每经AI快讯，浦银国际证券9月1日发布研报称，给予春立医疗（688236.SH，最新价：22.44元）买入评 级，目标价格为27.20元。评级理由主要包括：1）1H25 收入重拾增速，净利润在收入增长及期间费用 率显著下降拉动下实现高增长；2）海外业务维持较高增长；3）多款新产品获批上市，潜力板块持续发 力。风险提示：集采续约价格降幅较大、手术量增速不及预期、反腐等政策影响持续。 每经头条（nbdtoutiao）——人口流失、土地闲置的城市要不要撤并？专访国家发改委专家高国力：未 来不排除，目前没到这阶段 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price for A-shares to RMB 27.20 and for H-shares to HKD 20.00 [3][5][13]. Core Insights - The company's revenue in 1H25 has rebounded, with domestic procurement products showing stable growth and overseas business continuing to maintain a robust growth rate. Despite a decline in gross margin due to procurement impacts, significant reductions in three major expense ratios have driven a rapid increase in net profit [3][13]. - The company reported a revenue of RMB 4.9 billion in 1H25, representing a year-on-year growth of 28%. Domestic procurement products contributed approximately 60% of revenue, while overseas revenue also grew by over 30% year-on-year [3][13]. - The company has received approvals for multiple new products, expanding its product pipeline in various segments, including orthopedics and dental fields [13]. Financial Summary - Revenue Forecast: - 2023: RMB 1,209 million - 2024: RMB 806 million - 2025E: RMB 1,085 million - 2026E: RMB 1,330 million - 2027E: RMB 1,598 million - Year-on-year growth rates: 0.6%, -33.3%, 34.7%, 22.5%, 20.2% [4][15]. - Net Profit Forecast: - 2023: RMB 278 million - 2024: RMB 125 million - 2025E: RMB 261 million - 2026E: RMB 329 million - 2027E: RMB 420 million - Year-on-year growth rates: -9.7%, -55.0%, 109.0%, 26.1%, 27.4% [4][15]. - Valuation Ratios: - PE (A-shares): 31.9 (2023), 70.0 (2024), 33.9 (2025E), 26.9 (2026E), 21.1 (2027E) - PE (H-shares): 20.7 (2023), 45.3 (2024), 22.0 (2025E), 17.4 (2026E), 13.7 (2027E) [4][15].

FF301 | | | 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 截至月份: 2025年8月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 | 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 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 288,428,000 | RMB | | 1 RMB | | 288,428,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 288,428,000 | RMB | | 1 RMB | | 288,428,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | ...

资料显示，北京市春立正达医疗器械股份有限公司位于北京市通州区通州经济开发区南区鑫觅西二路10 号，成立日期1998年2月12日，上市日期2021年12月30日，公司主营业务涉及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。主营业务收入构成为：医疗器械产品99.92%，其他(补充)0.08%。 截至6月30日，春立医疗股东户数5920.00，较上期减少17.57%；人均流通股48836股，较上期增加 341.41%。2025年1月-6月，春立医疗实现营业收入4.88亿元，同比增长28.27%；归母净利润1.14亿元， 同比增长44.85%。 分红方面，春立医疗A股上市后累计派现3.59亿元。近三年，累计派现3.09亿元。 机构持仓方面，截止2025年6月30日，春立医疗十大流通股东中，平安低碳经济混合A（009878）位居 第四大流通股东，持股377 ...

Company Overview - Spring Medical is primarily engaged in the research, production, and sales of implantable orthopedic medical devices, with a focus on joint prosthetics and spinal implants [1][2] - The company was established on February 12, 1998, and went public on December 30, 2021 [1] - Its main products include hip, knee, shoulder, and elbow joint prosthetics, as well as a full range of spinal fixation systems [1] Financial Performance - For the first half of 2025, Spring Medical reported a revenue of 488 million yuan, representing a year-on-year growth of 28.27% [2] - The net profit attributable to shareholders for the same period was 114 million yuan, showing 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] Stock Performance - As of September 1, the stock price of Spring Medical increased by 5.73%, reaching 23.63 yuan per share, with a total market capitalization of 9.064 billion yuan [1] - Year-to-date, the stock has risen by 85.32%, with a 3.87% increase over the last five trading days and a 39.65% increase over the last 60 days [1] - The company experienced a net outflow of 967,900 yuan in principal funds, with large single purchases accounting for 17.75% of total transactions [1] Shareholder Structure - 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 [2] - Among the top ten circulating shareholders, Ping An Low Carbon Economy Mixed A (009878) is the fourth largest, increasing its holdings by 2.77 million shares [3] - New shareholder South Pharmaceutical Health Flexible Allocation Mixed A (000452) entered the top ten, holding 1.603 million shares [3]

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

春立医疗(01858)涨超12%，截至发稿，涨12.17%，报16.68港元，成交额2142.66万港元。 消息面上，春立医疗公布2025年中期业绩，营业收入约4.88亿元，同比增长28.27%；归属于上市公司股 东的净利润约1.14亿元，同比增长44.85%。公告指出，收入增长主要是期内稳定供应集采产品，销量持 续增长。另外公司稳步推进国际市场的开拓工作，出口业务持续攀升。净利增长则主要归因于期内公司 稳定供应集采产品、深度拓展国际市场，推动销量增长；同时内部降本增效，强化核心业务竞争力，内 外并举推动盈利能力稳步提升，实现了净利润的持续增长。 ...

消息面上，春立医疗公布2025年中期业绩，营业收入约4.88亿元，同比增长28.27%；归属于上市公司股 东的净利润约1.14亿元，同比增长44.85%。公告指出，收入增长主要是期内稳定供应集采产品，销量持 续增长。另外公司稳步推进国际市场的开拓工作，出口业务持续攀升。净利增长则主要归因于期内公司 稳定供应集采产品、深度拓展国际市场，推动销量增长；同时内部降本增效，强化核心业务竞争力，内 外并举推动盈利能力稳步提升，实现了净利润的持续增长。 智通财经APP获悉，春立医疗(01858)涨超12%，截至发稿，涨12.17%，报16.68港元，成交额2142.66万 港元。 ...

Core Viewpoint - Spring Medical (688236) has shown significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance despite a slight decline in stock price recently [1][3][5]. Stock Performance - As of August 29, 2025, Spring Medical's stock closed at 22.35 yuan, down 1.41% from the previous week [1]. - The stock reached a peak of 23.17 yuan on August 26 and a low of 21.05 yuan on August 28 [1]. - The current market capitalization is 8.573 billion yuan, ranking 43rd in the medical device sector and 2148th in the A-share market [1]. Shareholder Changes - As of June 30, 2025, the number of shareholders decreased to 5,906, a reduction of 1,261 or 17.59% from March 31, 2025 [2]. - The average number of shares held per shareholder increased from 40,200 to 48,800, with an average holding value of 907,900 yuan [2]. Financial Performance - For the first half of 2025, Spring Medical reported a main revenue of 488 million yuan, a year-on-year increase of 28.27% [3][5]. - The net profit attributable to shareholders was 114 million yuan, up 44.85% year-on-year, while the net profit excluding non-recurring items reached 106 million yuan, increasing by 61.09% [3][5]. - In Q2 2025, the main revenue was 258 million yuan, reflecting a 62.85% year-on-year growth, and the net profit attributable to shareholders was 56.4 million yuan, up 136.7% [3][9]. Company Announcements - The company’s board and supervisory board confirmed the accuracy and completeness of the half-year report, which is unaudited [4]. - No profit distribution or capital increase plans were proposed in the report [4]. Asset and Equity Overview - Total assets amounted to 3.489 billion yuan, a slight increase of 0.67% from the previous year [5]. - The net assets attributable to shareholders were 2.908 billion yuan, up 3.11% [5]. - The cash flow from operating activities was 141 million yuan, compared to a negative 69.1 million yuan in the same period last year [5]. Shareholding Structure - The top two shareholders, Shi Chunbao and Yue Shujun, hold 31.34% and 24.88% of shares respectively, and are spouses [6]. - Other major shareholders include Panmao (Shanghai) Investment Center with 4.50% and Panxin (Shanghai) Investment Center with 0.65% [6]. Board Resolutions - On August 29, 2025, the board approved the half-year report and various financial management proposals, with all resolutions receiving unanimous support [7][10]. - The supervisory board agreed to use up to 700 million yuan of idle raised funds for cash management, focusing on safe and liquid investment products [10]. Fund Utilization - As of June 30, 2025, the net proceeds from the initial public offering amounted to 1.067 billion yuan, with 505 million yuan allocated to investment projects and 570 million yuan for cash management [11].

Core Viewpoint - Spring Medical (688236) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 488 million yuan, a year-on-year increase of 28.27% [1] - Net profit attributable to shareholders was 114 million yuan, up 44.85% year-on-year [1] - In Q2 alone, total revenue was 258 million yuan, reflecting a 62.85% increase year-on-year [1] - Q2 net profit attributable to shareholders was approximately 56.4 million yuan, a substantial increase of 136.7% year-on-year [1] Key Financial Ratios - Gross margin stood at 67.09%, a decrease of 6.2% compared to the previous year [1] - Net margin improved to 23.48%, an increase of 13.03% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 118 million yuan, accounting for 24.18% of revenue, down 25.73% year-on-year [1] Cash Flow and Assets - Operating cash flow per share was 0.37 yuan, a remarkable increase of 304.88% year-on-year [1] - Earnings per share reached 0.30 yuan, up 42.86% year-on-year [1] - The company reported a significant increase in net assets per share to 7.58 yuan, a 3.19% rise year-on-year [1] Accounts Receivable - The company's accounts receivable were notably high, with accounts receivable to net profit ratio reaching 210.15% [2] Investment Insights - Analysts expect the company's performance for 2025 to reach 222 million yuan, with an average earnings per share forecast of 0.58 yuan [2] - The company's return on invested capital (ROIC) was 3.8% last year, indicating a need for improvement in capital efficiency [3] - The company's cash assets are reported to be very healthy, suggesting strong liquidity [3] Fund Holdings - Several funds have newly entered the top ten holdings of Spring Medical, including Ping An Low Carbon Economy Mixed A and Zhonggeng Small Cap Value Stock [4] - The largest fund holding Spring Medical is Ping An Low Carbon Economy Mixed A, with a scale of 1.427 billion yuan and a recent net value of 1.153 [4]