Core Viewpoint - Chunli Medical is set to unlock 209 million shares next week, with a market value of approximately 3.348 billion yuan, representing 263.74% of the pre-unlock circulating market value [1] Group 1: Share Unlocking Details - The type of shares being unlocked is additional commitment restricted shares, with the unlock date set for June 30, 2025 [1] - Major shareholders involved in this unlocking include Shi Chunbao (114 million shares) and Yue Shujun (95.4479 million shares) [1] Group 2: Company Overview - Beijing Chunli Zhengda Medical Device Co., Ltd. was established in 1998 and focuses on the continuous development and research of high-end medical devices, covering a full range of orthopedic products [2] - The company holds 124 medical device registration certificates and has expanded its product line to meet diverse market and clinical needs, enhancing its overall competitiveness [2] - Chunli Medical has a strong international presence, with products exported to over 50 countries and regions [2] Group 3: Research and Development - The company boasts a multidisciplinary team of experts with over 20 years of industry experience, providing strong intellectual support for technological innovation and business development [2] - Chunli Medical has received multiple qualifications, including being recognized as a national high-tech enterprise and a champion enterprise in the manufacturing sector [2] - The company actively participates in national and local research projects, contributing to advancements in the orthopedic field [2] Group 4: Market Position - As a leading enterprise in China's orthopedic industry, Chunli Medical has filled gaps in the domestic market with innovative products, establishing a unique market advantage [2] - The company aims to solve key technical challenges in the industry and enhance the level of independent innovation in the joint field [2] - Chunli Medical is committed to providing high-quality products globally, aspiring to become a world-renowned orthopedic enterprise [2]

Core Viewpoint - The announcement from Spring Medical indicates that a significant number of restricted shares, totaling 209 million shares or 54.52% of the total share capital, will be unlocked for trading on June 30, 2025, which may impact the company's stock liquidity and market dynamics [1][2]. Share Structure Changes - Before the unlocking, the number of restricted shares was 209.13 million, and after the unlocking, the number of unrestricted shares will increase to 383.56 million [2]. - The number of circulating shares before the unlocking was 17.44 million, which will rise to 38.4 million post-unlocking [1][2]. Stock Performance - As of June 19, the closing price of the company's stock was 16.85 CNY per share, with an initial offering price of 29.81 CNY per share, reflecting a decline of 43.48% from the offering price [2]. - The current stock price is 15.97 CNY per share, with a trailing twelve-month (TTM) price-to-earnings (P/E) ratio of 47.91, significantly higher than the industry average of 29.92 [3]. Financial Performance - For the most recent reporting period, the company reported revenue of 230 million CNY, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 58.07 million CNY, up 5.2% year-on-year [2]. - The net profit after excluding non-recurring items was 52.70 million CNY, reflecting a year-on-year increase of 7.81% [2]. - The net cash flow from operating activities was -75.34 million CNY, a year-on-year decline of 41.87% [2]. Company Overview - Spring Medical is primarily engaged in the research, development, production, and sales of implantable orthopedic medical devices, including joint prosthetics and spinal implants [3]. - The company's products are exported to various regions, including Asia, South America, Africa, Oceania, and Europe [3].

Core Viewpoint - The report from Huatai United Securities provides a thorough review of the listing and circulation of restricted shares for Beijing Chunli Zhengda Medical Devices Co., Ltd., confirming compliance with relevant regulations and the fulfillment of commitments by shareholders [1][8]. Group 1: Restricted Shares Overview - The restricted shares being listed for circulation are part of the company's initial public offering, involving two shareholders: Mr. Shi Chunbao and Ms. Yue Shujun. The original lock-up period of 36 months has been extended by 6 months due to the fulfillment of commitment conditions, now set to end on June 30, 2025 [2][6]. - The total number of restricted shares being released is 209,133,335, which accounts for 54.52% of the company's total share capital [6][8]. Group 2: Changes in Share Capital - The company's total share capital has changed from 384,280,000 shares to 383,568,500 shares since the formation of the restricted shares [2][4]. Group 3: Shareholder Commitments - Shareholders have made several commitments regarding their restricted shares, including not proposing buybacks and extending the lock-up period if the stock price falls below the IPO price for a specified duration [4][5]. - As of the date of the announcement, the shareholders have adhered to their commitments, ensuring no issues affecting the listing of restricted shares [5][8]. Group 4: Regulatory Compliance - Huatai United Securities has confirmed that the listing and circulation of the restricted shares comply with various regulatory frameworks, including the Securities Issuance and Listing Sponsorship Business Management Measures and the Shanghai Stock Exchange's rules [1][8].

Company Overview - Spring Medical is a Chinese company primarily engaged in the research, production, and sales of implantable orthopedic medical devices, established on February 12, 1998, and listed on December 30, 2021 [1] - The company's main products include joint prosthetics and spinal implant products, covering major human joints such as hip, knee, shoulder, and elbow, as well as a full range of spinal fixation systems [1] - The revenue composition of the company is 99.92% from medical device products and 0.08% from other sources [1] Stock Performance - On June 19, Spring Medical's stock price fell by 3.15%, closing at 15.97 yuan per share, with a trading volume of 27.87 million yuan and a turnover rate of 2.17%, resulting in a total market capitalization of 6.126 billion yuan [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 6.06% during this period [1] Fund Holdings - According to data from major funds, Nord Fund has a significant holding in Spring Medical, with the Nord New Prosperity Fund (005293) holding 70,000 shares, accounting for 4.66% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 36,400 yuan today and a total floating loss of 72,100 yuan during the three-day decline [2] Fund Manager Information - The fund manager of Nord New Prosperity Fund is Zhu Mingrui, who has been in the position for 2 years and 352 days, managing a total asset size of 63.1 million yuan [3] - During his tenure, the best fund return was 12.93%, while the worst return was -21.39% [3]

Company Overview - Spring Medical's closing price on June 18 was 16.49 yuan, down 2.54%, with a rolling PE ratio of 49.47 times and a total market capitalization of 6.325 billion yuan [1] - The company ranks 88th in the medical device industry, which has an average PE ratio of 49.10 times and a median of 36.43 times [1] - As of March 31, 2025, the number of shareholders increased to 7,167, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Operations - Spring Medical specializes in the research, production, and sales of implantable orthopedic medical devices [1] - The main products include spinal, trauma, joint, sports medicine implants, bone repair materials, surgical instruments, PRP preparation kits, and negative pressure wound drainage kits [1] - The company was recognized as a champion enterprise in the artificial joint prosthesis manufacturing industry by the Ministry of Industry and Information Technology in 2024 [1] Financial Performance - In the first quarter of 2025, Spring Medical reported revenue of 230 million yuan, a year-on-year increase of 3.60% [1] - The net profit for the same period was 58.071 million yuan, reflecting a year-on-year growth of 5.20% [1] - The sales gross margin stood at 66.69% [1]

Core Viewpoint - The recent surge in the stock price of Chuangli Medical (01858) is closely linked to its financial performance, with a significant increase following the release of its 2024 annual report and Q1 2025 financial results, indicating a recovery in the orthopedic device sector [1][3] Company Performance - Chuangli Medical's stock price rose by 7.86% the day after its financial disclosures, marking the beginning of a rally that saw its stock increase by 47.51% over approximately one and a half months [1] - In 2024, Chuangli Medical reported revenues of 810 million yuan, a decline of 33% year-on-year, while competitors like Dabo Medical, Weigao Orthopedics, and Aikang Medical saw revenue increases of 36%, 13%, and 23% respectively [8] - For Q1 2025, Chuangli Medical achieved a revenue of 230 million yuan, a year-on-year growth of 3.60%, and a net profit of 58.07 million yuan, up 5.20% [9] Industry Trends - The orthopedic device market has undergone significant structural changes due to national procurement policies, leading to a reduction in prices and a shift from foreign dominance to domestic growth [4][5] - The global orthopedic implant market is projected to reach approximately $48.6 billion in 2024, with domestic companies gaining market share as foreign firms retract [5][6] - The domestic orthopedic device market is expected to exceed 80 billion yuan by 2026, with a compound annual growth rate of 16% [6] Market Dynamics - The impact of procurement policies has led to a substantial decrease in foreign market share in various segments, with foreign companies' market share in artificial joints dropping from 70% to 21% [5] - The procurement process has become more favorable for domestic companies, with selection rates increasing and price reductions becoming more reasonable [10] - Chuangli Medical's overseas revenue reached 350 million yuan in 2024, a 78% increase, indicating strong international market performance [10] Valuation and Investor Sentiment - Following the recent price increases, the valuation of Hong Kong orthopedic companies has rebounded, with Chuangli Medical's price-to-earnings ratio reaching 34.24, reflecting positive market sentiment towards the sector [11]

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。 | 回购方案首次披露日 | 2024 年 7 | 月 | 5 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 6 | 月 | 17 | 日-2025 | 年 | 月 16 日 | 6 | | 预计回购金额 | 2000 万元-4000 | | | 万元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | 累计已回购股数 | 1,376,851 股 | | | | | | | | 累计已回购股数占总股本比例 | 0.359% | | | | | | | | 累计已回购金额 | 20,008,021.82 | | | 元 | | | | | 实际回购价格区间 | 12.09 元/股-17.20 | | | | 元/股 | | | 重要内容提示： 一、 回购股份的基本信息 公司于 2024 年 6 月 17 日召开第五届董事会 ...

FF301 | I. 法定/註冊股本變動 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | 證券代號 (如上市) | 01858 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 95,140,500 | RMB | | 1 RMB | | | 95,140,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | 0 | | | | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688236 | 說明 | | 於上海證券交易所上市的A股 ...

Core Viewpoint - The stock of Chunli Medical (688236) has shown a positive trend with a closing price of 17.19 yuan on June 3, 2025, reflecting a 2.32% increase, amidst varying capital flows from different investor groups [1]. Group 1: Stock Performance and Capital Flow - On June 3, 2025, Chunli Medical's stock recorded a trading volume of 31,700 hands and a total transaction amount of 54.24 million yuan [1]. - The net inflow of main funds was 381,400 yuan, accounting for 0.7% of the total transaction amount, while retail investors experienced a net outflow of 1.97% [1]. - Over the past five days, the stock has seen fluctuations in capital flow, with significant net outflows from retail investors on several days [1]. Group 2: Financial Performance - Chunli Medical reported a main revenue of 230 million yuan in Q1 2025, representing a year-on-year increase of 3.6% [2]. - The net profit attributable to shareholders was 58.07 million yuan, up 5.2% year-on-year, with a net profit margin of 25.25% [2]. - The company has a debt ratio of 17.11% and a gross profit margin of 66.69%, indicating strong financial health compared to industry averages [2]. Group 3: Industry Comparison - Chunli Medical's total market capitalization stands at 6.594 billion yuan, which is below the industry average of 10.837 billion yuan, ranking 47th out of 122 companies in the medical device sector [2]. - The company's price-to-earnings ratio (P/E) is 28.39, significantly lower than the industry average of 55.75, suggesting a potentially undervalued position [2]. - The gross margin of Chunli Medical is 66.69%, which is higher than the industry average of 51.08%, indicating competitive efficiency in its operations [2]. Group 4: Analyst Ratings - In the last 90 days, 10 institutions have rated Chunli Medical, with 9 buy ratings and 1 hold rating, indicating strong institutional confidence [3]. - The average target price set by analysts for the stock is 17.79 yuan, slightly above the current trading price [3].

Group 1 - The core viewpoint of the articles highlights that Chuangli Medical's stock price closed at 17.19 yuan, with a PE ratio of 51.57, marking a new low in 243 days, and a total market capitalization of 6.594 billion yuan [1] - The average PE ratio for the medical device industry is 50.80, with a median of 36.71, placing Chuangli Medical at the 88th position in the industry ranking [1] - As of the first quarter of 2025, 13 institutions hold shares in Chuangli Medical, including 8 funds, 4 others, and 1 brokerage, with a total holding of 31.6307 million shares valued at 429 million yuan [1] Group 2 - Chuangli Medical specializes in the research, production, and sales of implantable orthopedic medical devices, with key products including spinal, trauma, joint, sports medicine implants, bone repair materials, surgical instruments, PRP preparation kits, and negative pressure drainage kits [1] - The latest performance report for the first quarter of 2025 shows that the company achieved operating revenue of 230 million yuan, a year-on-year increase of 3.60%, and a net profit of 58.0711 million yuan, up 5.20%, with a gross profit margin of 66.69% [1]