Group 1 - The company, Chunli Medical, announced its investment in the establishment of the Nanchang Defu Phase IV Equity Investment Fund Partnership, contributing 50 million RMB as a limited partner, which represents 9.2105% of the fund's total shares [2] - The fund has completed the necessary business registration procedures and has obtained a business license from the Nanchang Market Supervision Administration [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.68 CNY, based on a 46 times PE valuation for 2025 [4][7]. Core Views - The company is expected to experience a turning point in performance as the impact of centralized procurement diminishes, with a projected revenue increase of 33.9% in 2025 [12]. - The company achieved a revenue of 4.9 billion CNY in the first half of 2025, representing a year-on-year growth of 28.3%, and a net profit of 1.1 billion CNY, up 44.9% year-on-year [12]. - The company is actively expanding its international market presence, with significant progress in obtaining CE and FDA approvals for its products, indicating strong international competitiveness [12]. Financial Summary - Revenue projections for 2025-2027 are 1,079 million CNY, 1,306 million CNY, and 1,578 million CNY, respectively, with corresponding growth rates of 33.9%, 21.0%, and 20.9% [6]. - The company's net profit for 2025 is forecasted at 224 million CNY, with a year-on-year growth of 79.4% [6]. - The gross margin is expected to stabilize around 67.5% in 2025, with a net margin of 20.8% [6].

证券代码：688236 证券简称：春立医疗 公告编号：2025-040 北京市春立正达医疗器械股份有限公司 关于与私募基金合作投资的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 与私募基金合作投资概述 北京市春立正达医疗器械股份有限公司（以下简称"公司"）与南昌德福投资 咨询合伙企业（有限合伙）及其他合伙人共同投资设立南昌德福四期股权投资基 金合伙企业（有限合伙）（以下简称"合伙企业"）。公司作为有限合伙人以自 有资金 5,000 万元人民币参与认购合伙企业的份额，占基金份额的 9.2105%。具体 内容详见公司于 2025 年 8 月 8 日在上海证券交易所网站（www.sse.com.cn）披露 的《关于与私募基金合作投资的公告》（公告编号：2025-033）。 二、与私募基金合作投资的进展情况 2025 年 9 月 25 日，公司收到基金管理人广州德福投资咨询合伙企业（有限合 伙）的通知，南昌德福四期股权投资基金合伙企业（有限合伙）已完成相关工商 登记手续并取得南昌市红谷滩区市场监督管理局颁发的《营 ...

Core Viewpoint - Spring Medical has shown significant stock price growth this year, with an increase of 87.83% year-to-date, indicating strong market performance and investor interest [2]. Company Overview - Spring Medical, established on February 12, 1998, and listed on December 30, 2021, is based in Tongzhou District, Beijing. The company specializes in the research, production, and sales of implantable orthopedic medical devices, primarily joint prosthetics and spinal implants [2]. - The company's main products include hip, knee, shoulder, and elbow joint prosthetics, as well as a full range of spinal internal fixation systems. Its products are exported to various regions, including Asia, South America, Africa, Oceania, and Europe [2]. - The revenue composition of Spring Medical is predominantly from medical device products (99.89%), with a minor contribution from other sources (0.11%) [2]. Financial Performance - As of June 30, 2025, Spring Medical reported a revenue of 488 million yuan, reflecting a year-on-year growth of 28.27%. The net profit attributable to shareholders was 114 million yuan, marking a 44.85% increase compared to the previous year [3]. - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan distributed over the past three years [4]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 17.57% to 5,920, while the average number of circulating shares per person increased by 341.41% to 48,836 shares [3]. - Among the top ten circulating shareholders, Ping An Low Carbon Economy Mixed A (009878) is the fourth largest, holding 3.77 million shares, an increase of 2.77 million shares from the previous period. Southern Medical Health Flexible Allocation Mixed A (000452) is a new entrant in the ninth position, holding 1.603 million shares [4].

证券之星消息，9月19日南向资金增持5.62万股春立医疗（01858.HK）。近5个交易日中，获南向资金增 持的有3天，累计净增持1.93万股。近20个交易日中，获南向资金减持的有9天，累计净减持232.25万 股。截至目前，南向资金持有春立医疗（01858.HK）4318.62万股，占公司已发行普通股的45.38%。 北京市春立正达医疗器械股份有限公司是一家主要从事植入性骨科医疗器械研发、生产及销售业务的中 国公司。该公司主要产品为关节假体产品及脊柱类植入产品。关节假体产品涵盖髋、膝、肩、肘四大人 体关节。脊柱类植入产品为脊柱内固定系统的全系列产品组合。该公司的产品出口至亚洲、南美洲、非 洲、大洋洲及欧洲等多个国家和地区。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-09-19 | 4318.62万 | 5.62万 | 0.13% | | 2025-09-18 | 4313.00万 | 14. ...

证券之星消息，截至2025年9月19日收盘，春立医疗(688236)报收于22.88元，上涨0.88%，换手率 1.18%，成交量3.4万手，成交额7882.82万元。 该股最近90天内共有5家机构给出评级，买入评级5家；过去90天内机构目标均价为31.46。 | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-19 | 22.88 | 0.88% | 16.92万 | 0.21% | -20.05万 | -0.25% | 3.12万 | - 0.04% | | 2025-09-18 | 22.68 | -2.03% | -229.42万 | -5.21% | 67.17万 | 1.53% | 162.25万 | 3.69% | | 2025-09-17 | 23.15 | -1.45% | -197.25万 | -4.60% | -45.49万 | -1.06% | 242.75万 | 5.66% | | 2 ...

Group 1 - The core business of the company is focused on the research, production, and sales of implantable orthopedic medical devices, including joint prosthetics and spinal implants [2] - As of June 30, 2025, the company achieved a revenue of 488 million yuan, representing a year-on-year growth of 28.27%, and a net profit attributable to shareholders of 114 million yuan, with a year-on-year increase of 44.85% [2] - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan distributed over the past three years [3] Group 2 - As of September 18, 2023, the company's financing balance was 36.84 million yuan, accounting for 0.56% of its market capitalization, indicating a high level of financing activity [1] - The company had a total of 5,920 shareholders as of June 30, 2025, with a decrease of 17.57% compared to the previous period, while the average circulating shares per person increased by 341.41% [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings, such as an increase in shares held by Ping An Low Carbon Economy Mixed A [3]

| 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-09-18 | 4313.00万 | 14.62万 | 0.34% | | 2025-09-17 | 4298.38万 | -17.12万 | -0.40% | | 2025-09-16 | 4315.50万 | -10.82万 | -0.25% | | 2025-09-15 | 4326.32万 | 9.62万 | 0.22% | | 2025-09-12 | 4316.70万 | -12.75万 | -0.29% | 证券之星消息，9月18日南向资金增持14.62万股春立医疗（01858.HK）。近5个交易日中，获南向资金 减持的有3天，累计净减持16.45万股。近20个交易日中，获南向资金减持的有9天，累计净减持230.32万 股。截至目前，南向资金持有春立医疗（01858.HK）4313.0万股，占公司已发行普通股的45.32%。 北京市春立正达医疗器械股份有限公司是一家主要从事植入性骨科医疗器械研发、生产及销售业务的中 国公司。该公司主要产品为关节假体产品及脊柱类植 ...

Core Viewpoint - The stock of Chunli Medical (688236) has experienced a decline in price and significant net outflow of funds, indicating potential investor concerns about its performance and market position [1][2]. Financial Performance - As of the latest report, Chunli Medical's total revenue for the first half of 2025 was 488 million yuan, representing a year-on-year increase of 28.27% [3]. - The net profit attributable to shareholders for the same period was 114 million yuan, up 44.85% year-on-year, while the net profit excluding non-recurring items reached 106 million yuan, marking a 61.09% increase [3]. - In Q2 2025, the company reported a single-quarter revenue of 258 million yuan, a significant year-on-year increase of 62.85%, and a net profit of approximately 56.4 million yuan, up 136.7% year-on-year [3]. Market Position and Valuation - Chunli Medical's total market capitalization is 8.699 billion yuan, which is below the industry average of 12.073 billion yuan, ranking 44 out of 123 in the medical device sector [3]. - The company's price-to-earnings (P/E) ratio is 38, compared to the industry average of 67.82, indicating a relatively lower valuation [3]. - The gross margin stands at 67.09%, significantly higher than the industry average of 51.85%, while the net margin is 23.48%, compared to the industry average of 10.39% [3]. Fund Flow Analysis - On September 18, 2025, Chunli Medical's stock price closed at 22.68 yuan, down 2.03%, with a turnover rate of 0.66% and a trading volume of 19,100 hands, resulting in a total transaction amount of approximately 43.997 million yuan [1]. - The net outflow of main funds on that day was 2.2942 million yuan, accounting for 5.21% of the total transaction amount, while retail investors saw a net inflow of 1.6225 million yuan, representing 3.69% of the total [1][2].

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Chunli Medical (01858.HK) by 171,200 shares on September 17, 2025, marking a total net reduction of 251,000 shares over the last five trading days and 2,212,200 shares over the last twenty trading days [1][2] - As of now, southbound funds hold 42,983,800 shares of Chunli Medical, which represents 45.17% of the company's total issued ordinary shares [1][2] Group 2 - Chunli Medical is primarily engaged in the research, development, production, and sales of implantable orthopedic medical devices, with its main products including joint prosthetics and spinal implants [2] - The company's joint prosthetic products cover major human joints such as hip, knee, shoulder, and elbow, while its spinal implant products include a full range of spinal fixation systems [2] - Chunli Medical's products are exported to various countries and regions across Asia, South America, Africa, Oceania, and Europe [2]