> 数据图表我想了解一下医疗器械：细分板块业绩分化2025-12-2医疗器械：细分板块业绩分化医疗器械四大子板块 细分业务有所分化。细分业务来看，2025Q3医疗设备板块、高耗板块的心脑血管和骨科、低耗板块的医用导管敷料类表现较好。IVD板块、眼科、肾科、手套、药用玻璃瓶、注射穿刺类等有所承压，主要因医疗控费政策加紧、地缘政治紧张和竞争加剧。数据来源：wind，西南证券整理10725Q1-325Q3主营业务营业收入（百万元）YOY毛利率净利率归母净利润（百万元）医疗设备板块（迈瑞生命信息及影像单拆）影像设备家用设备生命信息与支持内窥镜测序仪康复自动化药房其他IVD高值耗材免疫POCT分子生化其他心脑血管眼科骨科肾科其他低值耗材手套医用导管及敷料药用玻璃瓶注射穿刺类其他592612347115156987723301869120655048023245520823478937792147917248109446447639903308359026860116066972457928578450.1%3.0%8.5%-19.5%5.1%0.0%6.9%31.4%5.8%-14.5%-9.6%-28.3%-1.5%-18.8%-47.7%5.9%9.2%-2.3%18.7%-10.5%14.3%-2.4%-1.2%5.1%-13.0%-5.5%1.1%--49.0%-61.6%53.3%67.9%42.7%47.8%--62.6%70.8%58.6%48.1%67.2%68.4%69.8%69.1%58.5%66.8%26.8%20.1%34.2%29.7%30.3%30.1%--15.8%-4.9%-6.5%20.1%1.4%18.4%--46.5%10.7%15.5%-3.6%23.5%24.3%23.2%22.6%22.5%24.2%8.2%5.5%10.7%13.3%5.0%8.5%--2391-114-1202427886--2227405333-33584222931037900743869220763874461014372YOY---3.3%--53.3%-74.2%-2.2%80.3%0.1%---11.3%43.9%-44.3%-110.9%2.8%11.6%-12.2%66.1%-27.3%-1.5%-10.9%36.5%0.6%-27.7%-49.8%-49.1%营业收入（百万元）YOY毛利率净利率归母净利润（百万元）19832755949393484839755396261159811016740913561240743268825130771515138010551223902439122450138399028814.7%18.1%12.6%4.4%33.1%14.5%6.6%99.3%16.8%-11.1%-3.9%-34.0%-2.3%-14.9%-45.2%8.8%20.0%-5.8%24.1%-14.6%15.4%-5.4%-7.6%4.9%-16.6%-3.6%2.1%--48.2%-59.4%54.0%67.1%42.6%46.9%--58.5%70.6%57.3%44.1%67.0%68.7%70.1%68.4%56.3%66.4%26.4%19.0%34.0%31.8%29.4%27.9%--11.2%-3.9%-2.2%18.6%4.2%16.6%--54.5%7.6%13.6%-15.2%22.0%22.0%23.9%25.0%17.3%20.5%6.8%1.6%12.0%13.3%5.1%7.5%--552-33-167311266--73995101-411817676362345183251614632951835122YOY---17.9%--1165.9%90.3%6.8%-265.9%21.2%---26.4%-276.6%-40.2%-166.1%7.5%34.5%-12.3%88.5%-42.3%-8.4%-17.5%53.8%3.4%-32.5%-48.9%-53.1%西南证券健康医疗
