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]

Core Viewpoint - Spring Medical (688236) is focusing on enhancing its core orthopedic consumables business, increasing R&D investment, and optimizing its product line to improve market competitiveness [2][4]. Company Announcements - The fifth meeting of the fifth board of directors approved four key proposals, including the "2025 Quality Improvement and Efficiency Recovery" action plan and the appointment of a new financial director [1][4]. - The supervisory board approved the reappointment of Da Xin Accounting Firm as the financial auditing and internal control auditing institution for 2025 [1][4]. 2025 Action Plan - Spring Medical aims to deepen its focus on the entire orthopedic product line, develop high-value-added products, and advance R&D in various areas including shoulder and elbow joints, small joints, spine, sports medicine, and trauma [2][4]. - The company plans to accelerate R&D in new fields such as dental care, PRP preparation systems, and robotics, while expanding into international markets to enhance brand recognition [2]. - The company will improve its governance structure, enhance management efficiency, and strengthen internal controls, while also focusing on shareholder returns through reasonable profit distribution policies and H-share buybacks [2][4]. - Spring Medical intends to enhance investor communication and improve the quality of information disclosure, committing to hold at least four performance briefings annually [2].

Group 1 - The company held its 16th meeting of the 5th Supervisory Board on May 27, 2025, which was conducted both in-person and via communication methods [1] - The meeting was chaired by Mr. Zhang Jie, and all three supervisors attended, confirming the legality and validity of the meeting procedures [1] - The Supervisory Board unanimously approved the proposal to renew the appointment of the financial auditing and internal control auditing institutions for the year 2025 [1] Group 2 - The Supervisory Board expressed confidence in Da Xin Accounting Firm (Special General Partnership) due to its extensive experience in auditing listed companies, ensuring it meets the company's auditing needs [1] - The appointment of the financial and internal control auditing institutions complies with relevant laws and regulations, and will not affect the quality of the company's financial statements [1] - The proposal will be submitted to the company's shareholders' meeting for further approval [2]

Core Viewpoint - The company intends to reappoint Da Xin Accounting Firm as its financial and internal control auditor for the year 2025, pending approval from the shareholders' meeting [2][8]. Group 1: Appointment of Auditor - The board of directors proposes to reappoint Da Xin Accounting Firm for the 2025 annual financial audit and internal control audit, with the term starting from the resolution of the 2024 annual shareholders' meeting until the 2025 annual shareholders' meeting [2][8]. - Da Xin Accounting Firm was established in 1985 and has transitioned to a special general partnership since March 2012, with its headquarters located in Beijing and 33 branches across the country [2][3]. - The firm has extensive experience in securities services, being one of the earliest accounting firms in China to engage in such services, and has nearly 30 years of experience in the securities business [2][3]. Group 2: Auditor's Qualifications - As of December 31, 2024, Da Xin has a total of 3,957 employees, including 1,031 certified public accountants, with over 500 having signed securities service audit reports [3]. - The firm has not faced any criminal penalties in the past three years, but has received 6 administrative penalties and 14 administrative regulatory measures [3]. - Da Xin's audit revenue was 1.38 billion yuan, with securities business revenue of 450 million yuan, and it audited 204 listed companies in 2023 [3]. Group 3: Audit Team Composition - The project partner and signing CPA, He Zheng, has been engaged in auditing listed companies since 2003 and has signed reports for several companies [4]. - The signing CPA, Jiang Kun, has been providing audit services since 2010 and has worked with the company since 2022 [5]. - The quality control reviewer, Li Hong, has experience in quality review and has executed audits for multiple listed companies [6]. Group 4: Audit Fee Structure - The internal control audit fee is set at 350,000 yuan, with the board proposing to authorize management to negotiate specific remuneration based on the audit workload and market conditions [6][8]. - The pricing principles for audit fees consider the responsibilities and professional expertise required, as well as the experience and rates of the participating staff [6]. Group 5: Approval Process - The audit committee has reviewed Da Xin Accounting Firm and confirmed its qualifications and experience in auditing listed companies, recommending its reappointment [7]. - Independent directors have also expressed their approval, stating that Da Xin meets the necessary qualifications and can fulfill the company's auditing needs [7]. - The board and supervisory committee have both approved the proposal to reappoint Da Xin, which will be submitted for shareholder approval [8].