调研纪要：报告期内，公司实现营业收入7.14亿元，净利润3.15亿元，拟每10股派现13.00元(含税)，总 额1.57亿元。Cratos于3月国内上市，挂网价低于10万元，推广进度超预期；Hector获欧盟定制证书，在 欧洲多国完成临床植入，获医生认可。研发投入预计今年约10%，未来维持在10%-15%。海外收入同比 增长超95%，占比达17%，主因并表Lombard及自身增长，覆盖45国，计划明年达60国。Talos、 Cratos、Fontus等高毛利产品将陆续出海。 恒生前海基金成立于2016年，截至目前，资产管理规模(全部公募基金)164.7亿元，排名126/210；资产 管理规模(非货币公募基金)164.68亿元，排名109/210；管理公募基金数54只，排名100/210；旗下公募基 金经理7人，排名126/210。旗下最近一年表现最佳的公募基金产品为恒生前海高端制造混合A，最新单 位净值为0.96，近一年增长89.37%。旗下最新募集公募基金产品为恒生前海瑞丰混合A，类型为混合型- 偏股，集中认购期2025年8月18日至2025年9月5日。 1)心脉医疗(恒生前海基金参与公司2025年半年度业 ...

Group 1: Dekoli - The company is experiencing rapid growth in computing power demand, but faces challenges with insufficient production capacity and supply chain resources, leading to order delivery issues [1] - Revenue from data communication products is increasing, with access and data products accounting for nearly 40% of total revenue; however, telecom business revenue has decreased by approximately 8% year-on-year [1] - A new factory is expected to be operational in the second half of the year, which is anticipated to improve the situation; OCS products have received orders worth millions [1] - The company's factory in Thailand is projected to start production after the 2026 Spring Festival, with some clients already certified [1] - The company emphasizes enhancing core competitiveness to address uncertainties in tariff policies [1] Group 2: Xinmai Medical - The company reported a revenue of 714 million yuan and a net profit of 315 million yuan during the reporting period, with a proposed cash dividend of 1.3 yuan per share, totaling 157 million yuan [1] - The Cratos product was launched domestically in March, with a listing price below 100,000 yuan, and its promotion is exceeding expectations; Hector has received custom certification in the EU and has completed clinical implants in multiple countries [1] - Research and development investment is expected to be around 10% this year, maintaining a range of 10%-15% in the future [1] - Overseas revenue has increased by over 95% year-on-year, accounting for 17% of total revenue, primarily due to the consolidation of Lombard and organic growth, with plans to expand coverage from 45 to 60 countries next year [1] - High-margin products such as Talos, Cratos, and Fontus are set to be launched internationally [1] Group 3: Green Fund - Green Fund was established in 2016, with total assets under management of 25.643 billion yuan, ranking 110 out of 210 in public funds [2] - The fund has 61 public funds under management, ranking 91 out of 210, and employs 12 fund managers, ranking 97 out of 210 [2] - The best-performing public fund product in the past year is the Green High Dividend Preferred Mixed A, with a latest net value of 1.84 and a growth of 118.24% over the past year [2] - The latest public fund product launched is the Green Technology Growth Mixed A, which is equity-oriented and has a subscription period from August 8, 2025, to November 7, 2025 [2]

公 司 报 告 医药 2025年09月01日 心脉医疗(688016.SH) 创新产品驱动成长，海外不断打开空间 推荐 ( 维持) 股价:108.58元 行情走势图 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 倪亦道 | 投资咨询资格编号 | 事项： NIYIDAO242@pingan.com.cn 公司2025H1实现营业收入7.14亿元，yoy-9.24%，实现归母净利润3.15亿元， yoy-22.03%，实现扣非归母净利润2.71亿元，yoy-29.96%。单Q2来看，公司 实现营业收入3.82亿元，实现归母净利润1.85亿元，yoy-15.61%，实现扣非 归母净利润1.48亿元，yoy-28.84%。公司公告拟向全体股东每10股派发现金 红利13.00元（含税）。 平安观点： 国内持续加强医院渗透，海外市场加速拓展。公司整体收入端受国内主 动脉降价等影响有所下降，国内持续加强市场下沉力度，不断加强市场 覆盖深度和广度，实现收入端平稳过渡； ...