Core Viewpoint - RunDa Medical (603108) announced that as of the disclosure date, the total external guarantees provided by the company and its subsidiaries amount to 512,100,000 yuan, with no overdue guarantees reported [1] Summary by Category Total Guarantees - The total external guarantees provided by the company and its subsidiaries is 512,100,000 yuan [1] - Among this, the company provided guarantees of 422,100,000 yuan to its subsidiaries, while the subsidiaries provided counter-guarantees of 90,000,000 yuan for the company's bond issuance [1] Actual Guarantee Balance - The actual guarantee balance that has occurred is 321,759,900 yuan, which represents 73.89% of the company's audited net assets as of December 31, 2024 [1] - There are no overdue guarantees reported by the company [1] Related Party Transactions - The company does not provide guarantees to its controlling shareholders, actual controllers, or their related parties [1]

| 证券代码：603108 | 证券简称：润达医疗 | 公告编号：临 2025-056 | | --- | --- | --- | | 转债代码：113588 | 转债简称：润达转债 | | 上海润达医疗科技股份有限公司 关于上月为子公司担保的进展情况公告 | 资产负债率为 | 70%以上的全资及控股子公司 | | | | | --- | --- | --- | --- | --- | | 担保对 | 被担保人名称 | | 杭州润达医疗管理有限公司 | | | | 本次担保金额 | 万元 16,280 | | | | | 实际为其提供的担保余额 | 161,490.05 万元 | | | | 象一 | 是否在前期预计额度内 | 是 □否 | | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | | □不适用：_________ | | 担保对 | 被担保人名称 | 公司 | 润达医疗供应链管理（杭州）有限 | | | | 本次担保金额 | 万元 1,000 | | | | 象二 | 实际为其提供的担保余额 | 4,880 万元 | | | | | 是否在前期预计额度内 | ...

Summary of Runda Medical's Conference Call Company Overview - **Company**: Runda Medical - **Industry**: Healthcare, specifically focusing on medical testing and AI-driven healthcare solutions Key Points Financial Performance - For the first three quarters of 2025, Runda Medical reported a revenue of **5.268 billion** yuan, a decrease of **14.7%** year-on-year [3] - The net profit attributable to shareholders was **-163 million** yuan, primarily due to the impact of price reductions from centralized procurement policies starting in 2024, which limited hospital client development [3] - Gross margin decreased by **4.12 percentage points** year-on-year, attributed to fixed employee costs and unchanged service quality despite product price reductions [3] AI Business Development - Runda Medical's information technology revenue reached **127 million** yuan, growing by approximately **30%** year-on-year, making it the fastest-growing segment [4] - The company has developed over **20 AI intelligent systems** covering hospital research, clinical management, and patient services, providing digital solutions to around **150 hospitals** [2][5] - A strategic partnership with Huawei aims to enhance digital transformation in hospitals, with plans to accelerate resource allocation for more hospital clients [2][4] Market Challenges and Strategies - The centralized procurement policy has created significant revenue and profit pressure since Q3 2024, leading the company to adjust its business structure and focus on high-margin projects [6] - Runda Medical anticipates a gradual recovery in performance as testing prices stabilize and testing volumes increase, alongside new testing projects entering clinical and insurance directories [6] Order and Client Engagement - The company has accumulated interest from approximately **hundreds of hospitals** for AI solutions, with potential orders valued at around **1 billion** yuan [8] - Currently, **100+ hospitals** have implemented AI solutions, primarily large hospitals with strong capabilities [8] - The decision-making process for clients is lengthy due to high hardware costs, with a typical conversion from interest to revenue taking **six months to a year** [8] Future Outlook - Runda Medical is optimistic about the recovery of the industry and its main business, expecting to return to normal growth trajectories as the healthcare environment stabilizes [22] - The company plans to enhance its AI product offerings and commercialize them effectively, targeting over **10,000** secondary hospitals in China [17][18] - The collaboration with Huawei is not exclusive, as other companies are also involved, but Runda Medical focuses on diverse applications and rich functionality [19] International Expansion - Runda Medical has made progress in international markets, with ongoing discussions in Latin America and engagements in the UAE and Egypt [9] Collaboration with Insurance Companies - The company has launched a health management app in collaboration with Tianjin Taixin Hospital and China Life Insurance, focusing on specialized disease management [14] Accounts Receivable Situation - The company has a low bad debt risk due to its client base of large hospitals, but extended payment periods have affected profit margins [15] - The proportion of accounts receivable over two years has increased by over **10 percentage points** from 2024 to 2025, impacting current profits [15] Conclusion - Runda Medical is navigating a challenging healthcare policy environment while investing in AI technology and digital solutions to enhance its service offerings and market position. The company is focused on recovery and growth through strategic partnerships and innovative product development.

Core Viewpoint - RunDa Medical is a leading provider of in vitro diagnostic services in China, established in 1999 and listed on the Shanghai Stock Exchange in 2015, offering comprehensive support to medical laboratories [1] Financial Performance - For Q3 2025, RunDa Medical reported revenue of 5.268 billion yuan, ranking 17th among 24 companies in the industry, significantly lower than the top company Shanghai Pharmaceuticals at 215.072 billion yuan and the industry average of 29.222 billion yuan [2] - The company recorded a net profit of -126 million yuan, placing it at the bottom of the industry rankings, with the industry leader Shanghai Pharmaceuticals achieving a net profit of 5.986 billion yuan [2] Financial Ratios - As of Q3 2025, RunDa Medical's debt-to-asset ratio was 61.60%, slightly lower than the previous year's 61.66% but above the industry average of 59.74% [3] - The gross profit margin for Q3 2025 was 21.52%, down from 25.64% year-on-year, yet still higher than the industry average of 13.11% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.05% to 64,800, while the average number of circulating A-shares held per shareholder increased by 1.06% to 9,317.14 [5] - Among the top ten circulating shareholders, notable changes included a decrease in holdings by the Southern CSI 1000 ETF and the entry of Hong Kong Central Clearing Limited as a new shareholder [5] Business Highlights - The company is actively optimizing its business structure, with the number of clients increasing to 448 [5] - RunDa Medical's industrial segment has made significant progress in overseas markets, with core products receiving FDA 510K certification [5] - The company is deepening its AI strategy, with medical information technology revenue growing by 40.73% year-on-year [5] - Forecasts for revenue from 2025 to 2027 are 8.085 billion, 8.703 billion, and 9.456 billion yuan, with net profits projected at 199 million, 238 million, and 275 million yuan respectively [5][6]

Core Insights - The monkeypox concept stock increased by 3.20%, ranking 10th among concept sectors, with 69 stocks rising, including notable gainers like Zhongsheng Pharmaceutical and HeFu China, which hit the daily limit [1][2] - The sector saw a net inflow of 1.062 billion yuan, with 46 stocks receiving inflows, and five stocks attracting over 50 million yuan each, led by Zhongsheng Pharmaceutical with a net inflow of 305 million yuan [2][3] Stock Performance - Top gainers in the monkeypox sector included: - Zhongsheng Pharmaceutical: +10.02% with a turnover rate of 10.14% and a net inflow of 304.73 million yuan [3][4] - Asia-Pacific Pharmaceutical: +9.99% with a turnover rate of 21.34% and a net inflow of 258.69 million yuan [3][4] - Other notable performers included Yipin Hong (+9.94%) and Toukeng Life (+8.81%) [1][4] - Decliners in the sector included: - Kefu Medical: -4.35% - *ST Suwu: -1.98% - Jianfeng Group: -1.81% [1][6] Fund Flow Analysis - The top three stocks by net inflow ratio were: - Asia-Pacific Pharmaceutical: 21.24% - Zhongsheng Pharmaceutical: 20.95% - Hainan Hai Pharmaceutical: 16.73% [3][4] - The overall fund flow into the monkeypox concept was significant, indicating strong investor interest [2][3]

Core Insights - The pharmaceutical commercial sector saw a rise of 0.42% on October 31, with HeFu China leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - HeFu China (603122) closed at 9.79, up 10.00% with a trading volume of 495,400 shares and a transaction value of 479 million [1] - RunDa Medical (603108) closed at 16.87, up 6.50% with a trading volume of 479,200 shares and a transaction value of 792 million [1] - SaiLi Medical (603716) closed at 25.00, up 4.82% with a trading volume of 267,700 shares and a transaction value of 664 million [1] - Other notable performers include First Pharmaceutical (600833) up 4.79% and GuoFa Co. (600538) up 4.36% [1] Capital Flow - The pharmaceutical commercial sector experienced a net inflow of 10.53 million from institutional investors, while retail investors saw a net inflow of 61.38 million [2] - However, speculative funds recorded a net outflow of 71.91 million [2] Individual Stock Capital Flow - RunDa Medical (603108) had a net inflow of 11.1 million from institutional investors, but a net outflow of 66.63 million from speculative funds [3] - SaiLi Medical (603716) saw a net inflow of 32.35 million from institutional investors, with a net outflow of 27.53 million from speculative funds [3] - GuoFa Co. (600511) had a net inflow of 18.53 million from institutional investors, while retail investors experienced a net outflow of 16.86 million [3]

Group 1 - The core point of the news is that RunDa Medical's stock price increased by 5.18% to 16.66 CNY per share, with a trading volume of 411 million CNY and a turnover rate of 4.20%, resulting in a total market capitalization of 10.057 billion CNY [1] - RunDa Medical, established on January 6, 1999, and listed on May 27, 2015, is located in Shanghai and primarily provides in vitro diagnostic products and professional technical support to various medical laboratories through its comprehensive service system [1] - The company's main revenue sources are: reagents and other consumables (93.50%), instruments (3.70%), software development and services (2.67%), and others (0.14%) [1] Group 2 - From the perspective of major fund holdings, Nord Fund has a significant position in RunDa Medical, with the Nord Quantitative Blue Chip A fund holding 109,300 shares, accounting for 4.43% of the fund's net value, making it the third-largest holding [2] - The Nord Quantitative Blue Chip A fund, established on December 29, 2017, has a current scale of 860,900 CNY and has achieved a year-to-date return of 10.31%, ranking 5862 out of 8154 in its category [2] - The fund has a one-year return of 13.77%, ranking 5228 out of 8046, and a cumulative return since inception of 18.45% [2]

Market Overview - The pharmaceutical commercial sector experienced a slight decline of 0.11% on October 30, with Yifeng Pharmacy leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers included: - HeFu China (603122) with a closing price of 8.90, up 10.01% and a trading volume of 815,200 shares [1] - RunDa Medical (603108) closed at 15.84, up 4.55% with a trading volume of 360,300 shares [1] - JianFa ZhiXin (301584) closed at 35.23, up 2.35% with a trading volume of 194,300 shares [1] - Major decliners included: - Yifeng Pharmacy (603939) closed at 24.65, down 3.30% with a trading volume of 88,600 shares [2] - JianZhiJia (605266) closed at 20.41, down 2.58% with a trading volume of 36,300 shares [2] - SaiLi Medical (603716) closed at 23.85, down 1.85% with a trading volume of 123,300 shares [2] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 49.88 million yuan from institutional investors, while retail investors contributed a net inflow of 25.23 million yuan [2] - However, there was a net outflow of 75.11 million yuan from speculative funds [2] Individual Stock Capital Flow - RunDa Medical (603108) had a net inflow of 73.46 million yuan from institutional investors, while it experienced a net outflow of 9.57% from speculative funds [3] - HeFu China (603122) saw a net inflow of 46.84 million yuan from institutional investors, but a significant net outflow of 9.57% from speculative funds [3] - Yifeng Pharmacy (603939) had a net outflow of 3.30% from institutional investors, indicating a shift in investor sentiment [3]

Core Viewpoint - The company, Shanghai RunDa Medical Technology Co., Ltd., has released its quarterly financial report for the period ending September 30, 2025, which has not been audited [3][7]. Financial Data Summary - The financial report includes major accounting data and financial indicators, with all figures presented in Renminbi [3]. - The report indicates that there were no significant changes in the net profit of merged entities, with both the current and previous periods showing a net profit of 0 Yuan [7]. Non-Recurring Gains and Losses - The report states that the company has identified non-recurring gains and losses, but specific amounts and reasons for classification are not detailed [4]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific figures are not provided [5]. Audit Opinion - The financial statements for the quarter are categorized as unaudited, indicating that they have not undergone an external audit process [6][7].

Group 1 - The core point of the article is that RunDa Medical reported a significant decline in revenue and incurred a net loss in the third quarter of 2025, indicating potential challenges for the company [1] - For the first three quarters of 2025, the company's revenue was approximately 5.268 billion yuan, representing a year-on-year decrease of 14.7% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 163 million yuan, with basic earnings per share showing a loss of 0.27 yuan [1] Group 2 - As of the report, RunDa Medical's market capitalization stands at 9.1 billion yuan [1]