证券代码：430300 证券简称：辰光医疗 公告编号：2025-055 上海辰光医疗科技股份有限公司 关于取消监事会并修订《公司章程》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、取消监事会并修订《公司章程》的原因及依据 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司章程指 引》 等规定，由董事会审计委员会行使监事会的相关职权，公司拟取消监事会， 同时废止《监事会议事规则》。 二、修订内容 | 务承担责任。 | | | --- | --- | | 第九条 本公司章程自生效之日 | 第十一条 本公司章程自生效之日 | | 起，即成为规范公司的组织与行为、公 | 起，即成为规范公司的组织与行为、公 | | 司与股东、股东与股东之间权利义务关 | 司与股东、股东与股东之间权利义务关 | | 系的，具有法律约束力的文件，对公司、 | 系的具有法律约束力的文件，对公司、 | | 股东、董事、监事、高级管理人员具有 | 股东、董事、高级管理人员具有法律约 | | 法律约束力的文件。依 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Core Viewpoint - The medical device industry experienced a slight decline of 0.04% as of the market close on June 11, with a net outflow of approximately 238.92 million in capital [1] Group 1: Market Performance - A total of 47 stocks in the sector increased in value, while 70 stocks saw a decline [1] - The top-performing stocks included: - Haorunbo (4.39%) - AoJing Medical (4.36%) - Sanor Bio (4.27%) - Tianzhihang-U (3.22%) - Huitai Medical (3.0%) [1][1] Group 2: Notable Declines - The stocks with the largest declines included: - Chenguang Medical (-2.8%) - Guanhao Biological (-2.72%) - Chunli Medical (-2.44%) - Kaili Medical (-2.12%) - Ruimaite (-1.76%) [1][1][1] - Notable net capital outflows were observed in: - Chenguang Medical (-25.14 million) - Guanhao Biological (-38.67 million) - Chunli Medical (-5.48 million) [1][1]

Company Overview - Chuangguang Medical's closing price on June 9 was 20.84 yuan, an increase of 4.67%, with a latest price-to-book ratio of 8.15 and a total market capitalization of 1.789 billion yuan [1] - The company specializes in the research, production, and sales of medical imaging superconducting MRI equipment and core hardware, as well as special magnets for scientific research [1] - Major products include nuclear magnetic resonance systems, superconducting magnets, RF detectors, gradient coils, RF amplifiers, and gradient amplifiers [1] - The company is recognized as a high-tech enterprise focusing on independent research and development, having received several accolades including "Technology Small Giant Enterprise" and "Specialized and Innovative Small Giant Enterprise" [1] Patent and Intellectual Property - As of December 31, 2024, the company holds a total of 91 valid patents, including 21 invention patents, 60 utility model patents, and 8 design patents [1] - The company has also obtained 5 software copyrights and has 30 domestic patent applications and 6 PCT patent applications under review [1] Financial Performance - For the first quarter of 2025, the company reported revenue of 25.0744 million yuan, representing a year-on-year increase of 20.21% [1] - The net profit for the same period was -8.5827 million yuan, showing a year-on-year change of 5.22% [1] - The sales gross margin was reported at 30.84% [1] Industry Comparison - Chuangguang Medical's PE (TTM) is -29.61, while the industry average is 50.64, indicating a significant disparity [2] - The company's market capitalization stands at 1.789 billion yuan, compared to the industry median of 50.67 billion yuan [2]

Core Viewpoint - The article highlights the financial performance and market position of Chenguang Medical, emphasizing its focus on R&D in the medical imaging sector and its recent financial results [1]. Company Overview - Chenguang Medical specializes in the research, production, and sales of superconducting MRI equipment and core hardware, as well as specialized magnets for scientific research [1]. - The company has been recognized as a high-tech enterprise, receiving various accolades such as "Technology Small Giant Enterprise" and "Specialized and Innovative Small Giant Enterprise" in Shanghai [1]. Financial Performance - As of the first quarter of 2025, Chenguang Medical reported a revenue of 25.07 million yuan, representing a year-on-year increase of 20.21% [1]. - The net profit for the same period was -8.58 million yuan, showing a year-on-year change of 5.22% [1]. - The company's gross profit margin stood at 30.84% [1]. Market Position - Chenguang Medical's latest closing price was 20.7 yuan, with a market capitalization of 1.777 billion yuan and a price-to-book ratio of 8.10 [1]. - The company holds 91 valid patents, including 21 invention patents and 60 utility model patents, indicating a strong emphasis on innovation [1]. Industry Comparison - Chenguang Medical's price-to-earnings (P/E) ratio (TTM) is -29.41, which is significantly lower than the industry average of 50.80 [2]. - The industry median P/E ratio is 36.71, suggesting that Chenguang Medical is currently undervalued compared to its peers [2].

Group 1: Market Overview - The market has seen an increase, surpassing 4200, driven by a court ruling invalidating tariffs imposed by the US, which has boosted global risk appetite [1] - The strongest sectors today include autonomous driving and stablecoins, indicating a shift in investor focus [1] Group 2: Nuclear Fusion Research - The Southwestern Institute of Physics has achieved a new operational record for fusion devices in China, highlighting advancements in nuclear fusion research [2][1] - This development raises questions about the potential for this niche sector to gain traction and attract investment [2] Group 3: Company Involvement in Nuclear Fusion - Yongding Co., Ltd. has achieved leading performance in wire rod length and low-temperature strong magnetic field applications, with products used in superconducting induction heating and fusion magnets, maintaining close cooperation with the Southwestern Institute of Physics [6] - Chenguang Medical has ongoing technical communication with the Southwestern Institute regarding the supply of superconducting magnets, contingent on specific procurement needs [7] - Qiaoyuan Co. has established a reputation in the medical sector and maintains relationships with military research institutions, including the Southwestern Institute [8] - Lansi Heavy Industry is involved in the development of nuclear fusion-related products and has successfully applied a new type of heat exchanger in a fusion engineering project [9][10] - Guoguang Electric has received a provincial science and technology award for a project in collaboration with the Southwestern Institute focused on high-sensitivity leak detection technology for fusion components [10] - Antai Technology is at the forefront of research and manufacturing in fusion filter components, collaborating with the Southwestern Institute [11] - Hekang New Energy provides operational and maintenance services for high-voltage water-cooled variable frequency systems used by the Southwestern Institute [11] - Jingye Intelligent is exploring cooperation in remote operation and maintenance technology for fusion reactors with the Southwestern Institute [12] - Yingjie Electric serves various research institutions, including the Southwestern Institute, providing power supplies for scientific research and experimental testing [13]

Core Viewpoint - The financial performance of Chen Guang Medical has significantly declined, with a notable drop in both revenue and net profit in recent quarters, indicating challenges in the medical equipment industry and increased competition [2][4][6]. Financial Performance - In Q1 2025, Chen Guang Medical reported total revenue of 25.07 million yuan, with a net profit attributable to shareholders of -8.58 million yuan [2][8]. - The company's net profit for 2024 was -60.90 million yuan, a year-on-year decline of 416.85%, while the non-recurring net profit also saw a significant drop of 268.45% [6][8]. - The revenue for 2024 decreased by 28.16% to 119 million yuan, following an 11.08% decline in 2023 [5][6]. Business Challenges - The decline in revenue is attributed to a downturn in the domestic large medical equipment industry, particularly in the sales of MRI systems and components [4][8]. - The company faces increased operational costs, with selling expenses rising by 56.39% and R&D expenses increasing by 72.81%, leading to a spike in the expense ratio to 76.34% [8]. - Chen Guang Medical is transitioning from a parts supplier to a complete system provider, which has resulted in former clients becoming competitors, creating uncertainty in future sales [8]. Market Context - The global medical imaging market was valued at approximately 310 billion yuan in 2020, with a stable growth rate, while the Chinese market is rapidly expanding, projected to grow from 53.7 billion yuan in 2020 to 24.4 billion yuan by 2030 [11][12]. - Major international players like GE Healthcare, Philips, and Siemens dominate the MRI equipment market, holding significant market shares [11][12]. Company Background - Chen Guang Medical was founded in 2004 and specializes in the research, development, and production of MRI systems and components [4][5]. - The company went public on the Beijing Stock Exchange in December 2022, following a period of steady growth from 2019 to 2021 [5][6].

Market Performance - On May 23, major market indices experienced fluctuations and closed lower, with A-shares trading volume reaching 1.18 trillion yuan, and over 1,100 stocks closing higher, including 52 stocks hitting the daily limit [1] - For the week, the Shanghai Composite Index fell by 0.57%, the ChiNext Index dropped by 0.88%, and the STAR Market 50 Index decreased by 1.47% [1] Individual Stock Performance - Over 1,600 stocks rose this week, with 22 stocks gaining over 30%. Notably, six stocks surged over 50%, with the largest increase being 99.96% for Sanofi [1][2] - Other significant gainers included Huibo Yuntong (301316) and Binhai Energy (000695), both of which saw weekly increases exceeding 60% [1][2] Sector Analysis - Among the stocks that rose over 30%, the pharmaceutical and biological sector had six representatives, followed by light industry manufacturing with three stocks [1] Historical Highs - On May 23, 17 stocks reached historical closing highs, with the pharmaceutical and biological, mechanical equipment, and automotive sectors showing a concentration of high performers [3][4] - The average increase for stocks reaching historical highs was 8.20%, with notable gainers including Xintiandi (301277) and Zhongzhou Special Materials (300963) [3] Institutional Activity - On May 23, ten stocks saw net purchases from institutions, with Yixin Tang (002727) leading at a net buy of 102 million yuan [5][6] - Conversely, institutions sold off stocks such as Hongchuang Holdings (002379) and Tianqimo (002510), each experiencing net sales exceeding 50 million yuan [5][6] Northbound Capital Flow - Northbound capital was present in nine stocks on the trading board, with net purchases in three stocks: Xue Ren Shares (002639), Huibo Yuntong, and Jinlongyu (002882) [7] - Yixin Tang faced the highest net sell-off from northbound capital, totaling 68.98 million yuan [7] Company Announcements - Zhongjin Gold (600489) plans to inject four companies, including Inner Mongolia Jintao, into the company to resolve competition issues [8] - Huakang Clean (301235) won a bid for a healthcare project with a contract value of 60.24 million yuan and a duration of 120 days [8] - Weier Shares (603501) intends to issue H-shares and list on the Hong Kong Stock Exchange [9] - Yunchongma (603130) plans to raise no more than 640 million yuan for a project to produce DTY silk and high-performance leather base fabric [9]

Market Overview - On May 23, the total trading volume of stocks on the Beijing Stock Exchange reached 1.269 billion shares, with a total transaction value of 27.181 billion yuan, a decrease of 10.005 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 57 stocks closed higher, accounting for 21.43% of the total, with notable gainers including Chenguang Medical, Changfu Co., and Senxuan Pharmaceutical, which rose by 14.96%, 10.12%, and 9.73% respectively [1] - Conversely, 208 stocks closed lower, with the largest declines seen in Kexin New Materials, Shengnan Technology, and Air China Ocean, which fell by 9.04%, 8.54%, and 7.89% respectively [1] Trading Activity - A total of 87 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Jinbo Biological, Changfu Co., and Wuxin Tunnel Equipment, at 813 million yuan, 597 million yuan, and 517 million yuan respectively [1] - In terms of trading activity, 48 stocks had a turnover rate exceeding 10%, with 8 stocks exceeding 20%. Additionally, 94 stocks had turnover rates between 5% and 10%, while 122 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Ningxin New Materials, Chenguang Medical, and Changfu Co., with turnover rates of 33.42%, 32.11%, and 31.21% respectively [1] Stock Performance - The closing prices and performance of notable stocks included: - Jinbo Biological: Closing price of 497.70 yuan, up 0.85%, turnover rate of 3.54%, transaction value of 812.56 million yuan [1] - Changfu Co.: Closing price of 45.90 yuan, up 10.12%, turnover rate of 31.21%, transaction value of 597.47 million yuan [1] - Wuxin Tunnel Equipment: Closing price of 41.27 yuan, down 7.28%, turnover rate of 14.02%, transaction value of 516.61 million yuan [1] - Chenguang Medical: Closing price of 21.90 yuan, up 14.96%, turnover rate of 32.11%, transaction value of 473.16 million yuan [1] - Air China Ocean: Closing price of 10.04 yuan, down 7.89%, turnover rate of 15.90%, transaction value of 473.14 million yuan [1]

Group 1 - The controllable nuclear fusion sector in A-shares experienced a significant surge, with the sector index rising over 4% and 30 stocks within the sector increasing in value [1][2] - Notable performers included Xue Ren Co., Ltd. (002639) and Rongfa Nuclear Power (002366), both hitting the daily limit up, while Chen Guang Medical (430300) saw an increase of over 26% [1][2] - The controllable nuclear fusion index reached 1476.66, reflecting a rise of 3.71% [2] Group 2 - The U.S. nuclear energy sector saw a collective surge in stock prices, which positively influenced Asian nuclear power stocks, leading to gains in the Hong Kong market [3][4] - The China General Nuclear Power Index (887716.WI) rose by 3.6%, while the Nuclear Power Index (884046.WI) increased by 2.32% [3][4] Group 3 - Recent developments in the nuclear energy sector indicate a critical phase in the construction of nuclear fusion experimental reactors, with significant progress expected [5] - The BEST reactor project has officially commenced assembly, aiming for completion by 2027, while the CRAFT reactor is projected to be completed by the end of 2025 [5] - The market anticipates a rapid development in the controllable nuclear fusion industry, with increased project tenders and commercialization efforts expected in 2025 [5]