爱康医疗(01789)午前涨超9%，截至发稿，涨8.73%，报5.98港元，成交额7448.5万港元。 该行续指，展望2025H2，随着人工关节集采续约政策在全国范围内全面落地执行，行业价格体系趋于 稳定。公司在本轮续标中髋、膝关节中标价格均有提升，量价齐升的逻辑有望兑现。同时，骨科行业手 术量有望回暖，公司去年下半年收入基数不高，预计公司今年业绩将呈现前低后高的趋势，下半年有望 实现高速增长。 中信建投（601066）发布研报称，在国家人工关节集采中，爱康医疗凭借性价比和本土化服务优势，市 占率稳步提升，加速了进口替代和高端医院的覆盖。依托iCOS数字骨科平台，公司构建了"术前规划-术 中导航-术后监测"的全流程解决方案，随着自主研发的K3智能手术机器人获批上市，数字化产品与植入 物有望协同放量。国际化是公司第二增长曲线，通过"爱康+JRI"双品牌战略，公司有效覆盖海外不同市 场，海外收入占比逐渐提升，增长潜力巨大。 ...

Core Viewpoint - Aikang Medical (01789) has seen a significant stock price increase, attributed to its competitive advantages in the domestic artificial joint market and the successful launch of its K3 intelligent surgical robot [1] Group 1: Company Performance - Aikang Medical's stock rose over 9%, currently trading at 5.98 HKD with a transaction volume of 74.485 million HKD [1] - The company is experiencing a steady increase in market share due to its cost-effectiveness and localized service advantages in the national artificial joint procurement [1] - The launch of the iCOS digital orthopedic platform allows the company to offer a comprehensive solution from preoperative planning to postoperative monitoring [1] Group 2: Growth Potential - The international market represents a second growth curve for the company, with the "Aikang + JRI" dual-brand strategy effectively covering various overseas markets [1] - The overseas revenue proportion is gradually increasing, indicating significant growth potential [1] - The company expects to see a rebound in surgical volumes in the orthopedic industry, with a forecast of high growth in the second half of the year due to a low revenue base in the previous year [1] Group 3: Market Outlook - By the second half of 2025, the nationwide implementation of the artificial joint procurement renewal policy is expected to stabilize the industry pricing system [1] - Aikang Medical has seen an increase in bid prices for hip and knee joints in the current round of procurement, suggesting a potential for both volume and price growth [1]

机构：中信建投证券 研究员：贺菊颖/王在存/刘慧彬 核心观点 公司25 年H1 收入增速短期承压，利润增长符合预期。展望2025H2，随着人工关节集采续约政策在全国 范围内全面落地执行，行业价格体系趋于稳定。公司在本轮续标中髋、膝关节中标价格均有提升，量价 齐升的逻辑有望兑现。同时，骨科行业手术量有望回暖，公司去年下半年收入基数不高，预计公司今年 业绩将呈现前低后高的趋势，下半年有望实现高速增长。中长期来看，公司在3D 打印、手术机器人等 创新产品和数字骨科生态系统上的前瞻布局，将构筑坚实的技术壁垒，打开新的成长空间；海外市场 上，随着"JRI+爱康"双品牌战略深化和产品注册的不断推进，海外业务有望成为公司强劲的增长引擎。 事件 公司发布2025 半年度业绩公告 2025 年上半年公司收入6.94 亿元，同比+5.6%；净利润1. 6 1亿元，同比+15.3%。EPS 为0.14 元。 动态信息评述 收入增速短期承压，利润增长符合预期 公司2025 年上半年实现营业收入6.94 亿元（同比+5.6% ），净利润1.61 亿元（同比+15.3%），业绩稳 健增长。在带量采购政策推动下，公司产品进口替代进程加速， ...