Kaili Medical: On March 1st, institutional research was conducted, with participation from Dongwu Securities, Guohai Securities, and several other institutions.

NightAirdropper · 2026-03-06T23:12:19+00:00

Kaili Medical (300633) underwent institutional research in 2026. Reports indicate that its product line performed well in domestic tenders in 2025. Although revenue was affected by rectification, market confidence has been restored. The company's endoscope sales increased, and the IVUS business outlook is optimistic, with an estimated 650 endoscopes becoming the main model. In the first three quarters of 2025, main business revenue increased by 4.37% year-on-year, but net profit declined. Several institutions hold a positive rating on this stock.

NightAirdropper

2026-03-06 23:12:19

Abstract generation in progress

Securities Star News, March 5, 2026: KaiLi Medical (300633) announced that on March 1, 2026, the company received institutional research visits, with participation from Dongwu Securities, Guohai Securities, Bosera Fund, Penghua Fund, PICC Pension, AVIC Fund, and CICC Capital.

Details are as follows:

Q: What was the domestic bidding situation for each product line in 2025?

A: In 2025, the bidding for medical terminals in China began to recover. Under this background, all of the company’s product lines achieved good results thanks to strong product capabilities. According to preliminary company statistics and third-party data verification, in 2025, the bid-winning amounts for ultrasound, endoscopes, surgical devices, and IVUS products all increased significantly, reaching a record high total bid amount. In each segment, based on bid data, the company’s ultrasound market position remained stable, endoscope market share significantly increased, and surgical and IVUS product rankings advanced rapidly. All four business lines are among the top in their respective segments domestically.

Due to previous industry rectifications, the company’s reported revenue lagged behind bid wins, but procurement by medical institutions has returned to normal, and the medical device market size has grown significantly. The industry is gradually emerging from its low period, boosting the company’s confidence in future development. The company’s multi-product line strategy is now entering a harvest phase.

Q: How did the company’s endoscope business perform in 2025 in domestic tertiary hospitals?

A: In 2025, the company entered nearly 150 new domestic tertiary hospitals with its endoscopes, a substantial year-over-year increase. The total number of endoscope installations in domestic tertiary hospitals (excluding repeat purchases) reached over 680, indicating accelerated recognition of the company’s endoscopes in high-end hospitals across China.

Q: What are the future development plans for the company’s IVUS business?

A: Influenced by domestic stent procurement, IVUS (Intravascular Ultrasound) penetration in PCI (Percutaneous Coronary Intervention) procedures has rapidly increased, with the market size growing sharply over several years. Currently, the domestic IVUS market is mainly dominated by imported brands, but recent years have seen breakthroughs with domestic IVUS products. After launching its IVUS products, the company successfully entered provincial and inter-provincial procurement lists, leading to rapid revenue growth in 2024 and 2025. However, overall revenue remains modest. As new IVUS products are continuously launched and costs are reduced, gross margins are expected to recover. The IVUS business is anticipated to continue rapid revenue growth and gradually turn profitable.

Q: How did the HD-650 series endoscopes perform in sales in 2025?

A: Since its launch in Q2 2025, the HD-650 series endoscopes have performed excellently in clinical settings and received widespread praise from domestic and international experts. The 650 series has achieved significant improvements in image quality, maneuverability, and compatibility with multiple types of endoscopes, making it competitive with high-end imported brands. In 2025, sales exceeded 100 units, with high product prices and gross margins, supporting the overall high gross margin of the company’s endoscope product line. The company expects that starting in 2026, the 650 series will become the main model for endoscope sales, further increasing the company’s market share.

KaiLi Medical (300633) main business: Independent research, development, production, and sales of medical diagnostic and therapeutic equipment.

KaiLi Medical’s Q3 2025 interim report shows: total revenue for the first three quarters was 1.459 billion yuan, up 4.37% year-over-year; net profit attributable to shareholders was 33.51 million yuan, down 69.25%; non-recurring net profit was 23.99 million yuan, down 72.14%. In Q3 2025 alone, revenue was 495 million yuan, up 28.42%; net profit attributable to shareholders was -13.52 million yuan, up 78.05%; non-recurring net profit was -15.89 million yuan, up 76.92%. The debt ratio was 24.22%, investment income was 2.08 million yuan, financial expenses were -38.30 million yuan, and gross margin was 60.36%.

In the past 90 days, four institutions have issued ratings for this stock: three rated it as “Buy,” one as “Hold.”

Detailed profit forecast information:

Margin financing and securities lending data show that in the past three months, net financing outflow was 52.74 million yuan, with a decrease in financing balance; net securities lending inflow was 1.10 million yuan, with an increase in securities lending balance.

This content is compiled from public information by Securities Star, generated by AI algorithms (Network Credit Calculation No. 310104345710301240019), and does not constitute investment advice.

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