{
  "company": {
    "name": "广州科莱瑞迪医疗器材股份有限公司",
    "short_name": "科莱瑞迪",
    "stock_code": "920072",
    "report_period": "2023年、2024年、2025年",
    "industry": "C35 专用设备制造业",
    "industry_biz": "肿瘤放射治疗中的放疗定位装置以及康复治疗中康复辅助器械的研发、生产和销售"
  },
  "ipo": {
    "status": "已注册",
    "issue_pe": "待公布",
    "industry_pe": 20.36,
    "industry_pe_source": "腾讯行情可比公司中位数"
  },
  "financials": {
    "revenue_2023": 2.38,
    "revenue_2024": 2.85,
    "revenue_2025": 3.15,
    "net_profit_2023": 0.6,
    "net_profit_2024": 0.67,
    "net_profit_2025": 0.64,
    "gross_margin_2023": 63.2,
    "gross_margin_2024": 62.1,
    "gross_margin_2025": 60.32,
    "net_margin_2023": 25.15,
    "net_margin_2024": 23.56,
    "net_margin_2025": 20.31,
    "operating_cashflow_2023": 0.48,
    "operating_cashflow_2024": 0.64,
    "operating_cashflow_2025": 0.97,
    "roe_2023": 16.2,
    "roe_2024": 15.92,
    "roe_2025": 13.27,
    "total_assets_2023": 5.18,
    "total_assets_2024": 6.43,
    "total_assets_2025": 5.88,
    "current_assets_2023": 2.68,
    "current_assets_2024": 3.33,
    "current_assets_2025": 2.81,
    "total_liabilities_2023": 1.26,
    "total_liabilities_2024": 1.91,
    "total_liabilities_2025": 0.82,
    "current_liabilities_2023": 0.77,
    "current_liabilities_2024": 0.75,
    "current_liabilities_2025": 0.76,
    "equity_2023": 3.92,
    "equity_2024": 4.52,
    "equity_2025": 5.06,
    "sga_expense_2025": 0.6,
    "admin_expense_2025": 0.27,
    "rd_expense_2025": 0.23
  },
  "segments": [
    {
      "name": "放疗定位装置",
      "revenue_2025": 2.53,
      "pct_2025": 80.62
    },
    {
      "name": "康复辅助器械",
      "revenue_2025": 0.52,
      "pct_2025": 16.42
    }
  ],
  "customers": [
    {
      "name": "美国科莱",
      "pct": 8.51,
      "revenue": 0.27
    },
    {
      "name": "Swena Technology (HongKong)Ltd.",
      "pct": 2.94,
      "revenue": 0.09
    },
    {
      "name": "武汉科瑞迪贸易有限公司",
      "pct": 2.66,
      "revenue": 0.08
    },
    {
      "name": "上海乾铖科仪有限公司",
      "pct": 2.14,
      "revenue": 0.07
    },
    {
      "name": "西安丝路通汇生物科技有限公司",
      "pct": 1.69,
      "revenue": 0.05
    }
  ],
  "peers": [
    {
      "name": "迈瑞医疗",
      "code": "300760",
      "pe": 22.22,
      "pb": 4.51,
      "roe": "21.36%",
      "gross_margin": "60.32%",
      "net_margin": "25.39%",
      "debt_ratio": "27.43%"
    },
    {
      "name": "鱼跃医疗",
      "code": "002223",
      "pe": 20.36,
      "pb": 2.01,
      "roe": "11.19%",
      "gross_margin": "50.60%",
      "net_margin": "18.66%",
      "debt_ratio": "16.97%"
    },
    {
      "name": "万东医疗",
      "code": "600055",
      "pe": -31.06,
      "pb": 1.95,
      "roe": "-5.11%",
      "gross_margin": "26.56%",
      "net_margin": "-16.91%",
      "debt_ratio": "20.68%"
    },
    {
      "name": "新华医疗",
      "code": "600587",
      "pe": 15.85,
      "pb": 0.99,
      "roe": "6.89%",
      "gross_margin": "25.15%",
      "net_margin": "5.42%",
      "debt_ratio": "46.31%"
    },
    {
      "name": "理邦仪器",
      "code": "300206",
      "pe": 21.8,
      "pb": 3.56,
      "roe": "13.94%",
      "gross_margin": "58.35%",
      "net_margin": "15.41%",
      "debt_ratio": "17.01%"
    },
    {
      "name": "宝莱特",
      "code": "300246",
      "pe": -49.36,
      "pb": 4.18,
      "roe": "-6.10%",
      "gross_margin": "25.70%",
      "net_margin": "-5.97%",
      "debt_ratio": "51.94%"
    },
    {
      "name": "三鑫医疗",
      "code": "300453",
      "pe": 16.58,
      "pb": 3.26,
      "roe": "18.17%",
      "gross_margin": "36.02%",
      "net_margin": "17.70%",
      "debt_ratio": "36.04%"
    }
  ],
  "proceeds": [
    {
      "name": "放疗定位及康复类产品总部建设项目",
      "amount": 17440.31,
      "pct": 67.3
    },
    {
      "name": "研发中心建设项目",
      "amount": 5184.39,
      "pct": 20.01
    },
    {
      "name": "复合材料产线改扩建项目",
      "amount": 3288.59,
      "pct": 12.69
    }
  ],
  "risks": [],
  "shareholders": {
    "controller": {
      "actual_controller": "詹德仁、李力",
      "voting_power_before": 64.93
    },
    "shareholders": [
      {
        "name": "广州力锦科技投资有限责任公司",
        "shares_wan": 2665.2,
        "pct": 43.13
      },
      {
        "name": "珠海华星海投资合伙企业（有限合伙）",
        "shares_wan": 834.0,
        "pct": 13.5
      },
      {
        "name": "厦门德福悦安投资合伙企业（有限合伙）",
        "shares_wan": 741.6,
        "pct": 12.0
      },
      {
        "name": "南通时代伯乐创业投资合伙企业（有限合伙）",
        "shares_wan": 455.0,
        "pct": 7.36
      },
      {
        "name": "上海迩特康企业管理合伙企业（有限合伙）",
        "shares_wan": 414.07,
        "pct": 6.7
      }
    ]
  },
  "subscription": {},
  "positioning": {
    "description": "公司是一家放射治疗和康复治疗领域的配套医疗器械解决方案提供商。在放疗定位领域，是少数同时具备体位固定产品和放疗定位系统生产能力的厂商，全球体位固定产品市场占有率排名第三、国内第一。公司致力于为临床提供精细化、多元化、智能化和系统化的放疗定位和康复解决方案。",
    "clients": [
      "MD Anderson Cancer Center (美国MD安德森癌症中心)",
      "Mayo Clinic (美国梅奥诊所)",
      "中国医学科学院肿瘤医院",
      "中山大学附属肿瘤医院",
      "复旦大学附属肿瘤医院"
    ]
  },
  "industry_snapshot": {
    "definition": "公司主要从事肿瘤放射治疗中的放疗定位装置以及康复治疗中康复辅助器械的研发、生产和销售，所属行业为医疗器械行业。",
    "market_size": "2023年全球放疗配套医疗器械市场总规模为17.46亿美元；2023年全球体位固定产品市场规模为3.53亿美元，其中国内为2.56亿元人民币。2021年中国康复医疗器械市场规模为450.3亿元。",
    "lifecycle": "成长期",
    "competition": "在放疗定位领域，全球市场集中度较高，主要参与者为CQ Medical、Orfit和公司等；国内主要竞争对手包括广州美岑、深圳腾飞宇等。在放疗定位系统领域，全球领军企业包括C-Rad、Vision RT等。在康复辅助器械领域，呈现市场大、产品种类多、参与企业规模小且多聚焦单一品类的特征。",
    "policy": "国家鼓励高端医疗器械创新发展，对放射治疗设备配置规划数量增加、监管标准放宽；积极出台政策支持康复辅具供给端发展。同时，面临'两票制'、阳光采购、集中采购等带来的终端价格下降压力。",
    "technology_trend": "精准放疗技术对定位精度要求更高，推动产品向高性能、智能化发展。光学体表追踪系统（SGRT）等图像引导技术是重要发展方向。康复器械向规模化、品质化、智能化方向发展。",
    "industry_chain": "上游主要为聚己内酯、聚氨酯等原材料供应商；中游为放疗定位装置和康复辅助器械的研发、生产和销售商；下游为各类医疗机构（肿瘤医院、综合医院等）及终端患者。",
    "barriers": "存在较高的技术壁垒、人才壁垒和品牌壁垒。"
  }
}