证券之星消息，截至2025年11月13日收盘，振德医疗(603301)报收于88.04元，下跌2.93%，换手率 3.11%，成交量8.29万手，成交额7.35亿元。 11月13日的资金流向数据方面，主力资金净流出2632.69万元，占总成交额3.58%，游资资金净流出 2207.15万元，占总成交额3.0%，散户资金净流入4839.83万元，占总成交额6.59%。 近5日资金流向一览见下表： 该股主要指标及行业内排名如下： | 指标 | 振德医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 234.58亿元 | 116.76亿元 | 9 124 | | 净资产 | 59.85亿元 | 38.93亿元 | 21 124 | | 净利润 | 2.03亿元 | 2.12亿元 | 29 124 | | 市盈率(动) | 86.59 | 60.24 | 68 124 | | 市净率 | 4.11 | 4.15 | 93 124 | | 毛利率 | 33.93% | 51.22% | 97 124 | | 净利率 | 6.61% | 9.57% | 75 ...

华夏时报记者 赵文娟 于娜 北京报道 2025年9月至11月，振德医疗（603301）上演了一场令市场瞩目的资本大戏。在短短两个月内，这家 以"口罩大王"著称的医疗企业股价飙涨306.26%，市值暴增超200亿元。截至11月10日收盘，振德医疗年 初至今323.72%的涨幅仅次于舒泰神（300204），两个月内股价从9月初的23.98元/股飙升至90.27元/ 股，以60日306.26%的涨幅登顶申万医药生物板块榜首。 然而，与资本狂欢形成刺眼对比的是，公司业绩持续承压、财务隐忧凸显。2025年前三季度净利润同比 下滑33.91%，账面现金不足以覆盖短期借款。这场"业绩颓势与估值飙升"的剧烈背离，让市场不禁发 问：这场暴涨究竟是价值重估，还是昙花一现的炒作？ 对此，《华夏时报》记者向振德医疗致函询问，截至发稿未获回复。 3.56亿元股权转让点燃暴涨导火索 这场股价狂飙的导火索，源自一桩看似普通的股权交易。9月10日，振德医疗公告称，浙江振德与许昌 园林拟向孙纪木转让5%股权，转让价26.74元/股，总价款3.56亿元。其中许昌园林实现"清仓式"减持， 而受让方孙纪木承诺12个月内不减持。 值得注意的是，这位斥 ...

Core Viewpoint - The stock price of Zhendemedical surged by 306.26% in two months, raising its market value by over 20 billion yuan, despite a significant decline in net profit and financial concerns [3][5][9]. Group 1: Stock Performance - Zhendemedical's stock price increased from 23.98 yuan per share in early September to 90.27 yuan per share by November 10, marking a year-to-date increase of 323.72% [3]. - The company topped the Shenwan Pharmaceutical and Biological sector with a 60-day increase of 306.26% [3]. Group 2: Financial Performance - In the first three quarters of 2025, Zhendemedical's net profit fell by 33.91%, and cash on hand was insufficient to cover short-term loans [3][9]. - Revenue for the first three quarters of 2025 only slightly increased by 1.88% to 3.184 billion yuan, while the net profit margin decreased by 3.55 percentage points to 6.61% [9]. Group 3: Share Transfer and Market Reaction - A significant stock transfer on September 10, where 5% of shares were sold for 356 million yuan, triggered the stock price surge [5]. - The buyer, Sun Jimu, is a steel magnate with no strong ties to the medical field, which raised market speculation about potential strategic changes [5][11]. Group 4: Business Background - Zhendemedical, established in 1994 and listed in 2018, has five main product lines, including basic care and surgical infection control products [7]. - The company experienced a revenue spike of 456.75% in 2020 due to increased mask demand during the pandemic, but this demand has since declined significantly [7][9]. Group 5: Market Sentiment and Future Outlook - Analysts express caution regarding the sustainability of the stock price increase, emphasizing the need for Zhendemedical to demonstrate real business improvements rather than relying on capital market speculation [11]. - The company is currently in a transitional phase, focusing on expanding product categories and market channels, which requires time and consistent effort [11].

作为"口罩一哥"，疫情初期，振德医疗股价曾经迎来一波暴涨。 2020年上半年，振德医疗股价暴涨10倍，成为疫情期间的一匹黑马。 然而，当"后疫情时代"都成为低频词的现在，振德医疗却又迎来了一波暴涨，甚至比之前更为来势汹汹。 9月初至今两个月的时间内，振德医疗股价一度暴涨近300%，再次突破百元大关并超越2020年时的巅峰价格。 如此夸张的涨势，到底发生了什么？ 01 如果用一个词来形容最近的振德医疗，"横空出世"或许是合适的。 如今的医疗器械行业，普遍低迷。Wind数据显示，9月以来，医疗器械指数整体下跌近4%。 然而在行业的整体下跌中，9月8日至今的41个交易日中，振德医疗36天收出阳线，只有5天收出阴线，区间涨幅超过250%。 但从基本面上看，振德医疗并未有太大改变。 振德医疗成立于1994年，是一家医疗器械公司，其主要产品线涵盖造口与现代伤口护理产品、手术感控产品、感控防护产 品、基础护理产品及压力治疗与固定产品。 而在疫情期间，由于其生产的口罩产销量位于行业头部，在资本市场引起一定关注，因此，振德医疗也被称为"口罩之 王"。 但振德医疗的主营业务其实是造口与现代伤口护理、手术感控等医用敷料业务，连续多 ...

Core Viewpoint - Zhendemedical has experienced a significant surge in stock price, rising nearly 300% in the past two months, surpassing its previous peak during the pandemic, despite the overall decline in the medical device industry [3][4][7]. Company Overview - Zhendemedical, established in 1994, specializes in medical devices, particularly in modern wound care, surgical infection control, and ostomy care products [8][9]. - The company was recognized as a leader in mask production during the pandemic, but its main business remains in medical dressings, where it ranks among the top three exporters in China [9]. Recent Performance - In the first three quarters of 2025, Zhendemedical reported revenue of 3.184 billion yuan, a year-on-year increase of 1.88%, while net profit fell by 33.91% to 203 million yuan [9]. - The stock price has fluctuated significantly since the pandemic, with an over 80% decline from its peak, and the company has been operating at low levels for an extended period [11]. Stock Price Surge - The recent stock price increase is attributed to a share transfer involving 5% of the company’s shares to investor Sun Jimu, which led to a direct stock price surge upon announcement [13][16]. - Sun Jimu, a prominent figure in the steel industry, has seen a paper profit of nearly 1 billion yuan from this investment [17]. Market Dynamics - The medical device industry is currently experiencing a downturn, with the medical device index down nearly 4% since September, while Zhendemedical has shown resilience with a 250% increase in stock price over the same period [7]. - The global wound dressing market is projected to grow to $18.9 billion by 2030, with a compound annual growth rate of 4.1%, presenting opportunities for Zhendemedical [21]. Competitive Landscape - The high-end dressing market is dominated by international giants like 3M and Smith & Nephew, while domestic companies, including Zhendemedical, are positioned for growth due to increasing domestic demand and technological advancements [23]. - Zhendemedical is shifting towards high-value medical fields and expanding into home healthcare products, which could become a new growth driver [24]. International Expansion - In the first three quarters of 2025, Zhendemedical's overseas revenue reached 1.292 billion yuan, a year-on-year increase of 13.34%, with plans to increase international revenue share to 70% by 2027 [26]. - The company is also facing challenges from currency fluctuations and geopolitical tensions, which could impact profitability [28]. Valuation Concerns - Zhendemedical's current valuation stands at 85 times earnings, significantly higher than the industry average of 28 times, raising concerns about potential overvaluation [31]. - Comparatively, other companies in the sector, such as Yingke Medical and Stable Medical, have lower valuations despite better performance metrics [32].

Core Viewpoint - Zhendemedical (603301) experienced a significant increase in stock price, closing at 99.94 yuan on November 5, 2025, with a rise of 5.54% and a trading volume of 20.49 million shares, indicating strong market interest [1][2]. Financial Performance - For the first three quarters of 2025, Zhendemedical reported a main business revenue of 3.184 billion yuan, a year-on-year increase of 1.88%, while the net profit attributable to shareholders was 203 million yuan, a decline of 33.91% [5]. - In Q3 2025, the company achieved a single-quarter main business revenue of 1.084 billion yuan, a slight increase of 0.1% year-on-year, but the net profit attributable to shareholders fell by 48.47% to 75.42 million yuan [5]. Market Activity - On November 5, 2025, the net inflow of main funds was 169 million yuan, accounting for 8.45% of the total trading volume, while retail investors saw a net outflow of 153 million yuan, representing 7.62% of the total [1][2]. - The financing data indicated a net repayment of 14.08 million yuan on the same day, with a financing balance of 1.218 billion yuan [3]. Industry Comparison - Zhendemedical's total market capitalization is 26.629 billion yuan, significantly higher than the industry average of 11.527 billion yuan, ranking 8th out of 124 in the medical device sector [5]. - The company's net profit margin stands at 6.61%, below the industry average of 9.57%, and its gross margin is 33.93%, compared to the industry average of 51.22% [5]. Institutional Ratings - In the past 90 days, two institutions have given a buy rating for Zhendemedical, with an average target price of 58.0 yuan [6].

Core Insights - The medical device sector experienced a decline of 1.36% on November 4, with Danaher Biomedical leading the drop [1][2] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Medical Device Sector Performance - Notable gainers included: - Weigao Blood Purification (603014) with a closing price of 46.53, up 10.00% and a trading volume of 157,800 shares, totaling 727 million yuan [1] - Micron Technology (300341) closed at 18.88, up 7.27% with a trading volume of 282,100 shares, totaling 521 million yuan [1] - ZhenDe Medical (603301) closed at 94.69, up 5.60% with a trading volume of 233,600 shares, totaling 2.158 billion yuan [1] - Major decliners included: - Danaher Biomedical (60000ZG6) closed at 85.00, down 16.75% with a trading volume of 44,100 shares [2] - Hotgen Biotech (688068) closed at 140.65, down 10.24% with a trading volume of 51,900 shares, totaling 753 million yuan [2] - Tianzhihang (688277) closed at 17.42, down 6.60% with a trading volume of 139,000 shares [2] Capital Flow Analysis - The medical device sector saw a net outflow of 792 million yuan from institutional investors, while retail investors contributed a net inflow of 401 million yuan [2][3] - Key stocks with significant capital flow include: - Weigao Blood Purification (603014) had a net inflow of 111.4 million yuan from institutional investors, but a net outflow of 82.5 million yuan from retail investors [3] - Micron Technology (300341) experienced a net inflow of 55.9 million yuan from institutional investors, with a net outflow of 19.0 million yuan from retail investors [3] - ZhenDe Medical (603301) had a net inflow of 33.2 million yuan from institutional investors, but a net outflow of 53.4 million yuan from retail investors [3]

Market Overview - The medical device sector experienced a slight decline of 0.1% on November 3, with Botao Bio leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers - N Danna saw a significant increase of 497.08%, closing at 102.10 with a trading volume of 67,900 shares and a transaction value of 665 million [1] - Weigao Blood Purification rose by 10.01%, closing at 42.30 with a trading volume of 11,500 shares [1] - Chutian Technology increased by 7.95%, closing at 12.09 with a trading volume of 829,300 shares and a transaction value of 978 million [1] Underperformers - Botao Bio led the decline with a drop of 8.32%, closing at 42.73 with a trading volume of 62,700 shares and a transaction value of 266 million [2] - ZhenDe Medical fell by 5.61%, closing at 89.67 with a trading volume of 289,000 shares [2] - Zhongke Meiying decreased by 3.99%, closing at 21.41 with a trading volume of 24,700 shares [2] Capital Flow - The medical device sector saw a net inflow of 300 million from institutional investors, while retail investors experienced a net outflow of 415 million [2][3] - Notable net inflows from institutional investors included ZhenDe Medical with 312 million and Furuishi with 69.51 million [3] - Retail investors showed significant outflows in stocks like Chutian Technology and East Fortune, with outflows of 4.48 million and 1.12 billion respectively [3]

Trading Information Summary - On October 31, 2025, Zhendemedical (603301) closed at 95.0 CNY, an increase of 9.07%, with a turnover rate of 7.95%, trading volume of 211,900 shares, and a transaction amount of 1.951 billion CNY [1] - On the same day, the net inflow of main funds was 39.48 million CNY, accounting for 2.02% of the total transaction amount; the net inflow of speculative funds was 42.95 million CNY, accounting for 2.2% of the total transaction amount; while retail investors experienced a net outflow of 82.43 million CNY, accounting for 4.22% of the total transaction amount [1][3] Company Announcement Summary - Zhendemedical announced a plan to repurchase and cancel part of the shares from the first employee stock ownership plan due to unmet performance targets for the year 2023. The company plans to repurchase 615,667 shares at a price of 25.16 CNY per share, using its own funds [1][3] - Following the cancellation, the total share capital will decrease from 266,451,202 shares to 265,835,535 shares. The proportion of unrestricted circulating shares will remain at 100.00%, and this repurchase will not affect the financial status, operating results, debt repayment ability, or ongoing viability of the company [1]

Core Insights - Zhendemedical is a leading company in the medical dressing industry in China, established in 1994 and listed on the Shanghai Stock Exchange in 2018, with a comprehensive supply chain advantage and products sold in multiple countries and regions [1] Financial Performance - For Q3 2025, Zhendemedical reported revenue of 3.184 billion yuan, ranking 6th out of 50 in the industry, surpassing the industry average of 1.379 billion yuan and the median of 755.0 million yuan [2] - The net profit for the same period was 211 million yuan, ranking 17th in the industry, above the industry average of 183 million yuan and the median of 75.88 million yuan [2] Financial Ratios - As of Q3 2025, Zhendemedical's debt-to-asset ratio was 28.78%, higher than the previous year's 25.86% and above the industry average of 23.66% [3] - The gross profit margin for Q3 2025 was 33.93%, down from 34.84% year-on-year but still above the industry average of 48.78% [3] Executive Compensation - The chairman, Lu Jianguo, received a salary of 1.7762 million yuan in 2024, an increase of 170,900 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.06% to 23,600, with an average holding of 11,300 circulating A-shares, a decrease of 3.90% [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 190,000 shares [5] Business Highlights - Zhendemedical's revenue from surgical infection control, stoma care, and modern wound care showed growth, with domestic hospital operations covering nearly 9,200 hospitals [5] - The overseas business also performed well, with a year-on-year revenue increase of 13% [5] - According to Huachuang Securities, the company is expected to achieve net profits of 400 million, 450 million, and 530 million yuan from 2025 to 2027 [5] - Xinda Securities noted that overseas capacity ramp-up is driving revenue growth, with significant growth in surgical infection control and modern wound dressings [6]