Group 1 - The core point of the article is that Zhend Medical announced the repurchase and cancellation of 615,667 shares due to the failure to meet performance assessment indicators for the third unlocking period of the first employee stock ownership plan [2] - The cancellation date for the repurchased shares is set for November 27, 2025 [2]

证券代码：603301 证券简称：振德医疗 公告编号：2025-042 本次回购注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 615,667 | 615,667 | 2025 | 年 11 | 月 | 27 日 | 一、本次回购注销的决策与信息披露 1、公司分别于 2025 年 7 月 23 日、8 月 11 日召开第三届董事会 第二十二次会议、第三届监事会第十九次会议及 2025 年第一次临时 股东大会审议通过了《关于<公司第一期员工持股计划（草案修订稿） 及其摘要>的议案》、《关于<公司第一期员工持股计划管理办法（修订 稿）>的议案》、《关于回购公司第一期员工持股计划未解锁股份的议 案》、《关于变更部分回购股份用途并注销的议案》及《关于取消监事 会、变更公司注册资本、增加经营范围暨修订<公司章程>并办理工商 变更登记的议案》，同意将本员工持股计划未能解锁的 615,667 股公 司股份予以回购注销。具体内容详见公司于 2025 年 7 月 24 日在上海 证券交易所网站（w ...

Core Points - Zhendemedical (603301) closed at 75.49 yuan on November 21, 2025, down 14.79% from last week's 88.59 yuan [1] - The company's current market capitalization is 20.114 billion yuan, ranking 11th out of 126 in the medical device sector and 909th out of 5167 in the A-share market [1] Trading Information Summary - Zhendemedical was listed on the "Dragon and Tiger List" due to a price drop deviation of 7% on November 17, 2025, marking the first time in the last five trading days [1][3] Company Announcement Summary - Zhendemedical plans to engage in hedging activities related to polyethylene, polypropylene, and rubber to mitigate the impact of raw material price fluctuations on its operations. The maximum margin for this trading is set at 30 million yuan, with a maximum contract value of 200 million yuan, funded by the company's own resources. The trading period will last for 12 months from the date of board approval, which has already been granted without the need for shareholder meeting approval [1]

Core Viewpoint - Zhendemedical (603301) is initiating hedging activities to mitigate the impact of raw material price fluctuations on its operations, with a focus on polyethylene, polypropylene, and rubber [1][2]. Group 1: Stock Performance - As of November 20, 2025, Zhendemedical's stock closed at 77.0 yuan, down 1.8% from the previous trading day, with a total market capitalization of 20.517 billion yuan [1]. - The stock opened at 78.8 yuan, reached a high of 79.94 yuan, and a low of 76.76 yuan, with a trading volume of 3.78 billion yuan and a turnover rate of 1.83% [1]. Group 2: Hedging Business Announcement - The company plans to engage in financial derivative hedging related to raw materials to reduce the impact of price volatility on its operations [1]. - The maximum trading margin is set at 30 million yuan, with a maximum contract value not exceeding 200 million yuan, funded by the company's own resources [1]. - The trading period will last for 12 months from the date of approval by the board of directors, and this initiative has been approved by the fourth meeting of the company's fourth board of directors without requiring shareholder meeting approval [1]. Group 3: Risk Management - The company acknowledges potential risks associated with market, policy, performance, technology, and operational aspects, and has established corresponding risk control measures [1].

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： 交易主要情况 证券代码：603301 证券简称：振德医疗 公告编号：2025-041 振德医疗用品股份有限公司 关于开展套期保值业务的公告 （二）交易金额 公司开展套期保值业务在授权期内任一时点保证金额度不超过人民币 3,000 万元，该额度可循环使用；任一时点持有的最高合约价值不超过人民币 20,000 万元。 | 交易目的 | □获取投资收益 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 套期保值（合约类别：商品；□外汇；□其他：________） □其他：________ | | | | | | | | | | | 交易品种 | 聚乙烯、聚丙烯及橡胶等原材料相关的金融衍生品 | | | | | | | | | | | 交易金额 | 预计动用的交易保证金和权利金上限（单位：万元） | | | | | | | | | 3, ...

Group 1 - The core point of the article highlights the recent decline in the stock price of Zhendemedical, which fell by 5.16% to 76.02 yuan per share, with a trading volume of 398 million yuan and a turnover rate of 1.91%, resulting in a total market capitalization of 20.256 billion yuan [1] - Zhendemedical, established on August 18, 1994, and listed on April 12, 2018, specializes in the production, research, and sales of medical dressings. The main revenue composition includes: surgical infection control 43.04%, basic care 20.46%, ostomy and modern wound care 18.59%, pressure treatment and fixation 10.75%, infection control protection 6.58%, and others 0.58% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Jiashi Fund has a significant position in Zhendemedical. Jiashi New Tanghui Regular Mixed A (005088) held 10,200 shares in the third quarter, accounting for 1.03% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 42,200 yuan [2] - Jiashi New Tanghui Regular Mixed A (005088) was established on September 28, 2017, with a latest scale of 45.2371 million yuan. Year-to-date return is 14.94%, ranking 5064 out of 8140 in its category; the one-year return is 10.12%, ranking 5745 out of 8057; and since inception, it has incurred a loss of 5.7% [2]

Core Viewpoint - Zhendermedical (603301) experienced a significant decline of 9.52% in its stock price, with a trading volume of 8.33 billion yuan and a turnover rate of 3.79% on the day of reporting [2]. Trading Data - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of -9.06%, with net purchases from the Shanghai-Hong Kong Stock Connect amounting to 6.1894 million yuan [2]. - The top five trading departments accounted for a total transaction volume of 3.25 billion yuan, with a buying amount of 1.63 billion yuan and a selling amount of 1.62 billion yuan, resulting in a net purchase of 329,100 yuan [2]. - The largest buying and selling department was the Shanghai-Hong Kong Stock Connect, with buying and selling amounts of 64.4148 million yuan and 58.2254 million yuan, respectively [2]. Capital Flow - The stock saw a net outflow of 96.4244 million yuan in principal funds, with large orders contributing to a net outflow of 34.3331 million yuan and a net outflow of 62.0913 million yuan from major funds [2]. - Over the past five days, the net outflow of principal funds totaled 113 million yuan [2]. Financing and Margin Trading - As of November 14, the latest margin trading balance for the stock was 1.657 billion yuan, with a financing balance of 1.656 billion yuan and a securities lending balance of 1.2934 million yuan [2]. - Over the past five days, the financing balance increased by 172 million yuan, representing an increase of 11.59%, while the securities lending balance decreased by 254,700 yuan, reflecting a decline of 16.45% [2]. Financial Performance - In the third quarter report released on October 30, the company achieved a total revenue of 3.184 billion yuan, marking a year-on-year increase of 1.88%, while the net profit was 203 million yuan, showing a year-on-year decline of 33.91% [3].

Core Viewpoint - The stock of Zhendemedical (603301) has experienced a decline, with a closing price of 88.04 yuan on November 13, 2025, down by 2.93% from the previous day, indicating a negative trend in investor sentiment and market performance [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%. However, the net profit attributable to shareholders was 203 million yuan, a decrease of 33.91% year-on-year [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 13, 2025, the net outflow of main funds was 26.33 million yuan, accounting for 3.58% of the total transaction amount, while retail investors saw a net inflow of 48.40 million yuan, representing 6.59% of the total transaction amount [1][2]. - The financing balance on November 13, 2025, was 1.749 billion yuan, with a net repayment of 12.19 million yuan in financing [3]. Industry Comparison - Zhendemedical's total market capitalization is 23.458 billion yuan, significantly higher than the industry average of 11.676 billion yuan, ranking 9th out of 124 in the medical device industry [5]. - The company's net profit margin stands at 6.61%, below the industry average of 9.57%, indicating potential challenges in profitability compared to peers [5]. Stock Metrics - The price-to-earnings (P/E) ratio for Zhendemedical is 86.59, which is considerably higher than the industry average of 60.24, suggesting that the stock may be overvalued relative to its earnings [5]. - The gross margin for Zhendemedical is 33.93%, which is lower than the industry average of 51.22%, indicating less efficiency in cost management compared to competitors [5].

Core Viewpoint - The stock price of Zhend Medical surged by 306.26% within two months, raising its market value by over 20 billion yuan, despite a significant decline in net profit and financial concerns, leading to questions about whether this surge is a genuine value reassessment or mere speculation [1][4][10]. Group 1: Stock Performance - From early September to November 10, Zhend Medical's stock price increased from 23.98 yuan to 90.27 yuan per share, marking a year-to-date increase of 323.72% [1]. - The company achieved a 306.26% increase in stock price over 60 days, ranking first in the Shenwan Pharmaceutical and Biological sector [1]. Group 2: Financial Performance - In the first three quarters of 2025, Zhend Medical's net profit decreased by 33.91%, with cash on hand insufficient to cover short-term loans [1][8]. - The company's revenue for the first three quarters of 2025 only slightly increased by 1.88% to 3.184 billion yuan, while the net profit margin fell to 6.61% [8]. Group 3: Shareholder Dynamics - A key trigger for the stock surge was a 5% equity transfer to Sun Jimu at a price of 26.74 yuan per share, totaling 356 million yuan, with a commitment not to sell for 12 months [4][10]. - Following the transfer, Sun Jimu's stake rose to 5%, while the original shareholders, Zhejiang Zhend and Xuchang Garden, reduced their holdings [5]. Group 4: Market Reactions and Expert Opinions - Market analysts suggest that the stock price surge reflects a shift in valuation methods due to the involvement of industrial capital, with expectations of potential resource integration or strategic restructuring [10]. - Experts caution that reliance on short-term events for stock price movements may not sustain long-term business breakthroughs, emphasizing the need for technological innovation and product differentiation in the medical industry [10].

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].