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].

赛诺医疗9月8日下午在互动平台表示，近期股吧及雪球等各种媒体的不实信息，我们已经关注到，并确 认上述信息为虚假信息，不符合公司实际情况。此外，部分媒体恶意夸大公司收到行政监管措施一事， 传播公司财务问题等信息，造成近期公司股价大幅波动，给广大投资者造成一定的困扰。对该类事项公 司将坚决打击并予以制止，避免其滋生蔓延扰乱市场环境。公司已截取并保留上述相关证据，对相关不 实信息及恶意报道适时采取法律手段，切实维护广大投资者的利益。公司三款神经介入产品（自膨支 架、密网支架、取栓支架）分别于2024年下半年及2025年上半年提交欧盟CE认证注册申请，目前均在 审理过程中，不存在被否或者没通过的情形。美国eLum公司是赛诺医疗于2024年初完成收购的神经介 入子公司，该公司主要从事神经介入医疗器械产品的研发、生产及销。完成对该公司的收购后，公司一 直致力于母子公司在技术、人才等多方面的融合发展，目前，美国eLum公司生产经营一切正常，不存 在影响该公司正常经营秩序的外部因素。 ...

证券之星消息，截至2025年9月5日收盘，赛诺医疗(688108)报收于34.18元，下跌7.25%，换手率 17.71%，成交量73.67万手，成交额24.62亿元。 该股主要指标及行业内排名如下： 9月5日的资金流向数据方面，主力资金净流出2.39亿元，占总成交额9.72%，游资资金净流入7774.61万 元，占总成交额3.16%，散户资金净流入1.61亿元，占总成交额6.56%。 近5日资金流向一览见下表： | 日期 | | | | | 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-05 | 34.18 | -7.25% | -2.39 乙 | -9.72% | 7774.61万 | 3.16% | 1.61亿 | 6.56% | | 2025-09-04 | 36.85 | 1.57% | -2830.32万 | -0.94% | 3575.42万 | 1.18% | -745.11万 | -0.25% | | 2025-09 ...

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]

Core Insights - The management of the company highlighted the high domestic replacement rate of coronary intervention products in China, while noting that neurointervention is in an early rapid development stage with increasing domestic replacement rates [1] - The company is focused on the application of new materials and advanced technologies in key interventional areas, indicating a significant demand for innovative solutions to clinical pain points in vascular intervention [1] - The company plans to concentrate on mitral valve replacement in the structural heart disease intervention field and will focus on evidence-based medical research to demonstrate the superiority of interventional treatment methods over current drug therapies for cerebral vascular stenosis [1] - The company is closely monitoring the development of new technologies, including brain-computer interfaces, and seeks to provide solutions based on its vascular intervention technology, IT, and professional advantages [1] - As of the date of the half-year report, the company has obtained 73 overseas registration certificates for its coronary products and is actively expanding its overseas coronary business [1]

Market Performance - The Sci-Tech Innovation Board Index fell by 6.08%, closing at 1226.98 points, with a total trading volume of 6.1 billion shares and a turnover of 275.58 billion yuan, resulting in an average turnover rate of 3.27% [1] - Among the tradable stocks on the Sci-Tech Innovation Board, 80 stocks closed higher, with 6 stocks increasing by 5% to 10%, while 504 stocks closed lower, with 21 stocks declining by over 10% [1] Trading Activity - The distribution of turnover rates showed that only 1 stock had a turnover rate exceeding 20%, while 39 stocks had turnover rates between 10% and 20%, and 114 stocks had rates between 5% and 10% [1] - The stock with the highest turnover rate was Ying Shi Innovation, which closed up by 0.32% with a turnover rate of 20.14% and a transaction amount of 2.068 billion yuan [1] - Other notable stocks with high turnover rates included Xin Yu Ren, Sai Nuo Medical, and Hai Bo Si Chuang, with turnover rates of 19.70%, 19.63%, and 17.92% respectively [1] Sector Analysis - The electronics sector had the highest number of stocks with turnover rates exceeding 5%, totaling 51 stocks, followed by the power equipment and pharmaceutical sectors with 27 and 18 stocks respectively [2] - In terms of capital flow, 41 stocks with high turnover rates experienced net inflows from main funds, with notable inflows into Han Wu Ji, Aters, and Qian Yan Biology, amounting to 141 million yuan, 91.26 million yuan, and 89.58 million yuan respectively [2] Leverage Fund Movements - A total of 98 stocks with high turnover rates received net purchases from leveraged funds, with significant increases in financing balances for Han Wu Ji, Bai Ji Shen Zhou, and Lan Qi Technology, which saw increases of 2.106 billion yuan, 790 million yuan, and 669 million yuan respectively [2]

Group 1 - Huida Sanitary Ware plans to publicly transfer 100% equity and debt of Guangxi Xingaosheng, with debt amounts of 132 million and 138 million yuan as of June 30, 2025 [1] - Sainuo Medical received administrative regulatory measures from Tianjin Securities Regulatory Bureau due to inaccurate information disclosure in quarterly reports [2][3] - Jiangling Motors reported August vehicle sales of 30,003 units, a year-on-year increase of 8.92% [6] Group 2 - Jimin Health's controlling shareholder plans to reduce its stake by up to 3%, totaling 15.75 million shares [7] - Satellite Chemical announced routine maintenance of polyethylene and ethylene glycol facilities, expected to last 45 days [8] - Hubei Yihua's 200,000-ton caustic soda project has been successfully put into production [10] Group 3 - Shanghai Pharmaceuticals' Dihydroxypropyl Theophylline Injection has passed the consistency evaluation for generic drugs [13] - Ningbo Construction's subsidiaries won construction projects worth 1.117 billion yuan [16] - Wens Foodstuff reported August sales revenue of 4.825 billion yuan from live pigs, with a year-on-year decrease in revenue and price [28] Group 4 - Long-term Logistics announced the resignation of its deputy general manager due to personal reasons [44] - Huaming Equipment proposed a cash dividend of 2 yuan per 10 shares, totaling 179 million yuan [46] - Transsion Holdings plans to distribute a cash dividend of 0.8 yuan per share [49]