8月29日晚，蓝帆医疗（002382）（002382.SZ）发布的2025年半年报显示，上半年公司实现归属于上市 公司股东的净亏损13,477.93万元，同比减亏15.88%；实现经营活动产生的现金流量净额33,515.28万 元，同比增长407.48%。 作为由低值耗材向高值耗材赛道转型的代表企业，蓝帆医疗这份半年报尤为值得投资者关注的是重金投 入的心脑血管业务的成色。 自2018年跨境收购新加坡柏盛国际以来，蓝帆医疗布局心脑血管版图已有七年时间，这七年中，心脑血 管事业部业绩经历了U型曲线：2018年至2019年实现了利润高增长，2020年至2021年营收因国内集采和 全球公共事件而骤然跌入谷底，2022年后凭借创新产品逐步走出低谷，2021年至2024年营收平均增速超 过16%。 2025年上半年，蓝帆医疗心脑血管事业部销售收入达6.95亿元，同比增长超过22%，相比2024年上半年 12%的增幅进一步显著提升。 除了板块收入持续增长外，蓝帆医疗也在着力提升该板块业务的利润率，报告期内该板块毛利率不仅稳 步提升，销售费用率和管理费用率也均进一步下降，在因参股企业同心医疗一级市场估值变动导致该板 块确认公 ...

证券研究报告 微电生理 (688351 CH) 业绩符合预期，海外加速拓展 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 医疗器械 | 目标价(人民币): | 31.18 | 公司 1H25 实现收入 2.24 亿元（yoy+12.8%）、归母净利 3267 万元 （yoy+92.0%），扣非归母净利 2081 万元（yoy+2157.4%），符合业绩预 告预期。公司 1H25 毛利率为 60.1%（yoy+1.0pct），高端产品持续放量带 动整体毛利率稳中有升。公司 1H25 经营性现金流量净额 6437 万元 （yoy+69.7%），现金流水平积极提升。考虑公司产品矩阵持续完善且海内 外销售积极发力，看好公司 25 年业绩整体实现较快增长。维持"买入"。 高端导管产品快速放量，积极驱动整体收入增长 1）导管类产品：收入 1.61 亿元；公司高端导管产品呈现快速放量态势，其 压力消融导管截至 1H25 已在国内完成手术超 3000 例（vs 我们 ...

Core Insights - The company reported a revenue of RMB 20.862 million for the six months ending June 30, 2025, with a loss attributable to shareholders of RMB 27.213 million, representing a year-on-year increase of 5.35% [1] - The revenue during this period was primarily generated from the commercialization of RDN products, with total recognized revenue of RMB 20.90 million, compared to zero for the same period in 2024 [1] - The company's research and development expenses decreased mainly due to a reduction in depreciation and amortization expenses by RMB 2.30 million, attributed to most machinery and equipment being used for production activities [1]

Core Points - The company reported a revenue of RMB 20.862 million for the six months ending June 30, 2025, with a loss attributable to shareholders of RMB 27.213 million, representing a year-on-year increase of 5.35% [1] - The revenue during this period was primarily generated from the commercialization of RDN products, with total recognized revenue of RMB 20.90 million, compared to zero for the same period in 2024 [1] - The company's research and development expenses decreased mainly due to a reduction in depreciation and amortization expenses by RMB 2.30 million, attributed to most machinery and equipment being used for production activities [1]

Core Viewpoint - The company reported a significant increase in revenue from RDN products, marking a transition from zero revenue in the previous period to RMB 20.9 million for the six months ending June 30, 2025 [1] Revenue Summary - Revenue for the six months ending June 30, 2025, amounted to RMB 20.9 million, which includes RMB 20.5 million from product sales and RMB 0.4 million from collaborations [1] - This represents a notable increase compared to the same period in 2024, where revenue was zero [1] R&D Expenditure Summary - Research and development expenses decreased from RMB 21.8 million for the six months ending June 30, 2024, to RMB 20.1 million for the same period in 2025, a reduction of RMB 1.7 million [1] - The decrease in R&D expenses is primarily attributed to a reduction in depreciation and amortization costs by RMB 2.3 million, due to most machinery and equipment being utilized for production activities [1]

Core Viewpoint - The company reported robust revenue growth in Q1 2025, with domestic revenue showing single-digit percentage growth year-on-year and international revenue growing over 50% year-on-year. The company expects high growth in overseas revenue to continue throughout the year. [1] Group 1: Financial Performance - Q1 2025 revenue increased by 17% year-on-year to RMB 100 million, with domestic business showing single-digit percentage growth and overseas revenue growing over 50% [1] - The company's gross profit margin remained stable at 60.6%, while net profit attributable to the parent company surged by 329% year-on-year to RMB 17.87 million, resulting in a net profit margin improvement of 12.5 percentage points to 17.2% [1] - The company aims to achieve revenue of RMB 510 million, RMB 660 million, and RMB 840 million for the years 2025-2027, respectively, with a target price of RMB 27.90 based on a 20x 2026E PS valuation multiple [4] Group 2: Market Dynamics - The company anticipates that the 27-province alliance for electrophysiology procurement will be renewed in the second half of 2025, with expectations of moderate price declines [3] - In Q1 2025, the company performed over 1,000 surgeries overseas (double-digit year-on-year growth), with approximately half using pressure catheters. The Latin American market showed the highest growth rate [2] - Domestic surgeries exceeded 5,000 in Q1 2025, reflecting single-digit growth year-on-year, with about 30% utilizing pressure catheters [2] Group 3: Product Development - The company is accelerating the localization of raw materials, reducing the import ratio from 40% in 2024 (down from 60% in 2022) and decreasing the proportion of raw materials imported from the U.S. to about 10% [3] - The R&D pipeline is progressing well, with the PFA product approved in April 2025 and expected to be listed soon, while self-developed catheters are anticipated to be approved in 2025 [3] - The 3D intracardiac ultrasound product has initiated clinical research and is expected to be approved by 2026, offering innovative features to reduce X-ray exposure [3]