启明医疗-B2026年上半年营收1.35亿元,经调整净利润0.08亿元

公告速递
Aug 31

启明医疗-B披露了2026年上半年业绩。财报显示,期内营收约1.35亿元,同比下降27.6%。公司同期经调整净利润(Non-GAAP商业化利润)约为0.08亿元,同比下降72.7%,经调整商业化利润率为6.1%,较上年同期减少10.1个百分点。同一口径下,Non-GAAP EBITDA为-1.41亿元,亏损幅度同比扩大71.9%。公司方面表示,营业收入走低主要受到国内经导管主动脉瓣置换(TAVR)领域终端价格体系重塑及市场竞争加剧、手术量增速放缓等因素影响,而海外瓣膜业务则保持稳健增长,为整体业绩带来一定支撑。

分项来看,TAVR收入约0.80亿元,受价格与销量下滑影响,同比录得显著下降。肺动脉瓣置换(TPVR)板块表现亮眼,实现收入约0.56亿元,同比增长近三成,成为拉动海外业务增长的主要动力。公司整体毛利率为69.0%,比去年同期的73.7%有所回落。

成本结构方面,销售及分销开支约0.80亿元,同比减少20.7%;管理费用约0.52亿元,同比下降5.7%。同期,研发投入约1.29亿元,同比上升6.5%,主要用于新一代TAVR产品Venus-PowerX与Venus-Vitae等研发项目的持续投入。

公司未披露具体的未来业绩目标,但指出将在下半年继续优化国内渠道网络并扩张全球业务覆盖,推进主要在研产品的注册与商业化落地。随着国内集采常态化与需求释放节奏的调整,海外业务将成为公司收入的重要支撑,公司将在差异化技术创新与多元化布局中稳步提升长期竞争力。

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