Three of Seven Medical Device Companies Report Revenue and Net Profit Growth in Q3 2025

　　【Pharmaceutical Network Industry DynamicsOn the evening of October 22, a new group of medical device companies disclosed their 2025 third-quarter reports, including VISHEE, Dawei Medical, CareRay Digital Medical Technology Co., Ltd., Malede, Jiangsu Hualan New Pharmaceutical Material Co., Ltd., Tellgen, and ST Kaili.
 

Among them, three companies—VISHEE, Jiangsu Hualan New Pharmaceutical Material Co.,Ltd, and ST Kaili—achieved double growth in both Q3 revenue and net profit. Specifically, VISHEE reported revenue of 115 million yuan during the period, representing a 14.87% increase from the same period last year. The net profit attributable to shareholders was 32.824 million yuan, with a year-on-year increase of 14.99%. The non-recurring net profit was 30.0288 million yuan, marking a year-on-year growth of 21.61%. The company's main business involves the research, development, production, and sales of rehabilitation medical devices. Driven by innovation in R&D, it is committed to providing safe and effective rehabilitation medical products and comprehensive solutions in niche areas such as pelvic floor and postpartum rehabilitation, neurological rehabilitation, and mental rehabilitation for medical and professional institutions.
 

Hualan Co., Ltd.'s Q3 2025 report shows that the company's operating revenue was 441 million yuan, a year-on-year increase of 4.4%; net profit attributable to shareholders was 53.32 million yuan, a year-on-year increase of 2.1%; non-recurring net profit attributable to shareholders was 40.83 million yuan, a year-on-year increase of 13.7%; net operating cash flow was 76.39 million yuan, a year-on-year decrease of 38.8%. The company's main business involves the research, production, and sales of packaging materials for injectable drugs that come into direct contact with the medication.
 

ST Kaili Achieves Operating Revenue of 788 Million Yuan in the First Three Quarters of 2025, a Year-on-Year Increase of 5.03%; Net Profit Attributable to Parent Company Reaches 71.2528 Million Yuan, a Year-on-Year Increase of 27.09%; Non-Recurring Net Profit at 52.1122 Million Yuan, a Year-on-Year Increase of 18.07%. The Company's Main Business is the Production, Research and Development, Sales, and Services of Orthopedic Implant Medical Devices.
 

Tellgen Corporation Experienced Dual Decline in Revenue and Net Profit. In the first three quarters of 2025, the company achieved total revenue of 258 million yuan, a year-on-year decrease of 19.73%. On the cost side, operating costs amounted to 86.0546 million yuan, a year-on-year decrease of 23.52%, while other costs such as expenses totaled 151 million yuan, a year-on-year decrease of 13.57%. After deducting operating costs and various expenses from the total operating income, the net profit attributable to shareholders was 5.7749 million yuan, a year-on-year decrease of 76.33%. Regarding the reasons for the changes in performance, the company stated that this period was affected by factors such as changes in the market environment and the implementation of centralized procurement policies, resulting in a decline in main business revenue.
 

Moreover, among companies with a decline in net profit, CareRay Digital Medical Technology Co., Ltd. ranked high with a 97.24% drop. In the first three quarters, the company achieved a total operating income of 226 million yuan, a year-on-year increase of 15.61%; the attributable net profit was 348,000 yuan, a year-on-year decrease of 97.24%; the non-recurring net profit loss was 4.3482 million yuan, compared to a profit of 3.8688 million yuan in the same period last year.
 

Regarding the medical device sector, securities firms generally expressed optimism. Zheshang Securities believes that the valuation of the medical device industry will recover in the second half of 2025 as earnings expectations improve. The market is concerned about the lack of long-term growth momentum after a short-term recovery. This concern is reasonable given the impact of volume-based procurement in China and ongoing worries about the international environment. However, it is believed that with continuous innovation and overseas expansion driving earnings recovery, the medical device industry has the potential to generate long-term growth momentum.
 

Caisson Securities believes that in the future, the medical device industry is expected to achieve multi-dimensional development by relying on enterprise technology platformization, AI diagnosis and treatment expansion, and consumer healthcare extension. The industry will shift from scale expansion to a higher level of development stage. High-quality development and long-term investment opportunities in the industry are highly anticipated. Recommended areas of focus include: medical device R&D platform manufacturers with independent innovation capabilities and overseas expansion capabilities; large models such as DeepSeek contributing to enhanced medical efficiency and resource optimization, with the AI medical field expected to continue expanding; under the background of increasing public health awareness and ongoing consumer stimulus policies, innovative ophthalmic device companies benefiting from centralized procurement and domestic substitution are recommended; as the impact of centralized procurement gradually eases, the domestic market share of orthopedic consumables, neurovascular intervention, and electrophysiology industries is steadily increasing.
 

Disclaimer: In no event shall the information or opinions expressed in this article constitute investment advice to any person.