Shenzhen SonoScape Medical Corp. (300633)

Equity Research Report　|　Industry: Medical Devices: Ultrasound, Endoscopy and Minimally Invasive Surgical Equipment　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; shareholder structure data as of June 30, 2026, main-force capital and certain technical indicator data as of September 1, 2026, and certain technical levels are estimates based on historical closing prices.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

SonoScape Medical recorded “revenue growth but significant earnings pressure” in the first half of 2026: operating revenue was RMB 1.053 billion, up 9.24% year on year, while net profit attributable to the parent was only RMB 13.7763 million, down 70.71% year on year. Net profit attributable to the parent excluding non-recurring items was RMB 2.4852 million, down 93.77%, and net cash flow from operating activities was negative RMB 107 million. In 2025, the company’s revenue recovered to RMB 2.309 billion, up 14.65%, and net profit attributable to the parent reached RMB 197.28 million, up 38.54%. However, profitability in the first half of 2026 was significantly weaker than the revenue performance, with foreign-exchange losses, investment in new product lines and share-based compensation expenses being important factors behind the earnings decline.

The company’s business mix has some growth potential. In 2025, revenue from endoscopes and endoscopic treatment instruments was RMB 1.014 billion, up 27.42%, clearly exceeding the 4.52% growth of the color-ultrasound business. Overseas revenue was RMB 1.140 billion, accounting for 49.36% of total revenue and rising 17.46% year on year. In the first half of 2026, IVUS revenue grew by more than 120%, while surgical revenue increased by more than 40% year on year. If these businesses can achieve scale and gradually reduce losses, the company’s business mix may improve. However, gross margin fell to 61.99% in 2025, while color-ultrasound gross margin declined to 56.36%; price competition and centralized procurement remain constraints on profitability.

Domestic bidding for ultrasound and endoscopy equipment showed signs of recovery after June 2026, but the extent of full-year recovery will still depend on terminal procurement in the fourth quarter. Distributor revenue accounted for 98.88% of the company’s 2025 operating revenue, indicating substantial dependence on distributors, hospital tenders and bidding, and medical-institution budget approvals. At the same time, the company plans to grant 6.9820 million stock options to 322 incentive recipients. The performance targets should strengthen medium- to long-term operating discipline, but the resulting share-based compensation expenses are expected to continue affecting short-term profit.

As of September 11, 2026, the company’s share price was RMB 19.26, below the MA5, MA10 and MA20, indicating weak short-term price structure. Trading value declined after expanding during the rebound, suggesting insufficient follow-through capital. Current TTM P/E is approximately 50–51.7x, substantially above the company’s actual earnings level in the first half of 2026. The market valuation already incorporates certain expectations for earnings recovery, making subsequent earnings delivery critical to valuation stability.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Medical ultrasound imaging: Includes cart-based color ultrasound, portable ultrasound, obstetric and gynecological ultrasound, whole-body ultrasound, intraoperative and specialized ultrasound, covering the low- to mid-end and mid- to high-end markets while upgrading toward ultra-high-end platforms. Revenue was RMB 1.237 billion in 2025, up 4.52%.
• Gastrointestinal and respiratory endoscopy: Includes gastrointestinal endoscopes, respiratory endoscopes, ultrasound endoscopes, bronchoscopes and endoscopic treatment instruments, gradually extending into rigid endoscopes and related surgical solutions. Revenue was RMB 1.014 billion in 2025, up 27.42%.
• Minimally invasive surgery: Includes 4K white-light and fluorescence endoscope camera systems, laparoscopes and insufflators, while exploring “multi-endoscope combination” and “ultrasound-laparoscopy combination” solutions. After the SV-M4K200 series was launched in 2025, more than 100 sets won tenders; the company disclosed that it ranked fifth domestically in rigid endoscopes, but this lacks cross-validation against unified public-market statistics.
• Cardiovascular intervention: The company has entered the intravascular ultrasound (IVUS) market, targeting coronary intervention and precision PCI applications. Its current commercial scale is smaller than that of color ultrasound and flexible endoscopes, and the business has “equipment + consumables” characteristics.
• Overseas business: Overseas revenue was RMB 1.140 billion in 2025, accounting for 49.36% of total revenue and increasing 17.46% year on year. Products have obtained NMPA, CE and other registrations and certifications and are sold in multiple countries and regions worldwide.

2.3 Position in the Upstream and Downstream Industrial Chain and Cost-Profit Structure

SonoScape Medical is positioned in the middle-to-downstream segment of the medical-device industrial chain. It purchases electronic, optical, precision-mechanical and medical-consumable components and transforms them into ultrasound, endoscopy, minimally invasive surgery and IVUS equipment through independent R&D, systems integration, product definition and branded channels. The company is not a resource-based upstream enterprise; its profits primarily derive from technological R&D, product mix, clinical certification, physician usage habits and global channel capabilities.

• Major purchases include electronic components such as chips, PCBs, display modules, power modules and signal-processing components.
• Ultrasound products involve materials related to ultrasound probes, piezoelectric materials, acoustic matching layers, probe connections and signal-acquisition components.
• Endoscopy products involve image sensors, light-source systems, scopes, optical components, precision transmission and control components.
• Mechanical and structural components include precision metal parts, plastic parts, chassis, connectors and cables. IVUS and surgical products also involve catheters, probes, surgical instruments and other medical-grade consumables.
• Annual reports do not disclose the purchase-value share of the above components item by item, nor do they disclose the names of major suppliers. The specific cost proportion of each component category therefore cannot be confirmed.
• Purchases from the five largest suppliers in 2025 totaled approximately RMB 94.65 million, representing approximately 9.47% of total annual purchases. This information comes from annual-report aggregation platforms and annual-report text; suppliers were mostly disclosed anonymously, and the specific transaction counterparties and product categories cannot be fully verified.
• The company has certain independent R&D capabilities. Some probes, imaging algorithms and system technologies are developed in-house, reducing dependence on a single external solution. However, it may not have strong bargaining power over high-performance chips, optical components and certain medical-grade devices, and remains subject to supply-chain constraints for some core components.
• Downstream customers include public and private hospitals; imaging, ultrasound, gastroenterology, respiratory, surgery and cardiology departments of medical institutions; medical-equipment distributors; regional agents; and overseas medical institutions and distributors.
• Distributor revenue was RMB 2.283 billion in 2025, accounting for 98.88% of operating revenue; direct sales were RMB 26 million, or 1.12%. The company primarily relies on distributors for regional coverage, tendering, installation and after-sales services.
• Sales to the five largest customers in 2025 totaled approximately RMB 265 million, accounting for 11.47% of operating revenue. This information comes from annual-report aggregation platforms and annual-report text. Customer names were mostly disclosed anonymously, the sources could not be fully cross-verified, and the latest annual report shall prevail.
• Domestic medical-equipment procurement depends on tenders, centralized procurement and budget approvals. Medical institutions and government procurement systems have substantial influence over prices. Low- and mid-end color ultrasound is relatively standardized and faces numerous competitors, making price competition more pronounced.
• Endoscopy and high-end ultrasound involve image quality, clinical validation, physician usage habits, equipment compatibility and after-sales service, resulting in relatively higher customer switching costs. Brand, certification and clinical reputation can provide certain bargaining power for high-end products.
• The company’s bargaining power with downstream customers varies by product. Low- and mid-end color ultrasound is more vulnerable to tender price cuts and competition from domestic brands. If high-end ultrasound, flexible endoscopes, rigid endoscopes and IVUS establish clinical reputation and physician usage habits, bargaining power may improve.
• Overseas revenue accounts for nearly half of total revenue, helping diversify tendering and centralized-procurement fluctuations in the Chinese market, but also introducing foreign-exchange, overseas regulatory, geopolitical and channel-management risks.
• As of December 31, 2024, accounts receivable were approximately RMB 212 million, up 21.58% year on year, accounting for approximately 10.52% of that year’s operating revenue and approximately 1.49x that year’s net profit attributable to the parent. The five largest customers by accounts-receivable balance accounted for 17.49%. Accounts receivable were approximately RMB 174 million in 2023, and the accounts-receivable turnover ratio was approximately 11.37x, corresponding to approximately 32 days of turnover. The data indicate that customers are generally diversified and single-customer credit risk is not high, but hospital acceptance, procurement and distributor cash cycles occupy working capital. After profit declined in 2024, accounts receivable rose significantly relative to net profit, amplifying cash pressure. Revenue recovered in 2025, but the available summary did not provide complete, cross-verifiable data on the latest operating cash flow, accounts receivable and contract liabilities. Revenue growth alone cannot be used to conclude that downstream bargaining power improved.
• The five largest suppliers accounted for approximately 9.47% of purchases in 2025, while the five largest customers accounted for approximately 11.47% of sales, indicating relatively dispersed overall concentration. The above data are labeled as 2025 figures and come from annual-report aggregation platforms and annual-report text. Supplier and customer names were mostly disclosed anonymously, and the sources could not be fully cross-verified; the latest annual report shall prevail.

SonoScape Medical is positioned in the middle-to-downstream segment of the medical-device industrial chain. It is a specialized equipment manufacturer that derives profits from R&D, systems integration, clinical certification and channel capabilities rather than a resource-based upstream enterprise with structurally high margins. Further profit improvement will depend on a higher proportion of high-end ultrasound and endoscopy products, scale-up of endoscopy, rigid endoscopy and IVUS, easing domestic tender and centralized-procurement price pressure, overseas revenue growth and operating leverage. The rising proportion of endoscopy revenue is the primary improvement lever, while declining color-ultrasound gross margin remains the main drag on overall profitability.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Net profit attributable to the parent excluding non-recurring items was RMB 2.4852 million in 1H2026, down 93.77% year on year. Net cash flow from operating activities was negative RMB 106.59 million, improving from negative RMB 250.30 million in 1H2025 but remaining negative. Period-end net assets attributable to shareholders of the listed company were RMB 3.01645 billion, down 7.54% from the end of 2025. Basic EPS was RMB 0.0319 in 1H2026, diluted EPS was RMB 0.0318, and weighted average ROE was 0.41%.

Revenue continued to grow in 1H2026, but net profit attributable to the parent and net profit attributable to the parent excluding non-recurring items declined significantly, with earnings underperforming revenue. The summary states that the earnings decline was mainly affected by foreign-exchange losses, investment in new product lines and share-based compensation expenses: foreign-exchange losses were approximately RMB 40 million in 1H2026, compared with foreign-exchange gains of approximately RMB 21 million in the same period of 2025. Profit after excluding foreign-exchange gains or losses and share-based compensation is an analytical measure and is not equivalent to statutory net profit in the financial statements. Key items to monitor include second-half non-recurring-item-excluded net profit, foreign-exchange gains or losses, operating cash flow, and revenue growth in endoscopy, minimally invasive surgery and IVUS.

3.2 Earnings Forecasts

As of September 11, 2026, 20 institutions had issued forecasts for FY2026 earnings during the preceding six months. These figures are aggregated forecasts compiled from institutional research reports, not company guidance, and do not represent the investment views of Tonghuashun or other data platforms. Institutions differ materially in their assessments of foreign-exchange losses, new-business investment, centralized procurement, capitalization of construction in progress and the pace of margin recovery, resulting in significant dispersion in earnings forecasts. Representative forecasts include: Donghai Securities estimates 2026–2028 net profit attributable to the parent of RMB 306 million, RMB 408 million and RMB 521 million, with EPS of RMB 0.72, RMB 0.96 and RMB 1.23; Industrial Securities estimates RMB 281 million, RMB 395 million and RMB 515 million, with EPS of RMB 0.66, RMB 0.93 and RMB 1.21; Guosen Securities estimates RMB 325 million, RMB 415 million and RMB 533 million, with EPS of RMB 0.77, RMB 0.98 and RMB 1.25; China Merchants Securities estimates RMB 307 million, RMB 394 million and RMB 513 million, with EPS of RMB 0.72, RMB 0.93 and RMB 1.21; Huatai Securities estimates RMB 312 million, RMB 420 million and RMB 497 million, with EPS of RMB 0.74, RMB 0.99 and RMB 1.17; Zhongtai Securities estimates RMB 235 million, RMB 355 million and RMB 496 million, with EPS of RMB 0.55, RMB 0.83 and RMB 1.17; and Guolian Minsheng Securities estimates RMB 295 million, RMB 401 million and RMB 541 million, with EPS of RMB 0.55, RMB 0.83 and RMB 1.17. The specific EPS correspondence for Guolian Minsheng Securities was not further clarified in the summary. Institutions generally expect earnings recovery to be driven by lower foreign-exchange losses, increased penetration of high-end endoscopy and ultrasound products, ramp-up of minimally invasive surgery and IVUS, and overseas-business growth.

3.3 Valuation and Institutional Ratings

As of September 11, 2026, SonoScape Medical’s closing price was RMB 19.26, with a total market capitalization of approximately RMB 8.182 billion and a 52-week price range of approximately RMB 17.20–36.90. TTM EPS was approximately RMB 0.38 and TTM P/E approximately 50.68x. Another market-data source showed a P/E of approximately 49.86x, an adjusted P/E of approximately 57.24x and a P/B of approximately 2.71x. Because platforms use different closing times, TTM profit definitions and non-recurring-item adjustments, P/E can be understood as approximately 49.9–50.7x. Based on the closing price of RMB 19.26 and average institutional EPS forecasts, forward P/E for 2026–2028 is approximately 26.0x, 19.7x and 15.5x, respectively. Based on average institutional net-profit forecasts, the corresponding market-capitalization-to-forecast-net-profit ratios are approximately 26x, 19.5x and 15.4x. Using Zhongtai Securities’ forecasts, forward P/E is approximately 35.0x, 23.2x and 16.5x for 2026–2028; using Donghai Securities’ forecasts, it is approximately 26.8x, 20.1x and 15.7x. Lixinger data showed a TTM P/E of approximately 51.67x as of September 10, 2026, with a historical percentile of approximately 49.86%; the 20th and 50th percentiles of the five-year valuation range were approximately 41.66x and 51.74x. Current TTM valuation is close to the historical median but substantially above actual earnings in 1H2026. Institutional ratings are broadly positive: Tonghuashun statistics for the preceding six months showed 18 Buy and 4 Outperform ratings, with zero Neutral, Underperform or Sell ratings. Another statistic showed 2026 target prices of approximately RMB 28.68–30.00, with an average target price of approximately RMB 29.34, representing approximately 49%–56% upside from RMB 19.26. Current valuation already reflects some earnings-recovery expectations. Key risks include weaker-than-expected recovery in medical-equipment tenders, centralized procurement or price declines, foreign-exchange volatility, slower-than-expected R&D and commercialization of new products, high R&D and sales investment, accounts-receivable and cash-flow pressure, and weaker-than-expected earnings recovery following the sharp decline in non-recurring-item-excluded profit in 1H2026.

4. Recent News and Announcements

4.1 2026 Stock-Option Incentive Plan Approved by Shareholders

The company held its second extraordinary general meeting of shareholders in 2026 on September 8, 2026. Shareholders approved the draft 2026 stock-option incentive plan, the performance-assessment and management measures, authorization for the board to handle relevant matters, and amendments to the registered capital and the Articles of Association. The resolution approving the incentive-plan draft received 244,603,800 affirmative votes, representing 98.9369% of the valid voting shares held by attending shareholders. The approval rate among minority shareholders was 90.5062%. The resolution authorizing the board received 98.9475% approval, and no resolution was rejected.

4.2 Proposed Grant of 6.9820 Million Stock Options

According to the incentive-plan draft disclosed by the company in August, the company plans to grant 6.9820 million stock options to 322 incentive recipients, representing approximately 1.64% of total shares outstanding at the time. The exercise price is RMB 20.73 per option, and the underlying shares will come from a targeted issuance or repurchased shares in the secondary market. Incentive recipients include certain directors, senior management members, middle managers and technical and business personnel.

4.3 Incentive Plan Sets Net-Profit Targets for 2026–2029

The company-level performance targets under the incentive plan are net profit excluding share-based compensation: no less than RMB 233 million in 2026, RMB 342 million in 2027, RMB 492 million in 2028 and RMB 590 million in 2029. The company explicitly stated that these targets do not constitute earnings forecasts or substantive commitments to investors. Total amortization expense under the plan is expected to be approximately RMB 25.4319 million. Estimated amortization for 2026–2030 is approximately RMB 2.8095 million, RMB 10.3217 million, RMB 6.8176 million, RMB 3.9317 million and RMB 1.5513 million, respectively. Final amounts will depend on actual grants, exercises and forfeitures.

4.4 Publication of Incentive-Recipient List and Insider-Trading Review

The company disclosed verification opinions and an explanation of the public notice regarding the incentive-recipient list on September 3, 2026, and disclosed a self-inspection report on trading in company shares by insiders and incentive recipients on September 8. Available search results showed no conclusion that the company had experienced insider trading, regulatory penalties or improper trading by incentive recipients in connection with the incentive plan.

4.5 Domestic Ultrasound and Endoscopy Tenders Recovered from June 2026

During investor-relations activities from September 1 to September 3, 2026, the company stated that, affected by relevant medical-industry policies, domestic terminal-hospital tender value for ultrasound and endoscopy equipment declined significantly from February to May 2026. Recovery began in June, and tender data from June to August maintained year-on-year growth. The company believes medical-equipment procurement is seasonal, with second-half procurement usually higher than first-half procurement. The extent of full-year industry recovery will depend mainly on terminal procurement in 4Q2026. The company preliminarily expects fourth-quarter revenue to account for a higher proportion than in previous years and full-year terminal tender value for ultrasound and endoscopy equipment to increase year on year. These statements reflect management’s investor-relations communication and do not constitute formal earnings guidance.

4.6 IVUS and Surgical Businesses Continue to Grow While Reducing Losses

The company disclosed that IVUS revenue grew by more than 120% year on year in 1H2026. The IVUS business recorded a loss of approximately RMB 100 million in 2025, and the company expects the loss to decline by tens of millions of renminbi in 2026, with a high probability of approximately reaching breakeven in 2027. Surgical revenue increased by more than 40% year on year in 1H2026, but loss reduction is expected to be slower than in IVUS. Because the business still requires substantial market investment and academic-promotion expenses, it is expected to reach breakeven later than IVUS. The above figures and timetable are primarily management estimates and have not yet been verified by formal annual financial data.

4.7 Centralized Procurement Accounts for Approximately 15%–20% of Ultrasound and Endoscopy Revenue

The company stated that centralized-procurement value accounted for approximately 15%–20% of ultrasound and endoscopy business in both 2025 and 1H2026. The company believes centralized procurement by primary hospitals is concentrated mainly in low- and mid-end products with relatively limited clinical differentiation and therefore relatively large price reductions. Centralized procurement led by municipal health commissions for secondary and tertiary hospitals is closer to the previous retail model, with smaller price reductions but a higher value share. The company plans to mitigate potential centralized-procurement price pressure by promoting high-end and specialized product upgrades.

4.8 Revenue Grew but Profit Fell Significantly in 1H2026

The company disclosed its 2026 interim report on August 22, 2026. During the reporting period, it generated operating revenue of RMB 1.05332 billion, up 9.24% year on year; net profit attributable to shareholders of the listed company was RMB 13.7763 million, down 70.71%; and net profit excluding non-recurring items was RMB 2.4852 million, down 93.77%. The earnings decline was mainly related to higher foreign-exchange losses, R&D and new-product-line investment, and pressure on certain domestic businesses. The semiannual earnings-preview content in the summary referring to the “thin-film industry” and estimated losses of RMB 28 million to RMB 38 million is inconsistent with SonoScape Medical’s principal business and formal interim report and should not be relied upon.

4.9 Share Repurchase Completed in May 2026; No New Repurchase Identified in September

The company disclosed an announcement on completion of the share repurchase and changes in share capital on May 15, 2026. Repurchase funds totaled no less than RMB 100 million and no more than RMB 200 million, with a maximum repurchase price of RMB 40.32 per share. The repurchased shares were intended to be fully cancelled and the registered capital reduced. The repurchase period was within 12 months from the date on which shareholders approved the repurchase plan. As of September 2026, no new share-repurchase plan, adjustment to the repurchase amount or repurchase-progress announcement had been identified.

4.10 Share Pledges and Shareholder Changes

Third-party data platforms showed that, around September 4–11, 2026, approximately 18.6700 million shares were pledged, representing approximately 4.39% of total shares outstanding. Approximately 17.13 million pledged shares were held by the controlling shareholder and parties acting in concert. This is a third-party platform statistic; China Securities Depository and Clearing Corporation Limited data and subsequent formal company announcements shall prevail. As of September 13, 2026, no new reduction plan by shareholders holding more than 5%, purchase plan by the controlling shareholder or concentrated-bidding reduction announcement by directors or senior executives had been identified.

4.11 No Major M&A, Restructuring or Regulatory Penalties Identified

As of September 13, 2026, no new announcements regarding major M&A, asset restructuring, change of control or major external investment disclosed by the company in September 2026 had been identified. No special inquiry, disciplinary action, formal investigation or regulatory penalty announcement issued by the Shenzhen Stock Exchange or the China Securities Regulatory Commission against the company had been identified either.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, SonoScape Medical closed at RMB 19.26, down 3.46% from the previous trading day. The share price fell below MA5, MA10 and MA20 again, indicating weak short-term moving-average and price structure. The price was close to the independently estimated Bollinger lower band of RMB 18.88 but had not effectively broken below it. Initial support is approximately RMB 19.05–19.50, with strong support at approximately RMB 18.65–19.00. Trading value rose to approximately RMB 130 million during the recent rebound before falling to approximately RMB 58–82 million, indicating insufficient upside follow-through. The 52-week range was approximately RMB 17.20 to RMB 36.22–37.38, placing the current price toward the lower end of the one-year range. Differences in the 52-week high across websites reflect differences in update timing and price-adjustment conventions and should not be treated as a single precise value. TTM P/E was approximately 50–51.7x, and because actual earnings in 1H2026 were significantly lower, P/E is highly sensitive to changes in rolling profit and cannot simply be regarded as a stable valuation level.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on the September 11, 2026 closing price, recent historical prices and available technical indicators. It does not constitute investment advice or a single-point price forecast.

1. Key Technical Levels

2. Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 50%–60%; a subjective heuristic weight based on current technical and capital-flow conditions, not a statistical probability): price range of approximately RMB 19.0–20.2. Trigger conditions include support near RMB 19.05–19.50, trading value remaining within the recent normal range of approximately RMB 55–90 million, no significant industry negative news or rapid market decline, and the rebound remaining temporarily capped by moving-average resistance at RMB 20.10–20.40.
• Weak downside move (medium weight, approximately 30%; a subjective heuristic weight, not a statistical probability): price range of approximately RMB 18.6–19.1. If the closing price effectively falls below RMB 19.05, trading value expands again to above RMB 100 million during the decline, and the medical-device sector or ChiNext market weakens overall while MACD remains below the zero line, confirmation of the weak-downside scenario would increase. If RMB 18.65–18.90 also fails, the stock may continue seeking support near the 52-week low of RMB 17.20.
• Stronger rebound (low weight, approximately 20%; a subjective heuristic weight, not a statistical probability): price range of approximately RMB 20.2–21.2. Trigger conditions include regaining RMB 20.10–20.40, single-day trading value expanding to approximately RMB 120 million or more, closing above the 20-day moving average for at least two consecutive days, and a simultaneous rebound in the medical-device sector or new catalyst information. A further break above approximately RMB 21.2 could lead to a retest of the recent high near RMB 21.4. Before a clear volume expansion, a one-day rebound should not be viewed directly as a trend reversal.

3. Capital and Liquidity Background

Recent turnover has generally been approximately 1.1%–2.5%, with an independently calculated figure of approximately 1.31% on September 11 based on public trading volume. Recent trading value was mainly distributed between approximately RMB 55 million and RMB 135 million. Trading value reached approximately RMB 130 million during the rebound from September 7 to September 8, after which the share price declined consecutively and trading value fell. Regarding shareholder structure, as of June 30, 2026, the ten largest tradable shareholders collectively held approximately 101 million shares, representing 38.77% of the tradable float. Institutional holdings were approximately 53.4439 million shares, or 20.55% of the tradable float, including fund holdings of approximately 39.9615 million shares, or 15.35% of the tradable float, as well as holdings by other institutions and asset-management plans. This is a quarter-end snapshot, and more than two months had passed by September 11, 2026; holdings may have changed and the data should not be regarded as real-time ownership structure. Public data indicate that ownership is not extremely dispersed but is also not highly concentrated. Recent turnover was not indicative of highly liquid active trading, and insufficient order-book depth could cause larger price slippage when substantial capital enters or exits. Current public data are insufficient to demonstrate significant concentrated institutional selling or market control.

A volume-confirmation signal to monitor is that, if daily trading value expands consistently to above RMB 120 million over the coming week while the share price simultaneously recovers RMB 20.10–20.40, this may indicate improved short-term capital participation. If volume expansion occurs after a break below RMB 19.05, it is more likely to represent the release of selling pressure than active buying.

4. Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 19.05–19.50 support area produces a low-volume stabilization.
• Observe whether the RMB 20.10–20.40 resistance area can be recovered and held for consecutive sessions.
• Observe whether trading value expands again to above RMB 120 million and coincides with price gains.
• Observe whether the RMB 18.65–19.00 strong-support area is broken on heavy volume. These are observation points only and not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and estimates of historical prices and technical indicators. Short-term share prices may also be affected by news, capital flows, broader market conditions and other factors. Technical indicators are inherently lagging and limited, and the analysis does not guarantee actual future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The company operates in medical devices covering medical ultrasound, gastrointestinal and respiratory endoscopy, minimally invasive surgery and IVUS. Medical ultrasound features relatively high domestic penetration in low- and mid-end products, while foreign brands retain strong advantages in high-end and ultra-high-end products. Gastrointestinal endoscopy has long been dominated by international brands such as Olympus, Fujifilm and PENTAX Medical, while domestic companies are advancing substitution. Key areas of competition include imaging and optical technologies, probe and scope manufacturing, AI functionality, clinical recognition, hospital installed base, physician usage habits, after-sales service, tender pricing and global channel capabilities.

6.2 Competitive Landscape

• Major international competitors in medical ultrasound include GE HealthCare, Philips, Siemens Healthineers and Fujifilm. Domestic companies include Mindray Medical, SonoScape Medical, Sonoscape Medical? No—SonoScape Medical, Wisonic, Edan Instruments, Wandong Medical, Vinno and Shantou Institute of Ultrasonic Instruments.
• In 3Q2024 domestic ultrasound-imaging-equipment procurement by tender, Mindray accounted for approximately 26.19%, GE HealthCare 23.29%, Philips 21.22%, SonoScape 4.96% and Siemens Healthineers 4.52%. This was quarterly procurement data rather than complete market sales data and cannot be directly equated with full-year market share.
• The company disclosed that it ranked second among domestic ultrasound-equipment manufacturers by market share and tenth globally. This ranking is self-disclosed and lacks complete third-party cross-validation under the same statistical methodology.
• Major international competitors in gastrointestinal endoscopy include Olympus, Fujifilm and PENTAX Medical. Major domestic companies include SonoScape Medical, Aohua Endoscopy and Mindray Medical. Industry barriers include optical and image-processing technology, scope manufacturing, reliability, physician usage habits, hospital installed base, after-sales service and the consumables ecosystem.
• Public market research indicates that the five leading brands in the gastrointestinal endoscopy market in 1Q2024 were Olympus, Fujifilm, SonoScape, Aohua and HOYA. SonoScape ranked third among domestic companies under that statistical methodology, but differences in methodology exist.
• The company disclosed that it ranked third in China’s gastrointestinal endoscopy market, after Olympus and Fujifilm. This ranking was primarily based on company disclosure and may vary depending on whether sales, tender wins, installed units, flexible endoscopes or all endoscopes are measured.
• International competitors in rigid endoscopy for minimally invasive surgery include KARL STORZ, Stryker, Olympus and Richard Wolf. Domestic participants include Mindray Medical, SonoScape Medical, Aohua Endoscopy and other specialized-equipment companies.
• Major IVUS competitors include Boston Scientific, Johnson & Johnson, Abbott and Philips, as well as domestic companies such as Lifetech Scientific, BrosMed Medical, Lepu Medical and SonoScape Medical. Barriers also include consumable registration, clinical pathways, hospital access and physician training.

6.3 Major Competitors

SonoScape Medical’s core differentiation lies in the multi-product synergies among ultrasound, flexible endoscopy, rigid endoscopy and IVUS, as well as integrated solutions such as “multi-endoscope combination” and “ultrasound-laparoscopy combination.” Compared with Mindray, SonoScape has smaller scale and narrower product breadth but greater specialization. Compared with Wisonic and Edan, SonoScape has a more complete endoscopy and surgical portfolio. Compared with Aohua, SonoScape has stronger synergies between ultrasound and endoscopy. The company nevertheless continues to face competition from foreign brands in high-end products, top-tier-hospital brand influence, clinical validation and the consumables ecosystem.

7. Risk Factors

• Risk of slower-than-expected domestic tender recovery: The company stated that ultrasound and endoscopy tenders began recovering after June 2026, but the full-year recovery will depend on fourth-quarter procurement. If terminal-hospital budgets, tenders or acceptance schedules fall below expectations, revenue recognition and distributor shipments may remain under pressure.
• Risk of centralized procurement and product-price declines: In 2025 and 1H2026, centralized-procurement value accounted for approximately 15%–20% of ultrasound and endoscopy business. Procurement by primary hospitals was concentrated mainly in low- and mid-end products and involved relatively large price cuts. Color-ultrasound gross margin declined from 65.88% in 2023 to 56.36% in 2025, and price pressure could further compress overall gross margin.
• Risk of weaker-than-expected earnings recovery: Net profit attributable to the parent fell 70.71% year on year in 1H2026, while net profit excluding non-recurring items declined 93.77%. Institutional forecasts for 2026 net profit attributable to the parent range from RMB 235 million to RMB 370 million, indicating substantial disagreement. If expenses, foreign-exchange losses or pressure on the core business do not improve in the second half, actual profit may fall below market expectations.
• Foreign-exchange risk: The company recorded foreign-exchange losses of approximately RMB 40 million in 1H2026, compared with foreign-exchange gains of approximately RMB 21 million in 1H2025. Overseas revenue accounted for 49.36% of total revenue in 2025, so foreign-exchange movements may directly affect financial expenses and net profit attributable to the parent.
• Risk of continued losses in new businesses: The company disclosed that IVUS lost approximately RMB 100 million in 2025 and expects the loss to decline by tens of millions of renminbi in 2026, with a high probability of approximately reaching breakeven in 2027. Although the surgical business is growing rapidly, it still requires substantial market investment and academic-promotion expenses. If commercialization progresses more slowly than expected, the loss period could be extended.
• Cash-flow and working-capital risk: Net cash flow from operating activities was negative RMB 106.59 million in 1H2026. Accounts receivable were approximately RMB 212 million in 2024, up 21.58% year on year. Hospital acceptance, tender payments and distributor cash cycles may continue to occupy working capital.
• Distributor dependence risk: Distributor revenue was RMB 2.283 billion in 2025, accounting for 98.88% of operating revenue, while direct sales accounted for only 1.12%. The company relies heavily on distributors for regional coverage, tender execution and collections. Changes in distributor inventories, cash cycles or channel management could affect sales and collection quality.
• R&D and share-based compensation expense risk: The 2026 stock-option incentive plan proposes to grant 6.9820 million options, with total amortization expense estimated at approximately RMB 25.4319 million and 2026 amortization estimated at approximately RMB 2.8095 million. At the same time, the company continues investing in high-end ultrasound, endoscopy, surgery and IVUS. If revenue ramps more slowly than expenses grow, short-term margins may remain under pressure.
• Valuation and share-price volatility risk: As of September 11, 2026, the share price was RMB 19.26 and TTM P/E was approximately 50–51.7x, already incorporating certain earnings-recovery expectations, while actual earnings in 1H2026 were significantly lower. If earnings delivery falls short of institutional forecasts, valuation and share price could experience substantial volatility.
• Competition and high-end product commercialization risk: The company continues to face competition from foreign brands in high-end ultrasound, gastrointestinal endoscopy, rigid endoscopy and IVUS in terms of technological know-how, clinical recognition, hospital installed base, physician usage habits and consumables ecosystems. If high-end product penetration or physician acceptance improves more slowly than expected, product-mix upgrades and bargaining-power improvement may be constrained.

8. Conclusion and Outlook

SonoScape Medical’s medium- to long-term growth thesis primarily rests on expansion of new businesses such as endoscopy, rigid endoscopy, minimally invasive surgery and IVUS, as well as increasing penetration of high-end ultrasound and endoscopy products. The company has multi-product synergies across ultrasound, flexible endoscopy, rigid endoscopy and IVUS, while overseas revenue approaching half of total revenue helps diversify fluctuations in the domestic market. If domestic equipment tenders continue recovering in the second half, endoscopy and new businesses maintain rapid growth, and IVUS and surgical losses narrow, profitability may gradually recover.

However, the recovery path remains highly uncertain. Non-recurring-item-excluded profit declined sharply in 1H2026, operating cash flow remained negative, and the effects of foreign-exchange losses, new-product investment and sales-promotion expenses on profit have not been fully eliminated. Declining color-ultrasound gross margin and centralized-procurement price pressure may also limit improvement in overall margins. Institutional forecasts for 2026 net profit attributable to the parent range from approximately RMB 235 million to RMB 370 million, a wide spread indicating significant market disagreement over foreign exchange, tender recovery, new-business ramp-up and expense-ratio changes.

Key items to monitor include fourth-quarter domestic terminal procurement of ultrasound and endoscopy equipment, growth in endoscopy and overseas businesses, loss-reduction progress in IVUS and surgery, improvement in non-recurring-item-excluded profit and operating cash flow, and the actual impact of share-based compensation and foreign-exchange gains or losses on profit. From a technical perspective, RMB 19.05–19.50 and RMB 18.65–19.00 are near-term support references, while RMB 20.10–20.40 is the moving-average resistance area. Technical signals should nevertheless be assessed together with fundamentals and trading-volume changes.

Data Sources

• Shenzhen SonoScape Medical Corp. 2024 Annual Report Summary
• Shenzhen SonoScape Medical Corp. 2025 Annual Report
• SonoScape Medical: 2025 Annual Report — Securities Star Stock Channel
• SonoScape Medical (300633) Operating Analysis — F10 — Tonghuashun Financial Services
• SonoScape Medical (300633) Company Announcement: 2024 Annual Report — Sina Finance
• SonoScape Medical (300633) A-Share Financial Reports — Publicly Traded Company
• SonoScape Medical (300633) Company Announcement: 2024 Financial Settlement Report — Sina Finance
• SonoScape Medical: 2023 Net Profit Increased 22.88% Year on Year; Proposed Cash Dividend of RMB 3.2 per 10 Shares — Sina Finance
• SonoScape Medical (300633) by Product Classification — China Commercial Industry Research Institute Database
• Company Announcement: SonoScape Medical 2024 Annual Report — Sina Finance
• Analysis of Entry Barriers, Industrial Chain, Market Size, Competitive Landscape and Development Trends in China’s Medical Ultrasound Imaging Equipment Industry in 2026
• Ultrasound Imaging Diagnostics Equipment: 5,720 Units Won Tenders in 3Q2024; Mindray, GE HealthCare and Philips Ranked the Top Three
• China Gastrointestinal Endoscopy Market Share Analysis Report for 1Q2024
• List of ChiNext-Listed Companies on the Shenzhen Stock Exchange
• SonoScape Medical (300633) Company Announcement: 2026 Interim Report Summary — Sina Finance
• SonoScape Medical: Brief Summary of 2026 Interim Report
• SonoScape Medical (300633) Earnings Forecasts — F10 — Tonghuashun Financial Services
• SonoScape Medical (300633) Investment Ratings
• SonoScape Medical (300633): Continued Penetration of High-End Products and Synergistic Volume Growth of New Businesses Drive Long-Term Growth — Sina Finance
• Guolian Minsheng Securities: 2026 Interim Report Review — Core Business Under Short-Term Pressure, New Businesses Accelerating, Earnings Recovery Expected
• Institutional Ratings | Two Institutions Updated Their Ratings on SonoScape Medical
• SonoScape Medical (300633.SZ) Price Chart — Yahoo Finance
• SonoScape Medical (300633) Stock Quote — CFi.cn
• SonoScape Medical (300633) P/E, Valuation and Fundamentals — Lixinger
• SonoScape Medical (300633) Company Announcement: 2026 Interim Report Summary — Sina Finance
• SonoScape Medical (300633) Company Announcement: Resolution of the Second Extraordinary General Meeting of Shareholders in 2026 — Sina Finance
• SonoScape Medical (300633) Company Announcement: 2026 Stock-Option Incentive Plan (Draft) — Sina Finance
• SonoScape Medical (300633) Company Announcements — Sina Finance
• SonoScape Medical (300633) Company Announcement: Investor-Relations Activity Record, September 1–3, 2026 — Sina Finance
• SonoScape Medical (300633) Company Announcement: 2026 Interim Report — Sina Finance
• On July 7, 2026, the company disclosed its 2026 interim earnings preview, stating that net profit attributable to shareholders of the listed company for January–June 2026 was expected to be a loss of RMB 28 million to RMB 38 million.
• SonoScape Medical (300633) Company Announcement: Completion of Share Repurchase and Changes in Share Capital — Sina Finance
• SonoScape Medical (300633) Latest Developments — F10 — Tonghuashun Financial Services
• SonoScape Medical (300633) — Major Shareholders — Sohu Securities
• SonoScape Medical (300633) Latest Developments — F10 — Tonghuashun Financial Services
• SonoScape Medical (300633) Historical Stock Data — Investing.com
• SonoScape Medical (300633) Latest Price, Real-Time Chart and Analysis — Investing.com
• SonoScape Medical (300633) Historical Stock Data — Investing.com
• SonoScape Medical (300633.SZ) Stock Quote, Historical Data and Main-Force Capital — Dabolang Data
• SonoScape Medical (300633) Historical Trading Data — Dabaike

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current through the September 11, 2026 close; shareholder structure data are as of June 30, 2026, main-force capital and certain technical indicator data are as of September 1, 2026, and certain technical levels are estimates based on historical closing prices. Timing differences may exist. Specific data should be confirmed against the company’s formal announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.