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].

Group 1 - The brain-computer interface (BCI) concept has seen a significant surge, with related stocks experiencing substantial gains, including Beiyikang reaching a "30CM" limit up and Aipeng Medical hitting a "20CM" limit up [1][2] - The first humanoid robot full industry chain exhibition in China is set to take place on June 20 in Hangzhou, featuring Tesla and Yushu, showcasing advanced technologies including bionic drive and BCI [1][4] - The BCI market in China is projected to reach 5.58 billion yuan by 2027, indicating rapid growth and commercialization potential [1][6] Group 2 - Chinese concept stocks related to BCI have seen a significant rise, with companies like Aipeng Medical and Nanjing Panda Electronics experiencing limit up and substantial gains [2][3] - Nanjing Panda Electronics is developing a multimodal human-computer interaction system based on BCI technology, targeting applications in medical rehabilitation and smart wearables [3] - The market for BCI applications is expected to reach hundreds of billions of dollars, driven by various favorable developments and advancements in technology [4][6] Group 3 - The global BCI market is estimated to reach between 4 billion to 145 billion dollars in the medical field by 2030-2040, with non-invasive products currently leading commercialization [5][6] - The global BCI market size reached 1.98 billion dollars in 2023, with expectations to exceed 6 billion dollars by 2028, reflecting a compound annual growth rate of 25.22% [6]