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]

Core Viewpoint - Sino Medical's financial reporting inaccuracies have led to regulatory actions, highlighting management vulnerabilities and the need for improved internal controls [1][2][3]. Financial Reporting Issues - Sino Medical received a regulatory decision from Tianjin Securities Regulatory Bureau due to inaccurate financial disclosures, which revealed management oversight [1][2]. - The company reported an overstatement of investment income by approximately 9 million yuan, primarily due to a miscalculation in the acquisition of a controlling stake in eLum [2]. - The inaccuracies affected the financial results for the first three quarters of 2024, leading to a total adjustment of 9.5882 million yuan in various profit metrics [2]. Company Performance and Market Context - Sino Medical specializes in high-end interventional medical devices and has faced significant revenue fluctuations due to national centralized procurement policies [4]. - The company experienced a 40.64% decline in total revenue in 2021, resulting in a net loss of 134 million yuan, and continued losses in 2022 with a revenue of 193 million yuan [5]. - In 2023, the company began to recover, achieving a revenue of 343 million yuan, a 77.99% increase year-on-year, although it still reported a net loss of 39.63 million yuan [5]. - By 2024, Sino Medical's revenue reached 459 million yuan, a 33.64% increase, with a slight net profit of 149,780 yuan, indicating a positive trend [5]. Recent Performance and Future Outlook - The company's half-year report for 2025 showed a revenue of 240 million yuan, a 12.53% increase, and a net profit of 13.84 million yuan, a 296.54% increase year-on-year, indicating a recovery [6]. - The growth was attributed to increased sales of two coronary stent products included in the procurement program and a rise in sales of neuro-interventional products [6]. - Despite the positive performance, the recent financial misreporting raises concerns about investor trust and the company's ability to maintain compliance while capitalizing on procurement opportunities [6].

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 44.53 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 1.295 billion yuan [1] - A total of 275 stocks experienced net inflows, while 311 stocks saw net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 562 stocks rose, with 7 stocks hitting the daily limit, including Yuchan Intelligent and Xiamen Tungsten [1] - The top three stocks with the highest net inflow were: - Lanke Technology: 430.46 million yuan - Borui Pharmaceutical: 306.50 million yuan - Tianyue Advanced: 218.43 million yuan [2] Continuous Fund Flow - There are 33 stocks with continuous net inflows for more than three trading days, with Hanwujing leading at 13 consecutive days [2] - Conversely, 166 stocks experienced continuous net outflows, with Huate Gas leading at 15 consecutive days [2] Key Stocks with Significant Fund Inflows - The following stocks had notable net inflows: - Lanke Technology: 430.05 million yuan, with a flow rate of 8.09% and a price increase of 5.41% [2] - Borui Pharmaceutical: 306.50 million yuan, with a flow rate of 18.56% and a price increase of 9.50% [2] - Tianyue Advanced: 218.43 million yuan, with a flow rate of 10.12% and a price increase of 20.00% [2] Stocks with Significant Fund Outflows - The stocks with the highest net outflows included: - Dongxin Co., with a net outflow of 311 million yuan and a price decrease of 0.04% [1] - Sainuo Medical: 219 million yuan outflow [1] - Haiguang Information: 129 million yuan outflow [1]

Focus Events - China Securities Index Company will officially release four indices on September 11, 2025, including the CSI A500 Relative Growth Index and the CSI A500 Pure Value Index, providing diversified investment targets for the market [1] Important Data - The U.S. ADP employment data for August showed an increase of 54,000 jobs, which is below the market expectation of 65,000 and significantly lower than the revised 106,000 from the previous month, indicating a slowdown [2] - The probability of the Federal Reserve cutting interest rates in September has increased, with expectations of a total cut of 50 basis points within the year, which is seen as a supporting factor for rising gold prices in the fourth quarter [2] Macro News - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with expectations of a potential reserve requirement ratio cut in the fourth quarter [3] Industry Dynamics - The State Council issued a document aiming to release the potential of sports consumption, targeting a total scale of over 7 trillion yuan for the sports industry by 2030, with six key measures proposed [4] - The Ministry of Industry and Information Technology released a growth stabilization plan for the electronic information manufacturing industry for 2025-2026, proposing 16 specific measures to promote industry upgrades and innovation [6] Company Focus - Huawei launched its second-generation foldable smartphone Mate XTs with a starting price of 17,999 yuan, which is 2,000 yuan lower than the previous generation [9] - Hangzhou High-tech announced that all members of its board of directors have resigned due to a change in control [11] - Sino Medical was ordered to rectify due to information disclosure violations, with regulatory talks held with its chairman and others [14] - BYD reportedly lowered its 2025 sales target by 16% from 5.5 million to 4.6 million vehicles, a cautious decision ahead of the peak sales season [16] - China Pingmei Shenma Group signed a strategic cooperation framework agreement with LONGi Green Energy to collaborate in photovoltaic power generation and green hydrogen [17][18] - Junsheng Electronics reported collaborations with leading clients in the humanoid robot sector, including customized supply of control boards and battery systems [20] - Beijing Lier signed a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration [22] - Kebo Da announced a plan to acquire 60% of Kebo Da Intelligent Technology for 345 million yuan, aiming to enter the automotive intelligence sector [24] - China Shipbuilding announced that China Heavy Industry's A-shares will be delisted on September 5, following a share swap merger [28] - Yutong Bus reported an 16.78% year-on-year increase in sales for August, with total sales for the year up 4.51% [29] - Ningbo Construction announced winning construction projects worth a total of 1.117 billion yuan [31]

Group 1 - The company received an administrative regulatory decision from the Tianjin Securities Regulatory Bureau regarding the correction of accounting errors in its financial reports for the first three quarters of 2024, resulting in a reduction of investment income, operating profit, total profit, and net profit by 9.5882 million yuan [1][2] - The errors were primarily due to a miscalculation in the ownership percentage of eLum, a company acquired by the company, which led to the incorrect reporting of investment income [1][2] - The chairman and CFO of the company were found to have failed in their duties, leading to the decision to impose corrective measures on the company and regulatory talks with the individuals involved [2] Group 2 - The company is required to complete corrective actions within 30 days of receiving the decision and submit a written report to the Tianjin Securities Regulatory Bureau [2] - The company and its personnel are committed to learning from this incident, enhancing financial management and internal controls, and improving the quality of information disclosure to prevent future violations [3] - The administrative regulatory measures are not expected to impact the company's daily operations, and the company will continue to fulfill its information disclosure obligations in accordance with relevant regulations [3]