通过天眼查大数据分析，椎元医学技术（上海）有限公司知识产权方面有商标信息13条，专利信息11 条，此外企业还拥有行政许可1个。 天眼查信息显示，椎元医学技术（上海）有限公司的股东为：上海赛立维生物科技有限公司、上海强基 企业管理合伙企业（有限合伙）、上海凯利泰医疗科技股份有限公司、杭州泽悦子宁创业投资合伙企业 （有限合伙）、上海张科禾苗创业投资合伙企业（有限合伙）。 来源：市场资讯 2月12日，天眼查融资历程显示，椎元医学技术（上海）有限公司近日获得"A轮"融资，涉及融资金额 2000万人民币，投资机构为三友医疗。 资料显示，椎元医学技术（上海）有限公司法定代表人为范明，成立于2021年，位于上海市，是一家以 从事研究和试验发展为主的企业。企业注册资本523.5102万人民币，并已于2026年完成了A轮，交易金 额2000万人民币。 ...

三友医疗表示，本次对外投资的目的是为了拓展公司业务，目标公司的在研产品线和公司现有业务领域 有相当的协同性，有助于进一步提升公司的综合竞争力和影响力，提升公司价值，实现投资者利益最大 化。 北京商报讯（记者 丁宁）2月11日晚间，三友医疗（688085）发布公告称，公司拟使用自有资金2000万 元向椎元医学技术（上海）有限公司（以下简称"椎元医学"）进行增资，交易完成后公司将持有椎元医 学9.0909%的股权。 公告显示，椎元医学专注于研究通过创新细胞疗法修复椎间盘退变，其主要在研产品"FibroCell-001异 体人成纤维细胞注射液"通过改善椎间盘内的细胞活性和微环境，缓解疼痛、维持椎间隙高度、稳定椎 间盘力学结构、改善腰椎功能，从而延缓椎间盘退变。 ...

三友医疗(688085.SH)发布公告，公司拟使用自有资金2000万元向椎元医学技术(上海)有限公司(简称"椎 元医学")进行增资，交易完成后公司将持有椎元医学9.0909%的股权。 近年来，公司在骨科相关领域正不断加强研发和战略布局，拓展临床解决方案的实现边界，共同推动骨 科临床手术治疗方案的革新与创新。目标公司核心团队拥有较为深厚的技术积淀与原创性研发，产品具 有创新与技术突破。本次对外投资的目的是为了拓展公司业务，目标公司的在研产品线和公司现有业务 领域有相当的协同性，有助于进一步提升公司的综合竞争力和影响力，提升公司价值，实现投资者利益 最大化。 ...

三友医疗(688085.SH)发布公告，公司拟使用自有资金2000万元向椎元医学技术(上海)有限公司(简称"椎 元医学")进行增资，交易完成后公司将持有椎元医学9.0909%的股权。 近年来，公司在骨科相关领域正不断加强研发和战略布局，拓展临床解决方案的实现边界，共同推动骨 科临床手术治疗方案的革新与创新。目标公司核心团队拥有较为深厚的技术积淀与原创性研发，产品具 有创新与技术突破。本次对外投资的目的是为了拓展公司业务，目标公司的在研产品线和公司现有业务 领域有相当的协同性，有助于进一步提升公司的综合竞争力和影响力，提升公司价值，实现投资者利益 最大化。 ...

证券代码：688085 证券简称：三友医疗 公告编号：2026-006 上海三友医疗器械股份股份有限公司 关于公司对外投资的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资目标公司名称：椎元医学技术（上海）有限公司（简称"椎元医学" 或"目标公司"） 投资金额：上海三友医疗器械股份有限公司（简称"三友医疗"或"公 司"）拟使用自有资金 2,000.00 万元向椎元医学进行增资，交易完成后公司 将持有椎元医学 9.0909%的股权。 交易实施尚需履行的审批及其他相关程序：本次对外投资事项已经公 司第四届董事会战略委员会第一次会议、第四届董事会第七次会议审议通过， 本次对外投资事项未达到股东会审议标准。本次对外投资不构成《上市公司 重大资产重组管理办法》规定的重大资产重组，亦不构成关联交易。 风险提示：目标公司在经营过程中可能受宏观经济、行业环境、市场 变化等因素的影响，未来具体经营业绩及投资收益仍存在不确定性。敬请广 大投资者谨慎决策，注意投资风险。 一、对外投资概述 （一）本次交易概况 1、本次交易概 ...

目标公司专注于研究通过创新细胞疗法修复椎间盘退变，其主要在研产品"FibroCell-001 异体人成纤维 细胞注射液"通过改善椎间盘内的细胞活性和微环境，缓解疼痛、维持椎间隙高度、稳定椎间盘力学结 构、改善腰椎功能，从而延缓椎间盘退变。 格隆汇2月11日丨三友医疗(688085.SH)公布，根据公司发展战略规划,公司拟使用自有资金2,000.00万元 人民币对椎元医学进行增资，认购椎元医学53.6934万元的新增注册资本，剩余计入资本公积，本次交 易完成后公司持有椎元医学9.0909%的股权。 ...

Core Viewpoint - The orthopedic industry is facing scrutiny due to commercial bribery cases, while major companies are reporting significant revenue and profit growth for 2025, highlighting a contrast between industry recovery and ongoing issues of high sales expenses and unethical practices [2][6][8]. Group 1: Bribery Cases and Industry Impact - The National Healthcare Security Administration has reported significant bribery cases in the orthopedic field, with kickback rates reaching up to 40% [2][3]. - In a case involving a hospital director, illegal kickbacks totaled 2.72 million yuan, with a supplier paying 35% of the total supply as a monthly kickback [4]. - Another case revealed a hospital official receiving 3.66 million yuan in bribes over ten years, with kickback rates between 20% and 40% for various orthopedic devices [5]. Group 2: Financial Performance of Companies - Major orthopedic companies like Spring Medical, Dabo Medical, and Kelly Tai are forecasting significant revenue and profit increases for 2025, with some companies expecting profit growth exceeding 300% [2][6][7]. - The orthopedic consumables sector saw a 17% year-on-year revenue growth in the first three quarters of 2025, with net profit increasing by 81% [6][16]. - Spring Medical anticipates a net profit of 245 to 288 million yuan for 2025, representing a year-on-year increase of 96.01% to 130.41% [6][16]. Group 3: Sales Expenses and Challenges - Despite positive financial forecasts, high sales expenses remain a significant concern, with some companies' sales expense ratios exceeding the industry average [8][18]. - For instance, Dabo Medical's sales expense ratio was approximately 26.7%, indicating elevated marketing costs within the orthopedic sector [18]. - The ongoing high sales expenses are squeezing companies' research and development budgets, with reductions in R&D spending reported by several firms [19].

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

证券代码：688085 证券简称：三友医疗 公告编号：2026-005 上海三友医疗器械股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： ■ 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 关于实际控制人及其一致行动人权益 变动触及1%刻度的提示性公告 公司实际控制人及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 2.信息披露义务人信息 ■ 注：混沌天成资管－徐农－混沌天成精选策略18号单一资产管理计划（以下简称"混沌天成18号"）是公 司实际控制人徐农先生100%出资设立的资产管理计划，徐农先生和混沌天成18号及其管理人混沌天成 资产管理（上海）有限公司签署《一致行动协议》，构成一致行动关系。徐农、Michael Mingyan Liu （刘明岩）、David Fan（范湘龙）通过签署《一致行动协议》构成一致行动关系，为公司实际控制 人。 二、权益变动触及1%刻度的基本情况 近日，上海三友医疗器械股份有限公司（简称"公司"）收到Michael Ming ...

Michael Mingyan Liu（刘明岩）先生持有公司股份数量由30,341,922股减少至28,201,922股，持股比例由 9.10%减少至8.46%，权益变动触及1%刻度。截止至本公告披露日，本次减持计划尚未实施完毕。 格隆汇2月4日丨三友医疗(688085.SH)公布，公司收到Michael Mingyan Liu（刘明岩）先生出具的《告知 函》，2026年2月4日，Michael Mingyan Liu（刘明岩）先生通过大宗交易方式合计减持公司股份214万 股，占公司总股本的0.64%。本次权益变动后，Michael Mingyan Liu（刘明岩）先生及其一致行动人合 计持有公司股份由88,187,166股减少至86,047,166股，持股比例由26.45%减少至25.80%，权益变动触及 1%刻度。 ...