证券代码：688029 证券简称：南微医学 公告编号：2025-032 南微医学科技股份有限公司 关于改聘公司2025年度审计机构的公告 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、准确性和完整性依法承担法律责任。 1、基本信息 （1）会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙） （2）成立日期：毕马威华振会计师事务所于1992年8月18日在北京成立， 于2012年7月5日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马 ● 公司董事会审计委员会、董事会对本次拟变更会计师事务所无异议。 ● 本事项尚需提交2025年第二次临时股东大会审议。 威华振会计师事务所（特殊普通合伙），2012年7月10日取得工商营业执照，并 于2012年8月1日正式运营。 重要内容提示： ● 拟聘任的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙） （以下简称"毕马威华振"） ● 原聘任的会计师事务所名称：公证天业会计师事务所（特殊普通合伙） （以下简称"公证天业"） ● 变更会计师事务所原因及前任会计师的异议情况：综合考虑南微医学科 技股份有限公司（ ...

证券代码：688029 证券简称：南微医学 公告编号：2025-035 南微医学科技股份有限公司 召开日期时间：2025 年 8 月 27 日 14 点 00 分 召开地点：南京江北新区药谷大道 199 号公司 9 楼会议室 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 27 日 至2025 年 8 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 股东大会召开日期：2025年8月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会 ...

二、 监事会会议审议情况 本次会议经全体监事表决，形成决议如下： 证券代码：688029 证券简称：南微医学 公告编号：2025-034 南微医学科技股份有限公司 第四届监事会第八次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 南微医学科技股份有限公司（以下简称"公司"）第四届监事会第八次 会议于2025年8月11日在公司会议室以现场结合通讯的方式召开。会议通知 及相关资料以通讯方式于2025年8月8日送达全体监事。会议由监事会主席苏 晶女士主持，应到监事3名，实到监事3名，符合《公司法》及《公司章程》 的有关规定。 本议案尚需提交股东大会审议。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn） 的《南微医学科技股份有限公司关于2025年半年度利润分配方案的公告》（公 告编号：2025-031）。 (三) 审议通过《关于公司<2025年半年度募集资金存放与使用情况的专 项报告>的议案》 监事会认为：公司2025年半年度募集资金存放与使用情况符合《上海证 ...

南微医学科技股份有限公司 关于2025年半年度利润分配方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 每股分配比例：南微医学科技股份有限公司（以下简称"公司"）2025 年半年度 A 股每 10 股派发现金红利 5.00 元（含税）。不进行公积金转增股本， 不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 根据公司2025年半年度报告（未经审计），2025年半年度合并报表中归属 于上市公司股东的净利润为363,379,408.08元。截至2025年6月30日，母公司累 计未分配利润为人民币1,660,834,889.44元。为积极回报股东，与所有股东分 享公司发展的经营成果，经董事会决议，公司2025年半年度拟以实施权益分派 股权登记日登记的总股本扣减公司回购专用证 ...

格隆汇8月11日丨南微医学(688029.SH)公布半年度报告，2025年上半年，公司实现营收15.65亿元，较上 年同期增长17.36%；归母净利润3.63亿元，同比增长17.04%。从地区情况看，亚太区域营收8.08亿元 （其中亚太海外营收1.28亿元，康友营收1.34亿元），同比减少1.7%；美洲区域营收3.41亿元，同比增 长21.75%；欧洲、中东及非洲区域营收4.16亿元（含CME），同比增长89%。公司海外营收占比已提升 至总收入的58%。公司拟向全体股东每10股派发现金红利5.00元。 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides the board's assurance on report accuracy and highlights key matters such as risk factors and profit distribution plans - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company plans to distribute a cash dividend of **RMB 5.00 (tax inclusive) per 10 shares** to all shareholders, totaling **RMB 93,462,685.50 (tax inclusive)**, representing **25.72% of the net profit attributable to ordinary shareholders**[4](index=4&type=chunk) - Forward-looking statements in this report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who should be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms used throughout the report, covering company entities, industry-specific medical device terminology, and the reporting period - Micro-Tech (Nanjing) Co., Ltd. (referred to as "Micro-Tech" or "the Company") was renamed from Nanjing Micro-Tech Medical Co., Ltd[11](index=11&type=chunk) - The reporting period refers to January 1 to June 30, 2025[11](index=11&type=chunk) - The report defines several professional terms in the medical device industry, such as ERCP (Endoscopic Retrograde Cholangiopancreatography), ESD (Endoscopic Submucosal Dissection), and EOCT (Endoscopic Optical Coherence Tomography)[11](index=11&type=chunk)[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information, stock details, and presents key accounting data and financial indicators for the first half of 2025, explaining significant changes - The company's legal representative is Long Xiaohui, and its registered address is No. 10 Gaoke Third Road, High-tech Development Zone, Nanjing[14](index=14&type=chunk) - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock code **688029** and stock abbreviation **Micro-Tech**[18](index=18&type=chunk) Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,565,377,051.90 | 1,333,844,008.46 | 17.36 | | Total Profit | 449,720,708.02 | 373,095,091.63 | 20.54 | | Net Profit Attributable to Shareholders of Listed Company | 363,379,408.08 | 310,462,903.96 | 17.04 | | Net Cash Flow from Operating Activities | 302,182,451.72 | 273,641,875.19 | 10.43 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,029,665,779.37 | 3,826,092,661.23 | 5.32 | | Total Assets (Period-end) | 5,077,462,916.19 | 4,779,606,949.81 | 6.23 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.94 | 1.66 | 16.87 | | Diluted Earnings Per Share (RMB/share) | 1.94 | 1.66 | 16.87 | | Basic EPS after Non-recurring Gains/Losses (RMB/share) | 1.95 | 1.63 | 19.63 | | Weighted Average Return on Net Assets (%) | 9.11 | 8.37 | 0.74 | | Weighted Average ROE after Non-recurring Gains/Losses (%) | 9.12 | 8.25 | 0.87 | | R&D Investment as % of Operating Revenue (%) | 5.64 | 5.22 | 0.42 | - In the first half of 2025, the company's operating revenue reached **RMB 1.565 billion**, a **17.36% increase year-on-year**, leading to a **17.04% growth in net profit attributable to shareholders**[21](index=21&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, main business, operating performance, core competencies, R&D progress, and risk factors during the reporting period [I. Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company operates in the technology-intensive and strictly regulated medical device manufacturing sector, focusing on rapidly growing areas like endoscopic diagnosis, microwave/RF ablation, and disposable endoscopes - The company belongs to medical instrument and device manufacturing (C358) within specialized equipment manufacturing (C35)[26](index=26&type=chunk) - The global medical device market is projected to grow from **USD 536.12 billion in 2023** to **USD 799.67 billion by 2030**, with a **CAGR of 5.9%**, and China is now the second-largest market globally[26](index=26&type=chunk)[27](index=27&type=chunk) - The company's main business involves R&D, manufacturing, and sales of minimally invasive medical devices, primarily covering three series: endoscopic diagnosis and treatment devices, microwave/radiofrequency ablation equipment and consumables, and disposable endoscopes[33](index=33&type=chunk) - The markets for endoscopic diagnosis and treatment, microwave/radiofrequency ablation, and disposable endoscopes are all experiencing rapid growth, with the global tumor ablation market projected to reach **USD 40.8 billion by 2030** and the disposable endoscope market **USD 11.06 billion by 2033**[28](index=28&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - The industry has high technical barriers, reflected in the need for multidisciplinary integration, efficient clinical translation, long technology accumulation cycles, high compliance costs, and the demands of intelligent and precise development trends[33](index=33&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **RMB 1.565 billion in revenue** and **RMB 363 million in net profit**, with **overseas revenue contributing 58%**, driven by innovation, strategic acquisitions, and optimized global operations H1 2025 Performance Highlights | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Revenue | 1.565 Billion RMB | 17.36% | | Net Profit Attributable to Parent | 0.363 Billion RMB | 17.04% | - Overseas revenue now accounts for **58% of total revenue**[34](index=34&type=chunk) - R&D investment totaled **RMB 88.28 million**, representing **5.64% of revenue**, with new generation choledochoscopes, bronchoscopes, and thermal puncture stents progressing smoothly[35](index=35&type=chunk) - The acquisition of a **51% stake in Creo Medical S.L.U. (Spain)** was completed, significantly expanding the European market, and the Thailand manufacturing center is expected to commence production by year-end[36](index=36&type=chunk) - The global management structure was optimized, unified global brand activities were promoted, and the inaugural GMS2025 Global Market Conference was successfully held, enhancing international brand influence[36](index=36&type=chunk) - Continuous efforts were made to improve quality and reduce costs across all product lines, deepening the lean operation management system to achieve dual optimization of operating costs and efficiency[37](index=37&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies encompass dynamic R&D, robust quality management, efficient marketing, comprehensive product lines, cost advantages, economies of scale, strong support systems, and a synergistic global strategy - The company possesses profound industry knowledge, a multidisciplinary R&D team, a medical-engineering collaborative R&D model, and strong innovation integration capabilities, having received multiple national science and technology awards[38](index=38&type=chunk) - A full lifecycle product quality management system has been established, covering design, procurement, manufacturing, and post-market surveillance, achieving **ISO13485** and **MDSAP certifications** and market access in **over 90 countries and regions**[39](index=39&type=chunk) - A broad marketing network covers both domestic and international markets, with wholly-owned subsidiaries in the United States, Germany, United Kingdom, France, Netherlands, Japan, Portugal, and Switzerland[39](index=39&type=chunk)[40](index=40&type=chunk) - The company offers a comprehensive product line, focusing on endoscopic diagnosis and treatment with six sub-series products, and is gradually expanding into disposable endoscopes and neurosurgery[40](index=40&type=chunk) - Production efficiency is continuously improved and product costs are reduced through optimized design, enhanced processes, strengthened management, and self-built intelligent automated production lines, creating a high cost-performance advantage[40](index=40&type=chunk) - The company has become a leading enterprise in domestic gastrointestinal endoscopic minimally invasive diagnosis and treatment and microwave ablation devices and consumables, with increasing market share both domestically and internationally, demonstrating significant economies of scale[41](index=41&type=chunk) - The company thoroughly researches market regulatory requirements in various countries, establishes targeted quality management systems and product applicable standards, and possesses strong capabilities in obtaining registration certificates, market access, and participating in bidding processes[41](index=41&type=chunk) - A global strategy driven by both domestic and international markets has been established, with overseas markets expanded to **over 90 countries and regions**, effectively reducing reliance on a single market[42](index=42&type=chunk) [IV. Core Technologies and R&D Progress](index=12&type=section&id=IV.%20Core%20Technologies%20and%20R%26D%20Progress) The company holds core technologies in endoscopic diagnosis, microwave/RF ablation, and EOCT, with **R&D investment of RMB 88.28 million** in the period, securing **109 new product registrations** and **64 new patent applications** globally - The company possesses nearly **30 core technologies** in endoscopic diagnosis and treatment, having received multiple national science and technology awards, such as the National Science and Technology Progress Award Second Prize for "Research and Application of Novel Digestive Tract Stents"[43](index=43&type=chunk)[47](index=47&type=chunk) - The tumor ablation technology platform has developed core technologies including all-solid-state microwave power source technology, single-unit dual-frequency microwave ablation therapy device technology, and electrically small microwave antenna technology with shaped radiation characteristics[43](index=43&type=chunk) - EOCT core technology was independently developed based on exclusive licensed patents from Johns Hopkins University, obtaining **510(K) approval in the US** and an **NMPA registration certificate on December 31, 2020**[45](index=45&type=chunk)[46](index=46&type=chunk) - The company continues to build underlying disposable endoscope technologies centered on imaging, with rapidly increasing market coverage for products like disposable ERCP choledochoscopes, surgical choledochoscopes, and bronchoscopes[46](index=46&type=chunk) R&D Investment Overview | Indicator | Amount This Period (RMB) | Amount Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 88,282,277.32 | 69,580,698.86 | 26.88 | | Total R&D Investment | 88,282,277.32 | 69,580,698.86 | 26.88 | | Total R&D Investment as % of Operating Revenue (%) | 5.64 | 5.22 | 0.42 | - During the reporting period, the company obtained **109 initial product registration certificates** in **22 global markets** (1 in China, 1 in the US, 2 in Japan) and **34 product modification registration certificates** (7 in China, 2 in Japan)[49](index=49&type=chunk) New Patent Status During the Reporting Period | Patent Type | New Applications This Period (units) | New Grants This Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patent | 29 | 18 | 395 | 203 | | Utility Model Patent | 31 | 30 | 487 | 433 | | Design Patent | 2 | 0 | 27 | 25 | | Software Copyright | / | / | 40 | 40 | | Other | 2 | / | 5 | / | | Total | 64 | 48 | 951 | 701 | - R&D projects include endoscopic consumables, visualization, OCT, tumor intervention, neurosurgery, and other categories, with an estimated total investment exceeding **RMB 1.2 billion**, and **RMB 88.28 million invested this period**[54](index=54&type=chunk) [V. Risk Factors](index=17&type=section&id=V.%20Risk%20Factors) The company faces diverse risks including core competitiveness, market competition, product quality, overseas sales, exchange rates, policy changes, and intellectual property, with mitigation strategies in place - Core competency risk: The medical device industry experiences rapid technological updates; failure to timely track new technologies and develop new products could adversely affect the company[57](index=57&type=chunk) - Market competition risk: Domestic volume-based procurement for medical consumables leads to price reductions, and intense international market competition may further depress product sales prices[58](index=58&type=chunk) - Overseas sales risk: Increasing global trade disputes and protectionist measures (e.g., US Section 301 tariffs) could negatively impact overseas sales operations[59](index=59&type=chunk) - Exchange rate fluctuation risk: Fluctuations in the RMB exchange rate against the USD and EUR may affect product price competitiveness and result in exchange gains or losses[60](index=60&type=chunk) - Policy change risk: Policies such as volume-based procurement, healthcare payment reform, and anti-corruption measures in the pharmaceutical sector will impose higher demands on the company's operational efficiency and quality control[60](index=60&type=chunk)[61](index=61&type=chunk) - Intellectual property risk: The medical device industry is patent-intensive, and the company faces the risk of being accused of intellectual property infringement or having its own patents infringed upon[61](index=61&type=chunk)[62](index=62&type=chunk) [VI. Key Operating Performance During the Reporting Period](index=19&type=section&id=VI.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2025, the company achieved **RMB 1.565 billion in revenue**, a **17.36% YoY increase**, and **RMB 363 million in net profit**, up **17.04% YoY** H1 2025 Key Operating Data | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Revenue | 1.565 Billion RMB | 17.36% | | Net Profit Attributable to Parent | 0.363 Billion RMB | 17.04% | [VII. Analysis of Main Business Operations](index=19&type=section&id=VII.%20Analysis%20of%20Main%20Business%20Operations) Operating revenue grew **17.36% to RMB 1.565 billion** due to overseas sales, while operating costs, sales, administrative, and R&D expenses increased, and financial expenses decreased due to exchange gains Analysis of Changes in Financial Statement Items | Item | Current Period (RMB 10k) | Prior Period (RMB 10k) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 156,537.71 | 133,384.40 | 17.36 | Increased overseas sales volume | | Operating Cost | 54,952.79 | 42,767.49 | 28.49 | Increased costs due to revenue growth | | Sales Expenses | 33,754.03 | 30,323.21 | 11.31 | Increased sales personnel salaries and foreign company sales commissions | | Administrative Expenses | 19,862.16 | 16,585.05 | 19.76 | Increased management personnel salaries and depreciation & amortization | | Financial Expenses | -7,795.85 | -2,364.95 | Not applicable | Increased exchange gains due to exchange rate fluctuations | | R&D Expenses | 8,828.23 | 6,958.07 | 26.88 | Increased R&D projects and project testing activities | | Net Cash Flow from Operating Activities | 30,218.25 | 27,364.19 | 10.43 | Increased cash received from sales of goods | [VIII. Analysis of Assets and Liabilities](index=20&type=section&id=VIII.%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets reached **RMB 5.077 billion**, up **6.23%**, with significant increases in receivables, construction in progress, and goodwill, while overseas assets constituted **23.08%** of the total Changes in Assets and Liabilities | Item Name | Current Period-end (RMB 10k) | Prior Period-end (RMB 10k) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 18.49 | 5.79 | 219.22 | Increased commercial acceptance bill settlements | | Other Receivables | 2,186.86 | 1,355.49 | 61.33 | Increased company deposits | | Other Current Assets | 8,388.52 | 41,791.39 | -79.93 | Decreased bank time deposits within one year | | Construction in Progress | 3,753.78 | 2,117.44 | 77.28 | Increased investment in Thailand production base project | | Goodwill | 41,040.64 | 16,959.96 | 141.99 | Arising from company acquisitions | | Short-term Borrowings | 6,683.98 | - | Not applicable | Increased bank borrowings | | Contract Liabilities | 6,459.88 | 3,068.23 | 110.54 | Increased settlement of advance receipts this period | | Taxes Payable | 9,184.96 | 4,886.88 | 87.95 | Increased taxes payable corresponding to revenue growth | | Other Current Liabilities | 724.34 | 310.47 | 133.30 | Increased deferred output VAT from advance receipts this period | | Lease Liabilities | 3,508.11 | 2,477.81 | 41.58 | Increased housing lease payments | - Overseas assets amounted to **RMB 1.172 billion**, representing **23.08% of total assets**[69](index=69&type=chunk) - At period-end, major restricted assets included **RMB 3.94 million in monetary funds frozen due to arbitration**, **RMB 1.9883 million in bill deposits**, and **RMB 0.005 million in ETC deposits**[71](index=71&type=chunk) [IX. Analysis of Investment Status](index=23&type=section&id=IX.%20Analysis%20of%20Investment%20Status) The company invested **RMB 20 million** in wealth management products, participated in a private equity fund with a **RMB 30 million investment**, and acquired CME, which generated **RMB 123.0683 million in revenue** and **RMB 22.3480 million in net profit** post-acquisition Investment Amount During the Reporting Period | Indicator | Investment Amount This Period (RMB) | Investment Amount Prior Period (RMB) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 20,000,007 | 0 | - | Financial Assets Measured at Fair Value | Asset Category | Period-end (RMB) | Period-start (RMB) | Fair Value Change Gain/Loss This Period (RMB) | Purchases This Period (RMB) | Sales/Redemptions This Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 1,505,634.43 | - | 5,634.43 | 2,000,000.00 | 500,000.00 | | Other | 5,843,807.68 | 5,843,807.68 | - | - | - | | Other | 29,883,074.88 | 29,542,697.21 | 340,377.67 | - | - | | Total | 37,232,516.99 | 35,386,504.89 | 346,012.10 | 2,000,000.00 | 500,000.00 | - The company did not conduct foreign exchange hedging activities, but the board of directors approved a proposal to engage in hedging, with an estimated limit not exceeding **USD 90 million**[77](index=77&type=chunk) Private Equity Fund Investment Status | Private Equity Fund Name | Investment Purpose | Planned Total Investment (RMB 10k) | Amount Invested as of Period-end (RMB 10k) | Role | Contribution Ratio at Period-end (%) | Profit Impact This Period (RMB 10k) | Cumulative Profit Impact (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Daohe Zhiyi Phase I Private Equity Fund Partnership (Limited Partnership) | Optimize investment structure, broaden investment channels, enhance investment returns | 3,000 | 3,000 | Limited Partner | 4.34 | 34.04 | -11.69 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Operations and Performance | | :--- | :--- | :--- | | CME | Equity Purchase | Equity transfer date was February 14, 2025; from transfer date to period-end, CME achieved **RMB 123.0683 million in revenue** and **RMB 22.3480 million in net profit** | [Section IV Corporate Governance, Environment, and Society](index=27&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details core technical personnel criteria, confirms no changes, and discloses a semi-annual profit distribution plan of **RMB 5.00 per 10 shares**, representing **25.72% of net profit**, with no significant governance issues - The criteria for identifying core technical personnel include outstanding contributions to company development, holding key positions, comprehensive educational background, work experience, qualifications, research achievements, and awards; no changes occurred in core technical personnel during the reporting period[84](index=84&type=chunk) Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution or Capitalization | Yes | | Dividend per 10 shares (RMB) (tax inclusive) | 5.00 | | Total Proposed Cash Dividend | 93,462,685.50 RMB | | Percentage of Net Profit Attributable to Ordinary Shareholders | 25.72% | | Bonus Shares | No | | Capital Reserve to Share Capital Conversion | No | [Section V Significant Matters](index=29&type=section&id=Section%20V%20Significant%20Matters) This section details the company's strict fulfillment of various commitments, including share lock-ups and related party transactions, and discloses patent litigation, along with the use of raised funds, where **over-raised funds totaled RMB 751.5732 million**, reaching **107.61% of planned investment** [I. Fulfillment of Commitments](index=29&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments by the company, its actual controllers, shareholders, and related parties, including share lock-ups, competition resolution, and dividend policies, have been strictly fulfilled without delay - Key personnel such as Long Xiaohui and Leng Derong committed not to transfer more than **25% of their total shares annually** during their tenure, not to transfer shares within six months after resignation, and to sell shares at a price no lower than the offering price within two years after the lock-up period expires[89](index=89&type=chunk) - Shareholders such as Micro-Tech Consulting, CSC Group, and Huakang committed not to engage in businesses competitive with the company, not to control competing companies, not to provide trade secrets related to competitive businesses, and to take measures to avoid horizontal competition[89](index=89&type=chunk)[90](index=90&type=chunk) - Related parties committed to minimize related party transactions, ensure unavoidable transactions adhere to market fairness principles, and strictly comply with the company's articles of association and related party transaction management system[90](index=90&type=chunk)[91](index=91&type=chunk) - The company committed that, in the event of fraudulent issuance, it would initiate a share repurchase program to redeem all newly issued shares from the public offering[91](index=91&type=chunk)[92](index=92&type=chunk) - The company, its directors, and senior management committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, not to harm company interests, and to link the compensation system with the implementation of return enhancement measures[92](index=92&type=chunk) - The company committed to strictly implement its dividend policy, and if unable to do so, it will publicly explain the reasons, apologize, and compensate investors for losses in accordance with the law[92](index=92&type=chunk)[93](index=93&type=chunk) [II. Significant Litigation and Arbitration Matters](index=39&type=section&id=II.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in patent infringement litigation, with an initial ruling in its favor, which is currently under appeal, and a related patent invalidation request has been filed - The company initiated a patent infringement lawsuit against Beijing Zhongke Shengkang Technology Co., Ltd., with the first-instance judgment finding Zhongke Shengkang guilty of infringement and ordering **compensation of RMB 0.7 million**[100](index=100&type=chunk) - Zhongke Shengkang appealed the first-instance judgment to the Supreme People's Court, and the case is currently under review[100](index=100&type=chunk) - On May 16, 2025, Zhongke Shengkang filed a request with the National Intellectual Property Administration to invalidate the company's relevant invention patent, which has been accepted[100](index=100&type=chunk) [III. Significant Related Party Transactions](index=40&type=section&id=III.%20Significant%20Related%20Party%20Transactions) The company engaged in **RMB 40.4070 million** in related party transactions with Jiangsu Kanghong Medical Technology Co., Ltd. and increased capital in Kangyou Medical, maintaining its controlling stake despite a slight reduction in shareholding Related Party Transactions for Goods Purchase/Sale and Services | Related Party | Related Party Transaction Content | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Jiangsu Kanghong Medical Technology Co., Ltd. | Purchase of Goods | 38,212,102.07 | 34,930,186.35 | | Jiangsu Kanghong Medical Technology Co., Ltd. | Processing Fees | 2,194,873.59 | 1,981,752.90 | | Anhui Kangwei Medical Technology Co., Ltd. | Purchase of Goods | - | 747,943.57 | - The company increased capital in its controlled subsidiary Kangyou Medical by **RMB 20 million**, and Kangyou Medical's core management team also invested **RMB 20 million**, with this capital increase adding **RMB 2,614,379.06** to registered capital[104](index=104&type=chunk) - Following the capital increase, the company's equity stake in Kangyou Medical decreased from **54.00% to 53.58%**, but the company remains the controlling shareholder of Kangyou Medical[104](index=104&type=chunk) [IV. Progress in Use of Raised Funds](index=44&type=section&id=IV.%20Progress%20in%20Use%20of%20Raised%20Funds) The company's IPO raised **RMB 1,748.6830 million**, with **RMB 751.5732 million of over-raised funds** cumulatively invested, reaching **107.61% of planned progress**, and key investment projects are completed or nearing completion Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB 10k) | Net Raised Funds (RMB 10k) | Total Over-raised Funds (RMB 10k) | Cumulative Investment of Over-raised Funds as of Period-end (RMB 10k) | Progress of Over-raised Funds Investment as of Period-end (%) | Investment Amount This Year (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 174,868.30 | 159,277.66 | 69,843.65 | 75,157.32 | 107.61 | 15,594.98 | Detailed Use of Raised Fund Investment Projects (Partial) | Project Name | Committed Investment Amount of Raised Funds (RMB 10k) | Investment Amount This Period (RMB 10k) | Cumulative Investment as of Period-end (RMB 10k) | Investment Progress as of Period-end (%) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | Marketing Network and Information Management System Construction Investment Project | 4,512.00 | 0.00 | 4,742.69 | 105.11 | Completed | | Production Base Construction Project | 65,592.00 | 10,273.04 | 56,190.90 | 85.68 | December 31, 2025 | | Domestic and International R&D and Experiment Center Construction Project | 19,330.01 | 952.20 | 17,006.11 | 87.98 | Completed | - The company used up to **RMB 200 million of idle raised funds** for cash management, investing in highly secure and liquid principal-protected investment products; as of June 30, 2025, the cash management balance was **RMB 0**[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) [Section VI Share Changes and Shareholder Information](index=49&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) The company's share capital structure remained unchanged, with **12,345 ordinary shareholders** at period-end, and Shenzhen CSC Group and Nanjing Micro-Tech Consulting as the top two shareholders - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[122](index=122&type=chunk) Total Ordinary Shareholders as of Period-end | Indicator | Number (households) | | :--- | :--- | | Ordinary Shareholders Total | 12,345 | | Total Preferred Shareholders with Restored Voting Rights | 0 | | Total Shareholders Holding Special Voting Rights Shares | 0 | Top Ten Shareholders' Holdings as of Period-end (Partial) | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shenzhen CSC Group Venture Capital Co., Ltd. | 41,752,818 | 22.23 | Domestic Non-State-Owned Legal Person | | Nanjing Micro-Tech Enterprise Management Consulting Co., Ltd. | 36,766,614 | 19.57 | Domestic Non-State-Owned Legal Person | | Schroder Investment Management (Hong Kong) Limited - Schroder Global Fund Series China A-Shares (Exchange) | 5,709,328 | 3.04 | Other | | National Social Security Fund 413 Portfolio | 3,945,459 | 2.10 | Other | | Bank of China Co., Ltd. - Huabao CSI Medical ETF | 3,682,190 | 1.96 | Other | - Long Xiaohui controls Nanjing Micro-Tech Enterprise Management Consulting Co., Ltd., and Leng Derong holds equity in Nanjing Micro-Tech Enterprise Management Consulting Co., Ltd. through Nanjing Hongde Software Co., Ltd., which he controls[127](index=127&type=chunk) [Section VII Bond-Related Information](index=53&type=section&id=Section%20VII%20Bond-Related%20Information) The company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[131](index=131&type=chunk) - During the reporting period, the company had no convertible corporate bonds[131](index=131&type=chunk) [Section VIII Financial Report](index=54&type=section&id=Section%20VIII%20Financial%20Report) This section presents the unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with comprehensive notes on accounting policies, taxation, and other financial details [I. Audit Report](index=54&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=54&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the period ending June 30, 2025 - Consolidated and parent company balance sheets as of June 30, 2025 are provided[133](index=133&type=chunk)[137](index=137&type=chunk) - Consolidated and parent company income statements for January-June 2025 are provided[141](index=141&type=chunk)[145](index=145&type=chunk) - Consolidated and parent company cash flow statements for January-June 2025 are provided[148](index=148&type=chunk)[151](index=151&type=chunk) - Consolidated and parent company statements of changes in owners' equity for January-June 2025 are provided[154](index=154&type=chunk)[164](index=164&type=chunk) [III. Company Basic Information](index=78&type=section&id=III.%20Company%20Basic%20Information) Micro-Tech (Nanjing) Co., Ltd. was established in May 2000, listed on the STAR Market in July 2019, with paid-in capital of **RMB 187,847,422.00** as of June 30, 2025 - Micro-Tech (Nanjing) Co., Ltd. was established in **May 2000**, restructured into a joint-stock company in **July 2015**, and listed on the STAR Market of the Shanghai Stock Exchange in **July 2019**[168](index=168&type=chunk) - As of June 30, 2025, the company's paid-in capital was **RMB 187,847,422.00**[168](index=168&type=chunk) [IV. Basis of Financial Statement Preparation](index=78&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, with a calendar accounting year, a 12-month operating cycle, RMB as the functional currency, and assured going concern capability for at least 12 months - The company's financial statements are prepared on a going concern basis, with the accounting year running from **January 1 to December 31**[169](index=169&type=chunk)[173](index=173&type=chunk) - The company uses a **12-month operating cycle** as the basis for classifying assets and liabilities as current or non-current[174](index=174&type=chunk) - The company possesses going concern capability for at least **12 months** from the end of the reporting period, with no significant matters affecting its ability to continue as a going concern[170](index=170&type=chunk) [V. Significant Accounting Policies and Estimates](index=78&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates across various areas, including revenue, financial instruments, inventory, fixed assets, R&D, employee compensation, government grants, and leases, all aligned with enterprise accounting standards - The company classifies financial assets into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[193](index=193&type=chunk) - For receivables and contract assets arising from transactions governed by revenue standards, the company applies a simplified measurement approach, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[208](index=208&type=chunk) - Inventory is valued at standard cost upon issuance, with variances allocated at month-end based on variance rates to adjust standard costs to actual costs[218](index=218&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method, with clear depreciation periods, salvage rates, and annual depreciation rates for each category of fixed assets[225](index=225&type=chunk) - Research phase expenditures for internal R&D projects are recognized as current period expenses, while development phase expenditures are recognized as intangible assets when specific conditions are met[233](index=233&type=chunk) - Government grants are classified into asset-related and income-related, recognized as deferred income or directly as current period profit or loss, respectively[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases, applying simplified treatment for short-term leases and leases of low-value assets[260](index=260&type=chunk) [VI. Taxation](index=107&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from preferential policies, with a **15% corporate income tax rate** applicable to the company and some subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting current deductible input VAT, the difference is payable VAT | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | Levied on payable turnover tax | 7% | | Corporate Income Tax | Levied on taxable income | See table below | - The company and Nanjing Kangding New Material Technology Co., Ltd. qualify for the VAT additional deduction policy, allowing a **5% additional deduction** from payable VAT based on current deductible input VAT[271](index=271&type=chunk) Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Nanjing Kangding New Material Technology Co., Ltd. | 15% | | Nanjing Kangyou Medical Technology Co., Ltd. | 15% | | Micro-Tech(H.K) Holding Ltd | 8.25% | [VII. Notes to Consolidated Financial Statement Items](index=109&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides comprehensive notes to the consolidated financial statement items, detailing various assets, liabilities, equity, income, and expense accounts, along with specific disclosures on cash flows, foreign currency items, and leases Period-end Balance of Monetary Funds | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 1,317,711.33 | 1,295,346.09 | | Bank Deposits | 2,008,904,942.05 | 1,868,831,211.77 | | Other Monetary Funds | 5,950,863.19 | 16,498,401.20 | | Total | 2,016,173,516.57 | 1,886,624,959.06 | Accounts Receivable by Aging | Aging | Period-end Book Balance (RMB) | Period-start Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 534,580,359.48 | 421,501,935.63 | | 1 to 2 years | 32,293,726.19 | 22,515,345.68 | | Over 2 years | 7,984,207.51 | 5,733,090.90 | | Total | 574,858,293.18 | 449,750,372.21 | Period-end Balance of Inventory by Category | Item | Book Balance (RMB) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 140,273,729.52 | 4,078,719.73 | 136,195,009.79 | | Work in Progress | 91,815,337.76 | 1,924,167.38 | 89,891,170.38 | | Finished Goods | 395,567,850.76 | 24,089,728.83 | 371,478,121.93 | | Revolving Materials | 2,097,673.21 | 405,699.23 | 1,691,973.98 | | Consigned Processing Materials | 24,229,740.22 | - | 24,229,740.22 | | Goods in Transit | 4,475,998.35 | - | 4,475,998.35 | | Total | 658,985,758.53 | 30,498,315.17 | 628,487,443.36 | Period-end Balance of Fixed Assets | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Fixed Assets | 926,083,918.24 | 926,465,628.26 | | Total | 926,083,918.24 | 926,465,628.26 | Period-end Book Value of Goodwill | Name of Investee or Event Forming Goodwill | Period-start Balance (RMB) | Increase This Period (Formed by Business Combination) (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | :--- | | Nanjing Kangyou Medical Technology Co., Ltd. | 63,622,544.01 | - | 63,622,544.01 | | Micro-Tech Europe Gmbh | 47,585,273.41 | - | 47,585,273.41 | | Creo Medical SL | - | 240,806,848.02 | 240,806,848.02 | | Total | 174,662,477.85 | 240,806,848.02 | 415,469,325.87 | Operating Revenue and Operating Cost | Item | Amount This Period (RMB) Revenue | Amount This Period (RMB) Cost | Amount Prior Period (RMB) Revenue | Amount Prior Period (RMB) Cost | | :--- | :--- | :--- | :--- | :--- | | Main Business | 1,553,719,397.09 | 542,725,045.03 | 1,330,260,267.32 | 424,831,919.08 | | Other Business | 11,657,654.81 | 6,802,897.39 | 3,583,741.14 | 2,842,978.43 | | Total | 1,565,377,051.90 | 549,527,942.42 | 1,333,844,008.46 | 427,674,897.51 | Financial Expenses | Item | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | | Interest Expense | 1,319,238.83 | 1,704,427.12 | | Less: Interest Income | 32,619,921.79 | 36,200,403.22 | | Exchange Loss | -51,723,825.35 | 7,268,258.93 | | Handling Fees | 5,066,012.60 | 3,578,169.11 | | Total | -77,958,495.71 | -23,649,548.06 | Supplementary Information to Cash Flow Statement (Net Cash Flow from Operating Activities) | Supplementary Information | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 302,182,451.72 | 273,641,875.19 | [VIII. R&D Expenses](index=170&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenditure for the period was **RMB 88.2823 million**, entirely expensed, marking a **26.88% year-on-year increase**, primarily for salaries, materials, testing, and depreciation R&D Expenses by Nature | Item | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | | Salaries and Wages | 38,558,361.64 | 33,046,633.42 | | R&D Materials | 28,930,159.09 | 15,884,552.00 | | Testing Fees | 3,325,311.02 | 4,638,981.27 | | Depreciation and Amortization | 10,727,754.84 | 9,931,600.19 | | Total Expensed R&D | 88,282,277.32 | 69,580,698.86 | | Total Capitalized R&D | 0.00 | 0.00 | [IX. Changes in Consolidation Scope](index=171&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company acquired a **51% stake in Creo Medical SL** on February 14, 2025, for **RMB 276.5052 million**, recognizing **RMB 211.6534 million in goodwill**, with Creo Medical SL contributing **RMB 123.0683 million in revenue** and **RMB 22.3480 million in net profit** post-acquisition Non-Same-Control Business Combinations Occurring This Period | Acquiree Name | Acquisition Date | Acquisition Cost (RMB 10k) | Equity Acquired (%) | Acquiree Revenue from Acquisition Date to Period-end (RMB 10k) | Acquiree Net Profit from Acquisition Date to Period-end (RMB 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Creo Medical SL | February 14, 2025 | 27,650.52 | 51 | 12,306.83 | 2,234.80 | Merger Cost and Goodwill | Merger Cost | Amount (RMB) | | :--- | :--- | | --Cash | 276,505,209.27 | | Total Merger Cost | 276,505,209.27 | | Less: Fair Value Share of Identifiable Net Assets Acquired | 64,851,836.85 | | Goodwill | 211,653,372.42 | [X. Interests in Other Entities](index=174&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, highlighting that Nanjing Kangyou Medical Technology Co., Ltd. has a **39.04% minority stake** and contributed **RMB 5.7563 million to minority shareholder profit** this period Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Micro-Tech Medical Device Co., Ltd. | Nanjing Jiangbei New Area | RMB 1 million | Licensed projects: import and export of goods; production of Class II medical devices; production of Class III medical devices; operation of Class III medical devices; inspection and testing services | 100 | Establishment | | Nanjing Kangyou Medical Technology Co., Ltd. | Nanjing Jiangbei New Area | RMB 24.836602 million | Licensed projects: production of Class II medical devices; production of Class III medical devices; operation of Class III medical devices; production of medical masks; import and export agency; import and export of goods; import and export of technology | 54 | Non-same-control business combination | | Micro-Tech(H.K) Holding Ltd | Hong Kong | HKD 1,000 | Sales of medical stent introducers, disposable biopsy forceps, related interventional medical consumables, and endoscope equipment | 100 | Establishment | Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Profit Attributable to Minority Shareholders This Period (RMB) | Minority Shareholder Equity Balance at Period-end (RMB) | | :--- | :--- | :--- | :--- | | Nanjing Kangyou Medical Technology Co., Ltd. | 39.04 | 5,756,342.68 | 104,989,396.23 | Summarized Financial Information of Insignificant Joint Ventures and Associates | Item | Period-end Balance/Amount This Period (RMB) | Period-start Balance/Amount Prior Period (RMB) | | :--- | :--- | :--- | | Associates: Total Book Value of Investments | 49,363,872.96 | 49,299,855.21 | | --Net Profit | 21,026,914.52 | 20,485,336.87 | | --Total Comprehensive Income | 21,026,914.52 | 20,485,336.87 | [XI. Government Grants](index=186&type=section&id=XI.%20Government%20Grants) This section details government grant-related liabilities, with **RMB 0.0230 million in income-related grants** and **RMB 1.1266 million in asset-related grants** received this period, totaling **RMB 1.1495 million** Liability Items Involving Government Grants | Financial Statement Item | Period-start Balance (RMB) | New Grants This Period (RMB) | Amount Recognized as Non-operating Income This Period (RMB) | Amount Transferred to Other Income This Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Long-term Payables | 37,649,810.98 | - | - | - | 37,649,810.98 | Asset Related | | Deferred Income | 8,285,128.01 | - | - | 1,126,595.05 | 7,158,532.96 | Asset Related | | Deferred Income | 1,210,000.00 | - | - | - | 1,210,000.00 | Asset and Income Related | | Total | 47,144,938.99 | - | - | 1,126,595.05 | 46,018,343.94 | / | Government Grants Recognized in Current Profit or Loss | Type | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | | Income Related | 22,950.00 | 469,523.70 | | Asset Related | 1,126,595.05 | 1,135,328.50 | | Total | 1,149,545.05 | 1,604,852.20 | [XII. Risks Related to Financial Instruments](index=187&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market risks (exchange rate and interest rate), credit risk, and liquidity risk through strategies like foreign currency matching, credit monitoring, and cash flow forecasting - The company faces exchange rate risk, primarily arising from financial assets and liabilities denominated in USD, EUR, GBP, HKD, JPY, CHF, THB, and other currencies[475](index=475&type=chunk) Foreign Currency Financial Assets and Liabilities Converted to RMB | Item | Period-end Balance (RMB) Assets | Period-start Balance (RMB) Assets | Period-end Balance (RMB) Liabilities | Period-start Balance (RMB) Liabilities | | :--- | :--- | :--- | :--- | :--- | | USD | 1,384,543,730.88 | 1,267,407,109.87 | 30,072,936.92 | 35,286,069.64 | | EUR | 494,305,139.90 | 432,710,075.44 | 67,998,275.48 | 30,353,092.22 | | GBP | 40,275,411.12 | 8,666,398.50 | 8,308,928.41 | 1,041,868.38 | | JPY | 98,194,156.74 | 77,231,142.66 | 1,775,481.60 | 91,171.85 | | CHF | 14,372,322.93 | 11,638,045.82 | 2,675,211.06 | 1,324,028.43 | | HKD | 33,853.41 | 37,984.42 | - | - | | THB | 1,938,716.05 | 2,191,391.18 | 984,761.09 | 1,515,673.35 | | Subtotal | 2,033,663,331.03 | 1,799,882,147.89 | 111,815,594.56 | 69,611,903.87 | - The company has no floating-rate debt, and management believes there is currently no interest rate risk – cash flow variability risk[479](index=479&type=chunk) - The company manages credit risk by assessing new customer credit risk, setting credit limits, quarterly monitoring existing customer credit ratings, and monthly reviewing accounts receivable aging[480](index=480&type=chunk) - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months to ensure sufficient funds to meet maturing obligations[481](index=481&type=chunk) [XIII. Fair Value Disclosures](index=189&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses period-end fair values for assets and liabilities, including financial assets held for trading and other equity/non-current financial assets, measured using Level 2 and Level 3 fair value methodologies Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading (Wealth Management Products) | 1,505,634.43 | - | 1,505,634.43 | | (III) Other Equity Instrument Investments | - | 5,812,290.09 | 5,812,290.09 | | (VI) Other Non-current Financial Assets | - | 29,883,074.88 | 29,883,074.88 | | Total Assets Continuously Measured at Fair Value | 1,505,634.43 | 35,695,364.97 | 37,200,999.40 | - Wealth management products' fair value is determined by discounting expected cash flows using interest rates based on the expected return rates of similar market products and the best estimate of expected risk levels[486](index=486&type=chunk) - Other equity instrument investments and non-current financial assets are accounted for as non-public companies/partnerships with no active market, and their fair value is reasonably estimated by reference to the company/partnership's net assets or agreements[487](index=487&type=chunk) [XIV. Related Parties and Related Party Transactions](index=191&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section identifies related parties, including major shareholders and key management, and details related party transactions with Jiangsu Kanghong Medical Technology Co., Ltd. for purchases and processing fees, and prepayments to Fidmi Medical ltd Other Related Party Information (Partial) | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Jiangsu Zhongtianlong Investment Group Co., Ltd. | Legal entity indirectly holding over 5% of the listed company's shares; legal entity controlled by the company's chairman Long Xiaohui | | Long Xiaohui | Natural person directly or indirectly holding over 5% of the listed company's shares, Chairman | | Leng Derong | Natural person directly or indirectly holding over 5% of the listed company's shares, Director, President | | Jiangsu Kanghong Medical Technology Co., Ltd. | Associate | Purchase of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Jiangsu Kanghong Medical Technology Co., Ltd. | Purchase of Goods | 38,212,102.07 | 34,930,186.35 | | Jiangsu Kanghong Medical Technology Co., Ltd. | Processing Fees | 2,194,873.59 | 1,981,752.90 | Period-end Balance of Receivables | Item Name | Related Party | Book Balance (RMB) | Bad Debt Provision (RMB) | | :--- | :--- | :--- | :--- | | Prepayments | Fidmi Medical ltd. | 385,785.54 | - | Period-end Balance of Payables | Item Name | Related Party | Period-end Book Balance (RMB) | Period-start Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Accounts Payable | Jiangsu Kanghong Medical Technology Co., Ltd. | 37,828,405.77 | 45,754,748.07 | [XV. Share-Based Payments](index=196&type=section&id=XV.%20Share-Based%20Payments) This section details equity-settled share-based payments to executives and key employees, with **RMB 2.7639 million expensed this period** and a cumulative **RMB 3.2245 million recognized in capital reserves** - Equity-settled share-based payments are granted to executives, core technical personnel, and key employees, with the fair value of equity instruments at the grant date determined by market price[501](index=501&type=chunk) Share-Based Payment Expense This Period | Grantee Category | Equity-Settled Share-Based Payment Expense (RMB) | | :--- | :--- | | Executives, Core Technical Personnel, Key Employees | 2,763,888.90 | | Total | 2,763,888.90 | - The cumulative amount of equity-settled share-based payments recognized in capital reserves is **RMB 3,224,537.05**[501](index=501&type=chunk) [XVI. Commitments and Contingencies](index=197&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or material contingencies requiring disclosure during the reporting period - During the reporting period, the company had no significant commitments[503](index=503&type=chunk) - The company had no material contingencies requiring disclosure[503](index=503&type=chunk) [XVII. Post-Balance Sheet Events](index=197&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) Post-balance sheet date, the company plans to distribute **RMB 93.4627 million in profits or dividends**, which has been approved for declaration Profit Distribution Status | Item | Amount (RMB) | | :--- | :--- | | Proposed Profit or Dividend Distribution | 93,462,685.50 | | Profit or Dividend Declared and Approved for Distribution | 93,462,685.50 | [XVIII. Other Significant Matters](index=198&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, or other material transactions affecting investor decisions - During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other important transactions and matters affecting investor decisions[505](index=505&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=198&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section details the parent company's financial statement items, including **RMB 691 million in accounts receivable**, **RMB 17.6941 million in other receivables**, and **RMB 975 million in long-term equity investments**, primarily in subsidiaries Parent Company Accounts Receivable by Aging | Aging | Period-end Book Balance (RMB) | Period-start Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 563,182,770.22 | 526,140,898.11 | | 1 to 2 years | 49,963,155.38 | 48,320,595.45 | | Over 2 years | 78,306,686.40 | 61,907,338.43 | | Total | 691,452,612.01 | 636,368,831.99 | Parent Company Other Receivables by Nature | Nature of Item | Period-end Book Balance (RMB) | Period-start Book Balance (RMB) | | :--- | :--- | :--- | | Deposits and Pledges | 1,629,815.74 | 1,154,827.89 | | Employee Advances and Loans | 1,365,499.62 | 1,096,219.03 | | Intercompany Balances | 15,241,625.87 | 14,547,819.21 | | Other | 315,615.52 | 1,106,827.82 | | Total | 18,552,556.75 | 17,905,693.95 | Parent Company Long-term Equity Investments | Item | Period-end Balance (Book Value) (RMB) | Period-start Balance (Book Value) (RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 910,247,311.22 | 748,808,534.22 | | Investments in Associates and Joint Ventures | 64,506,227.46 | 72,892,019.98 | | Total | 974,753,538.68 | 821,700,554.20 | Parent Company Operating Revenue and Operating Cost | Item | Amount This Period (RMB) Revenue | Amount This Period (RMB) Cost | Amount Prior Period (RMB) Revenue | Amount Prior Period (RMB) Cost | | :--- | :--- | :--- | :--- | :--- | | Main Business | 945,627,736.65 | 406,146,886.04 | 917,535,247.39 | 369,418,114.79 | | Other Business | 8,863,130.72 | 8,381,656.45 | 5,269,178.08 | 5,160,729.50 | | Total | 954,490,867.37 | 414,528,542.49 | 922,804,425.47 | 374,578,844.29 | Parent Company Investment Income | Item | Amount This Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 9,114,207.48 | 8,690,323.29 | | Investment Income from Disposal of Wealth Management Products | - | 4,457,304.03 | | Total | 9,114,207.48 | 13,147,684.07 | [XX. Supplementary Information](index=209&type=section&id=XX.%20Supplementary%20Information) This section presents a detailed statement of non-recurring gains and losses, totaling **RMB -0.3915 million**, and discloses a **9.11% weighted average ROE** and **RMB 1.94 basic EPS** for ordinary shareholders Statement of Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -181,849.35 | | Government Grants Recognized in Current Profit or Loss | 22,950.00 | | Fair Value Change Gains/Losses and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises, Excluding Effective Hedging Related to Normal Business Operations | 340,377.67 | | Gains/Losses from Entrusted Investment or Asset Management | 19,057.62 | | Other Non-operating Income and Expenses Apart from the Above | -937,061.25 | | Less: Income Tax Impact | 78,335.71 | | Minority Interest Impact (After Tax) | -423,345.88 | | Total | -391,515.14 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 9.11 | 1.94 | 1.94 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 9.12 | 1.95 | 1.95 |

人民财讯8月11日电，南微医学(688029)8月11日晚间发布2025年半年报，上半年实现营业收入15.65亿 元，同比增长17.36%；归母净利润3.63亿元，同比增长17.04%。公司拟向全体股东每10股派发现金红利 5元(含税)。 ...

Group 1 - The medical sector in A-shares is experiencing a surge, with the largest medical ETF (512170) seeing a volume increase of 2% and over 5 billion yuan in transactions, indicating strong buying interest [1] - Medical device stocks are leading the gains, with Nanwei Medical rising nearly 11% and Xinmai Medical increasing by nearly 8% [1] - The CXO concept is also active, with Zhaoyan New Drug up over 3% and Tigermed up over 2% [1] Group 2 - In July, the National Medical Products Administration announced support for high-end medical device innovation, focusing on areas like medical robots and AI medical devices, with ten key support measures proposed [3] - The adjustment of centralized procurement policies is expected to help medical device companies maintain reasonable sales prices and profit margins, enhancing the competitive advantage of leading companies with strong product performance and brand power [3] - According to CITIC Securities, the optimization of procurement policies and improving bidding data suggest that the medical device sector may see performance turning points from the second half of this year into next year [3] Group 3 - The market is shifting funds from high-valued sectors to reasonably valued ones, indicating a potential expansion of the medical market from innovative drugs to lower-valued medical devices [3] - The largest medical ETF (512170) focuses on "medical devices (52%) + medical services (40%)" and is highly correlated with AI medical applications, covering six leading CXO stocks [3]

Group 1 - The core viewpoint is that the recent rebound in the Sci-Tech Innovation Board is driven by two main factors: the opening up of overseas computing power targets and the implementation of AI plans in the US, which strengthens the logic of domestic substitution [1] - The AI industry chain continues to catalyze growth, with new models like GPT-5.0 and DeepSeek R2 expected to provide effective support [1] - Since July, major domestic and international companies have released performance reports, showing a clear growth trend driven by AI, with high demand for AI computing power and continuous introduction of significant technological events [1] Group 2 - The Sci-Tech 100 ETF fund closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index, which selects 100 securities with medium market capitalization and good liquidity from the Sci-Tech Innovation Board [2] - As of July 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 23.52% of the index, including companies like Borui Pharmaceutical and BeiGene [2]

Core Viewpoint - The article discusses the acquisition of 51% stake in CME by Nanwei Medical, highlighting the strategic move to expand its overseas sales channels and enhance market share in Europe, particularly in the medical device sector [4][5][12]. Group 1: Transaction Background and Purpose - The medical device market in China is becoming increasingly competitive, prompting companies to seek growth in overseas markets where pricing is more stable due to commercial insurance [5]. - Nanwei Medical has been focusing on building overseas channels since 2015, establishing subsidiaries in the US and Europe, and acquiring local distributors to enhance its direct sales capabilities [6][5]. Group 2: Transaction Details - Nanwei Medical plans to acquire CME for a maximum of €3.672 million (approximately ¥28.948 million), with the transaction not constituting a major asset restructuring [12]. - CME, a subsidiary of Creo, specializes in the distribution of medical devices, with a significant portion of its revenue coming from products that align with Nanwei Medical's offerings [10][9]. Group 3: Financial Data - Recent financial data for Nanwei Medical shows total assets of approximately ¥441.57 million as of June 30, 2024, with a net profit of about ¥31.99 million for the first half of 2024 [8]. - CME's financials indicate total assets of €2.2637 million and a net profit of €346.8 thousand for the first half of 2024 [11]. Group 4: Transaction Characteristics - The acquisition process is simplified as it does not require shareholder approval, allowing for quicker execution [13]. - The transaction is positioned as a strategic move to enhance Nanwei Medical's product sales capabilities in Europe, leveraging CME's established distribution network [15][14]. Group 5: Acquisition Strategy - Nanwei Medical employs a "small steps, quick wins" acquisition strategy, which minimizes risks associated with larger acquisitions and allows for gradual integration of new assets [17]. - This approach has previously facilitated the growth of overseas revenue and increased direct sales ratios, aligning with the company's international expansion strategy [17].