Investment Rating - The investment rating for Xiangsheng Medical (688358) is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and profitability potential, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company reported a revenue of 236 million yuan for the first half of 2025, reflecting a year-over-year decline of 4.61%, primarily due to global geopolitical conflicts, currency fluctuations, and trade barriers affecting traditional export markets. However, revenue showed a positive growth of 1.37% in Q2 2025 compared to Q1 2025 [2]. - The gross profit margin remained stable at 60.65% in H1 2025, with expectations of improved profitability as the revenue share from high-end intelligent ultrasound products increases [2]. - The company is focusing on AI and robotics to enhance growth opportunities, with significant R&D investment of 37.61 million yuan, representing 15.93% of revenue. The launch of the SonoAI solution aims to upgrade ultrasound diagnostics across various clinical applications [2]. - Revenue projections for 2025-2027 are estimated at 534 million, 626 million, and 728 million yuan, with corresponding net profits of 165 million, 192 million, and 222 million yuan, indicating growth rates of 13.9%, 17.3%, and 16.3% respectively [2][3]. Financial Summary - For 2025, the expected total revenue is 534 million yuan, with a year-over-year growth rate of 13.9%. The projected net profit is 165 million yuan, reflecting a growth rate of 17.6% [3]. - The gross margin is expected to be around 58.9% in 2025, with a gradual increase to 59.4% by 2027 [3]. - The earnings per share (EPS) is projected to be 1.47 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.32 [3].

政策方面，2025年6月20日，国家药监局审议通过《关于优化全生命周期监管支持高端医疗器械创新发 展的举措》。该政策明确指出，医用机器人、高端医学影像设备、人工智能医疗器械和新型生物材料医 疗器械等（以下简称高端医疗器械）是塑造医疗器械新质生产力的关键领域。 祥生医疗相关工作人员表示，此举措将极大促进新技术、新材料、新工艺和新方法在医疗健康领域的应 用转化，通过优化流程加速科研成果落地，为祥生医疗等聚焦AI与高端医学影像的创新企业提供了明 确的政策支持和广阔的市场机遇。未来，凭借在高端超声设备与AI辅助诊断领域的扎实布局，祥生医 疗有望依托创新驱动和国际化策略，全面增强其在超声医学影像领域的综合竞争力。 在衍生技术方面，祥生医疗自主研发的"乳腺人工智能超声机器人"取得重要进展，已获得医疗器械检测 报告。该技术在公司已有乳腺疾病智能分析技术基础上，增加了集触摸屏、电动检查床、六自由度机械 臂、超声影像自动传输、AI辅助阅片等在内的一体化设计，可实现大规模扫查与数据跟踪管理，构 建"筛查-转诊-治疗"全闭环服务模式。 除了在人用超声设备方面持续深耕，祥生医疗还进一步突破兽用超声领域。2025年上半年，祥生医疗焕 ...