东方证券股份有限公司 部分限售股上市流通的核查意见 东方证券股份有限公司（以下简称"独立财务顾问"或"东方证券"）作为 上海三友医疗器械股份有限公司（以下简称"三友医疗"或"公司"）发行股份 及支付现金购买资产并募集配套资金暨关联交易的独立财务顾问，根据《上市后 公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《上海 证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》等法律法规的相关规定，对三友医疗本次部分限售股上 市流通的事项进行了专项核查，具体核查情况如下： 一、本次上市流通的限售股类型 经上海证券交易所并购重组审核委员会 2024 年 12 月 30 日审核同意，并经 中国证券监督管理委员会于 2025 年 1 月 17 日出具的《关于同意上海三友医疗器 械股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 109 号）同意上海三友医疗器械股份有限公司（以下简称"三友医疗"或"公司"） 发行股票募集配套资金的注册申请。 公司向特定对象发行人民币普通股（A 股）股票新增 13,032,886 股股份已于 2025 ...

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 根据《上市公司募集资金监管规则》等法律法规的规定，为规范公司募集资 金的管理和使用，保护投资者的权益，2025 年 8 月 22 日召开的公司第四届董事 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，与保荐机构/独立财务顾问、募集资金存放银行签署募集资金专项存储监管 协议，并严格按照《上市公司募集资金监管规则》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》以及公司《募集资金管理制度》等有关 规定实施监管。公司董事会授权公司经营管理层办理闲置募集资金暂时补充流动 资金募集资金专项账户的开立，并与保荐机构/独立财务顾问、存放募集资金的 商业银行签署相关监管协议等事宜。 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 ...

证券代码：688085 证券简称：三友医疗 公告编号：2025-065 上海三友医疗器械股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易之部分限售股上市流通公告 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： 本次股票上市类型为向特定对象发行股份；股票认购方式为网下，上市股 数为15,639,463股。 本次股票上市流通总数为15,639,463股。 本次股票上市流通日期为2025 年 9 月 15 日。（因 2025 年 9 月 13 日是非 交易日，上市流通日顺延至 2025 年 9 月 15 日） 一、本次上市流通的限售股类型 本次上市流通的限售股为公司因发行股份募集配套资金向特定对象发行的限 售股，涉及股东 10 名，该部分限售股股东对应的股份数量为 15,639,463 股，锁 定期为自发行结束之日起 6 个月。本次申请上市流通的限售股 15,639,463 股，占 公司股份总数的 4.69%，将于 2025 年 9 月 15 日解除限售并上市流通（因 2025 年 9 月 13 ...

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 重要内容提示： （网址：http://roadshow.sseinfo.com/） 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，现将有关事项公告如下： 1 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 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。 公司已于 2025 年 8 月 26 日在上海证券交易所网站（www.sse.com.cn） 披露公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状 ...

Core Insights - The Chinese medical device industry faced challenges and opportunities in the first half of 2025, with a recovery in bidding for medical equipment not yet translating into improved company performance [1][3] - Overall performance of the industry remained under pressure due to complex global macroeconomic conditions, with a decline in revenue and net profit for A-share medical device companies [1][3] Financial Performance - In the first half of 2025, 131 A-share medical device companies reported total revenue of 1188.17 billion yuan, a decrease of 4.29% from 1241.43 billion yuan in the previous year [1] - Net profit for these companies fell to 188.12 billion yuan, down 17.17% from 227.11 billion yuan year-on-year [1] - Over 80% of companies in the in vitro diagnostics sector experienced a decline in performance due to factors like centralized procurement and medical insurance cost control [1] Sector Highlights - Despite overall declines, certain sectors like orthopedics and cardiovascular devices showed significant growth, with companies such as Sanyou Medical and Dabo Medical reporting revenue growth exceeding 40% [1][4] - Sanyou Medical achieved a remarkable net profit growth of 2083.64%, driven by acquisitions and recovery in domestic business [4] International Market Expansion - Overseas markets have become crucial for leading companies to overcome growth bottlenecks, with companies like Ruimai Te and Yuyue Medical reporting revenue growth of 61.33% and 49.96% respectively from international sales [2][7] - The international revenue for 89 companies reached 332.47 billion yuan, marking an 8.2% increase year-on-year [6] Future Outlook - The industry anticipates a turning point in the second half of 2025, with signs of demand recovery and improved bidding activity for medical devices [3][10] - The approval of innovative medical devices and drugs is on the rise, with 45 innovative medical devices approved in the first half of 2025, a year-on-year increase of 87% [12][13]

从资金流向上来看，当日医疗器械板块主力资金净流出4.57亿元，游资资金净流出2.07亿元，散户资金净 流入6.64亿元。医疗器械板块个股资金流向见下表： 证券之星消息，9月4日医疗器械板块较上一交易日下跌1.92%，三友医疗领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。医疗器械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 835892 | 中科美菱 | 25.80 | 15.85% | 15.32万 | 3.85亿 | | 603222 | 济民健康 | 11.52 | 10.03% | 34.43万 | 3.90亿 | | 688656 | 浩欧博 | 132.54 | 6.45% | < 3.98万 | 5.29亿 | | 300753 | 爰朋医疗 | 34.60 | 6.13% | 16.94万 | 5.79亿 | | 836504 | 博讯生物 | 29.88 | 4.18% | 1.37万 | 4076 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook based on revenue growth and profitability improvements [1][3]. Core Viewpoints - The company achieved a revenue of 250 million yuan in the first half of 2025, representing a year-over-year increase of 17.77%, with a net profit of 37 million yuan, showing a significant increase of 2083.64% [1][3]. - The ultrasound bone knife business is experiencing rapid growth, particularly in overseas markets, with foreign sales reaching 86.4 million yuan, a year-over-year increase of 153.34% [3]. - The company's profitability has significantly improved, with a gross margin of 72.77% and a net profit margin of 12.76% in the first half of 2025, driven by increased revenue and a higher proportion of high-margin products [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 250 million yuan, with a net profit of 37 million yuan and a cash flow from operating activities of -8 million yuan, showing an improvement of 7.36 million yuan compared to the previous year [1][3]. - The revenue for Q2 2025 was 133 million yuan, with a net profit of 24 million yuan, reflecting a year-over-year increase of 530.37% [1][3]. Product and Market Development - The company is expanding its product offerings in spinal implants and active devices, with the ultrasound bone knife's consumables sales exceeding 42 million yuan, growing over 50% year-over-year [3]. - The company has successfully introduced innovative spinal products and advanced surgical robots, which are expected to drive long-term growth [3]. Future Projections - Revenue forecasts for 2025-2027 are 584 million, 743 million, and 935 million yuan, with corresponding year-over-year growth rates of 28.8%, 27.2%, and 25.9% [3][4]. - The projected net profit for the same period is 96 million, 151 million, and 203 million yuan, with growth rates of 733.2%, 58.2%, and 34.0% respectively [3][4].

Core Viewpoint - Sanyou Medical's innovative product, the Zeus Spinal Fixation System, has successfully passed the FDA 510(k) review, marking a significant advancement in the company's international brand, Jazz Spinal System (JSS) [1] Group 1: Product Development - The Zeus Spinal Fixation System has received the FDA 510(k) special certification, indicating its compliance and readiness for the North American high-end market [1] - This certification is part of a broader series of achievements in Sanyou Medical's global strategic layout, showcasing the company's commitment to innovation in spinal implants [1] Group 2: Strategic Expansion - Sanyou Medical is leveraging its acquisition of the French orthopedic listed company, Implanet, as a key strategic foothold to accelerate its international business development [1] - The successful certification of JSS is not an isolated product breakthrough but rather a result of the company's ongoing globalization strategy [1]

Market Overview - On September 3, the medical device sector declined by 0.57%, with Huqiang Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Top Performers - Sino Medical (688108) saw a significant increase of 12.67%, closing at 36.28 with a trading volume of 750,100 shares and a transaction value of 2.57 billion [1] - Other notable gainers included: - Sanyou Medical (688085) up 7.76% to 25.70 [1] - Kangtuo Medical (688314) up 5.59% to 38.36 [1] - Rejing Bio (688068) up 5.07% to 196.26 [1] - New Industry (300832) up 4.08% to 64.82 [1] Underperformers - Huqiang Technology (688151) experienced the largest decline of 8.44%, closing at 21.48 with a trading volume of 73,900 shares and a transaction value of 164 million [2] - Other significant decliners included: - Jimin Health (603222) down 8.16% to 10.47 [2] - Aomei Medical (002950) down 4.70% to 9.73 [2] - Boxin Bio (836504) down 4.53% to 28.68 [2] Capital Flow - The medical device sector saw a net outflow of 271 million from institutional investors and 266 million from speculative funds, while retail investors contributed a net inflow of 537 million [2][3] - Notable capital flows included: - Sino Medical with a net inflow of 215 million from institutional investors [3] - Huqiang Technology with a net outflow of 1.37 billion from speculative funds [3] - Huatai Medical (688617) had a net inflow of 107 million from institutional investors [3]

Group 1 - The medical device sector experienced a decline of 1.78% on September 2, with Jimin Health leading the losses [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Notable gainers in the medical device sector included Wende Biological, which rose by 7.61% to a closing price of 25.58, and Jinhao Medical, which increased by 6.66% to 29.48 [1] Group 2 - Jimin Health saw a significant drop of 10.02%, closing at 11.40, with a trading volume of 1.0859 million shares and a transaction value of 1.331 billion [2] - Other notable decliners included Rejing Biological, which fell by 8.72% to 186.79, and Yikang Haosheng, which decreased by 7.71% to 34.24 [2] - The medical device sector experienced a net outflow of 1.23 billion from major funds, while retail investors contributed a net inflow of 1.011 billion [2]