信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司收购管理办法》（以下简称"《收购办法》"）、 《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动 报告书》（以下简称"《准则 15 号》"）及相关的法律、法规编写本 报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其 履行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之 相冲突。 三、依据《证券法》、《收购办法》、《准则 15 号》的规定，本报 告书已全面披露了信息披露义务人在振德医疗用品股份有限公司（以 下简称"振德医疗"、"上市公司"、"公司"）中拥有权益的股份变动 情况； 振德医疗用品股份有限公司 简式权益变动报告书 上市公司名称：振德医疗用品股份有限公司 股票上市地点：上海证券交易所 股票简称：振德医疗 股票代码：603301 信息披露义务人：孙纪木 住所：浙江省绍兴市****** 通讯地址：河北省沧州市黄骅港****** 股份变动性质：协议受让，股份数量增加，持股比例增加 签署日期：2025 年 9 月 10 日 第一节 释义 第二节 信息披露义务人介绍 第 ...

证券代码：603301 证券简称：振德医疗 公告编号：2025-033 振德医疗用品股份有限公司 关于控股股东及一致行动人协议转让部分公司股份暨 权益变动的提示性公告 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、准确性和完整性承担法律责任。 重要内容提示： 1、振德医疗用品股份有限公司（以下简称"公司"）控股股东浙 江振德控股有限公司（以下简称"浙江振德"）及其全资子公司许昌 振德园林绿化工程有限公司（以下简称"许昌园林"）于 2025 年 9 月 10 日与孙纪木（以下简称"受让方"）、中国工商银行股份有限公司 绍兴分行（以下简称"工行绍兴分行"、"质权人"）签署了《关于振 德医疗用品股份有限公司股份转让协议》（以下简称"《股份转让协 议》"），浙江振德、许昌园林拟将其持有的合计 13,322,560 股无限售 条件流通股（占公司总股本 5.00%）通过协议转让的方式以人民币 26.74 元/股的价格转让给孙纪木（其中浙江振德拟转让 1,548,620 股，占公司总股本的 0.58%；许昌园林拟转让 11,773,940 股，占公 司总股本的 4.4 ...

振德医疗用品股份有限公司 简式权益变动报告书 上市公司名称：振德医疗用品股份有限公司 股票上市地点：上海证券交易所 股票简称：振德医疗 股票代码：603301 信息披露义务人 1：浙江振德控股有限公司 住所：浙江省绍兴市越城区皋埠街道皋北村 通讯地址：浙江省绍兴市越城区皋埠街道皋北村 股份变动性质：协议转让，股份数量减少，持股比例减少 信息披露义务人 2：许昌振德园林绿化工程有限公司 住所：河南省许昌市鄢陵县产业集聚区工人路南段东侧鄢陵振德 生物质能源热电有限公司院内 1 楼 通讯地址：河南省许昌市鄢陵县产业集聚区工人路南段东侧鄢陵 振德生物质能源热电有限公司院内 1 楼 股份变动性质：协议转让，股份数量减少，持股比例减少 信息披露义务人 3：鲁建国 住所：浙江省绍兴市****** 通讯地址：浙江省绍兴市****** 股份变动性质：股份数量不变，持股比例不变 信息披露义务人 4：沈振芳 住所：浙江省绍兴市****** 通讯地址：浙江省绍兴市****** 股份变动性质：股份数量不变，持股比例不变 签署日期：2025 年 9 月 10 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简 ...

人民财讯9月10日电，振德医疗（603301）9月10日晚间公告，控股股东浙江振德控股有限公司（简 称"浙江振德"）及其全资子公司许昌振德园林绿化工程有限公司（简称"许昌园林"）于9月10日与孙纪 木、中国工商银行股份有限公司绍兴分行签署了《关于振德医疗用品股份有限公司股份转让协议》，浙 江振德、许昌园林拟将其持有的合计1332.26万股无限售条件流通股（占公司总股本5%）通过协议转让 的方式以26.74元/股的价格转让给孙纪木（其中浙江振德拟转让154.86万股，占公司总股本的0.58%；许 昌园林拟转让1177.39万股，占公司总股本的4.42%），转让价款共计3.56亿元。本次协议转让不触及要 约收购、不构成关联交易、不会导致公司控股股东及实际控制人发生变化。 ...

每经AI快讯，9月10日，振德医疗（603301）(603301.SH)公告称，公司控股股东浙江振德控股有限公司 及其全资子公司许昌振德园林绿化工程有限公司于2025年9月10日与孙纪木签署了《股份转让协议》， 拟将其持有的合计13,322,560股无限售条件流通股转让给孙纪木，转让价款共计356,245,254.40元。转让 完成后，浙江振德及其一致行动人将合计持有公司54.20%的股份，孙纪木将持有公司5.00%的股份。本 次协议转让不触及要约收购，不会导致公司控股股东及实际控制人发生变化。 ...

盈利预测：我们预计公司2025-2027 年营业收入分别为46.17、53.36、61.99 亿元，同比增速分别为 8.3%、15.6%、16.2%，归母净利润分别为3.90、5.19、6.42 亿元，同比增速分别为1.1%、33.2%、 23.8%，对应2025 年9 月5 日股价，PE 分别为17、13、10 倍。 点评： 汇兑收益+费用投入影响，利润端承压，Q2 环比已现改善趋势。2025年上半年公司销售净利率为6.22% （yoy-1.97pp），主要是因为汇兑收益+费用投入影响，利润端承压，其中：①汇率波动导致汇兑收益 减少，叠加利息收入减少，财务费用较去年同期增加；②公司海外生产基地尚处于产能效率爬阶段，短 期费用支出增加；③开发新市场国际国内产品注册费用增加。从季度趋势来看，2025Q1、Q2 销售净利 率分别为5.29%、7.06%，环比呈现改善趋势。我们认为随着高毛利的现代伤口敷料、手术感控业务收 入占比提升，叠加海外生产基地规模效应释放，公司盈利能力有望持续提升。 事件：公司发布2025 年中期报告，2025 年上半年实现营业收入 21.00亿元（yoy+2.83%），归母净利润 1.28 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and improving profitability metrics. Core Viewpoints - The company is experiencing steady growth in overseas operations, with a significant increase in revenue from international markets, which reached 1.29 billion yuan in H1 2025, a year-on-year increase of 13.34% [2] - Domestic retail operations are under pressure, with a notable decline in revenue, but there are expectations for recovery as the company focuses on core products and optimizes its product strategy [2] - The company's profitability has been impacted by exchange rate fluctuations and increased costs, but there are signs of improvement in the second quarter of 2025, with a sales net profit margin of 7.06% [2] - Revenue projections for 2025-2027 indicate a positive growth trajectory, with expected revenues of 46.17 billion, 53.36 billion, and 61.99 billion yuan, respectively, and corresponding net profits of 3.90 billion, 5.19 billion, and 6.42 billion yuan [2] Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 2.1 billion yuan, a year-on-year increase of 2.83%, with a net profit of 128 million yuan, down 20.70% year-on-year [1] - The second quarter of 2025 saw revenue of 1.11 billion yuan, reflecting a year-on-year increase of 2.79% [1] - The company's sales net profit margin for H1 2025 was 6.22%, a decrease of 1.97 percentage points year-on-year, primarily due to exchange rate losses and increased expenses [2] Revenue Growth - The company is focusing on globalizing its supply chain and enhancing overseas production capabilities, which is expected to drive future revenue growth [2] - The domestic market's hospital line revenue was stable at 533 million yuan, while the retail line saw a significant decline of 37.07% year-on-year [2] - Product categories such as surgical infection control and modern wound dressings are experiencing robust growth, with respective revenues of 904 million yuan and 390 million yuan, reflecting year-on-year increases of 14.19% and 17.83% [2] Profitability Outlook - The company anticipates continued improvement in profitability as high-margin products gain a larger share of revenue and as overseas production efficiencies are realized [2] - Earnings per share (EPS) are projected to increase from 1.46 yuan in 2025 to 2.41 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.26 to 10.47 [3]

Core Viewpoint - ZhenDe Medical's stock price has shown a slight decline, with a current market capitalization of 6.475 billion yuan, ranking 55th in the medical device sector and 2698th in the A-share market [1] Trading Information Summary - On August 27, ZhenDe Medical recorded a large transaction amounting to 2.32 million yuan [2][7] Shareholder Changes - As of June 30, 2025, the number of shareholders for ZhenDe Medical was 22,600, a decrease of 2,047 or 8.29% from March 31, 2025. The average number of shares held per shareholder increased from 10,800 to 11,800, with an average holding value of 248,400 yuan [3][7] Performance Disclosure Highlights - ZhenDe Medical's mid-year report for 2025 indicated a main revenue of 2.1 billion yuan, a year-on-year increase of 2.83%. However, the net profit attributable to shareholders decreased by 20.7% to 128 million yuan, and the net profit excluding non-recurring items fell by 26.97% to 118 million yuan. In Q2 2025, the main revenue was 1.109 billion yuan, up 2.79% year-on-year, while the net profit attributable to shareholders was 76.52 million yuan, down 12.76% year-on-year [4][7] Company Announcement Summary - ZhenDe Medical will hold a half-year performance briefing on September 11, 2025, from 10:00 to 11:00 at the Shanghai Stock Exchange Roadshow Center. Investors can submit questions from September 4 to September 10, and the company will address commonly asked questions during the meeting [5][7]

Core Insights - The company experienced a decline in net profit but showed sequential improvement in Q2 2025, with revenue reaching 2.1 billion yuan (+2.83%) and net profit at 128 million yuan (-20.70%) [1] - The international market is performing steadily, with overseas revenue increasing to 1.292 billion yuan (+13.34%) in the first half of 2025 [2] - The company maintains its revenue and profit forecasts for 2025-2027, expecting revenue growth of 12% annually [2] Financial Performance - In H1 2025, the company reported total revenue of 2.1 billion yuan, with a net profit of 128 million yuan, reflecting a 20.70% decrease year-on-year [1] - Q2 2025 saw a revenue of 1.109 billion yuan (+2.79%) and a net profit of 77 million yuan (-12.76%), indicating a quarter-on-quarter recovery with a 12% revenue increase and a 49% net profit increase [1] - Domestic revenue was 796 million yuan (-11.19%), with hospital revenue at 533 million yuan (+0.99%) and retail revenue at 214 million yuan (-37.07%) [1] Cost and Margin Analysis - The gross margin for H1 2025 was 34.19%, down by 1.22 percentage points, while the total expense ratio increased to 25.89% (+1.74 percentage points) [2] - The sales expense ratio was 8.49% (-0.25pp), management expense ratio was 13.67% (+0.80pp), R&D expense ratio was 3.03% (-0.02pp), and financial expense ratio was 0.69% (+1.22pp) [2] Market Strategy - The company is focusing on globalizing its supply chain and expanding into emerging markets in Southeast Asia, the Middle East, and Africa [2] - Increased investment in international markets is expected to contribute to new growth points [2] Investment Outlook - The company maintains its profit forecast, projecting revenues of 4.77 billion yuan, 5.33 billion yuan, and 5.92 billion yuan for 2025-2027, with net profits of 390 million yuan, 500 million yuan, and 570 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027 [2]

Core Viewpoint - Zhendemedical (603301) reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 2.1 billion yuan, an increase of 2.83% year-on-year [1] - Net profit attributable to shareholders was 128 million yuan, down 20.7% year-on-year [1] - In Q2 2025, total revenue was 1.109 billion yuan, up 2.79% year-on-year, while net profit was 76.52 million yuan, a decrease of 12.76% year-on-year [1] - Gross margin stood at 34.19%, a decrease of 3.45% year-on-year, and net margin was 6.22%, down 24.05% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 480 million yuan, accounting for 22.85% of revenue, an increase of 8.38% year-on-year [1] - Earnings per share were 0.48 yuan, down 20.0% year-on-year, while operating cash flow per share increased by 41.18% to 0.6 yuan [1] Accounts Receivable and Debt - The company has a high level of accounts receivable, with accounts receivable amounting to 720 million yuan, which is 187.05% of the latest annual net profit [1][2] - Interest-bearing debt increased significantly by 51.35% to 1.423 billion yuan [1] Business Model and Market Position - The company's performance is primarily driven by marketing efforts, indicating a need for careful analysis of the underlying factors [2] - Historical data shows that the company's return on invested capital (ROIC) has been generally average, with a median ROIC of 11.91% since its listing [1] Fund Holdings - The largest fund holding Zhendemedical is the China Merchants Social Responsibility Mixed A Fund, which holds 1.367 million shares and has recently entered the top ten holdings [3] - The fund has shown a significant increase of 61.14% over the past year [3]