和集采影响；③缺血性脑卒中产品收入0.29 亿元（+0.84%），中间导管受集采影响，取 栓产品和抽吸导管则快速增长；④出海业务收入0 ...

Investment Rating - The report assigns a "Buy" rating to the company [5][7]. Core Insights - The company experienced a revenue decline of 6.20% year-on-year, totaling 383 million yuan, while net profit decreased by 33.80% to 93 million yuan. Adjusted net profit was 150 million yuan, down 6.10% [1][2]. - The gross margin improved to 73.39%, an increase of 1.12 percentage points, despite rising distribution costs due to intensified sales activities domestically and internationally [2]. - The company is a leading player in China's neuro-interventional market, with a diverse product portfolio covering hemorrhagic stroke, ischemic stroke, and atherosclerotic stenosis, and is expected to benefit from the commercialization of several innovative products [5]. Financial Performance Summary - Revenue for the first half of 2025 was 383 million yuan, with a net profit of 93 million yuan. The adjusted net profit was 150 million yuan [1]. - The gross margin was 73.39%, while the profit margin was 24.22%, reflecting a decrease of 10.10 percentage points [2]. - The company’s revenue projections for 2025-2027 are 730 million, 758 million, and 868 million yuan, respectively, with net profits of 238 million, 275 million, and 322 million yuan [5][6]. Product Development and Market Expansion - The company has made significant progress in product approvals and registrations, including the Numen Nest detachable coil and NeuroHawk Medibox thrombectomy stent, which received NMPA approval [4]. - The overseas business showed strong growth, with revenue increasing by 67.39% to 47 million yuan, and the company has commercialized eight products in 34 countries/regions [3][4].