开立医疗（300633.SZ） 业绩短期承压，期待新品放量业绩恢复 消费品/生物医药 公司发布 2025 半年度报告：2025 年上半年实现营业收入 9.64 亿元，同比下降 4.78%；归母净利润 0.47 亿元，同比下降 72.43%；扣非归母净利 0.40 亿元， 同比下降 74.26%。 其中，2025 年第二季度营业收入 5.34 亿元，同比增长 0.17%，归母净利润 0.39 亿元，同比下降 44.65%，扣非归母净利润 0.34 亿元，同比下降 46.00% ❑ 风险提示：新产品研发失败或注册延迟的风险、市场竞争风险、销售风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2120 | 2014 | 2253 | 2614 | 3030 | | 同比增长 | 20% | -5% | 12% | 16% | 16% | | 营业利润(百万元) | 475 | 122 | 326 | 418 | 547 | | 同比增长 | 2 ...

Core Insights - The company reported a revenue of 964 million yuan and a net profit attributable to shareholders of 47.03 million yuan for the first half of 2025, with a significant quarter-on-quarter net profit increase of 382.45% in Q2 [1] Financial Performance - Revenue for the first half of 2025 was 964 million yuan, with a net profit of 47.03 million yuan [1] - In Q2 2025, the net profit attributable to shareholders reached 38.96 million yuan, showing a substantial improvement compared to previous quarters [1] Industry Trends - Starting from Q4 2024, there will be an acceleration in national medical equipment renewal projects, leading to a year-on-year increase in procurement scale from January to July 2025 [1] - The bidding environment has improved, indicating a return to normal growth rates in the industry [1] Company Strategy - The company is expected to experience a surge in procurement intentions in the second half of 2025, with mid-year winning bids contributing to revenue recognition in the latter half [1] - 2025 is identified as a significant year for new product launches, with multiple high-end products receiving approval [1] - The company is deepening its "medical equipment + AI" strategy to enhance its product line and market presence [1] Product Development - In the ultrasound sector, the C-Field + Tiangong intelligent platform is being rolled out, with the S80/P80 and X11/E11 series providing high-quality experiences [1] - A new 4K iEndo platform has been launched in the digestive and respiratory endoscopy fields [1] - The "Lingzhu" 4K 3D fluorescence tri-functional endoscope imaging platform received certification in February [1] International Expansion - The company is accelerating its localization efforts overseas, establishing operational and decision-making systems to provide localized services, thereby enhancing customer loyalty and brand influence [1] R&D Investment - In the first half of 2025, the company invested 244 million yuan in R&D, accounting for 25.31% of its revenue, indicating a commitment to product diversification and innovation [1]