Group 1 - The core viewpoint of the news is that Sino Medical has experienced a significant stock price increase of 194.16% year-to-date, but has recently faced a decline of 8.60% over the past five trading days and 12.20% over the past twenty days [1] - As of September 19, Sino Medical's stock price was reported at 28.71 CNY per share, with a total market capitalization of 11.945 billion CNY [1] - The company has seen a net outflow of main funds amounting to 41.1372 million CNY, with large orders showing a buy of 45.0039 million CNY and a sell of 63.0312 million CNY [1] Group 2 - For the first half of 2025, Sino Medical achieved operating revenue of 240 million CNY, representing a year-on-year growth of 12.53%, and a net profit attributable to shareholders of 13.8416 million CNY, which is a significant increase of 296.54% [2] - The company has a total of 11,100 shareholders as of June 30, with an average of 37,515 circulating shares per shareholder, indicating a slight increase in shareholder engagement [2] Group 3 - Since its A-share listing, Sino Medical has distributed a total of 41 million CNY in dividends, but has not paid any dividends in the last three years [3]

Core Viewpoint - The medical device export sector in China is experiencing growth, with a notable increase in revenue and profit among companies listed on the STAR Market, driven by innovation, international expansion, and strategic mergers and acquisitions [1][2][4]. Group 1: Market Performance - In the first half of 2025, China's medical device exports reached $24.1 billion, marking a 5.0% year-on-year increase and accounting for over 40% of total pharmaceutical product exports [1]. - STAR Market medical device companies reported a revenue growth of 9% and a net profit growth of 3% year-on-year, with second-quarter revenue and net profit showing quarter-on-quarter growth of 22% and 30%, respectively [1]. - Nearly 30% of STAR Market medical device companies have over 30% of their business coming from overseas [1]. Group 2: Innovation and Global Strategy - STAR Market medical device companies focus on high-value consumables and medical equipment, leveraging capital market support to build extensive global marketing networks [2]. - The industry has seen the emergence of several benchmark companies, with a total of approximately 18,000 invention patents held by STAR Market medical device firms [2]. - Notable innovations include the world's first branched aortic stent graft approved for market by Shanghai MicroPort Medical, and the FDA breakthrough designation for the self-expanding intracranial drug-coated stent system by Sinno Medical [2]. Group 3: International Expansion - Shanghai United Imaging Healthcare Co., Ltd. has increased its overseas revenue share from less than 10% at the time of listing to nearly 20% in the first half of 2025 [3]. - Haier Biomedical and Chongqing Mountain Outside Mountain Blood Purification Technology Co., Ltd. reported overseas revenue growth of 30% and 41%, respectively, in the first half of 2025 [3]. - The global expansion of domestic medical device companies is evident, with Haier Biomedical's products applied in over 150 countries and regions [3]. Group 4: Mergers and Acquisitions - The medical device industry is increasingly utilizing mergers and acquisitions to expand product lines and enhance technological capabilities, supported by policies such as "Merger and Acquisition Six Articles" and "STAR Market Eight Articles" [4]. - Shanghai Sanyou Medical Devices Co., Ltd. has successfully acquired the French orthopedic company Implanet, significantly boosting its overseas revenue [5]. - Shenzhen Huatai Medical Devices Co., Ltd. has improved its market penetration and product coverage following the introduction of Mindray Medical as a controlling shareholder [5]. Group 5: Policy Support and Future Outlook - The Chinese government has introduced numerous supportive policies aimed at fostering high-end innovation and quality development in the medical device sector [6]. - The industry is expected to transition from "product export" to "technology output" and from "landing" to "local integration," positioning itself for higher value within the global value chain [6].

Market Overview - The Shanghai Composite Index rose by 0.37% on September 17, with 20 industries experiencing gains, led by the power equipment and automotive sectors, which increased by 2.55% and 2.05% respectively [1] - Conversely, the agriculture, forestry, animal husbandry, and fishery sectors, along with retail, saw declines of 1.02% and 0.98% respectively [1] - The pharmaceutical and biotechnology sector fell by 0.23% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.306 billion yuan, with five industries seeing net inflows [1] - The power equipment sector led the net inflow with 1.835 billion yuan, followed by the automotive sector with 1.142 billion yuan [1] - The non-bank financial sector experienced the largest net outflow, totaling 5.229 billion yuan, followed by the computer sector with a net outflow of 4.455 billion yuan [1] Pharmaceutical and Biotechnology Sector - The pharmaceutical and biotechnology sector saw a net outflow of 3.977 billion yuan, with 474 stocks in the sector; 135 stocks rose while 327 fell [2] - The top net inflow stocks included WuXi AppTec with 352 million yuan, followed by Hengrui Medicine and Boteng Co., with inflows of 312 million yuan and 55.426 million yuan respectively [2] - Nine stocks in the sector experienced net outflows exceeding 100 million yuan, with the largest outflows from Guangsheng Tang, Sino Medical, and Ganli Pharmaceutical, amounting to 253 million yuan, 164 million yuan, and 140 million yuan respectively [2] Top Gainers in Pharmaceutical Sector - WuXi AppTec: +2.09%, turnover rate 2.01%, net inflow 351.585 million yuan [2] - Hengrui Medicine: +1.42%, turnover rate 0.92%, net inflow 312.024 million yuan [2] - Boteng Co.: -0.93%, turnover rate 6.09%, net inflow 55.426 million yuan [2] Top Losers in Pharmaceutical Sector - Guangsheng Tang: -4.40%, turnover rate 9.74%, net outflow -252.737 million yuan [3] - Sino Medical: -1.74%, turnover rate 5.85%, net outflow -164.152 million yuan [3] - Ganli Pharmaceutical: -1.74%, turnover rate 2.88%, net outflow -139.861 million yuan [3]

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：目前国内已有三款颅内药物球囊被NMPA拒绝批准，且 尚无颅内药物球囊获批。颅内药物球囊能够在球囊扩张时迅速打开狭窄血管，另一方面能通过涂层释放 药物抑制平滑肌细胞过度增殖，从而降低再狭窄风险，尤其适用于分叉、穿支口、弯曲段、远端小血管 等不适合支架植入的病变。但为什么这样一个被认为有潜力的创新方向，在审批层面屡屡受挫？请问赛 诺的产品和竞争对手的有什么不同？是不是被拒的几率很大？ 赛诺医疗（688108.SH）9月17日在投资者互动平台表示，医疗器械产品上市前需要进行临床实验，注 册审批等必备流程。新产品临床试验失败及注册审批未能通过均为正常现象。目前市场上获得注册证的 颅内药物球囊产品较多，我公司目前有两款颅内药物球囊在售，暂无注册过程中的颅内药物球囊产品。 ...

Group 1 - The first brain-computer interface (BCI) industry standard in China has been officially released, which will take effect on January 1, 2026, laying the foundation for the high-quality development of the BCI medical device industry [2] - The standard defines the terminology and definitions related to medical devices that utilize BCI technology, marking a significant step in the establishment of a regulatory framework for the industry [2] - The Chinese government aims to achieve breakthroughs in key BCI technologies by 2027, establishing an advanced technical, industrial, and standard system, with the goal of creating 2 to 3 industrial clusters and expanding new applications and business models [2] Group 2 - A-share BCI concept stocks have seen an average increase of 62.55% this year, with companies like Hanwei Technology, Innovation Medical, Sino Medical, and Rongtai Health experiencing stock price increases exceeding 170% [2] - Seven companies have received institutional research since September, with Xiangyu Medical receiving the most attention from 49 institutions, focusing on self-developed core components for BCI applications [3] - Dao's Technology has invested in leading BCI companies to enhance its capabilities in medical rehabilitation and human-computer interaction, indicating a trend of collaboration within the industry [3] Group 3 - Market funds have been actively increasing their positions in BCI concept stocks, with half of these stocks receiving net purchases from financing clients since September, and several stocks seeing net purchases exceeding 100 million yuan [4] - Notable companies with significant net purchases include Sanqi Interactive Entertainment, Dao's Technology, and Hanwei Technology, reflecting strong market interest in the BCI sector [4]

Market Overview - On September 12, the medical device sector declined by 0.72%, with Shanwaishan leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Gainers in Medical Device Sector - Haobobo (688656) closed at 173.11, up 18.16% with a trading volume of 21,900 lots and a transaction value of 333 million [1] - Tianchen Medical (688013) closed at 67.57, up 11.10% with a trading volume of 30,800 lots and a transaction value of 197 million [1] - Toukeng Life (300642) closed at 27.41, up 10.39% with a trading volume of 185,700 lots and a transaction value of 482 million [1] - Zhend Medical (603301) closed at 35.64, up 10.00% with a trading volume of 64,400 lots and a transaction value of 228 million [1] Top Losers in Medical Device Sector - Shanwaishan (688410) closed at 15.35, down 4.78% with a trading volume of 142,500 lots and a transaction value of 216 million [2] - Aojing Medical (688613) closed at 26.03, down 3.38% with a trading volume of 77,200 lots and a transaction value of 202 million [2] - Jiming Health (603222) closed at 13.66, down 2.84% with a trading volume of 1,008,500 lots and a transaction value of 1.382 billion [2] Capital Flow Analysis - The medical device sector experienced a net outflow of 199 million from institutional investors, while retail investors saw a net inflow of 256 million [2] - Retail investors had a net outflow of 57.41 million [2] Individual Stock Capital Flow - Sainuo Medical (688108) had a net inflow of 127 million from institutional investors, while retail investors experienced a net outflow of 11.9 million [3] - Toukeng Life (300642) saw a net inflow of 56.51 million from institutional investors, with a net outflow of 5.40 million from retail investors [3] - Meihua Medical (301363) had a net inflow of 31.17 million from institutional investors, while retail investors had a net outflow of 1.08 million [3]

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-045 赛诺医疗科学技术股份有限公司 关于参加上海证券交易所 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。 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 09 月 17 日（星期三）15:00-17:00 （二）会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心上证路演中心图文显示+网络文字互动问答 投资者可于 2025 年 09 月 10 日（星期三）至 09 月 16 日（星期二）16:00 前登录 上证路演中心网 ...

Company Overview - Sino Medical Science Technology Co., Ltd. is located in Tianjin Economic-Technological Development Area and was established on September 21, 2007. The company went public on October 30, 2019. Its main business involves the research, production, and sales of high-end interventional medical devices, focusing on cardiovascular, cerebrovascular, and structural heart disease treatment areas [1]. Financial Performance - As of June 30, the number of shareholders for Sino Medical increased to 11,100, a rise of 0.42% from the previous period. The average circulating shares per person increased by 0.21% to 37,515 shares [2]. - For the first half of 2025, Sino Medical reported a revenue of 240 million yuan, representing a year-on-year growth of 12.53%. The net profit attributable to shareholders was 13.84 million yuan, showing a significant increase of 296.54% year-on-year [2]. Stock Performance - On September 9, Sino Medical's stock price rose by 2.06%, reaching 33.17 yuan per share, with a trading volume of 235 million yuan and a turnover rate of 1.71%. The total market capitalization stood at 13.8 billion yuan [1]. - Year-to-date, Sino Medical's stock price has increased by 239.86%. In the last five trading days, the stock rose by 3.01%, while it gained 32.10% over the past 20 days and 202.65% over the last 60 days [1]. - The company has appeared on the daily trading leaderboard six times this year, with the most recent occurrence on August 22 [1]. Revenue Composition - The revenue composition of Sino Medical is as follows: stents account for 59.76%, balloons for 32.68%, and other products for 7.56% [1]. Dividend Information - Since its A-share listing, Sino Medical has distributed a total of 41 million yuan in dividends. However, there have been no dividend distributions in the past three years [3].

Core Viewpoint - The company has addressed recent false information circulating on various media platforms, confirming that these claims do not reflect the actual situation of the company [1] Group 1: Company Response to Misinformation - The company has acknowledged the spread of false information regarding administrative regulatory measures and financial issues, which has led to significant stock price fluctuations [1] - The company is committed to combating and preventing the spread of such misinformation to maintain a stable market environment [1] - Legal actions will be taken against the sources of false information and malicious reports to protect the interests of investors [1] Group 2: Product Development and Regulatory Status - The company is in the process of submitting CE certification applications for three neuro-interventional products, which are expected to be submitted in the second half of 2024 and the first half of 2025 [1] - There are currently no indications that these applications will be denied or fail to pass [1] Group 3: Acquisition and Operational Status - The company completed the acquisition of eLum, a neuro-interventional subsidiary, in early 2024, which focuses on the research, development, and production of neuro-interventional medical devices [1] - Following the acquisition, the company has been integrating technology and talent between the parent and subsidiary companies, and eLum is operating normally without any external factors affecting its business operations [1]

Core Viewpoint - Sino Medical (688108) experienced a significant decline in stock price, closing at 34.18 yuan on September 5, 2025, down 7.25% from the previous day [1] Group 1: Stock Performance - On September 5, 2025, the stock had a turnover rate of 17.71%, with a trading volume of 736,700 hands and a total transaction amount of 2.462 billion yuan [1] - The net outflow of main funds was 239 million yuan, accounting for 9.72% of the total transaction amount, while retail investors saw a net inflow of 161 million yuan, representing 6.56% of the total [1][2] Group 2: Financing and Margin Trading - On September 5, 2025, the financing balance was 931 million yuan, with a net repayment of 20.63 million yuan [3] - The margin trading data indicated that there were no shares sold or repaid in the short selling segment, with a remaining short selling balance of 13,700 yuan [3] Group 3: Financial Performance - For the first half of 2025, Sino Medical reported a main revenue of 240 million yuan, a year-on-year increase of 12.53%, and a net profit attributable to shareholders of 13.84 million yuan, up 296.54% year-on-year [5] - The company’s gross profit margin stood at 63.64%, with a debt ratio of 29.39% and financial expenses of 1.9728 million yuan [5] Group 4: Industry Comparison - Sino Medical's total market capitalization is 14.221 billion yuan, compared to the industry average of 11.933 billion yuan, ranking 24th out of 123 in the medical device industry [5] - The company has a price-to-earnings ratio of 513.69, significantly higher than the industry average of 65.4, ranking 92nd out of 123 [5]