SONOSCAPE(SZ:300633)2026-03-05 09:00Group 1: Market Performance and Growth - In 2025, the company achieved a historical high in total bid amounts across its product lines, with significant growth in ultrasound, endoscopy, surgical, and IVUS products [2] - The company’s ultrasound products maintained a stable market position, while endoscopy market share saw a notable increase, and both surgical and IVUS products advanced rapidly in their rankings [2] - The medical equipment market is recovering, indicating a positive outlook for future growth, with the company’s multi-product line strategy entering a harvest phase [2][3] Group 2: Endoscopy Business Development - In 2025, the company entered nearly 150 new tier-3 hospitals with its endoscopy products, marking a substantial year-on-year increase, bringing the total installations in high-end hospitals to over 680 [4] - The HD-650 series endoscope, launched in Q2 2025, received widespread acclaim for its clinical performance and is expected to become the main sales model, driving further market share growth [6] Group 3: IVUS Business Outlook - The IVUS market is experiencing rapid growth due to increased penetration in PCI procedures, with domestic IVUS products gaining traction despite competition from imported brands [5] - The company’s IVUS products have successfully entered provincial procurement lists, leading to significant revenue growth in 2024 and 2025, although overall revenue remains modest [5] - Continuous product launches and cost reductions are expected to enhance gross margins, with the potential for the IVUS business to achieve profitability while maintaining rapid revenue growth [5]