Core Viewpoint - Nanwei Medical's stock closed at 64.01 yuan, with a PE ratio of 21.07, marking a new low in 25 days, and a total market capitalization of 12.024 billion yuan [1] Group 1: Company Overview - Nanwei Medical specializes in the research, manufacturing, and sales of minimally invasive medical devices, including endoscopic diagnostic instruments, microwave ablation equipment, and disposable endoscopes [1] - The company is one of the major manufacturers of endoscopic diagnostic instruments in China, recognized for its early start, strong innovation capabilities, rich product lines, and significant scale advantages [1] Group 2: Financial Performance - For Q1 2025, the company reported an operating income of 699 million yuan, a year-on-year increase of 12.75%, and a net profit of 161 million yuan, also up 12.18%, with a gross profit margin of 65.69% [2] - As of Q1 2025, 17 institutions held shares in Nanwei Medical, including 11 funds, 4 other institutions, and 2 social security funds, with a total holding of 106.4733 million shares valued at 7.017 billion yuan [1] Group 3: Industry Comparison - The average PE ratio for the medical device industry is 50.06, with a median of 36.80, positioning Nanwei Medical at 49th place within the industry [1][2] - The company's current PE ratio is significantly lower than the industry average, indicating potential undervaluation compared to peers [2]

Group 1 - The company announced a share repurchase plan with a total expected amount between 30 million to 50 million RMB [1][2] - The repurchase will be conducted through centralized bidding and is set to last for 6 months after board approval [1][2] - The maximum repurchase price is capped at 150% of the average trading price over the last 30 trading days, which is 96.54 RMB per share [1] Group 2 - As of the latest update, the company has repurchased a total of 15,729 shares, representing 0.0084% of the total share capital of 187,847,422 shares [2] - The repurchase was executed at a price range between 62.01 RMB and 62.32 RMB per share, with a total expenditure of approximately 977,391.79 RMB [2] - The company will adhere to relevant regulations and will disclose further information regarding the repurchase progress [2]

| 回购方案首次披露日 | 2025/4/22，由董事长隆晓辉先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 预计回购金额 | 3,000万元~5,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 15,729股 | | 累计已回购股数占总股本比例 | 0.0084% | | 累计已回购金额 | 977,391.79元 | | 实际回购价格区间 | 62.01元/股~62.32元/股 | 证券代码：688029 证券简称：南微医学 公告编号：2025-023 南微医学科技股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： 一、回购股份的基本情况 2025 年 4 月 21 日，南微医学科技股份有限公司（以下简称"公司"）召开第 四届董事会第八次会议，审议通过了《关于以集中竞价交 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - In 2024, the company achieved revenue of 2.76 billion RMB, representing a year-on-year growth of 14.26%, and a net profit attributable to shareholders of 553 million RMB, up 13.85% [4][9]. - The company is experiencing steady domestic revenue growth despite temporary pressure from centralized procurement, with domestic sales reaching 1.38 billion RMB in 2024, a 2.1% increase year-on-year [4][9]. - Export revenue is growing rapidly, with 2024 export revenue at 1.36 billion RMB, a 30.44% increase year-on-year, contributing nearly 40% of total profits [4][9]. - The company has forecasted EPS for 2025-2027 at 3.55, 4.24, and 5.02 RMB respectively, with a target price of 88.75 RMB based on a 2025 target PE of 25X [4][9]. Financial Summary - The company’s financial performance shows a steady increase in revenue and profit margins, with a gross profit margin of 67.65% in 2024, up 3.15 percentage points from the previous year [4][9]. - The net profit margin for 2024 was 20.62%, reflecting a slight increase of 0.10 percentage points [4][9]. - The company’s sales expense ratio decreased to 23.46%, while the management expense ratio was 19.71% [4][9]. - The company’s total assets are projected to grow from 4.39 billion RMB in 2023 to 5.99 billion RMB by 2027 [6].

Group 1 - The company plans to repurchase shares with a total amount not less than RMB 30 million and not exceeding RMB 50 million [10][24] - The source of funds for the repurchase will be the company's own funds or a special loan from CITIC Bank Nanjing Branch [10][24] - The repurchased shares will be used for employee stock ownership plans or equity incentives [14][21] Group 2 - The repurchase price will not exceed RMB 96.54 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [23][24] - The repurchase will be conducted through centralized bidding on the Shanghai Stock Exchange [16][21] - The repurchase period is set for six months from the date the board approves the plan [11][17] Group 3 - The company aims to enhance investor confidence and improve shareholder returns through this repurchase [14][31] - The total number of shares to be repurchased is estimated to be between 310,753 shares (0.17% of total shares) and 517,920 shares (0.28% of total shares) based on the maximum repurchase amount [21][22] - The board of directors has confirmed that there are no plans for share reductions by major shareholders in the next three to six months [29][30] Group 4 - The board of directors approved the repurchase proposal on April 21, 2025, with unanimous support [13][31] - The company has established a dedicated securities account for the repurchase of shares [36] - The company will disclose the progress of the repurchase plan in a timely manner [36][8]

证券代码：688029 证券简称：南微医学 公告编号：2025-022 南微医学科技股份有限公司 关于以集中竞价方式回购股份的回购报告书 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： ● 回购股份方式：集中竞价交易方式； ● 回购股份期限：自公司董事会审议通过本次回购方案之日起 6 个月内； ● 相关股东是否存在减持计划：经公司发函确认，截至董事会通过本次回购方案 决议之日，除公司第一大股东回复在未来 3 个月暂无减持所持公司股份的计划， 未来 6 个月是否减持暂不确定外，其他持股 5%以上的股东、回购提议人、其他董 事、监事、高级管理人员均回复其在未来 3 个月、未来 6 个月不存在减持公司股 份的计划。若上述人员或股东未来拟实施股份减持计划，公司将按相关规定及时 履行信息披露义务。 ● 相关风险提示： ● 回购股份金额：不低于人民币 3,000.00 万元（含），不超过人民币 5,000.00 万元（含）； ● 回购股份资金来源：公司自有资金或中信银行股份有限公司南京分行（以下简 称"中信银行南京分行 ...

关于召开2024年度暨 2025年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 投资者可于2025年5月8日(星期四)至5月12日(星期一)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或将有关问题通过电子邮件 的形式发送至公司投资者关系邮箱nwyx@mtmed.com。公司将在说明会上对 投资者普遍关注的问题进行回答。 证券代码：688029 证券简称：南微医学 公告编号：2025-021 南微医学科技股份有限公司 董事、总裁冷德嵘先生，董事、执行总裁李常青先生，高级副总裁兼财务 负责人芮晨为先生，独立董事吴应宇先生，副总裁兼董事会秘书龚星亮先生 （如有特殊情况，参会人员可能进行调整）。 四、 投资者参加方式 一、 说明会类型 南微医学科技股份有限公司（以下简称"公司"）已于2025年4月29日在上 海证券交易所网站（www.sse.com.cn）披露《2024年年度报告》和《2025年第 一季 ...

Company Overview - Nanwei Medical's main business includes the research, manufacturing, and sales of minimally invasive medical devices, with key products such as endoscopic diagnostic instruments, microwave ablation equipment, and disposable endoscopes [1] - The company is one of the major manufacturers of endoscopic diagnostic instruments in China, recognized for its early start in the industry, strong innovation capabilities, rich product lines, and significant scale advantages [1] Financial Performance - For Q1 2025, the company reported a revenue of 699 million yuan, representing a year-on-year increase of 12.75% [2] - The net profit for the same period was 161 million yuan, showing a year-on-year growth of 12.18% [2] - The sales gross margin stood at 65.69% [2] Market Position - As of May 6, the closing price of Nanwei Medical was 62.27 yuan, with a PE ratio of 20.50, marking a new low in the past 20 days [1] - The company's total market capitalization is 11.697 billion yuan [1] - In comparison to the industry, the average PE ratio for the medical device sector is 48.90, with a median of 36.41, placing Nanwei Medical at the 49th position in the industry ranking [1] Shareholding Structure - As of Q1 2025, a total of 17 institutions hold shares in Nanwei Medical, including 11 funds, 4 other institutions, and 2 social security funds, with a total holding of 106.4733 million shares valued at 7.017 billion yuan [1]

南微医学公告，公司拟以不低于3000万元、不超过5000万元资金回购股份，回购价格不超过96.54元/ 股。本次回购股份将全部用于实施员工持股计划或股权激励，并在发布股份回购实施结果暨股份变动公 告后三年内转让。若三年内未能转让完毕，未转让股份将被依法注销。回购期限为董事会审议通过之日 起6个月内，资金来源为公司自有资金或专项贷款。公司董事会已授权管理层在回购期限内根据市场情 况择机作出回购决策并予以实施，同时根据回购事项进展情况及时履行信息披露义务。 ...

Core Insights - The company reported a revenue of 2.76 billion yuan (+14.3%) and a net profit attributable to shareholders of 550 million yuan (+13.9%) for the year 2024, with Q1 2025 revenue at 700 million yuan (+12.8%) and net profit at 160 million yuan (+12.2%) [1] - The company experienced significant growth in overseas revenue, with international market sales increasing by approximately 30.4% to about 1.36 billion yuan, while domestic sales grew by only 2.1% to about 1.38 billion yuan [2] - The company is focusing on disposable endoscope technology to establish a second growth curve, with several innovative products receiving market approval [3] Financial Performance - For 2024, quarterly revenues were 620 million yuan (+12.7%), 710 million yuan (+20%), 680 million yuan (+13.4%), and 740 million yuan (+11.5%) [1] - The gross margin for 2024 was 67.7% (+3.1 percentage points), attributed to an increase in high-priced overseas products and improvements in automation and production technology [1] - The company's expenses included a sales expense ratio of 23.5%, a management expense ratio of 13.4%, and a research and development expense ratio of 6.3% [1] Market Dynamics - The company is actively upgrading its global management structure, establishing a European regional headquarters to optimize resources across Europe, Africa, and the Middle East, leading to significant performance improvements in the European region [2] - The domestic medical reform continues to deepen, impacting the medical device industry, with increased competition and declining prices due to expanded procurement coverage [2] Innovation and Growth Strategy - The company is promoting innovative procedures such as EDAT (endoscopic appendicitis treatment), which have gained popularity among hospitals [3] - Various innovative products and projects, including new-generation endoscopes and biopsy needles, are underway to strengthen the company's competitive advantage in research and development [3] - Profit forecasts for 2025-2027 project net profits of 710 million yuan, 860 million yuan, and 1.05 billion yuan, respectively, indicating the company's strengthening global competitiveness as a leader in innovative endoscopic devices [3]