证券代码：688085 证券简称：三友医疗 公告编号：2025-063 上海三友医疗器械股份有限公司 关于骨填充囊袋取得医疗器械注册证的自愿披露 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"）的控股子公司月明千 里（苏州）医疗科技有限公司（以下简称"月明千里"）近日收到国家药品监督 管理局颁发的"骨填充囊袋"的第三类《中华人民共和国医疗器械注册证》，现 将相关情况公告如下： 一、医疗器械注册证内容 1、产品名称：骨填充囊袋 2、注册证编号：国械注准 20253131611 3、适用范围：该产品与骨水泥配合使用，用于因骨质疏松、创伤导致的椎 体压缩性骨折，在经皮椎体成形术中对胸椎和腰椎部位（T5~L5）进行填充与稳 定。 4、注册有效期：2025 年 8 月 22 日至 2030 年 8 月 21 日 二、对公司的影响 1 月明千里本次获得国家三类注册证的产品为骨填充囊袋，该产品是使用 PET 柔性材料运用特殊编织技术与钛合金而成，在经皮椎体成形术（PVP）、经皮椎体 ...

三友医疗8月28日公告， 公司控股子公司月明千里近日收到国家药品监督管理局颁发的骨填充囊袋第三 类《中华人民共和国医疗器械注册证》。该产品与骨水泥配合使用，用于因骨质疏松、创伤导致的椎体 压缩性骨折，在经皮椎体成形术中对胸椎和腰椎部位（T5~L5）进行填充与稳定。该产品采用PET柔性 材料与钛合金制成，具有极佳的生物相容性和抗拉伸强度，能直接撑开恢复椎体高度，防止骨水泥渗 漏。 ...

三友医疗公告，控股子公司月明千里（苏州）医疗科技有限公司近日收到国家药品监督管理局颁发 的"骨填充囊袋"的第三类《医疗器械注册证》。该产品与骨水泥配合使用，用于因骨质疏松、创伤导致 的椎体压缩性骨折，在经皮椎体成形术中对胸椎和腰椎部位（T5~L5）进行填充与稳定。注册有效期为 2025年8月22日至2030年8月21日。 ...

Group 1: Company Insights - Sanyou Medical achieved revenue of 249.76 million yuan in the first half of 2025, a year-on-year increase of 17.77%, with a net profit of 36.60 million yuan, up 2083.64% [1] - The company saw significant growth in various segments, including a 64.80% increase in revenue from Waterwood Tianpeng and a 41.10% increase in overseas revenue from Implanet [1] - The company is expanding its focus on sports medicine, AI, and surgical robotics, and has implemented its first equity incentive plan targeting key personnel in sales, R&D, and management [1] Group 2: Industry Trends - Far East Holdings has successfully supplied multiple products to a leading global AI chip company, with ongoing growth in sales [2] - The company is developing new liquid cooling technologies and has begun mass production of high-rate cylindrical batteries in the BBU sector [2] - The solid-state batteries produced by the company have an energy density exceeding 300 Wh/kg and have been delivered to international clients [2] Group 3: Financial Performance - Hengda New Materials reported revenue of 520 million yuan in the first half of 2025, a year-on-year increase of 2.55%, with net profit declining by 12.68% due to rising sales, management, and R&D expenses [3] - The company has increased its cash reserves to 260 million yuan and maintains a healthy financial status with a debt-to-asset ratio of 18% [3] - The company anticipates a growth rate of over 10% for medical packaging paper, driven by the trend of "paper replacing plastic" and domestic substitution [3] Group 4: Market Dynamics - Sulian Co. experienced a 26.30% year-on-year increase in total revenue in the first half of the year, primarily driven by growth in electric vehicle sales and rapid technological iterations in client models [4] - The company is actively developing new products in line with trends in new energy smart vehicles, including hydrogen fuel cell pipelines and high-pressure pipelines for air suspension [4] - The main business focuses on power systems for vehicles and thermal management systems for new energy vehicles, with over 70% of the processes and technologies being interconnected [4]

Group 1: Petty Co. (佩蒂股份) - Petty Co. has launched baking grain products under the Jueyan brand, aligning with its brand positioning [1] - The company plans to establish a high-end brand at its New Zealand factory, targeting both domestic and international markets [1] - In Q2, the gross profit margin increased due to cost advantages and economies of scale from the Southeast Asia factory, with expectations for stable growth throughout the year [1] - The online sales channel is significant, primarily driven by e-commerce platforms, with trends showing growth in both mid-high and mid-low end pet food consumption [1] - Sales expense ratio remains stable, although there are fluctuations due to promotional activities [1] - The Southeast Asia factory has high capacity utilization, with plans to increase pet snack production capacity by approximately 5,000 tons by the end of next year [1] Group 2: Sanyou Medical (三友医疗) - In the first half of 2025, Sanyou Medical achieved revenue of 249.76 million yuan, a year-on-year increase of 17.77%, and a net profit of 36.60 million yuan, up 2,083.64% [2] - The company’s market share has risen due to the impact of centralized procurement and medical insurance policies [2] - The revenue from the Waterwood Tianpeng segment reached 73.99 million yuan, growing by 64.80%, while Implanet's overseas revenue was 580.90 thousand euros, up 41.10%, with the U.S. market growing by 444% [2] - Domestic sales of ultrasonic bone knives exceeded 42 million yuan, with a growth rate of over 50% [2] - Multiple products have been approved for market launch, and the company is advancing its layout in sports medicine, AI, and surgical robotics [2] - The company has implemented its first equity incentive plan, focusing on incentivizing sales, R&D, and management personnel [2]

Core Insights - Yixin An Asset Management conducted research on a listed company, Sanyou Medical, revealing significant growth in revenue and net profit despite market pressures [1] Company Performance - In the first half of 2025, Sanyou Medical achieved revenue of 249.76 million yuan, a year-on-year increase of 17.77% [1] - The company's net profit attributable to shareholders reached 36.60 million yuan, marking a substantial year-on-year growth of 2,083.64% [1] - The company benefited from increased market share due to centralized procurement and healthcare policy impacts [1] Product and Market Developments - Revenue from Waterwood Tianpeng reached 73.99 million yuan, reflecting a year-on-year growth of 64.80% [1] - Implanet's overseas revenue was 580.90 thousand euros, with a year-on-year increase of 41.10%, and the U.S. market saw a remarkable growth of 444% [1] - Domestic sales of ultrasonic bone knives exceeded 42 million yuan, with a growth rate of over 50% [1] - Multiple products received approval for market launch, indicating a strong product pipeline [1] Strategic Initiatives - The company is advancing its layout in sports medicine, AI, and surgical robotics [1] - Sanyou Medical implemented its first equity incentive plan, focusing on incentivizing sales, research, and management personnel [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company's main business in the spinal sector has stabilized and is recovering, with rapid growth in international operations [2][3]. - In the first half of 2025, the company achieved revenue of 250 million yuan, a year-on-year increase of 17.77%, and a net profit attributable to shareholders of 37 million yuan, a significant increase of 2083.64% [2]. - The company is transitioning from equipment sales to a sustainable consumables model, driven by high-margin consumables, which has become a core growth engine [3]. Financial Performance - The company expects revenues for 2025-2027 to reach 599 million yuan, 759 million yuan, and 952 million yuan, representing year-on-year growth of 32.0%, 26.8%, and 25.4% respectively [4][10]. - The net profit attributable to shareholders is projected to be 90 million yuan, 154 million yuan, and 238 million yuan for the same period, with growth rates of 684.8%, 71.6%, and 54.0% respectively [4][10]. - The company's gross margin is expected to improve from 71.3% in 2024 to 77.3% by 2027 [10]. Market Expansion - The company has made significant progress in the U.S. market, with a year-on-year growth of 444% in the second quarter of 2025, surpassing the French market for the first time [3]. - The company is developing a product matrix that includes spinal consumables, ultrasonic bone knives, and orthopedic robots, aiming to create a competitive advantage in the North American market [3]. Innovation and Development - The company is actively involved in the development of new medical devices, including a next-generation multi-arm surgical robot and a porous polyether ether ketone interbody fusion device, which is expected to receive approval soon [3]. - The company has a rich pipeline of projects covering advanced fields such as next-generation cervical disc prostheses and minimally invasive fusion systems, ensuring long-term growth [3].

Policy Developments - The 15th China Medical Device Supervision Management International Conference was held in Suzhou, emphasizing the support for high-end medical device innovation, including areas like medical robots and AI medical devices. The National Medical Products Administration (NMPA) has approved 52 innovative products this year, totaling 367 approved innovative products to date [2]. Product Approvals - The first photon counting spectral CT in China, developed by United Imaging Healthcare, received its medical device registration certificate from the NMPA, marking a significant breakthrough in medical technology [4]. - A nucleic acid detection kit for 14 central nervous system infection pathogens developed by China National Biological Products Group was approved, aiding in the diagnosis of CNS infections [5]. Financial Reports - Sanyou Medical reported a 17.77% year-on-year increase in revenue to 250 million yuan, with a net profit of 36.6 million yuan, reflecting a staggering 2083.64% growth [7]. - Junshi Biosciences reported a revenue of 1.168 billion yuan, a 48.64% increase year-on-year, but incurred a net loss of 413 million yuan, an improvement from a loss of 645 million yuan in the previous year [8]. Capital Market Activities - Fosun Pharma announced a licensing agreement with Sitala for the global development and commercialization of FXS6837, excluding China, and will receive shares valued at 5 million USD from Sitala [10]. - AbbVie reached an agreement to acquire Gilgamesh Pharmaceuticals' investigational drug bretisilocin for treating moderate to severe major depressive disorder [11]. - Nanxin Pharmaceutical plans to acquire a target asset group from Future Pharma for up to 480 million yuan, which includes various injection products and related intellectual property [12]. Industry Developments - Eli Lilly reported positive results from the Phase 3 clinical trial of its GLP-1 receptor agonist orforglipron for treating obesity in patients with type 2 diabetes, achieving significant weight loss and improvements in cardiovascular risk factors [14]. - A Chinese research team successfully transplanted gene-edited pig lungs into a brain-dead human, a world-first achievement that could alleviate organ donor shortages [16]. Corporate Changes - Dongcheng Pharmaceutical announced the resignation of its Deputy General Manager Wu Xiaoming due to work adjustments, with no impact on the company's operations [19].

Financial Performance - The company reported a total revenue of 250 million yuan for the first half of 2025, representing a year-on-year increase of 17.77% [1] - The net profit attributable to shareholders reached 36.6 million yuan, a significant increase of 2083.64% compared to the previous year [1] - In Q2 2025, total revenue was 133 million yuan, up 6.11% year-on-year, while net profit attributable to shareholders was 23.78 million yuan, up 530.37% [1] Key Financial Metrics - Gross margin improved to 72.77%, an increase of 6.81% year-on-year, while net margin surged to 12.76%, up 2237.85% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 103 million yuan, accounting for 41.26% of revenue, a slight decrease of 0.41% year-on-year [1] - Earnings per share (EPS) increased to 0.11 yuan, a remarkable growth of 1000% compared to the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable rose significantly, with a year-on-year increase of 32.06%, reaching 86.02 million yuan [1] - The company reported a negative operating cash flow per share of -0.03 yuan, but this was an improvement of 53.24% year-on-year [1] Business Model and Market Outlook - The company's performance is primarily driven by research and marketing efforts, indicating a need for careful analysis of these underlying drivers [2] - Analysts project the company's performance for 2025 to reach 90 million yuan, with an average EPS forecast of 0.32 yuan [2] Fund Holdings - The largest fund holding in the company is the Rongtong Health Industry Flexible Allocation Mixed A/B fund, which holds approximately 9.98 million shares [3] - The fund's current scale is 2.074 billion yuan, with a recent net value of 2.987, reflecting a 0.67% decline from the previous trading day but a 48.49% increase over the past year [3]

Group 1 - Sichuan Gold achieved a net profit of 209 million yuan in the first half of 2025, a year-on-year increase of 48.41% [1] - Hai Xin Co. reported a net profit of 108 million yuan, up 5.62% year-on-year, despite a revenue decline of 8.35% [1] - Shanhe Pharmaceutical Auxiliary's net profit decreased by 2.61% to 93.04 million yuan, with a revenue increase of 4.65% [2] Group 2 - Donghua Software's net profit fell by 15.78% to 244 million yuan, with a slight revenue decline of 1.76% [2] - Zhongyuan Haike reported a significant net profit drop of 91.21% to 9.83 million yuan, alongside a revenue decrease of 9.97% [3] - Xingxin New Materials experienced a net profit decline of 21.72% to 33.64 million yuan, with a minimal revenue growth of 0.02% [4] Group 3 - Longban Media's net profit increased by 13.28% to 120 million yuan, despite a revenue drop of 24.01% [6] - Guangge Technology reported a net loss of 31.38 million yuan, worsening from a loss of 20.17 million yuan in the previous year, with a revenue increase of 71.44% [7] - Ge Ke Wei's net profit decreased by 61.59% to 29.76 million yuan, despite a revenue growth of 30.33% [8] Group 4 - Shaoyang Hydraulic's net profit fell by 31.68% to 7.11 million yuan, with a revenue decline of 12.84% [9] - Qianjiang Biochemical achieved a net profit of 107 million yuan, a year-on-year increase of 30.24%, despite a revenue decline of 9.64% [10] - Jianhui Information's net profit dropped by 82.99% to 502.52 million yuan, with a revenue increase of 9.03% [11] Group 5 - Nobon Co. reported a net profit of 65.33 million yuan, up 48.33% year-on-year, with a revenue increase of 33.35% [12] - Proya's net profit increased by 13.80% to 799 million yuan, with a revenue growth of 7.21% [13] - Huayuan Holdings reported a net loss of 22.48 million yuan, improving from a loss of 39.2 million yuan in the previous year, with a revenue decline of 94.74% [15] Group 6 - Chihong Zn & Ge's net profit increased by 3.27% to 932 million yuan, with a revenue growth of 7.67% [17] - Dae Oriental's net profit decreased by 45.33% to 59.04 million yuan, with a revenue decline of 5.20% [19] - Zhongnong Lihua's net profit fell by 10.06% to 142 million yuan, despite a revenue increase of 3.27% [20] Group 7 - Triangle Tire's net profit decreased by 35.31% to 396 million yuan, with a revenue decline of 4.50% [21] - Lianchuang Optoelectronics reported a net profit of 263 million yuan, up 15.18% year-on-year, with a revenue increase of 6.51% [22] - Taijing Technology's net profit fell by 61.59% to 22.04 million yuan, despite a revenue growth of 16.73% [23] Group 8 - Congsheng Co. announced plans to establish a wholly-owned subsidiary with an investment of 5 million yuan [24] - Yilian Network's net profit decreased by 8.84% to 1.24 billion yuan, with a slight revenue decline of 0.64% [25] - Weichuang Electric's net profit increased by 4.87% to 141 million yuan, with a revenue growth of 16.39% [26] Group 9 - Liuyuan Chemical reported a net loss of 149 million yuan, worsening from a profit of 29.37 million yuan in the previous year, with a revenue increase of 3.10% [28] - Luxshare Precision achieved a net profit of 6.644 billion yuan, a year-on-year increase of 23.13%, with a revenue growth of 20.18% [29] - Jiangfeng Electronics reported a net profit of 253 million yuan, up 56.79% year-on-year, with a revenue increase of 28.71% [30] Group 10 - Hongqiao Technology reported a net loss of 22.97 million yuan, worsening from a profit of 21.96 million yuan in the previous year, with a revenue decline of 11.76% [31] - Hong Sifang's net profit decreased by 47.10% to 43.97 million yuan, with a revenue decline of 8.18% [32] - Huaxia Happiness reported a net loss of 6.827 billion yuan, worsening from a loss of 4.849 billion yuan in the previous year, with a revenue decline of 50.90% [35] Group 11 - Watson Bio's net profit decreased by 74.69% to 43.16 million yuan, with a revenue decline of 19.47% [37] - Huayang Lianzhong's controlling shareholder plans to increase its stake by 1% to 2% [39] - Lanhua Ketech's net profit decreased by 89.58% to 57.48 million yuan, with a revenue decline of 26.05% [41] Group 12 - Aike Optoelectronics reported a net profit increase of 127.40% to 36.04 million yuan, with a revenue growth of 64.39% [43] - Guojia Automobile's net profit decreased by 14.32% to 21.3 million yuan, with a revenue decline of 11.64% [44] - Yingjia Gongjiu's net profit decreased by 18.19% to 1.13 billion yuan, with a revenue decline of 16.89% [46] Group 13 - China Shipbuilding Technology reported a net loss of 574 million yuan, worsening from a loss of 81.71 million yuan in the previous year, with a revenue increase of 30.79% [48] - Dayang Electric's net profit increased by 34.41% to 602 million yuan, with a revenue growth of 7.66% [49] - Shoukai Co. reported a net loss of 1.839 billion yuan, improving from a loss of 1.948 billion yuan in the previous year, with a revenue increase of 105.19% [51]