证券日报网讯1月22日，三友医疗在互动平台回答投资者提问时表示，公司依托控股公司法国骨科上市 公司Implanet，直接向国际高端骨科市场输出公司自主研发的疗法创新技术和产品，形成"法国Implanet 品牌的疗法创新植入物系统+水木天蓬超声能量平台+春风化雨国际领先骨科手术机器人"为核心的强大 产品力。2024年，完全基于公司疗法创新的Zeus脊柱后路钉棒系统的技术，Implanet公司 JAZZSpinalSystem(JSS系统)脊柱系统已获得美国FDA510(K)的认证通过，并于2024年底开始在美国销 售，JSS系统进一步补充了公司的国际产品线，补充和丰富了公司的国际品牌。公司已基于Implanet创 立新的国际产品品牌，国际业务实现销售增长，特别是美国市场增长迅速。公司将持续专注于欧美高端 骨科市场，加大市场销售投入，促进国际化业务的快速发展。 ...

Core Viewpoint - The company has announced its 2025 "Quality Improvement and Efficiency Enhancement" action plan, building on the achievements of the 2024 plan to optimize operations and governance while enhancing shareholder value [1]. Group 1: Business Strategy and Development - The company focuses on deepening its core business in orthopedic medical devices, emphasizing original innovation and increasing R&D investment to enhance competitiveness [1][2]. - In 2024, the company faced a significant decline in net profit, down 88% to 11.47 million yuan, primarily due to the impact of centralized procurement on spinal product sales [1]. - The company increased its R&D investment to 84.29 million yuan, a 29.24% year-on-year increase, representing 18.58% of total revenue, up 4.41 percentage points from the previous year [1]. Group 2: International Expansion - The company aims to expand its international business, leveraging its acquisition of Implanet to enhance brand recognition and market presence in developed countries [3][4]. - The JAZZ Spinal System from Implanet received FDA510(k) certification and began sales in the U.S. by the end of 2024, further enriching the company's international product line [3]. Group 3: Product Innovation and Technology - The company is advancing the development of new materials and intelligent surgical devices, focusing on integrating AI and robotics into orthopedic instruments [4][5]. - The acquisition of Waterwood Tianpeng Medical Technology Co., Ltd. aims to enhance the company's capabilities in ultrasound energy and active devices, promoting strategic synergies [6]. Group 4: Shareholder Returns and Communication - The company maintains a sustainable dividend strategy, planning to distribute a total cash dividend of 1.1671 million yuan and a capital reserve increase of 2 shares for every 10 shares held [7][8]. - The company emphasizes transparent communication with investors, utilizing various channels to ensure timely and accurate information dissemination [9][10]. Group 5: Governance and Compliance - The company adheres to strict governance standards, ensuring a well-defined structure among shareholders, the board, and management to protect shareholder interests [12][13]. - Continuous training and communication with key personnel are implemented to enhance compliance awareness and operational effectiveness [13][14].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 17.47 and a sector rating of "Outperform" [1][4]. Core Insights - The company reported a revenue of RMB 454 million for 2024, a decrease of 1.48% year-on-year, and a net profit of RMB 11 million, down 88% year-on-year. However, in Q1 2025, the company achieved a revenue of RMB 116 million, a growth of 34.72% year-on-year, and a net profit of RMB 13 million, a significant increase of 711.85% year-on-year. The rapid growth in new business areas, particularly in ultrasonic bone knives and international expansion, supports the "Buy" rating [4][6]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at RMB 454 million, with a growth rate of -1.5%. For 2025, revenue is expected to rise to RMB 612 million, reflecting a growth rate of 35.0%. The net profit for 2025 is forecasted at RMB 122 million, a substantial increase of 964.2% compared to 2024 [8][9]. Business Developments - The company has completed the acquisition of the remaining equity in Waterwood Tianpeng, which focuses on ultrasonic bone knives. This acquisition is expected to enhance the product matrix and provide innovative therapies, contributing to competitive strength. In Q1 2025, Waterwood Tianpeng reported a revenue of RMB 35.12 million, a growth of 152.40% year-on-year [9]. International Expansion - The company has completed its international business layout, with FDA510(K) certification for its Zeus spinal system and JSS spinal system, set to begin sales in the U.S. by the end of 2024. The international business is expected to grow significantly, with the French subsidiary Implanet SA achieving a revenue of EUR 2.58 million, a year-on-year increase of 15.97% [9].