Investment Rating - Buy (First Coverage) [4][43][71] Core Views - The company is a global supplier of medical polymer materials, with a focus on medical consumables for nearly 40 years [41][86] - The acquisition of TPI in the US enhances global production capacity and strengthens the company's position in the US market [4] - The company's core products include experimental testing, vacuum blood collection systems, body fluid collection, drug packaging, and medical care [35][86] - The company has established long-term partnerships with global pharmaceutical giants such as McKesson, Medline, and IDEXX [8][47] - The company's overseas revenue reached a record high of 531 million yuan in 2023, with a year-on-year growth of nearly 22% [39] Financial Projections - Revenue for 2024-2026 is projected to be 1.40, 1.82, and 2.37 billion yuan, with growth rates of 43.66%, 30.05%, and 30.01% respectively [16][71] - Net profit attributable to shareholders for 2024-2026 is expected to be 265, 353, and 464 million yuan, with growth rates of 143.00%, 33.18%, and 31.39% respectively [9][16][71] - The current PE ratios are 21x, 15x, and 12x for 2024-2026 [9][16][71] Business Segments - **Experimental Testing**: Revenue for 2024-2026 is projected to be 624, 886, and 1.26 billion yuan, with growth rates of 80.00%, 42.00%, and 42.00% respectively [91][95] - **Vacuum Blood Collection Systems**: Revenue for 2024-2026 is expected to be 329, 372, and 416 million yuan, with growth rates of 15.00%, 13.00%, and 12.00% respectively [35][56] - **Body Fluid Collection**: Revenue for 2024-2026 is projected to be 180, 208, and 232 million yuan, with growth rates of 20.00%, 15.00%, and 12.00% respectively [18][61] - **Drug Packaging**: Revenue for 2024-2026 is expected to be 107, 155, and 217 million yuan, with growth rates of 80.00%, 45.00%, and 40.00% respectively [56][95] - **Medical Care**: Revenue for 2024-2026 is projected to be 93.6, 131, and 170 million yuan, with growth rates of 60.00%, 40.00%, and 30.00% respectively [30] Capacity Expansion - The company has expanded its production capacity through technological upgrades, acquisitions, and land auctions [4][53] - In 2022, the production of vacuum blood collection tubes and medical consumables increased by 22.5% and 14.7% respectively [4] - The acquisition of TPI in 2023 further strengthened the company's overseas production capacity [4][53] Market Position - The company is a key player in the global medical polymer materials industry, with a strong presence in the US, Europe, and other regions [4][8] - The company's products are sold in over 100 countries and regions [8] - The company's closed IVD business has seen rapid growth, with revenue reaching 404 million yuan in 2022, a CAGR of 78.69% from 2019-2022 [101] Industry Outlook - The global IVD market is expected to grow from 74.3 billion USD in 2018 to 106.3 billion USD in 2023, with a CAGR of 7.41% [24] - The domestic low-value consumables market in China reached 130 billion yuan in 2022, with a year-on-year growth of 23% [53] - The domestic pharmaceutical packaging market is expected to reach 157 billion yuan in 2024, with a CAGR of 6.59% from 2018-2024 [70]

证券研究报告 7 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|-------|-------|-------|-------------------------|-------|-------|-------|-------|-------| | 资产负债表（百万元） | 2022 | 2023 | 2024E | 2025E | 2026E | 利润表（百万元） | 2022 | 2023 | 2024E | 2025E | 2026E | | 现金及现金等价物 | 753 | 448 | 485 | 645 | 891 | 营业收入 | 1469 | 975 | 1400 | 1613 | 1850 | | 应收款项 | 240 | 226 | 262 | 313 | 378 | 营业成本 | 889 | 657 | 872 | 1006 | 1155 | | 存货净额 | 121 | 125 ...

浙江拱东医疗器械股份有限公司 2023年年度报告 公司代码：605369 公司简称：拱东医疗 浙江拱东医疗器械股份有限公司 2023 年年度报告 ...

浙江拱东医疗器械股份有限公司 2024 年第一季度报告 证券代码：605369 证券简称：拱东医疗 浙江拱东医疗器械股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信 息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：万元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 | | | --- | --- | --- | --- | | | | 增减变动幅度(%) | | | 营业收入 | 27,191.85 | | 20.22 | | 归属于上市公司股东的净利润 | 4,510.90 | | 56.02 | | 归属于上市公司股东的扣除非经常性损益的 | 4,344. ...

浙江拱东医疗器械股份有限公司 2023 年第三季度报告 证券代码：605369 证券简称：拱东医疗 浙江拱东医疗器械股份有限公司 2023 年第三季度报告 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： 一、 主要财务数据 （一）主要会计数据和财务指标 单位：万元 币种：人民币 | | | 本报告期比上 | 年初至报告期 | 年初至报告期末 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 年同期增减变 动幅度(%) | 末 | 比上年同期增减 变动幅度(%) | | 营业收入 | 25,447.44 | -33.15 | 71,268.16 | -39.59 | | 归属于上市公司股东的 净利润 | 2,729.43 | -72.12 | 8,824.97 | -71.39 | 1 / 14 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作 ...

Financial Performance - Revenue for the first half of 2023 was RMB 458.2072 million, a decrease of 42.65% compared to the same period last year[72] - Net profit attributable to shareholders was RMB 60.9554 million, down 71.05% year-on-year[72] - Basic earnings per share (EPS) for the reporting period was RMB 0.54, a decrease of 71.12% compared to the same period last year[73] - Total revenue for the first half of 2023 was RMB 832.85 million, a decrease from RMB 1.13 billion in the same period last year[157] - Net profit for the first half of 2023 was 60,955,439.49 RMB, compared to 210,549,069.63 RMB in the same period last year[162] - Operating profit for the first half of 2023 was 68,402,557.88 RMB, down from 243,941,625.61 RMB in the same period last year[162] - Total operating revenue for the first half of 2023 was RMB 458.21 million, a decrease of 42.7% compared to RMB 798.97 million in the same period of 2022[189] - Net profit attributable to the parent company for the first half of 2023 was RMB 73.90 million, a decrease of 65.0% compared to RMB 211.07 million in the same period of 2022[190] - Basic earnings per share for the first half of 2023 were RMB 0.54, down 71.1% from RMB 1.87 in the same period of 2022[190] Cash Flow and Liquidity - Sales revenue from goods and services received in cash decreased to 461,692,642.72 yuan in the first half of 2023, compared to 785,246,578.45 yuan in the same period of 2022[28] - Total cash inflow from operating activities dropped to 475,556,457.48 yuan in the first half of 2023 from 796,357,597.17 yuan in the first half of 2022[28] - Cash paid for goods and services decreased to 214,223,902.60 yuan in the first half of 2023, compared to 482,842,704.34 yuan in the same period of 2022[28] - Net cash flow from operating activities declined to 90,728,940.34 yuan in the first half of 2023 from 114,896,331.00 yuan in the first half of 2022[29] - Cash outflow for investment activities increased to 51,366,239.40 yuan in the first half of 2023, compared to 112,557,907.31 yuan in the same period of 2022[29] - Total cash outflow from operating activities was RMB 395.94 million, a decrease of 41.9% compared to the previous period[40] - Net cash flow from operating activities was RMB 79.61 million, a decrease of 30.3% compared to the previous period[40] - Net cash flow from investing activities was negative RMB 340.33 million, a significant increase in outflow compared to the previous period's negative RMB 69.15 million[40] - Net cash flow from financing activities was negative RMB 34.12 million, a decrease in outflow compared to the previous period's negative RMB 144.35 million[40] - Cash and cash equivalents at the end of the period were RMB 379.62 million, a decrease of 44.4% compared to the beginning of the period[41] - Cash and cash equivalents decreased to RMB 462.48 million from RMB 753.23 million at the end of 2022[157] - Cash and cash equivalents at the end of June 2023 were RMB 412.48 million, a decrease of 34.1% from RMB 626.24 million at the end of June 2022[193] Assets and Liabilities - The company's monetary funds decreased by 38.60% to 46.24758 million, accounting for 25.04% of total assets, mainly due to the payment for the acquisition of TPI's core assets[2] - Accounts receivable decreased by 8.94% to 21.72836 million, accounting for 11.77% of total assets, mainly due to the recovery of previous accounts receivable[2] - Fixed assets increased by 7.64% to 62.57894 million, accounting for 33.89% of total assets, mainly due to the acquisition of TPI's core assets[2] - Intangible assets increased by 36.19% to 10.78647 million, accounting for 5.84% of total assets, mainly due to the acquisition of TPI's core assets[2] - The company's total assets at the end of the reporting period were RMB 1.8466494 billion, a decrease of 1.12% compared to the end of the previous year[72] - Total assets decreased from 1,885,308,721.13 RMB to 1,824,880,633.30 RMB[160] - Total assets as of June 30, 2023 were RMB 1.85 billion, a slight decrease of 1.1% from RMB 1.87 billion at the end of 2022[186] - Total liabilities as of June 30, 2023 were RMB 183.08 million, a decrease of 33.4% from RMB 274.72 million at the end of 2022[188] - Total current liabilities decreased to RMB 188.53 million from RMB 262.89 million at the end of 2022[158] - Deferred income tax liabilities increased to RMB 18.66 million from RMB 10.26 million at the end of 2022[158] - Total liabilities and owner's equity amounted to 1,824,880,633.30 RMB[161] - Owner's equity increased slightly from 1,610,585,562.94 RMB to 1,641,801,984.56 RMB[161] - Fixed assets increased from 576,555,091.20 RMB to 584,014,025.86 RMB[160] - Construction in progress decreased from 28,337,376.34 RMB to 25,589,800.75 RMB[160] - Intangible assets decreased from 79,200,916.19 RMB to 77,994,095.26 RMB[160] - Deferred tax assets decreased from 3,215,814.56 RMB to 2,595,753.79 RMB[160] - Other non-current assets remained unchanged at 4,014,024.66 RMB[160] - The total fixed assets of the company amount to 625,789,354.30[185] - The total intangible assets of the company amount to 107,864,696.92[185] - The total non-current assets of the company amount to 1,013,797,050.02[185] - Accounts receivable as of June 30, 2023 were RMB 185.60 million, a decrease of 22.8% from RMB 240.56 million at the end of 2022[187] - Inventory as of June 30, 2023 was RMB 99.25 million, a decrease of 17.1% from RMB 119.71 million at the end of 2022[187] - Total equity attributable to the parent company as of June 30, 2023 was RMB 1.64 billion, an increase of 2.8% from RMB 1.59 billion at the end of 2022[186] - The company's total equity at the end of the period was 1,637,451,857.70[195] - The company's total equity at the end of the period was 1,641,801,984.56[197] - The company's total equity at the end of the period was 1,472,590,226.09[198] Investments and Acquisitions - The company invested $45 million in its wholly-owned subsidiary GD Medical to acquire TPI's core assets[5] - The company invested RMB 287.68 million in financial assets, a significant increase compared to the previous period's RMB 121.00 million[40] - The company's capital expenditure (purchase of fixed assets, intangible assets, and other long-term assets) was RMB 52.66 million, a decrease of 53.2% compared to the previous period[40] - GD Medical completed the acquisition of TPI and was renamed Trademark Plastics Inc. in February 2023[125] - The fair value of trading financial liabilities decreased by 1,060,175.50, and trading financial assets increased by 11,000,000.00[126] Shareholder and Stock Information - The company unlocked 178,236 restricted shares for 63 incentive targets as part of its 2021 restricted stock incentive plan, with the adjusted repurchase price set at 49.13 yuan per share[14] - The company's controlling shareholders and actual controllers have committed to not transferring or entrusting others to manage their shares for 36 months after the IPO, with an automatic extension of 6 months if the stock price falls below the issue price for 20 consecutive trading days[18] - Directors, supervisors, and senior management have committed to not transferring their shares in Jincheng Investment for 36 months after the IPO, with a limit of 25% of their holdings per year after the lock-up period[19] - The controlling shareholder has committed to stabilizing the stock price by increasing holdings if the closing price is below the audited net asset value per share for 20 consecutive trading days within three years of listing[20] - Jincheng Investment has committed to not transferring its shares for 36 months after the IPO, with an automatic extension of 6 months if the stock price falls below the issue price for 20 consecutive trading days[22] - Directors and senior management have committed to stabilizing the stock price by increasing holdings if the closing price is below the audited net asset value per share for 20 consecutive trading days within three years of listing[24] - The company's registered capital is 112,627,120 yuan, with a total of 112,627,120 shares issued[35] - The top shareholder, Hong Kong Securities Clearing Company, held 835,296 shares, representing 0.74% of total shares[152] - The second-largest shareholder, Lian Zhongming, held 616,326 shares, representing 0.55% of total shares[152] - The company's total equity remained stable at RMB 112.63 million[158] - The company's limited-sale shares decreased by 10,500 shares, resulting in a total of 84,378,972 shares, maintaining a 74.92% ownership ratio[176] - The company's unrestricted shares increased by 10,500 shares, totaling 28,248,148 shares, with a 25.08% ownership ratio[176] - The total number of shares remained unchanged at 112,627,120 shares[176] - Shi Huiyong holds 58,800,000 shares, accounting for 52.21% of the total shares, all of which are restricted shares[179] - Shi Yibei holds 8,400,000 shares, accounting for 7.46% of the total shares, all of which are restricted shares[179] - Jincheng Investment holds 8,400,000 shares, accounting for 7.46% of the total shares, all of which are restricted shares[179] - Shi Heyun holds 2,520,000 shares, accounting for 2.24% of the total shares, all of which are restricted shares[179] - Shi Meihua holds 2,520,000 shares, accounting for 2.24% of the total shares, all of which are restricted shares[179] - Shi Hefang holds 2,520,000 shares, accounting for 2.24% of the total shares, all of which are restricted shares[179] - The company repurchased 12,000 restricted shares at 49.13 yuan per share[134] - The company unlocked 10,500 restricted shares for 4 incentive recipients on May 17, 2023, as part of the 2021 restricted stock incentive plan[149] - The total restricted shares at the end of the reporting period were 84,378,972 shares, with 170,676 shares set to be unlocked on July 21, 2023, and 16,500 shares on January 27, 2024[150] Environmental and Social Responsibility - The company has properly disposed of pollutants, with major pollutant emissions meeting standards, and the treatment capacity of major facilities is sufficient to meet pollutant treatment needs[16] - The company is actively exploring ways to reduce resource consumption and increase resource recycling, including replacing high-energy-consuming equipment and using energy-saving LED lighting[17] - The company is committed to environmental protection through water recycling and purchasing energy-efficient equipment[115] - The company has maintained ISO14001 environmental management certification since 2013 and has effective measures for waste treatment[135] - The company is committed to reducing carbon emissions and has implemented relevant measures[136] Research and Development - The company obtained new product certifications, including a CE (IVDR) certification for Class A sterile vacuum blood collection tubes[11] - R&D expenses for the period were RMB 25.5407 million, accounting for 5.57% of revenue, an increase of 0.47 percentage points year-over-year[91] - The company obtained 2 new invention patents, 1 utility model patent, and 1 CE (IVDR) Class A certification during the reporting period[91] - The company completed the MDSAP (Medical Device Single Audit Program) certification, enhancing international market access[92] - R&D expenses decreased by 37.32% to 2.554 billion RMB from 4.074 billion RMB in the same period last year[100] Market and Sales - The company's overseas sales revenue was 227.564 million, accounting for 49.66% of total revenue, with a significant portion settled in USD, exposing the company to exchange rate fluctuation risks[10] - The company's sales model includes domestic distribution, direct sales, and OEM/ODM for international markets, with indirect exports settled in RMB and direct exports settled in USD and EUR[60] - The company has established a stable supply system for major raw materials, signing annual procurement framework contracts with suppliers[59] - The company is one of the larger domestic manufacturers of disposable medical consumables with a comprehensive product line[58] - The global medical device market is expected to reach USD 562.8 billion in 2023, with a compound annual growth rate of 5.6%[79] - The company's main business is the R&D, production, and sales of disposable medical consumables, covering blood collection, medical testing, collection, medical care, and drug packaging materials[82] - The company adopts a "make-to-order" production model for international markets and a combination of "make-to-order" and "stock-based" production for domestic markets[83] - The company has a strong advantage in customized products, with advanced mold R&D and manufacturing capabilities, enabling it to provide cost-effective solutions to international clients[84] - The company has passed ISO13485 quality management system certification and holds 28 domestic Class I and II medical device registrations, with some products approved by the US FDA and EU CE[85] - Blood collection products revenue increased by 23.36% year-over-year to RMB 135.3565 million, accounting for 30.86% of total revenue[95] - Medical testing products revenue decreased by 61.23% year-over-year to RMB 155.1267 million, accounting for 35.37% of total revenue[95] - Pharmaceutical packaging products revenue increased by 56.31% year-over-year to RMB 27.9295 million, accounting for 6.37% of total revenue[95] - Domestic sales decreased by 65.39% to 20.344 billion RMB, accounting for 46.39% of total sales, compared to 58.778 billion RMB and 73.89% in the same period last year[97] - Overseas sales increased by 13.22% to 23.511 billion RMB, accounting for 53.61% of total sales, compared to 20.766 billion RMB and 26.11% in the same period last year[97] - Total revenue decreased by 42.65% to 45.820 billion RMB from 79.896 billion RMB in the same period last year[99] - Operating costs decreased by 32.44% to 31.080 billion RMB from 46.006 billion RMB in the same period last year[99] - The company's products are sold in over 100 countries and regions, including Europe, America, Asia, and Africa[106] - The company has a comprehensive product system with over 5,000 specifications across 6 major categories, covering clinical diagnosis, nursing, scientific research, and pharmaceutical packaging[107] - The company has established a relatively complete quality control system, and no quality-related accidents, disputes, or litigation occurred during the reporting period[108] Corporate Governance and Commitments - The company has disclosed all related-party transactions and committed to conducting unavoidable transactions on fair and reasonable terms[21] - The company's controlling shareholders and actual controllers, Shi Huiyong and Shi Yibei, have committed to repurchasing all newly issued shares and repurchasing their original restricted shares if the prospectus contains false records, misleading statements, or major omissions, as determined by relevant authorities[140] - The company's directors and senior management have pledged to ensure the accuracy and completeness of the prospectus and will bear individual and joint legal responsibilities for any false records, misleading statements, or major omissions[140] - The company's supervisors have committed to minimizing and standardizing related-party transactions, ensuring fair pricing and compliance with relevant regulations[141] - Shareholder Jinchi Investment has pledged to avoid any business activities that compete with the company's main operations, both domestically and internationally[142] - The company's directors, supervisors, and senior management have committed to avoiding any competitive activities with the company's business during their tenure and for six months after resignation[142] - The company has no significant litigation, arbitration, or regulatory penalties involving its directors, supervisors, senior management, controlling shareholders, or actual controllers during the reporting period[144] - The company has no significant asset or equity acquisition or sale transactions involving related parties during the reporting period[146] - The company has no significant contracts, guarantees, or other major matters requiring disclosure during the reporting period[147] - The company has committed to avoiding any form of competition with its main business, both domestically and internationally[169] - The company has pledged to compensate investors if the prospectus contains false statements or omissions that lead to losses[167] - The company has established strict regulations to prevent the misuse of related-party transactions and ensure fair pricing[

浙江拱东医疗器械股份有限公司 2022 年年度报告 公司代码：605369 公司简称：拱东医疗 浙江拱东医疗器械股份有限公司 2022 年年度报告 1 / 217 浙江拱东医疗器械股份有限公司 2022 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人施慧勇、主管会计工作负责人潘磊及会计机构负责人（会计主管人员）尤志仁声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2022 年度利润分配预案为： 1．公司拟向全体股东每 10 股派发现金红利 3.00 元（含税）。截至本利润分配预案披露之日， 公司总股本为 112,627,120 股，以此计算合计拟派发现金红利 33,788,136.00 元（含税），占合并 报表中归属于母公司股东净利润的 10.36%，剩余未分配利润结转 ...

浙江拱东医疗器械股份有限公司 2023 年第一季度报告 证券代码：605369 证券简称：拱东医疗 浙江拱东医疗器械股份有限公司 2023 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：万元 币种：人民币 | 项目 | 本报告期 | | 本报告期比上年同期 增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | | 22,618.87 | -34.96 | | 归属于上市公司股东的净利润 | | 2,891.30 | -69.58 | | 归属于上市公司股东的扣除非 | | 2,339.13 | -74.75 ...