华夏磐锐一年定开混合A（009837）成立日期2020年12月22日，最新规模1.04亿。今年以来收益 45.42%，同类排名770/8179；近一年收益90.64%，同类排名483/7984；成立以来收益70.26%。 华夏磐锐一年定开混合A（009837）基金经理为张城源。 9月9日，三友医疗跌5.01%，截至发稿，报21.05元/股，成交1.49亿元，换手率2.31%，总市值70.19亿 元。 资料显示，上海三友医疗器械股份有限公司位于上海市嘉定区嘉定工业区汇荣路385号，成立日期2005 年4月19日，上市日期2020年4月9日，公司主营业务涉及医用骨科植入物和超声动力设备及耗材的研 发、生产与销售。主营业务收入构成为：脊柱植入物耗材63.80%，有源设备及配套辅件31.51%，创伤 植入物耗材3.53%，其他1.16%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓三友医疗。华夏磐锐一年定开混合A（009837）二季度持有股数 20.71万股，与上期相比持股数量不变，占基金净值比例为3.42%，位居第七大重仓股。根据测算，今日 浮亏损失约22.98万元。 截至发稿，张城源累计任职时间8年 ...

9月9日，三友医疗盘中下跌2.03%，截至09:38，报21.71元/股，成交1741.90万元，换手率0.27%，总市 值72.39亿元。 资金流向方面，主力资金净流出218.97万元，特大单买入0.00元，占比0.00%，卖出109.04万元，占比 6.26%；大单买入199.87万元，占比11.47%，卖出309.79万元，占比17.78%。 分红方面，三友医疗A股上市后累计派现1.13亿元。近三年，累计派现3974.52万元。 三友医疗今年以来股价涨22.97%，近5个交易日跌8.97%，近20日涨2.16%，近60日涨39.57%。 机构持仓方面，截止2025年6月30日，三友医疗十大流通股东中，融通健康产业灵活配置混合A/B （000727）位居第五大流通股东，持股998.46万股，相比上期减少151.54万股。南方医药保健灵活配置 混合A（000452）位居第八大流通股东，持股672.14万股，相比上期增加16.46万股。 资料显示，上海三友医疗器械股份有限公司位于上海市嘉定区嘉定工业区汇荣路385号，成立日期2005 年4月19日，上市日期2020年4月9日，公司主营业务涉及医用骨科植入物和超 ...

上海三友医疗器械股份有限公司 证券代码：688085 证券简称：三友医疗 公告编号：2025-068 关于 2025 年半年度报告的更正公告 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。 上海三友医疗器械股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 在上海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度报告》，经 事后核查，发现由于相关人员工作疏忽，未准确填报合并财务报表注释相关科 目。公司董事会及管理层高度重视，第一时间组织财务人员进一步核查及确认， 并对相关数据予以更正，具体更正信息如下： 一、 更正内容 √适用 □不适用 单位： 元 币种： 人民币 合同分类 医疗器械 合计 营业收入 营业成本 营业收入 营业成本 商品类型 脊柱植入物耗材 159,345,566.35 55,959,740.72 159,345,566.35 55,959,740.72 创伤植入物耗材 8,804,534.34 5,203,280.26 8,804,534.34 5,203,280.26 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section emphasizes the board and senior management's assurance of the semi-annual report's accuracy, advises reviewing risk factors, and notes the report is unaudited with no profit distribution plan - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - No profit distribution plan or capital reserve to share capital increase plan was approved by the board of directors for this reporting period[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms used in the report, including company names, related parties, product types, industry terms, and the reporting period, ensuring clarity - "Company", "the Company", and "Group Company" all refer to Shanghai Sanyou Medical Device Co., Ltd. (including its subsidiaries within the consolidated financial statements)[11](index=11&type=chunk) - Actual controllers refer to Xu Nong, Michael Mingyan Liu, and David Fan[11](index=11&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, and stock overview, detailing H1 2025 financial indicators, showing significant revenue and net profit growth, and disclosing non-recurring gains and losses [I. Basic Company Information](index=7&type=section&id=I.%20Basic%20Company%20Information) Basic company information includes its Chinese name, legal representative, and registered address, with no changes in registered address during the reporting period - The company's Chinese name is Shanghai Sanyou Medical Device Co., Ltd., abbreviated as Sanyou Medical[15](index=15&type=chunk) - The legal representative is Xu Nong, and the registered and office address is at No. 385 Huirong Road, Jiading Industrial Zone, Jiading District, Shanghai[15](index=15&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is David Fan, and the Securities Affairs Representative is Wang Qian[16](index=16&type=chunk) - Contact address for both is No. 385 Huirong Road, Jiading Industrial Zone, Jiading District, Shanghai, with the email address ir@sanyou-medical.com[16](index=16&type=chunk) [III. Overview of Changes in Information Disclosure and Document Custody Locations](index=7&type=section&id=III.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "China Securities Journal" and "Shanghai Securities News" for information disclosure, with reports published on www.sse.com.cn and documents available at the Board Secretary's office - The company's designated information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News"[17](index=17&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[17](index=17&type=chunk) [IV. Brief Introduction to Company Shares/Depositary Receipts](index=7&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation Sanyou Medical and code 688085 - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is Sanyou Medical, and the stock code is 688085[18](index=18&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue increased by 17.77% YoY, and net profit attributable to shareholders increased by 2,083.64% YoY, with non-recurring net profit turning profitable 2025 H1 Key Accounting Data | Item | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 249,760,157.28 | 212,076,101.08 | 17.77 | | Total Profit | 40,424,190.71 | 5,403,015.11 | 648.18 | | Net Profit Attributable to Shareholders of Listed Company | 36,600,784.63 | 1,676,137.43 | 2,083.64 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 26,024,141.93 | -1,816,185.53 | Not Applicable | | Net Cash Flow from Operating Activities | -8,070,534.49 | -15,431,761.97 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (End of Reporting Period) | 2,053,935,862.99 | 1,911,797,444.29 | 7.43 | | Total Assets (End of Reporting Period) | 2,314,136,752.55 | 2,306,660,250.83 | 0.32 | 2025 H1 Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.11 | 0.01 | 1,000.00 | | Diluted Earnings Per Share (CNY/share) | 0.11 | 0.01 | 1,000.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.08 | -0.01 | Not Applicable | | Weighted Average Return on Net Assets (%) | 1.86 | 0.09 | Increase 1.77 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.32 | -0.09 | Not Applicable | | R&D Expenditure as Percentage of Operating Revenue (%) | 15.02 | 20.69 | Decrease 5.67 percentage points | - As of June 30, 2025, the company's total share capital increased from 248,453,535 shares to 277,885,415 shares; after the 2024 equity distribution in July 2025, the total share capital changed to 333,462,498 shares[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the composition of non-recurring gains and losses for H1 2025, totaling **CNY 10,576,642.70**, primarily from government subsidies and financial asset fair value changes 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -43,011.37 | | Government subsidies recognized in current profit or loss | 10,972,835.61 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to the company's normal business operations | 1,220,572.66 | | Other non-operating income and expenses apart from the above | 18,762.11 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 132,008.73 | | Less: Income tax impact | 1,730,641.14 | | Impact on minority interests (after tax) | -6,116.10 | | **Total** | **10,576,642.70** | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's H1 2025 operations, covering industry, business development, performance, core competitiveness, R&D, and risk factors, highlighting growth despite challenges and innovation breakthroughs [I. Description of the Company's Industry and Main Business During the Reporting Period](index=10&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in orthopedic medical devices, with products including spinal and trauma implants and ultrasonic osteotomes, benefiting from market growth and actively pursuing innovation and international expansion - The company belongs to "Special Purpose Equipment Manufacturing (C35)" and "Implantable Biomedical Materials and Equipment Manufacturing" within the "Biomedical Engineering Industry", identified as a "High-end Medical Equipment and Devices and Related Services" enterprise recommended by the STAR Market[25](index=25&type=chunk) - China's orthopedic implant medical device market sales revenue is expected to grow to approximately **CNY 60.7 billion** in 2024, with a CAGR of about **14.51%** from 2019-2024[26](index=26&type=chunk) - The company's main products include orthopedic spinal implants, ultrasonic osteotomes, ultrasonic hemostatic knives, ultrasonic surgical equipment, and trauma implants[27](index=27&type=chunk) - The company is strengthening R&D and strategic layout in orthopedic-related fields such as sports medicine, new material applications, biomaterial surface modification, and 3D printing, and is focusing on the development of new-generation intelligent surgical robots[30](index=30&type=chunk) - While maintaining a leading position in the domestic orthopedic market, the company is strengthening its international business team and market promotion, vigorously developing international markets, especially mainstream markets in Europe, the United States, and Australia[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Performance](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company achieved **CNY 249.8 million** in operating revenue and **CNY 36.60 million** in net profit, driven by new products, business expansion, and strong international growth, despite spinal volume-based procurement pressures - During the reporting period, the company achieved operating revenue of **CNY 249,760,157.28**, a **17.77%** YoY increase; net profit attributable to shareholders was **CNY 36,600,784.63**, a **2,083.64%** YoY increase[32](index=32&type=chunk) - The company completed the acquisition of the remaining minority equity in Shuimutiangpeng, making it a wholly-owned subsidiary; Shuimutiangpeng achieved operating revenue of **CNY 73.9949 million**, a **64.80%** YoY increase, and net profit attributable to shareholders of **CNY 38.9146 million**, a **359.05%** YoY increase[33](index=33&type=chunk) - The company jointly invested with Seegene Bio Co., Ltd. of Korea to establish a new joint venture, Litian (Taicang) Biotechnology Co., Ltd., focusing on innovative cell biomaterials and other regenerative medicine fields, with the company holding a **66%** controlling stake[34](index=34&type=chunk) - Suzhou Yunhejingcong, a controlled subsidiary, had its "Surface Porous PEEK Interbody Fusion Device" pass the National Medical Products Administration's special review procedure for innovative medical devices[35](index=35&type=chunk) - France's Implanet's innovative product, JAZZ Band System, received registration approval from China's NMPA, further enriching the company's non-fusion spinal product line[36](index=36&type=chunk) - Implanet achieved revenue of **EUR 5.809 million**, a **41.10%** YoY increase, with its US market business growing by **444%** in Q2[37](index=37&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its independent innovation, strong R&D, strict quality control, experienced management, and efficient logistics, supporting its leading position in orthopedic medical devices - Independent R&D innovation capability, particularly therapy innovation, is the company's core competitiveness, continuously establishing new therapies and improving existing ones through medical-engineering collaboration[40](index=40&type=chunk)[41](index=41&type=chunk) - The company's R&D team, led by Dr. Michael Mingyan Liu, comprises multidisciplinary high-end talents, establishing a mature project evaluation and R&D system, with the Tuoteng Laboratory accredited by CNAS[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - The company maintains strict product quality control, utilizes advanced production equipment, implements lean production and information-based management, and has most products certified by EU CE and US FDA[49](index=49&type=chunk)[50](index=50&type=chunk) - The company's middle and senior management team is stable, possessing rich experience in leading multinational teams, market development, and company management[52](index=52&type=chunk) - The company developed the "Yijie Cloud System," a mobile internet-based SaaS system for orthopedic high-value consumable warehousing management and sales operations, significantly improving operational efficiency and product traceability[53](index=53&type=chunk)[54](index=54&type=chunk) [1. Independent Innovation Advantage](index=14&type=section&id=1.%20Independent%20Innovation%20Advantage) The company's core competitiveness is therapy innovation, developing advanced spinal products and achieving ultrasonic surgical breakthroughs through medical collaboration, continuously expanding its product line - The company has established high brand recognition and a leading market position in the spinal implant sub-segment, with breakthroughs in complex spinal deformity correction and minimally invasive treatment of spinal degeneration[42](index=42&type=chunk) - Shuimutiangpeng possesses deep R&D accumulation and core technologies in ultrasonic osteotomes and ultrasonic hemostatic knives, being a leader in domestic ultrasonic energy surgical tools, developing innovative techniques such as inside-out osteotomy[43](index=43&type=chunk) - The company actively expands its product line, entering the field of active devices like ultrasonic osteotomes, and exploring the organic combination of passive high-value consumables and active surgical equipment in therapies[44](index=44&type=chunk) [2. R&D Team and System Advantage](index=15&type=section&id=2.%20R%26D%20Team%20and%20System%20Advantage) The company's R&D team, led by Dr. Michael Mingyan Liu, comprises multidisciplinary high-end talents, establishing a mature project evaluation and R&D system, with the Tuoteng Laboratory accredited by CNAS - The company's R&D team is led by Dr. Michael Mingyan Liu, Chairman and Chief Scientist, with team members including PhDs, master's graduates, and senior design engineers, covering disciplines such as mechanical engineering, engineering mechanics, and materials science[45](index=45&type=chunk) - The company has established a mature project evaluation and R&D system, with the R&D center comprising basic R&D, technology, development, engineering, process, and registration departments, collaborating with marketing, sales, and production process departments[46](index=46&type=chunk) - In April 2022, Shanghai Sanyou Medical Device Co., Ltd.'s Tuoteng Laboratory obtained CNAS accreditation, becoming the first enterprise medical orthopedic implant consumable testing laboratory in Shanghai to receive CNAS accreditation[47](index=47&type=chunk) - Dr. Cao Qun, Chairman of Shuimutiangpeng, has over 20 years of experience in ultrasonic surgical product R&D, leading the team to establish a mature project evaluation and R&D system[48](index=48&type=chunk) [3. Quality Advantage](index=16&type=section&id=3.%20Quality%20Advantage) The company prioritizes quality control for implantable medical consumables, using advanced equipment and a traceable quality management system, achieving ISO, CE, and FDA certifications - The company highly values product quality control, using advanced high-precision imported production and testing equipment to ensure product accuracy and stability[49](index=49&type=chunk) - The company has established standardized and traceable process documentation covering market demand acquisition, design, testing, production, sales, and post-operative follow-up, strictly adhering to the latest medical device supervision and administration regulations for quality control[50](index=50&type=chunk) - Most products have passed EU CE certification and US FDA registration, laying a solid foundation for the company to expand domestic and international markets[50](index=50&type=chunk) - Shuimutiangpeng has established a quality management system in accordance with regulations such as the "Medical Device Supervision and Administration Regulations" and obtained ISO 13485:2016 certification[51](index=51&type=chunk) [4. Management Advantage](index=17&type=section&id=4.%20Management%20Advantage) The company boasts a stable, creative, and enterprising middle and senior management team with extensive experience in multinational leadership and market development, establishing advanced management processes and fostering talent development - The company's middle and senior management team has remained stable for a long time, possessing rich experience in leading multinational teams, market development, and company management, establishing advanced management processes and systems[52](index=52&type=chunk) - The company's sales team leaders have many years of frontline sales and management experience in the medical device industry, capable of actively responding to industry changes and competitive environments[52](index=52&type=chunk) - The company builds clear job competency models and different career ladders to support employees' dual-channel growth and development, comprehensively building a high-performance team[52](index=52&type=chunk) [5. Logistics and Sales Operation Management Advantage](index=17&type=section&id=5.%20Logistics%20and%20Sales%20Operation%20Management%20Advantage) The company's "Yijie Cloud System" for orthopedic high-value consumables significantly enhances warehousing and sales efficiency, operational safety, and product traceability, while optimizing production and reducing logistics costs - The company collaborated with an external internet company to develop the "Yijie Cloud System," a SaaS system for orthopedic high-value consumable warehousing management and sales operations, significantly improving picking and distribution efficiency[53](index=53&type=chunk)[54](index=54&type=chunk) - The system is a networked, information-sharing platform that integrates all data from manufacturers, logistics providers, distributors, sales personnel, doctors, and patients, enabling full-process tracking and management of products[54](index=54&type=chunk) - The system can effectively allocate resources, improve operational efficiency for the company and its distributors at all levels, reduce logistics costs, standardize credit management for downstream customers, and enhance product traceability[54](index=54&type=chunk) [(III) Core Technologies and R&D Progress](index=19&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses multiple core technologies in orthopedic implants and ultrasonic surgical equipment, continuously achieving R&D results, participating in national projects, and holding numerous patents with ongoing R&D investment - The company possesses core technologies such as multi-planar adjustable, multi-axial extension, and bone-matching pedicle screw technology, flexible extension arm percutaneous screw technology, and endoscopic-assisted percutaneous interbody fusion technology[57](index=57&type=chunk) - Wholly-owned subsidiary Suzhou Tuoteng possesses core technologies such as multi-section medical high-strength suture design and implementation, biomimetic pre-locked looped titanium plates, and knotless anchor design and winding[57](index=57&type=chunk) - Wholly-owned subsidiary Shuimutiangpeng possesses core technologies for ultrasonic bone power systems, ultrasonic hemostatic knife systems, and ultrasonic surgical equipment[57](index=57&type=chunk) - During the reporting period, the company had 1 product receive customized medical device filing approval, 1 product receive Class II medical device registration, 1 product pass the innovative medical device special review procedure, and 1 product receive market approval for Class III medical device registration through agency application[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - The company continuously participates in national key R&D programs, Ministry of Industry and Information Technology "Unveiling and Leading" projects, Shanghai key projects, and university-enterprise cooperation innovation center projects[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - As of the end of the reporting period, the company holds 40 Class III medical device product registration certificates, 592 valid patents (including 237 invention patents), and 4 software copyrights[69](index=69&type=chunk) [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=19&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company holds multiple industry-leading core technologies in spinal implants, bone and soft tissue repair, and ultrasonic surgical equipment, continuously innovating and protecting intellectual property - The company possesses core technologies such as multi-planar adjustable, multi-axial extension, and bone-matching pedicle screw technology, flexible extension arm percutaneous screw technology, and endoscopic-assisted percutaneous interbody fusion technology, which are at an industry-leading level[57](index=57&type=chunk) - Suzhou Tuoteng possesses core technologies such as multi-section medical high-strength suture design and implementation, biomimetic pre-locked looped titanium plates, and knotless anchor design and winding[57](index=57&type=chunk)[60](index=60&type=chunk) - Shuimutiangpeng possesses core technologies for ultrasonic surgical equipment, such as inside-out ultrasonic blade design, V-groove ultrasonic blade design, and transverse/longitudinal curved osteotomy ultrasonic blade design[57](index=57&type=chunk)[61](index=61&type=chunk) - The company is a national-level specialized and sophisticated "Little Giant" enterprise, with products primarily in spinal implants[62](index=62&type=chunk) [2. R&D Achievements During the Reporting Period](index=24&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) During the reporting period, the company achieved multiple R&D results, including customized medical device filings, product registrations, and special review approvals, while actively participating in national R&D projects and increasing intellectual property - The "Novel Lamina Fixation Plate System (Customized)" received filing approval from the Shanghai Medical Products Administration for customized medical devices, meeting personalized patient needs[63](index=63&type=chunk) - Beijing Shuimu Equipment's "Ultrasonic Bone Power Equipment Blade" received registration approval from the Beijing Medical Products Administration, allowing for reusability and reducing patient medical costs[64](index=64&type=chunk) - Yunhejingcong's product, "Surface Porous PEEK Interbody Fusion Device," passed the National Medical Products Administration's special review procedure for innovative medical devices, expected to be approved by year-end or H1 next year[64](index=64&type=chunk) - The company's agency application for Implanet's Class III medical device, "Spinal Internal Fixation Connector System JAZZ System," received market approval, enriching the non-fusion spinal product line[65](index=65&type=chunk) - The company, as a drafting unit, participated in drafting multiple industry standards, including "Special Requirements for Quality Management System for Metal Additive Manufacturing Medical Devices"[68](index=68&type=chunk) Intellectual Property Acquired During the Reporting Period | | New Applications in Current Period (items) | New Acquisitions in Current Period (items) | Cumulative Applications (items) | Cumulative Acquisitions (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 7 | 23 | 274 | 256 | | Utility Model Patents | 6 | 1 | 289 | 281 | | Design Patents | 1 | 8 | 170 | 156 | | Software Copyrights | 0 | 0 | 4 | 4 | | Total | 14 | 32 | 737 | 697 | [3. R&D Expenditure Table](index=26&type=section&id=3.%20R%26D%20Expenditure%20Table) In H1 2025, the company's total R&D expenditure was **CNY 37.5205 million**, a 14.49% YoY decrease, primarily due to a one-time share-based payment expense recognized for R&D personnel equity incentives at wholly-owned subsidiary Shuimutiangpeng in the prior year R&D Expenditure | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Expenditure | 37,520,482.42 | 43,879,618.93 | -14.49 | | Total R&D Expenditure | 37,520,482.42 | 43,879,618.93 | -14.49 | | Total R&D Expenditure as Percentage of Operating Revenue (%) | 15.02 | 20.69 | Decrease 5.67 percentage points | - Total R&D expenditure decreased by **CNY 6.3591 million**, a **14.49%** decrease YoY, mainly due to a one-time share-based payment expense of **CNY 7.2385 million** recognized for R&D personnel equity incentives at the company's wholly-owned subsidiary Shuimutiangpeng in the prior year, with no such expense this year[73](index=73&type=chunk) [4. R&D Project Status](index=27&type=section&id=4.%20R%26D%20Project%20Status) The company has 11 R&D projects with a total estimated investment of **CNY 239.2195 million**, focusing on innovative orthopedic and ultrasonic surgical solutions to address clinical needs and enhance market competitiveness R&D Project Status | No. | Project Name | Estimated Total Investment (CNY million) | Investment in Current Period (CNY million) | Cumulative Investment (CNY million) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Novel Cervical Disc Prosthesis | 1,281.76 | 50.49 | 468.97 | Sample performance and functional testing in progress | | 2 | Universal Trauma Fixation System Upgrade | 2,637.30 | 286.85 | 2,511.12 | Metal bone pins registered and in mass production; titanium alloy locking plate system accepted for review | | 3 | Minimally Invasive Spinal Interbody Fusion System | 3,001.00 | 551.93 | 3,606.46 | Product in mass production, positive clinical feedback, further optimization and updates in progress | | 4 | Degenerative Spinal Deformity Correction and Fixation System | 3,006.40 | 435.47 | 2,726.23 | Various products currently in design and development | | 5 | Cervical Decompression and Correction Fixation System | 1,510.49 | 31.98 | 1,440.40 | Product obtained registration; clinical trials currently underway | | 6 | Novel Bone and Soft Tissue Repair System Project Phase II | 2,985.00 | 456.28 | 456.28 | Project launched, preliminary planning, preparation, and selection in progress | | 7 | Ultrasonic Electrosurgical System | 2,000.00 | 265.32 | 1,118.19 | Project design and development largely completed | | 8 | Ultrasonic Surgical Equipment Blade | 1,500.00 | 188.51 | 625.13 | R&D completed, registration initiated | | 9 | Ultrasonic Surgical Equipment Upgrade and Improvement | 2,000.00 | 435.43 | 839.57 | Project design and development completed | | 10 | Internationalization of Ultrasonic Surgical Equipment | 1,500.00 | 128.89 | 623.56 | Registrations in multiple countries underway | | 11 | Ultrasonic Soft Tissue Cutting and Hemostasis System (Coagulation of 5-7mm Vessels) | 2,500.00 | 52.56 | 2,192.48 | Product prototype completed, testing completed | | **Total** | **23,921.95** | **2,883.71** | **16,608.39** | / | [5. R&D Personnel Information](index=32&type=section&id=5.%20R%26D%20Personnel%20Information) The company employs 110 R&D personnel, representing 21.07% of its total workforce, with an average compensation of **CNY 203,411.91**, primarily holding bachelor's and master's degrees and aged 30-40 Basic Information of R&D Personnel | Basic Information | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D personnel (persons) | 110 | 107 | | R&D personnel as percentage of total company headcount (%) | 21.07 | 21.31 | | Total R&D personnel compensation | 22,375,301.27 | 20,234,260.83 | | Average R&D personnel compensation | 203,411.91 | 189,105.24 | Educational Background of R&D Personnel | Educational Background | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | PhD | 4 | 3.64 | | Master's Degree | 31 | 28.18 | | Bachelor's Degree | 44 | 40.00 | | Associate Degree | 23 | 20.91 | | High School and Below | 8 | 7.27 | | Total | 110 | 100.00 | Age Structure of R&D Personnel | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Under 30 (excluding 30) | 25 | 22.73 | | 30-40 (including 30, excluding 40) | 49 | 44.55 | | 40-50 (including 40, excluding 50) | 29 | 26.36 | | 50-60 (including 50, excluding 60) | 5 | 4.55 | | 60 and above | 2 | 1.82 | | Total | 110 | 100.00 | [IV. Risk Factors](index=32&type=section&id=IV.%20Risk%20Factors) The company faces core competitiveness risks like R&D failure and talent loss, operational risks including accounts receivable and inventory, and industry policy risks from deepening medical reforms and volume-based procurement - Core competitiveness risks include new product R&D failure or inability to gain market acceptance, core technology leakage, loss of key technical personnel, and intellectual property protection risks[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - Operating risks include accounts receivable recovery risk (period-end net amount of **CNY 86.0157 million**, a **17.60%** increase from period-start), large inventory balance risk (period-end book value of **CNY 275.8328 million**, a **12.08%** increase from period-start), product quality and potential liability risks, single product structure and trauma product market expansion risks, and fundraising project risks ("Medical High-Strength Suture and Related Orthopedic Soft Tissue Repair and Reconstruction Medical Device Project" extended to December 31, 2027)[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) - Industry risks are mainly reflected in increasingly strict national regulation of medical devices, with policies such as medical insurance catalogs, "two-invoice system," and volume-based procurement now fully covering the four major categories of orthopedic high-value medical consumables[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [V. Key Operating Performance During the Reporting Period](index=35&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2025, the company achieved **CNY 249.8 million** in revenue and **CNY 36.60 million** in net profit, driven by spinal and ultrasonic osteotome growth and Implanet's revenue, with stable asset-liability structure and increased receivables and inventory - During the reporting period, the company achieved operating revenue of **CNY 249.7602 million**, a **17.77%** YoY increase; net profit attributable to shareholders was **CNY 36.6008 million**, a **2,083.64%** YoY increase[98](index=98&type=chunk) - Operating revenue growth was mainly due to increased spinal business and ultrasonic osteotome business from terminal hospital and channel expansion, as well as increased revenue from France's Implanet[99](index=99&type=chunk) - Selling expenses increased by **16.33%** YoY, mainly due to increased personnel costs for sales staff and business service fees resulting from operating revenue growth[99](index=99&type=chunk) - R&D expenses decreased by **14.49%** YoY, mainly due to the one-time share-based payment expense recognized for Shuimutiangpeng R&D personnel equity incentives in the prior year[99](index=99&type=chunk) - Net cash flow from operating activities was **-CNY 8.0705 million**, an increase of **CNY 7.3612 million** from the previous period, mainly due to increased collections from higher revenue[99](index=99&type=chunk) - Net profit attributable to parent company shareholders significantly increased, mainly due to increased net profit and Shuimutiangpeng becoming a **100%** wholly-owned subsidiary in February 2025, up from **51.8154%**[100](index=100&type=chunk) Changes in Assets and Liabilities (Period-end vs. Period-start) | Item Name | Period-end Amount (CNY million) | Prior Year-end Amount (CNY million) | Period-end vs. Prior Year-end Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 8,601.57 | 7,314.04 | 17.60 | Increase in revenue | | Inventory | 27,583.28 | 24,611.28 | 12.08 | Product stocking due to anticipated future market growth | | Short-term Borrowings | 1,995.00 | 1,525.33 | 30.79 | Bank borrowings | | Contract Liabilities | 96.68 | 622.73 | -84.48 | Decrease in customer prepayments | | Prepayments | 1,570.41 | 920.26 | 70.65 | Increase in prepayments to suppliers | | Non-current Assets Due Within One Year | 13,058.98 | 9,710.15 | 34.49 | Reclassification of large-denomination certificates of deposit due within one year | | Other Non-current Liabilities | 1,136.01 | 809.16 | 40.40 | Primarily accounts receivable factoring | - Overseas assets amounted to **CNY 133.4312 million**, accounting for **5.77%** of total assets[105](index=105&type=chunk) Overall Analysis of External Equity Investments | Name of Investee Company | Main Business | Investment Method | Investment Amount (CNY million) | Shareholding Ratio | Progress as of End of Reporting Period | Investment Gains/Losses for Current Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Taifu Huaijin | Venture capital, enterprise consulting management, etc. | Capital increase | 20,000.00 | 9.1268% | Cumulative investment of **CNY 202.40 million** paid, **CNY 1.8636 million** of investment principal recovered | 0 | | Hangzhou Renxu | Fund investment | Fund investment | 1,500.00 | 4.00% | **CNY 4.50 million** invested | -0.0854 million | Key Holding and Participating Companies | Company Name | Company Type | Main Business | Operating Revenue (CNY million) | Net Profit (CNY million) | | :--- | :--- | :--- | :--- | :--- | | Beijing Shuimutiangpeng Medical Technology Co., Ltd. | Subsidiary | Medical device sales, technology development, etc. | 7,399.49 | 3,903.98 | | Implanet | Subsidiary | Design, manufacture, and sale of various implants, etc. | 4,626.14 | -1,774.42 | [Section IV Corporate Governance, Environment, and Society](index=44&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details significant changes in the company's governance, including the abolition of the supervisory board and the re-election of the fourth board of directors, with no profit distribution or equity incentive plans during the period [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=44&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) The company abolished its supervisory board in June 2025, with its functions now exercised by the board's audit committee, and completed the re-election of its fourth board of directors - The company abolished the supervisory board, with its functions now exercised by the board's audit committee as stipulated by the "Company Law"[118](index=118&type=chunk) - The company elected Michael Mingyan Liu, Xu Nong, David Fan, Hu Xubo, and Zheng Xiaoyi as non-independent directors for the fourth board of directors[119](index=119&type=chunk) - Li Mochou, Cheng Fang, and Gu Shaoyu were elected as independent directors for the fourth board of directors, and Ren Chongjun as an employee representative director[119](index=119&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=44&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) This semi-annual report contains no proposed profit distribution or capital reserve to share capital increase plan - This semi-annual report has no profit distribution or capital reserve to share capital increase plan[119](index=119&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=44&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, there was no subsequent progress or change in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - Relevant equity incentive matters have been disclosed in temporary announcements, with no subsequent progress or changes in implementation[120](index=120&type=chunk) [Section V Significant Matters](index=46&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, absence of major litigation, related party transactions, guarantees for Implanet, and the use of raised funds, including cash management and temporary working capital supplementation [I. Fulfillment of Commitments](index=46&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its actual controllers, shareholders, and related parties have timely and strictly fulfilled all commitments regarding asset restructuring, share lock-up, avoiding competition, related party transactions, independence, and compensating for diluted returns - The company and all its directors, supervisors, senior management, actual controllers and their concerted parties, restructuring counterparties, Shuimutiangpeng, Shanghai Hanzhan, and their directors, supervisors, senior management/key management personnel have all timely and strictly fulfilled their commitments regarding the truthfulness, accuracy, and completeness of information provided[123](index=123&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk)[132](index=132&type=chunk)[135](index=135&type=chunk) - The company's actual controllers and their concerted parties, and restructuring counterparties have all timely and strictly fulfilled their share lock-up commitments, including 36-month and 12-month lock-up periods[123](index=123&type=chunk)[189](index=189&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - The company's actual controllers have timely and strictly fulfilled their commitments to avoid horizontal competition, standardize related party transactions, and maintain the independence of the listed company[123](index=123&type=chunk)[179](index=179&type=chunk)[183](index=183&type=chunk)[185](index=185&type=chunk) - The company and its actual controllers, and all directors, supervisors, and senior management have timely and strictly fulfilled their commitments and measures to compensate for diluted immediate returns[123](index=123&type=chunk)[218](index=218&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=66&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[234](index=234&type=chunk) [X. Significant Related Party Transactions](index=67&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine related party transactions with its associate Chunfeng Huayu, and completed an asset acquisition and fundraising through related party transactions, with Shuimutiangpeng's performance commitment period set for 2025-2027 Related Party Transactions Related to Routine Operations | Related Party | Relationship | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (CNY) | Percentage of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chunfeng Huayu | Associate | Sales of goods | Sales of products | 225,732.18 | 0.09 | | Chunfeng Huayu | Associate | Lease in/out | Property lease | 300,110.88 | 100.00 | | Total | / | / | / | 525,843.06 | / | - The company has completed the acquisition of assets by issuing shares and paying cash, and raising supporting funds through related party transactions; the target assets have been transferred, and new shares have been registered[237](index=237&type=chunk)[238](index=238&type=chunk) - The performance commitment period for this restructuring transaction is the three fiscal years of 2025, 2026, and 2027[239](index=239&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=69&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company's main significant contract was a guarantee provided to its controlled subsidiary Implanet, totaling **CNY 19.95 million**, representing 0.96% of the company's net assets Guarantees Provided by the Company and its Subsidiaries to Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (CNY million) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Sanyou Medical | Implanet | 1,520.00 | 2024-11-26 | 2025-11-26 | General Guarantee | | Sanyou Medical | Implanet | 475.00 | 2025-04-22 | 2026-04-22 | General Guarantee | | **Total Guarantee Balance for Subsidiaries at Period-end (B)** | | **1,995.00** | | | | | **Total Guarantee Amount (A+B)** | | **1,995.00** | | | | | **Total Guarantee Amount as Percentage of Company's Net Assets (%)** | | **0.96** | | | | [XII. Explanation of Progress in Use of Raised Funds](index=72&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's use of raised funds is progressing smoothly, with high cumulative investment rates for both IPO and private placement funds, and idle funds utilized for cash management and temporary working capital Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY million) | Net Raised Funds (CNY million) | Cumulative Investment of Raised Funds as of Period-end (CNY million) | Cumulative Investment Progress of Raised Funds as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 107,595.02 | 97,805.74 | 89,883.02 | 91.90 | | Private Placement | 21,400.00 | 21,400.00 | 21,089.87 | 98.55 | | **Total** | **128,995.01** | **119,205.74** | **110,972.89** | / | - The "Medical High-Strength Suture and Related Orthopedic Soft Tissue Repair and Reconstruction Medical Device Project" has been extended to December 31, 2027[249](index=249&type=chunk) - The company used a portion of idle raised funds to temporarily supplement working capital, with **CNY 74.75 million** returned in the current period, and plans to continue using no more than **CNY 90.00 million**[257](index=257&type=chunk)[258](index=258&type=chunk) - The company uses a portion of temporarily idle raised funds for cash management, with a maximum limit of **CNY 100 million**[261](index=261&type=chunk) [Section VI Share Changes and Shareholder Information](index=78&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes due to new issuances and capital reserve conversions, along with shareholder information and changes in holdings of directors and senior management [I. Share Capital Changes](index=78&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by 29,431,880 shares due to asset acquisition and fundraising, reaching 277,885,415 shares, further changing to 333,462,498 shares after a post-period equity distribution Share Change Table | | Number before this change | Percentage before this change (%) | Increase/Decrease in this change (+,-) New share issuance | Number after this change | Percentage after this change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 29,431,880 | 29,431,880 | 10.59 | | II. Unrestricted Tradable Shares | 248,453,535 | 100.00 | 0 | 248,453,535 | 89.41 | | III. Total Shares | 248,453,535 | 100.00 | 29,431,880 | 277,885,415 | 100.00 | - On February 17, 2025, the company completed the registration of new shares issued for asset acquisition, increasing total share capital to 264,852,529 shares[265](index=265&type=chunk) - On March 13, 2025, the company completed the registration of new shares issued for raising supporting funds, increasing total share capital to 277,885,415 shares[266](index=266&type=chunk) - On July 11, 2025, the company implemented its 2024 equity distribution, converting capital reserves into 2 shares for every 10 shares held by all shareholders, changing the total share capital to 333,462,498 shares[267](index=267&type=chunk) Changes in Restricted Shares (Partial Shareholders) | Shareholder Name | Restricted shares at period-start | Restricted shares increased during reporting period | Restricted shares at period-end | Reason for restriction | Date of lifting restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Cao Qun | 0 | 5,904,304 | 5,904,304 | Lock-up commitment from asset acquisition counterparty, restricted for 36 months | 2028-02-18 | | Xu Nong | 0 | 4,233,896 | 4,233,896 | Lock-up commitment from asset acquisition counterparty, restricted for 36 months | 2028-02-18 | | Dacheng Fund Management Co., Ltd. | 0 | 2,588,310 | 2,588,310 | Lock-up commitment from private placement subscriber, restricted for 6 months | 2025-09-14 | [II. Shareholder Information](index=82&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 7,108 common shareholders, with QM5 LIMITED, Xu Nong, and Michael Mingyan Liu as the top three, and actual controllers holding a significant combined stake - As of the end of the reporting period, the total number of common shareholders was **7,108**[273](index=273&type=chunk) Top Ten Shareholders' Holdings as of End of Reporting Period | Shareholder Name (Full Name) | Number of Shares Held at Period-end | Percentage (%) | Number of Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | QM5 LIMITED | 40,955,470 | 14.74 | 0 | Overseas Legal Person | | Xu Nong | 32,748,313 | 11.78 | 4,233,896 | Domestic Natural Person | | Michael Mingyan Liu | 25,284,935 | 9.10 | 0 | Overseas Natural Person | | David Fan | 14,779,262 | 5.32 | 0 | Overseas Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Rongtong Health Industry Flexible Allocation Mixed Securities Investment Fund | 9,984,618 | 3.59 | 0 | Other | | Hundun Tiancheng Asset Management - Xu Nong - Hundun Tiancheng Selected Strategy No. 18 Single Asset Management Plan | 7,401,170 | 2.66 | 0 | Other | | Shanghai Hongshang Asset Management Center (Limited Partnership) - Hongshang Asset Hongli No. 2 Private Securities Investment Fund | 7,000,000 | 2.52 | 0 | Other | | China Construction Bank Co., Ltd. - Southern Medical and Healthcare Flexible Allocation Mixed Securities Investment Fund | 6,721,423 | 2.42 | 0 | Other | | Cao Qun | 5,904,304 | 2.12 | 5,904,304 | Domestic Natural Person | | Shanghai Benniu Investment Management Co., Ltd. - Benniu Jinqu No. 2 Private Securities Investment Fund | 4,815,950 | 1.73 | 0 | Other | - Shareholders Xu Nong, Michael Mingyan Liu, and David Fan constitute a concerted action group through the signing of a "Concerted Action Agreement," serving as the company's actual controllers[276](index=276&type=chunk) [III. Information on Directors, Senior Management, and Core Technical Personnel](index=85&type=section&id=III.%20Information%20on%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, Director and President Xu Nong increased his shareholding by 4,233,896 shares due to an asset acquisition, while Director, Vice President, and Board Secretary David Fan reduced his shareholding by 2,600,000 shares through block trades - Xu Nong, one of the company's actual controllers, director, and president, increased his shareholding by **4,233,896** shares due to the asset acquisition and restructuring transaction involving share issuance[281](index=281&type=chunk) - David Fan, the company's director, vice president, and board secretary, reduced his shareholding by **2,600,000** shares through block trades[282](index=282&type=chunk) [Section VII Bond-Related Information](index=87&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[284](index=284&type=chunk) - The company has no convertible corporate bonds[284](index=284&type=chunk) [Section VIII Financial Report](index=88&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies, taxes, and related party transactions [I. Audit Report](index=88&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[286](index=286&type=chunk) [II. Financial Statements](index=88&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, showcasing its financial position and operating results Consolidated Balance Sheet (June 30, 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 2,314,136,752.55 | | Total Liabilities | 235,865,485.31 | | Total Owners' Equity (or Shareholders' Equity) | 2,078,271,267.24 | Consolidated Income Statement (January-June 2025) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 249,760,157.28 | | Total Profit | 40,424,190.71 | | Net Profit | 31,869,393.17 | | Net Profit Attributable to Parent Company Shareholders | 36,600,784.63 | Consolidated Cash Flow Statement (January-June 2025) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -8,070,534.49 | | Net Cash Flow from Investing Activities | -18,708,267.12 | | Net Cash Flow from Financing Activities | 465,316.03 | | Net Increase in Cash and Cash Equivalents | -25,160,796.90 | [III. Basic Company Information](index=112&type=section&id=III.%20Basic%20Company%20Information) Established in 2005, the company's registered capital was **CNY 277.885415 million** as of June 30, 2025, with its main business in orthopedic implants and ultrasonic equipment, controlled by Xu Nong, Michael Mingyan Liu, and David Fan - The company's predecessor was Shanghai Sanyou Medical Device Co., Ltd., established on April 19, 2005[321](index=321&type=chunk) - As of June 30, 2025, the company's total issued share capital was **277.885415 million** shares, and its registered capital was **CNY 277.885415 million**[326](index=326&type=chunk) - The company's business scope includes the production, sales, and technical services of Class I, II, and III medical devices[327](index=327&type=chunk) - The company's actual controllers are Xu Nong, Michael Mingyan Liu, and David Fan, who form a concerted action group through the signing of a "Concerted Action Agreement"[327](index=327&type=chunk) [IV. Basis of Financial Statement Preparation](index=113&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant CSRC regulations, based on the going concern assumption - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant provisions of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports"[328](index=328&type=chunk) - These financial statements are prepared on a going concern basis[329](index=329&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=113&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's specific accounting policies and estimates for financial instruments, revenue, inventory, fixed assets, intangible assets, R&D, employee compensation, provisions, share-based payments, and government grants, ensuring accurate financial reporting - Financial assets are classified at initial recognition as: financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss[344](index=344&type=chunk) - For accounts receivable, regardless of whether they contain a significant financing component, the company always measures loss provisions at an amount equal to the expected credit losses over the entire lifetime[353](index=353&type=chunk) - Inventories are valued using the weighted average method when issued, and measured at the lower of cost and net realizable value at the balance sheet date[362](index=362&type=chunk)[363](index=363&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over 48 years, and specialized equipment over 5-10 years[374](index=374&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are recognized in current profit or loss, while development phase expenditures are recognized as intangible assets when specific conditions are met[381](index=381&type=chunk) - The company recognizes revenue when customers obtain control of the related goods or services, with main sales models including distributor buy-out, consignment sales, and direct sales and distributor models[396](index=396&type=chunk)[401](index=401&type=chunk) - Government grants are classified as asset-related or income-related, and recognized when the attached conditions are met and received[403](index=403&type=chunk)[406](index=406&type=chunk) [VI. Taxes](index=131&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, with preferential rates for high-tech and small/micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated as sales output tax less input tax on goods and taxable services | 20%, 13%, 6%, 5.5% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5% | | Corporate Income Tax | Calculated based on taxable income | See table below | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Shanghai Sanyou Medical Device Co., Ltd. | 15.00% | | Beijing Shuimutiangpeng Medical Technology Co., Ltd. | 15.00% | | Beijing Shuimutiangpeng Medical Equipment Co., Ltd. | 15.00% | | Tuoteng (Suzhou) Medical Technology Co., Ltd. | 25.00% | | Implanet | 25.00% | | Implanet America, Inc. | 28.90% | - The company, Beijing Shuimutiangpeng Medical Technology Co., Ltd., and Beijing Shuimutiangpeng Medical Equipment Co., Ltd. have all obtained high-tech enterprise certificates and enjoy a **15%** corporate income tax preferential rate[412](index=412&type=chunk) - Some subsidiaries meet the criteria for small and micro-profit enterprises, enjoying a preferential policy where the portion of annual taxable income not exceeding **CNY 3 million** is reduced by **25%** and taxed at a **20%** rate[413](index=413&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=132&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, explaining changes in monetary funds, receivables, inventory, investments, fixed assets, goodwill, borrowings, and various income and expense categories Monetary Funds (June 30, 2025) | Item | Period-end Balance (CNY) | | :--- | :--- | | Cash on hand | 7,472.02 | | Bank deposits | 377,921,102.21 | | **Total** | **377,928,574.23** | | Of which: Funds deposited overseas | 4,387,674.41 | Trading Financial Assets (June 30, 2025) | Item | Period-end Balance (CNY) | | :--- | :--- | | Bank wealth management products, broker's income certificates, and structured deposits | 36,064,208.22 | | **Total** | **36,064,208.22** | Accounts Receivable Aging Disclosure (June 30, 2025) | Aging | Period-end Book Balance (CNY) | | :--- | :--- | | Within 1 year (inclusive) | 87,219,743.92 | | 1 to 2 years | 2,799,523.34 | | 2 to 3 years | 1,834,591.84 | | Over 3 years | 5,916,683.63 | | Subtotal | 97,770,542.73 | | Less: Impairment provision | 11,754,871.47 | | **Total** | **86,015,671.26** | Inventory Classification (June 30, 2025) | Item | Book Balance (CNY) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Raw materials | 42,321,469.27 | 449,282.19 | 41,872,187.08 | | Work in progress | 59,676,713.08 | 0 | 59,676,713.08 | | Finished goods | 183,460,458.58 | 40,804,521.64 | 142,655,936.94 | | Revolving materials | 2,432,942.16 | 0 | 2,432,942.16 | | Consignment goods | 38,689,551.99 | 9,882,664.06 | 28,806,887.93 | | Goods in process for external processing | 388,122.04 | 0 | 388,122.04 | | **Total** | **326,969,257.12** | **51,136,467.89** | **275,832,789.23** | Long-term Equity Investments (June 30, 2025) | Investee | Period-end Balance (Book Value, CNY) | | :--- | :--- | | Chunfeng Huayu (Suzhou) Intelligent Medical Technology Co., Ltd. | 11,650,101.43 | | **Total** | **11,650,101.43** | Book Value of Fixed Assets (June 30, 2025) | Item | Period-end Book Value (CNY) | | :--- | :--- | | Buildings and structures | 236,637,038.53 | | Specialized equipment | 60,787,758.55 | | Transportation vehicles | 1,737,417.95 | | General equipment | 4,290,603.81 | | Fixed asset improvements | 14,878,273.70 | | **Total** | **318,331,092.54** | Book Value of Goodwill (June 30, 2025) | Name of Investee or Event Leading to Goodwill | Period-end Balance (CNY) | | :--- | :--- | | Beijing Shuimutiangpeng Medical Technology Co., Ltd. | 315,229,980.61 | | Implanet | 30,637,069.55 | | **Total** | **345,867,050.16** | Short-term Borrowings Classification (June 30, 2025) | Item | Period-end Balance (CNY) | | :--- | :--- | | Secured borrowings | 19,950,000.00 | | **Total** | **19,950,000.00** | Operating Revenue and Operating Costs (January-June 2025) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main business | 249,396,052.82 | 67,871,774.45 | | Other businesses | 364,104.46 | 148,821.98 | | **Total** | **249,760,157.28** | **68,020,596.43** | R&D Expenses (January-June 2025) | Item | Amount Incurred in Current Period (CNY) | | :--- | :--- | | Employee compensation | 22,375,301.27 | | Technical development fees | 2,635,983.33 | | Depreciation and amortization expenses | 4,938,420.99 | | Share-based payments | 13,225.10 | | Consulting fees | 3,049,969.83 | | Service fees | 564,557.06 | | Material costs | 1,859,555.65 | | Other | 2,083,469.19 | | **Total** | **37,520,482.42** | Other Income (January-June 2025) | Classified by Nature | Amount Incurred in Current Period (CNY) | | :--- | :--- | | Government grants - other | 7,694,835.61 | | Input VAT additional deduction | 404,323.20 | | Withholding individual income tax handling fees | 113,999.04 | | **Total** | **8,213,157.85** | Investment Income (January-June 2025) | Item | Amount Incurred in Current Period (CNY) | | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | -1,653,617.90 | | Investment income from bank wealth management products, broker's income certificates, and structured deposits | 1,386,090.47 | | **Total** | **-267,527.43** | [VIII. R&D Expenditures](index=185&type=section&id=VIII.%20R%26D%20Expenditures) This section details the company's H1 2025 R&D expenditures, totaling **CNY 37.5205 million**, primarily comprising employee compensation, technical development fees, depreciation, and material costs, all of which were expensed R&D Expenditures by Nature of Expense (January-June 2025) | Item | Amount Incurred in Current Period (CNY) | | :--- | :--- | | Employee compensation | 22,375,301.27 | | Technical development fees | 2,635,983.33 | | Depreciation and amortization expenses | 4,938,420.99 | | Material costs | 1,859,555.65 | | Consulting fees | 3,049,969.83 | | Service fees | 564,557.06 | | Share-based payments | 13,225.10 | | Other | 2,083,469.19 | | **Total** | **37,520,482.42** | | Of which: Expensed R&D expenditure | 37,520,482.42 | [IX. Changes in Consolidation Scope](index=186&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the establishment of two new subsidiaries, the acquisition of remaining equity in Shuimutiangpeng, and the disposal of Shenzhen Huabao Biomaterials Technology Co., Ltd - The company established new subsidiaries Litian (Taicang) Biotechnology Co., Ltd. and Sanyou Yunlan Trading Co., Ltd[565](index=565&type=chunk) - The company acquired the remaining equity of Beijing Shuimutiangpeng Medical Technology Co., Ltd. (Shuimutiangpeng) through share issuance and cash payment, making it a **100%** wholly-owned subsidiary[566](index=566&type=chunk)[567](index=567&type=chunk) - The company disposed of Shenzhen Huabao Biomaterials Technology Co., Ltd., losing control[564](index=564&type=chunk) [X. Interests in Other Entities](index=189&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists the company's enterprise group, including major subsidiaries and the associate Chunfeng Huayu, detailing their operating locations, registered capital, business nature, and shareholding ratios Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (CNY million) | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Tuoteng (Suzhou) Medical Technology Co., Ltd. | Suzhou | 15,000.00 | Medical device production, operation, etc. | 100.00 | | Beijing Shuimutiangpeng Medical Technology Co., Ltd. | Beijing | 1,354.17 | Medical device sales, technology development, etc. | 100.00 | | Implanet | France | EUR124.968484 | Medical device R&D, production, and sales | 74.56 | | Litian (Taicang) Biotechnology Co., Ltd. | Jiangsu | 6,000.00 | Medical device operation, technology service development, etc. | 66.00 | Important Joint Ventures or Associates | Name of Joint Venture or Associate | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (%) Direct | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Chunfeng Huayu (Suzhou) Intelligent Medical Technology Co., Ltd. | Suzhou | Suzhou | Manufacturing | 33.15 | Equity Method | Key Financial Information of Important Associate (Chunfeng Huayu) | Item | Period-end Balance/Amount Incurred in Current Period (CNY) | | :--- | :--- | | Total Assets | 158,512,686.99 | | Total Liabilities | 1,188,394.85 | | Equity Attributable to Parent Company Shareholders | 157,324,292.14 | | Book Value of Equity Investment in Associate | 11,650,101.43 | | Net Profit | -4,988,289.30 | [XI. Government Grants](index=195&type=section&id=XI.%20Government%20Grants) This section discloses that the company received total government grants of **CNY 11.37715881 million** in H1 2025, with **CNY 444,235.61** being asset-related and **CNY 10.93292320 million** income-related Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Period-start Balance (CNY) | Transferred to Other Income in Current Period (CNY) | Period-end Balance (CNY) | Asset-related/Incom

三友医疗孵化公司春风化雨(苏州)智能医疗科技有限公司的脊柱手术机器人及其相关智能化产品成功入 选并被命名为脊柱外科手术导航定位系统。标志着公司在智能骨科手术领域取得重大技术突破。 本次春风化雨产品获批进入创新通道，成为三友医疗创新研发体系在2025年的又一重要里程碑。此前， 公司另一控股子公司苏州云合景从新材料科技有限公司开发的"表面多孔聚醚醚酮椎间融合器"已于2025 年4月进入创新通道。 2025年9月5日，国家药品监督管理局(aNMPA)公示了创新医疗器械特别审查申请审查结果(2025年第8 号)，共有8款产品进入创新医疗器械特别审查程序。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688085 证券简称：三友医疗 公告编号：2025-064 上海三友医疗器械股份有限公司 关于增设募集资金专项账户并签订募集 资金专户存储三方监管协议的公告 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。 上海三友医疗器械股份有限公司（以下简称"公司"）于2025年8月22日召开第四届董事会第二次会议， 审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过9,000.00万 元（含本数）闲置募集资金（其中，首次公开发行股票募集资金8,700万元；发行股份及支付现金购买 资产并募集配套资金300万元）暂时补充流动资金，用于与公司主营业务相关的生产经营使用，使用期 限自公司董事会审议通过之日起不超过12个月。根据《上市公司募集资金监管规则》等法律法规的规 定，公司开立募集资金专项账户，仅用于存放暂时补充流动资金的募集资金，公司与保荐机构/财务顾 问东方证券股份有限公司（以下简称"东方证券"）以及存放募集资金的开户银行上海浦东发展银行股份 ...

Group 1 - The company has approved the 2025 Restricted Stock Incentive Plan and disclosed the list of incentive objects [1][2] - The public notice regarding the incentive objects was conducted from August 25, 2025, to September 3, 2025, with no objections received [2][4] - The Compensation and Assessment Committee verified the qualifications of the proposed incentive objects, confirming compliance with relevant laws and regulations [2][4] Group 2 - The verification process included checking the identity documents, employment contracts, and positions held by the proposed incentive objects [2][4] - The committee concluded that all proposed incentive objects meet the necessary qualifications as per the Company Law and Securities Law [3][4] - The incentive plan includes only employees with labor or employment relationships with the company, excluding independent directors [4]

证券代码：688085 证券简称：三友医疗 公告编号：2025-067 上海三友医疗器械股份有限公司 关于参加 2025 年半年度科创板医疗器械及医疗设备 行业集体业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 17 日（星期三） 下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 9 月 10 日（星期三）至 9 月 16 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@sanyou-medical.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 为进一步加强与广大投资者的沟通交流，上海三友医疗器械股份有限公 司（以下简称"公司"）将参加由上海证券交易所主办的 2025 年半年度科创 板医疗器械及医疗设备行业集体业绩说明会 ...

Core Viewpoint - The company has announced the establishment of a special account for raised funds and signed a tripartite supervision agreement for the management of these funds, aimed at ensuring compliance with regulations and protecting investor interests [1][5]. Fundraising Overview - The company approved the temporary use of up to 90 million yuan of idle raised funds to supplement working capital, with a usage period not exceeding 12 months from the board's approval date [2]. - The company raised a total of 1,075,950,160 yuan from its initial public offering (IPO) by issuing 51,333,500 shares at a price of 20.96 yuan per share, with a net amount of 978,892,778.72 yuan after deducting issuance costs [2][3]. - Additionally, the company raised 203,920,127.60 yuan through a share issuance for asset acquisition, issuing 13,032,886 shares at a price of 16.42 yuan per share, after deducting related issuance costs [3][4]. Special Account and Supervision Agreement - A special account has been opened at Shanghai Pudong Development Bank for the storage of temporarily supplemented working capital, with a tripartite supervision agreement signed between the company, the bank, and the financial advisor, Dongfang Securities [5][6]. - The agreement stipulates that the funds in the special account are exclusively for temporary working capital and cannot be used for other purposes [6][7]. - The financial advisor is responsible for supervising the use of the raised funds and must conduct regular checks and provide monthly account statements to the company [6][8]. Compliance and Legal Framework - The agreement is governed by relevant laws and regulations, including the Company Law and the Securities Law of the People's Republic of China, ensuring that all parties adhere to legal requirements [8][9]. - Any disputes arising from the agreement will be resolved through negotiation or arbitration in Shanghai, with the arbitration ruling being final and binding [9].

证券代码：688085 证券简称：三友医疗 公告编号：2025-066 上海三友医疗器械股份有限公司 董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划激励对象名单 的核查意见及公示情况说明 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。 一、公示情况及核查方式 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）及《上海三友医疗器械股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，公司对拟激励对象名单在公司内部进行了公示。公司董事会薪酬与 考核委员会结合公示情况对拟激励对象人员名单进行了核查，相关公示情况及核 查情况如下： 1、公司对拟激励对象的公示情况 （1）公示内容：拟激励对象姓名及职务 （2）公示时间：2025 年 8 月 25 日至 2025 年 9 月 3 日，共 10 日 （3）公示方式：公司内部布告栏 （4）反馈方式：以设立反馈电话/电子邮箱或当面反映情况等方式进行反馈， ...