Investment Rating - The investment rating for the company is "Outperform the Market" [3][10] Core Views - The company reported a revenue growth of 20% in Q3 2024, with a significant increase in net profit due to asset disposal gains and improved domestic hospital line business [1][3] - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 44.0 billion, 51.8 billion, and 60.7 billion respectively, with corresponding net profits of 4.0 billion, 5.1 billion, and 6.4 billion [1][3] - The gross margin has shown a slight increase to 33.77%, attributed to a better revenue mix, while financial expenses have risen due to exchange losses [1][3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 10.83 billion (up 19.92% YoY) and a net profit of 1.46 billion (up 131.73% YoY) [1] - For the first three quarters of 2024, total revenue was 31.25 billion (down 2.61% YoY) and net profit was 3.07 billion (up 2.31% YoY) [1][2] Revenue Breakdown - The company's conventional business (excluding isolation protective products) generated 10.54 billion in Q3 2024, a 21.05% increase YoY [1] - Overseas business revenue reached 6.45 billion (up 24.36% YoY), while domestic business revenue was 4.32 billion (up 13.52% YoY) [1] Cost and Margin Analysis - The gross margin improved to 33.77% (up 0.45 percentage points), driven by a higher proportion of modern wound dressings and surgical infection control products [1] - Financial expense ratio increased to 2.23% (up 2.69 percentage points), primarily due to increased exchange losses [1] Future Outlook - The company anticipates gradual improvement in performance as the impact of overseas inventory clearance diminishes and domestic industry adjustments ease [1][3] - The adjusted profit forecasts reflect a strong recovery trajectory, with expected net profit growth rates of 101%, 28%, and 24% for the years 2024, 2025, and 2026 respectively [1][3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,082,970,366.62, representing a year-on-year increase of 19.92%[2] - Net profit attributable to shareholders for Q3 2024 was ¥146,351,133.85, a significant increase of 131.73% compared to the same period last year[2] - The basic and diluted earnings per share for Q3 2024 were both ¥0.55, reflecting a year-on-year increase of 129.17%[4] - Total operating revenue for the first three quarters of 2024 was CNY 3,125,390,090.31, a decrease of 2.61% compared to CNY 3,209,194,823.07 in the same period of 2023[20] - Net profit for the first three quarters of 2024 was CNY 317,474,354.86, an increase of 2.38% compared to CNY 308,745,291.11 in the same period of 2023[21] - Earnings per share for the first three quarters of 2024 were CNY 1.15, compared to CNY 1.13 in the same period of 2023[22] - Comprehensive income for the first three quarters of 2024 was CNY 367,041,293.44, compared to CNY 323,240,452.44 in the same period of 2023[22] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥7,873,442,974.15, an increase of 8.35% from the end of the previous year[4] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 2,036,039,313.17, an increase of 22.49% from CNY 1,662,319,359.19 at the end of the previous year[20] - Total equity attributable to shareholders of the parent company was CNY 5,582,058,548.97, an increase of 4.05% from CNY 5,365,596,147.58 in the previous year[20] - The company's total assets reached CNY 7,873,442,974.15, an increase from CNY 7,266,719,674.70 at the end of the previous year[20] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 39.31% to ¥159,518,116.70 compared to the same period last year[4] - In the first three quarters of 2024, the net cash flow from operating activities was ¥159,518,116.70, a decrease of 39.4% compared to ¥262,852,224.14 in the same period of 2023[25] - Total cash inflow from operating activities was ¥3,382,595,024.60, down from ¥3,823,930,847.44, representing a decline of 11.5% year-over-year[25] - Cash outflow from operating activities totaled ¥3,223,076,907.90, compared to ¥3,561,078,623.30 in the previous year, indicating a decrease of 9.5%[25] - The cash flow from investment activities showed a net outflow of ¥639,071,697.05, an improvement from a net outflow of ¥1,055,233,440.43 in the same period last year[25] - Cash inflow from investment activities was ¥510,640,483.98, significantly higher than ¥102,670,916.39 in the previous year[25] - Cash inflow from financing activities was ¥1,419,260,000.00, up from ¥585,065,805.00, marking an increase of 142.6% year-over-year[25] - The net cash flow from financing activities was ¥234,402,342.05, a turnaround from a net outflow of ¥74,313,386.63 in the same period of 2023[25] - The ending balance of cash and cash equivalents was ¥799,490,399.41, down from ¥1,205,615,108.09 in the previous year[25] - The company reported a cash inflow of ¥450,000,000.00 from the recovery of investments, compared to ¥100,000,000.00 in the same period last year[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 23,529 shares[10] - Zhejiang Zhendai Holdings Co., Ltd. holds 132,739,480 shares, accounting for 49.82% of the total shares[10] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 2.66%, an increase of 1.54 percentage points compared to the previous year[4] - The company reported a decrease of 20.59% in net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date period[8] - Research and development expenses for the first three quarters of 2024 were CNY 98,872,971.89, a decrease from CNY 110,447,381.62 in the same period of 2023[20] - The company reported a significant increase in other comprehensive income after tax, totaling CNY 49,566,938.58 compared to CNY 14,495,161.33 in the previous year[21] - The company has not adopted new accounting standards or interpretations affecting the financial statements for the year[26] Business Operations - The overseas main business revenue for Q3 2024 was ¥645 million, an increase of 24.36% year-on-year, indicating a recovery in international operations[7] - The revenue from domestic hospital lines reached ¥278 million, showing a growth of 20.99% compared to the same period last year[7] - The company recognized a gain from the disposal of assets due to the acquisition of land use rights and properties, contributing positively to net profit[7] - The company signed an asset acquisition agreement for state-owned land use rights and buildings, with a total compensation amount of RMB 297.81 million, which is expected to increase net profit by approximately RMB 9.3 million[15] Current Assets and Liabilities - Current assets total RMB 3,113.70 million, up from RMB 2,719.81 million at the end of 2023, reflecting a growth of approximately 14.5%[16] - The company's cash and cash equivalents decreased to RMB 806.65 million from RMB 1,051.79 million, a decline of about 23.3%[16] - Accounts receivable increased to RMB 702.18 million from RMB 539.65 million, representing a growth of approximately 30.2%[16] - Inventory increased to RMB 820.81 million from RMB 800.81 million, showing a slight increase of about 2.5%[16] - The company reported a short-term loan of RMB 451.83 million, up from RMB 220.14 million, indicating an increase of approximately 105.5%[18] - The total non-current assets amount to RMB 4,759.74 million, an increase from RMB 4,546.91 million, reflecting a growth of approximately 4.7%[18]

证券代码：603301 证券简称：振德医疗 公告编号：2024-029 振德医疗用品股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、会议召开时间：2024 年 11 月 25 日（星期一）13:00-14:00 2、会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、投资者可于 2024 年 11 月 18 日（星期一）至 11 月 22 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过本公告后附的电话、传真和指定邮箱进行提问。公司将在说明 会上选择投资者普遍关注的问题进行回答。 振德医疗用品股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告。为便于广大投资者更全 面深入地了解公司 2024 年三季度经营成果、财务状况，公司计划于 2024 年 11 月 25 ...

证券代码：603301 证券简称：振德医疗 公告编号：2024-026 本公司董事会、全体董事及相关股东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： 控股股东的一致行动人持股的基本情况 振德医疗用品股份有限公司控股股东的一致行动人 减持股份计划提前终止的公告 截至本公告披露日，振德医疗用品股份有限公司（以下简称"公司"）股东 许昌振德园林绿化工程有限公司（以下简称"许昌园林"，系控股股东浙江振德 控股有限公司全资子公司）持有公司股份 11,773,940 股，占公司总股本的 4.42%。 公司控股股东浙江振德控股有限公司、实际控制人鲁建国、沈振芳与许昌园林系 一致行动人，合计持有公司股份 157,748,066 股，占公司总股本的 59.20%。 减持计划的实施结果情况 公司于 2024 年 10 月 11 日收到许昌园林出具的《关于提前终止集中竞价、 大宗交易减持股份计划的告知函》，许昌园林决定终止本次股份减持计划（详见 公司于 2024 年 10 月 9 日披露的《振德医疗控股股东的一致行动人减持股份计划 公告》（公告编号：2 ...

振德医疗用品股份有限公司 关于"提质增效重回报"行动方案的公告 证券代码：603301 证券简称：振德医疗 公告编号：2024-027 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。 振德医疗用品股份有限公司（以下简称"公司"）为深入贯彻中 央经济工作会议和中央金融工作会议精神，认真落实国务院《关于进 一步提高上市公司质量的意见》要求，积极响应上海证券交易所《关 于开展沪市公司"提质增效重回报"专项行动的倡议》，践行"以投 资者为本"的理念，推动公司高质量发展和投资价值提升，保护投资 者尤其是中小投资者合法权益，公司结合自身发展战略和实际经营情 况制定了"提质增效重回报"行动方案。具体举措如下： 一、聚焦主业，稳步提升经营质量 公司成立于 1994 年，是一家集研发、生产、销售为一体的医疗+ 健康产业协同发展的企业。 在医疗领域，公司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。 经过多年的积累，公司已成为国内医用敷料和感控防护产品生产企业 中产品种类较为齐全、规模领先的 ...

证券代码：603301 证券简称：振德医疗 公告编号：2024-025 振德医疗用品股份有限公司控股股东的一致行动人 减持股份计划公告 本公司董事会、全体董事及相关股东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： 控股股东的一致行动人持股的基本情况 截至本公告披露日，振德医疗用品股份有限公司（以下简称"公司"）股东 许昌振德园林绿化工程有限公司（以下简称"许昌园林"，系控股股东浙江振德 控股有限公司全资子公司）持有公司股份 11,773,940 股，占公司总股本的 4.42%。 公司控股股东浙江振德控股有限公司、实际控制人鲁建国、沈振芳与许昌园林系 一致行动人，合计持有公司股份 157,748,066 股，占公司总股本的 59.20%。 减持计划的主要内容 许昌园林因自身资金需求，自本公告披露日起 15 个交易日后 3 个月内，拟 通过集中竞价、大宗交易等方式进行减持。具体减持内容如下：许昌园林采取集 中竞价交易方式减持公司股份的，在任意连续 90 日内，减持股份的总数不超过 公司总股本的 1%；采取大宗交易方式减持公司股份的，在 ...

重要内容提示： 1、公司位于浙江省绍兴市越城区东湖镇小皋埠村的国有土地使 用权及房屋等资产拟由绍兴鉴水科技城开发建设有限公司（以下简称 "鉴水科技"）收购，收购补偿金额合计为人民币 29,780.59 万元。 关于政府收购公司部分国有土地使用权及房屋等 资产的公告 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。 证券代码：603301 证券简称：振德医疗 公告编号：2024-024 振德医疗用品股份有限公司 2、本次鉴水科技收购公司部分国有土地使用权及房屋等资产不 构成关联交易，亦不构成重大资产重组。 3、根据《上海证券交易所股票上市规则》、《公司章程》等有关 规定，本次鉴水科技收购公司部分国有土地使用权及房屋等资产无需 提交股东大会审议。 一、本次交易概述 根据当地政府整体规划和国有土地上房屋征收相关法规、规范性 文件及越城区政府相关会议精神，经交易各方协商确定，拟由鉴水科 技收购振德医疗用品股份有限公司（以下简称"公司"）位于浙江省 绍兴市越城区东湖镇小皋埠村的国有土地使用权及房屋等资产，收购 补偿金额合计为人民币 29, ...

2023 Sustainability Report And ESG (Environmental, Social CONTENTS | About This Report | 01 | | --- | --- | | About Zhende Medical | 02 | | Message from the Chairman: Working To - | | | gether for a Sustainable Future | 05 | | Key Performance on Sustainability in 2023 | 07 | | ESG Performance Tables | 87 | | --- | --- | | Report Benchmarking Index Table | 100 | | Assurance Statement | 115 | | 01 | Sustainable Development | | --- | --- | | | Management 09 | 【Topic I 】Zhende Makes Reforms in Processes to Stim ...

Investment Rating - The report maintains an "Outperform" rating for ZhenDe Medical (603301 SH) [1][3][9] Core Views - A performance inflection point emerged in Q2 2024, with domestic business showing strong growth [1][4] - H1 2024 revenue was RMB 2 042 billion (-11 44%), net profit attributable to parent company was RMB 161 million (-32 13%), and non-GAAP net profit was RMB 162 million (-27 57%) [1][4] - Q2 2024 revenue was RMB 1 079 billion (+7 25%), net profit attributable to parent company was RMB 88 million (-3 51%), and non-GAAP net profit was RMB 87 million (+5 75%) [1][4] - Conventional business showed sequential improvement, with overseas, domestic hospital, and retail segments all achieving positive growth [1][4] - Gross margin increased slightly to 35 41% (+0 68pp) in H1 2024, while expense ratio rose to 24 14% (+1 24pp) [1][6] Business Performance - Excluding isolation and protective products, conventional business revenue in H1 2024 was RMB 1 953 billion (+7 53%), with Q2 2024 revenue at RMB 1 040 billion (+11 85%) [1][4] - Overseas conventional business revenue in H1 2024 was RMB 1 139 billion (+0 68%), domestic hospital line revenue was RMB 502 million (+17 69%), and domestic retail line revenue was RMB 278 million (+26 82%) [1][4] - Modern wound care and surgical infection control businesses contributed to improved gross margin [1][6] - Ostomy and modern wound care business grew 31 7% in H1 2024, with revenue reaching RMB 331 million [7] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to RMB 4 5/5 27/6 17 billion (previously RMB 4 6/5 45/6 39 billion) [1][8] - Net profit attributable to parent company for 2024-2026 is projected at RMB 400/520/650 million (previously RMB 410/520/670 million) [1][8] - EPS for 2024-2026 is estimated at RMB 1 52/1 97/2 43 [8][9] - Current PE ratios are 14/10/8x for 2024-2026 [1][9] Industry and Market Context - The company faces challenges from domestic industry consolidation affecting new product hospital entry and overseas destocking [1][8] - The medical device sector shows potential for growth, particularly in wound care and infection control segments [1][7]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 30 yuan, compared to the current price of 20.61 yuan [1]. Core Insights - The company's performance in the first half of 2024 met expectations, with total revenue of 2.042 billion yuan, a decrease of 11.44% year-on-year, and a net profit attributable to shareholders of 161 million yuan, down 32.13% [1]. - Excluding the impact of pandemic-related products, the company's core business revenue grew steadily, with a 7.53% year-on-year increase in core business revenue to 1.953 billion yuan in H1 2024 [1]. - The company is actively expanding its domestic retail channels, achieving a 26.82% year-on-year growth in retail line revenue, and has established 15 online stores with a total of 9.15 million followers [1]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 2.042 billion yuan, a decrease of 11.44%, and a net profit of 161 million yuan, down 32.13% [1]. - In Q2 2024, revenue was 1.079 billion yuan, an increase of 7.25% quarter-on-quarter, while net profit was 88 million yuan, a decrease of 3.51% [1][2]. Domestic Business - Domestic revenue, excluding pandemic-related products, was 807 million yuan in H1 2024, reflecting a 19.20% year-on-year increase [1]. - The hospital line and retail line both showed steady growth, with hospital line revenue reaching 528 million yuan, a 17.69% increase year-on-year [1]. International Business - The company achieved overseas revenue of 1.14 billion yuan in H1 2024, a slight increase of 0.43% year-on-year, indicating a gradual recovery despite a complex external environment [1]. - In Q2 2024, overseas revenue was 602 million yuan, up 3.70% year-on-year and 11.68% quarter-on-quarter [1]. Investment Forecast - The report projects net profits for 2024-2026 to be 410 million, 520 million, and 640 million yuan, with year-on-year growth rates of 106.0%, 26.7%, and 23.4% respectively [1][2]. - The company is valued at 8 billion yuan based on DCF model calculations, corresponding to a target price of approximately 30 yuan [1].