SONOSCAPE(SZ:300633)2025-10-29 10:02Financial Performance - In the first three quarters of 2025, the company's revenue increased by 4.37% year-on-year, with a notable 28% growth in Q3 alone [2] - Profit decreased significantly due to increased R&D and marketing personnel costs over the past two years [2] - The company has controlled personnel scale and expense growth since the beginning of the year, leading to improved financial performance [2] Business Segmentation - Domestic business revenue grew over 6%, while international business revenue increased by over 2%, with international revenue accounting for more than 45% of total revenue [3] - Endoscopy business grew nearly 6% year-on-year, while ultrasound business declined by 6% due to centralized procurement and margin pressure [3] - Surgical business saw an 80% increase, and vascular ultrasound business surged by 270% [3] Gross Margin Analysis - Gross margin decline attributed to increased competition in the domestic ultrasound market and lower margins on new products [4] - The introduction of high-end ultrasound products aims to stabilize gross margins [4] - New product lines are expected to improve overall gross margin through cost reduction and efficiency enhancements [4] Cash Flow Situation - Operating cash flow net amount decreased significantly compared to the same period last year, primarily due to strategic inventory buildup and increased employee compensation [6] - Excluding these factors, cash flow remains stable compared to previous years [6] Product Development - The newly launched HD-650 series endoscope features 4K resolution and advanced imaging capabilities, enhancing the company's product lineup [7] - The HD-650 series has received positive feedback from experts and is expected to contribute significantly to the growth of the endoscopy business [7]