证券代码：688236 证券简称：春立医疗 公告编号：2025-017 北京市春立正达医疗器械股份有限公司 第五届董事会第二十四次会议决议公告 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、 董事会会议召开情况 经与会董事审议，以记名投票的方式一致通过以下议案： （一）审议通过《关于 2025 年度〈"提质增效重回报"〉专项行动方案的议案》 根据相关法律法规、规范性文件以及公司章程，公司编制了《2025 年度"提 质增效重回报"专项行动方案》。 表决结果：8 票同意，0 票反对，0 票弃权。 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《2025 年 度"提质增效重回报"专项行动方案》。 （二）审议通过《关于提议召开 2024 年年度股东大会、2025 年第一次 A 股类 别股东大会、2025 年第一次 H 股类别股东大会的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《关于召 开 2024 年年度股东大 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 呈交日期： 2025年5月21日 公司名稱： 北京市春立正達醫療器械股份有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 688236 | 說明 | 於上海證券交易所上市的A股 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北京市春立正達醫療器械股份有限公司 呈交日期： 2025年5月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 688236 | 說明 | 於上海證券交易所上市的A股 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北京市春立正達醫療器械股份有限公司 呈交日期： 2025年5月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 688236 | 說明 | 於上海證券交易所上市的A股 | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | 每股發行/出售價 (註4) | 已發行 ...

Core Viewpoint - The new materials industry is rapidly growing and is considered a leading sector in the era of hard technology, with significant contributions to high-tech applications, traditional industry upgrades, and national defense capabilities [3][4]. Industry Trends - The global new materials market is expected to reach a scale of 5.6 trillion USD by 2025, with a compound annual growth rate (CAGR) of 13.3% from 2020 to 2025 [50]. - In China, the industry scale increased from 0.8 trillion CNY in 2010 to 8.2 trillion CNY in 2023, with a projected target of 10 trillion CNY by 2025 [13][50]. - The average annual growth rate of the new materials industry is over 15% [13]. Key Innovations - Breakthroughs in semiconductor materials have led to domestic alternatives, such as Huawei's 5G base station chips [8]. - Carbon fiber materials are crucial for the mass production of the C919 aircraft, enhancing autonomous high-end equipment manufacturing [10]. - The development of biodegradable medical coatings has facilitated the domestic production of joint prosthetics, with over 100,000 clinical uses reported [10]. Regional Development - The Yangtze River Delta has become a hub for magnetic materials, while the Pearl River Delta is nurturing new display materials [13]. - Jiangsu province accounts for 35% of the national high-performance fiber production, and Shanghai has a new materials R&D investment intensity of 4.2% [13]. - The western regions are experiencing rapid investment growth, with Sichuan's lithium battery materials investment increasing by 48% annually [15]. Talent Supply and Demand - The new materials industry is witnessing a significant influx of young, highly educated talent, with 44.86% of the workforce aged between 25-35 years [74]. - The demand for talent in the new materials sector is concentrated in the Yangtze River Delta and Pearl River Delta regions, which together account for over 40% of the total demand [86]. - By 2025, the total talent demand in the new materials industry is expected to reach 10 million, with a talent gap of 4 million [84]. Employment Trends - The industry is characterized by a high demand for R&D and technical positions, with material engineers and process engineers being the most sought-after roles [92]. - Private enterprises dominate the talent demand landscape, accounting for 63.5% of the total demand, reflecting the market-driven nature of the industry [90]. - The demand for cross-disciplinary talent is evident, with significant representation from mechanical, electrical, and chemical engineering backgrounds [81]. Market Dynamics - The new materials sector is experiencing a surge in capital investment, with a projected 40% increase in financing activities in 2024, exceeding 25 billion CNY [63]. - The industry is also seeing a trend towards localized supply chains, with companies like Ningde Times investing heavily in overseas production facilities [69][71]. - The competitive landscape is intensifying, with companies focusing on technological innovation and market expansion to capture growth opportunities [99].

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3] Group 1: Increased Holdings - Spring Medical (01858) saw the largest increase in holdings, up by 1.40%, bringing its total to 45.06% [2] - Yidu Tech (02158) experienced a 1.19% increase, with a new holding percentage of 20.69% [2] - Haotian International Investment (01341) increased by 1.14%, reaching a holding of 12.52% [2] - Other notable increases include Rongchang Bio (09995) at +0.65% (39.90%) and Chongqing Steel (01053) at +0.57% (27.51%) [2] Group 2: Decreased Holdings - Beijing Machinery (00187) had the largest decrease, down by 1.22% to 51.11% [2] - Hang Seng China Enterprises (02828) decreased by 0.67%, now at 0.59% [2] - First Tractor (00038) saw a reduction of 0.54%, with a holding of 51.88% [2] - Other significant decreases include Shandong Gold (01787) at -0.47% (50.26%) and Longyuan Power (00916) at -0.38% (49.85%) [2] Group 3: Five-Day Changes - Over the last five trading days, Beijing Machinery (00187) had the highest increase of 6.97%, now at 51.11% [3] - Chifeng Jilong Gold Mining (06693) increased by 6.85%, reaching 36.89% [3] - Boan Biotechnology (06955) rose by 4.29%, with a holding of 5.81% [3] - Significant decreases included Kelong Biotechnology (06990) at -3.02% (18.57%) and Hang Seng China Enterprises (02828) at -2.79% (0.59%) [3] Group 4: Twenty-Day Changes - In the last twenty days, October Rice (09676) saw the largest increase of 7.60%, now at 26.41% [4] - Dekang Agriculture (02419) increased by 4.67%, with a holding of 8.85% [4] - Yunding New Drug-B (01952) rose by 4.50%, reaching 48.80% [4] - The largest decrease was seen in Poly Property (06049) at -27.38% (21.97%) [4]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 229,843,941.53, representing a 3.60% increase compared to RMB 221,850,180.79 in the same period last year[6]. - Net profit attributable to shareholders for Q1 2025 was RMB 58,071,117.89, up 5.20% from RMB 55,199,616.28 year-on-year[6]. - Basic and diluted earnings per share for Q1 2025 were both RMB 0.15, reflecting a 7.14% increase from RMB 0.14 in the same quarter last year[6]. - Operating profit for Q1 2025 was ¥64,486,939.60, compared to ¥59,325,467.29 in Q1 2024, reflecting an increase of approximately 8.3%[24]. - Net profit for Q1 2025, after tax expenses of ¥6,456,361.94, was ¥58,030,577.66, up from ¥55,107,063.21 in Q1 2024[24]. - The net profit for the first quarter of 2025 was CNY 58,030,577.70, an increase from CNY 55,107,063.21 in the same period of 2024, representing a growth of approximately 3.5%[25]. Cash Flow Management - The net cash flow from operating activities improved to RMB -75,343,585.60, compared to RMB -129,613,339.07 in the previous year, indicating better cash management[6][11]. - Cash inflows from operating activities totaled CNY 160,007,655.13 in Q1 2025, down from CNY 217,425,731.31 in Q1 2024, reflecting a decrease of about 26.5%[26]. - Cash outflows from operating activities amounted to CNY 235,351,240.73 in Q1 2025, compared to CNY 347,039,070.38 in Q1 2024, showing a reduction of approximately 32.1%[27]. - The net cash flow from operating activities was negative CNY 75,343,585.60 for Q1 2025, an improvement from negative CNY 129,613,339.07 in Q1 2024[27]. - The net cash flow from investment activities for Q1 2025 was CNY 732,309,135.35, a significant increase from CNY 83,728,306.55 in Q1 2024[27]. - The ending balance of cash and cash equivalents as of the end of Q1 2025 was CNY 1,796,034,364.28, up from CNY 1,220,123,829.78 at the end of Q1 2024[28]. Research and Development - Research and development expenses totaled RMB 26,897,460.32, down 23.13% from RMB 34,991,868.71 year-on-year, with R&D expenses as a percentage of operating revenue decreasing to 11.70% from 15.77%[6][7]. - The company reported a significant increase in research and development expenses, totaling ¥26,897,460.32 in Q1 2025, compared to ¥34,991,868.71 in Q1 2024, indicating a strategic focus on innovation[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 7,182, with 7,167 A-share holders and 15 H-share holders[16]. - The largest shareholder, Shi Chunbao, holds 118,769,747 shares, representing 30.96% of the total shares[16]. - The second-largest shareholder, Yue Shujun, holds 95,447,900 shares, accounting for 24.88% of the total shares[16]. - The company has a total of 17,250,000 shares held by Beijing Panmo Investment Management Co., Ltd., which represents 4.50% of the total shares[15]. - The total number of shares held by the top 10 shareholders includes significant stakes from various investment funds and individuals, with the largest being 118,769,747 shares[16]. - The company has not reported any changes in the lending or borrowing of shares among the top shareholders during the reporting period[16]. Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 3,473,532,404.39, a slight increase of 0.22% from RMB 3,465,734,982.98 at the end of the previous year[7]. - Total liabilities decreased to ¥594,157,689.89 as of March 31, 2025, from ¥644,390,846.18 at the end of 2024, representing a reduction of about 7.8%[21]. - The company’s total equity increased to ¥2,879,374,714.50 as of March 31, 2025, from ¥2,821,344,136.80 at the end of 2024, indicating a growth of approximately 2.1%[21]. Audit and Compliance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no misleading statements or omissions[5]. - The financial statements are prepared in RMB, and the audit type is unaudited[18]. - The company has not disclosed any significant operational issues or reminders for investors during the reporting period[17].

Financial Performance - In 2024, the company achieved operating revenue of RMB 805.857 million, a year-on-year decrease of 33.32%[10] - The net profit attributable to shareholders was RMB 124.661 million, down 55.01% year-on-year, while the net profit after deducting non-recurring gains and losses was RMB 94.536 million, a decrease of 62.80%[10] - The company's total assets and net assets were RMB 346.573 million and RMB 281.990 million, respectively, representing declines of 5.04% and 2.00% compared to the previous year[10] - The company's operating profit for 2024 was RMB 130.715 million, reflecting a significant decline from previous years[8] - Basic earnings per share were RMB 0.33, down 54.17% year-on-year, with diluted earnings per share also at RMB 0.33[10] - The company's income tax expense for the year ended December 31, 2024, was approximately RMB 69.4 million, a significant decrease from approximately RMB 280.9 million for the same period last year, primarily due to a reduction in profits[38] - The net profit attributable to the shareholders of the parent company for the year ended December 31, 2024, was approximately RMB 1,249.9 million, a decrease of 55.01% compared to approximately RMB 2,778.2 million for the same period last year, mainly due to the implementation of centralized procurement policies leading to price reductions and lower gross margins[39] - The company's cash and cash equivalents decreased from approximately RMB 1,266.37 million as of December 31, 2023, to approximately RMB 1,139.78 million as of December 31, 2024[40] Research and Development - Research and development investment for 2024 was RMB 133.097 million, accounting for 16.52% of operating revenue[12] - The company is committed to continuous innovation and has made significant progress in laboratory construction and product development[12] - The company has been granted 698 domestic intellectual property rights, including 149 invention patents, reflecting its strong innovation capability[16] - The company is committed to increasing R&D resources and hiring more R&D personnel to support ongoing projects in orthopedic robotics and personalized joint prosthetics[60] - The company aims to enhance its innovation capabilities by establishing a product R&D center at the new production base in Daxing, focusing on joint products, spinal products, and trauma products[60] - The company is closely monitoring developments in new technologies, such as biomaterials and drug-device combinations, to stay competitive in the market[58] Market Position and Strategy - The company aims to maintain its leading position in the domestic joint prosthesis market while expanding its orthopedic product line to achieve sustainable growth[19] - The company is focused on expanding its product lines and enhancing its market competitiveness through strategic research and development of new materials and technologies[29] - The company is committed to diversifying its product offerings and exploring advanced technologies to increase its market share in the orthopedic medical device sector[29] - The company plans to enhance its product range by optimizing existing products and investing more resources in new product development, particularly in the orthopedic medical device sector[58] - The company aims to strengthen its industry position in the domestic market and reduce the gap with international leaders by continuously updating and innovating its products[24] Corporate Governance - The board is committed to maintaining high standards of corporate governance, believing it is crucial for protecting shareholder interests and enhancing corporate value[69] - The company emphasizes the importance of transparency and accountability in its governance practices[69] - The board believes that adherence to the corporate governance code has been maintained throughout the reporting period[69] - The company has adopted the "Standard Code" for securities trading by directors and supervisors, confirming compliance for the year ending December 31, 2024[70] - The board consists of four committees: audit, nomination, remuneration, and strategy[161] - The company has established an internal control system that effectively covers all financial and operational management activities, ensuring the safety and integrity of its assets[141] Environmental Sustainability - The company is committed to environmental sustainability, complying with all relevant laws and regulations as of December 31, 2024[130] - The company generated 7.437 tons of titanium production waste, with a waste generation rate of 0.068 kg per RMB 10,000 in output[196] - The company reported a total of 10.773 tons of hazardous waste generated in 2024[196] - Carbon dioxide emissions from direct energy sources amounted to 18.10 tons, while indirect emissions were 3,005.6 tons[196] - The company aims to reduce carbon dioxide emissions from 0.0243 tons per RMB 10,000 in 2020 to 0.0157 tons by 2030, representing a 35% reduction[196] - The company processed 9,846.9 tons of wastewater in 2024, with water usage of 15,915.9 tons, resulting in a water usage rate of 0.146 tons per RMB 10,000 in output[199] - The company plans to decrease water usage from 0.180 tons per RMB 10,000 in 2020 to 0.13 tons by 2030, achieving a 27.8% reduction[199] - The company has established an environmental protection management system to mitigate the impact of its operations on the environment[194] Employee and Shareholder Relations - The total number of employees as of December 31, 2024, is approximately 1,237, with total salary and related costs amounting to RMB 246.88 million[63] - The company has established a retirement benefit plan for eligible employees, with contributions based on a percentage of their salaries[121] - The company encourages shareholders to attend meetings and express their opinions directly to the board[180] - The company has established multiple formal communication channels with shareholders to address inquiries and feedback[180] Risk Management - The board is responsible for risk management and internal control systems, ensuring they are effective in managing business risks[186] - The audit committee assists the board in overseeing the design and implementation of risk management and internal control systems[187] - The company has adopted various risk management procedures to define execution authority across major business processes[187] - Internal control assessments are conducted regularly to identify potential risks affecting the company's operations and financial processes[188] Shareholder Dividends - The company plans to distribute a cash dividend of 0.49 yuan per 10 shares for the 2024 fiscal year, aiming to enhance investor confidence[18] - The company plans to distribute a final dividend of RMB 0.49 per 10 shares for the year ending December 31, 2024, compared to RMB 3.62 per 10 shares for the previous year[64] - The total cash dividend for the year is projected to be RMB 50.52 million, representing 40.42% of the net profit attributable to ordinary shareholders[64] Production and Operations - The company is accelerating the construction of new production bases, including the Daxing Biopharmaceutical Industrial Base and the Weixian production base, with facilities gradually coming into use[24] - The company has three production bases, with the Tongzhou base completed in 2015 and the Daxing and Weixian bases currently under construction[128] - The company has implemented geothermal heat pump air conditioning systems at its production bases, significantly enhancing energy efficiency and environmental benefits[200] - Solar power generation equipment has been extensively installed at the new production base in Daxing, indicating a strong future focus on energy savings[200]

Group 1 - The core viewpoint of the articles highlights that Chunli Medical's stock closed at 13.6 yuan, with a PE ratio of 41.74 times, and a total market value of 5.217 billion yuan [1] - The average PE ratio for the medical device industry is 47.69 times, with a median of 29.88 times, placing Chunli Medical at the 83rd position in the industry ranking [1][2] - As of the 2024 annual report, only one institution holds shares in Chunli Medical, with a total of 17,200 shares valued at 0.00 billion yuan [1] Group 2 - Chunli Medical specializes in the research, production, and sales of implantable orthopedic medical devices, including spinal, trauma, joint, sports medicine, bone repair materials, surgical instruments, and PRP preparation kits [1] - The latest financial results for 2024 show that the company achieved an operating income of 806 million yuan, a year-on-year decrease of 33.32%, and a net profit of 125 million yuan, down 55.01%, with a gross profit margin of 66.63% [1]

Investment Rating - The report maintains a "Positive" investment rating for the healthcare equipment industry [10]. Core Insights - The first round of national procurement for artificial joints has ended, leading to a moderate drop in prices and a stabilization in the initial replacement market. The average price for selected hip joint products decreased from 35,000 yuan to 7,000 yuan, and knee joint products from 32,000 yuan to 5,000 yuan, reflecting an average price drop of 82% [7][53]. - The lifespan of artificial joints is estimated to be 15-20 years, creating a rigid clinical demand for revision surgeries due to aseptic loosening, which is the most common cause for revisions [8][25]. - The peak period for revision surgeries in China is expected to begin in 2027, driven by increased penetration of initial replacement surgeries and the release of revision demand, indicating a rapid growth phase for the domestic joint replacement market [4][47]. Summary by Sections Market Overview - The domestic joint replacement market is experiencing rapid growth, with the number of orthopedic hospitals increasing from 603 in 2016 to 662 in 2021, and the number of practicing orthopedic doctors rising from 10,316 to 15,535 during the same period, reflecting a compound annual growth rate of 8.53% [9][45]. - In 2019, approximately 952,000 joint replacement surgeries were performed in China, with a penetration rate of about 0.44%, compared to 2.15% in the United States [9][46]. Revision Demand - The report estimates that by 2025, the number of joint replacement surgeries will reach approximately 1.1 million, with a market size of 9.3 billion yuan, and by 2031, it will grow to about 3.3 million surgeries and a market size of 27.5 billion yuan, with revision surgeries accounting for 34% of the revenue [47]. Technological Advancements - The application of 3D printing technology in joint replacement is expected to enhance surgical precision and allow for personalized prosthetics, improving clinical outcomes [41][44]. Competitive Landscape - The report highlights that domestic leading manufacturers have significantly increased their market share post-procurement, with companies like Aikang Medical increasing their market share from 9.2% in 2019 to 15.0% in 2024 [7][53].