Core Viewpoint - Baijun Medical (688198.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong business performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 382 million yuan, representing a year-on-year growth of 30.58% [1] - The net profit attributable to shareholders was 92.7 million yuan, showing a year-on-year increase of 57.93% [1] - The basic earnings per share stood at 0.67 yuan [1]

Core Insights - The company reported a revenue of 382 million yuan for the first three quarters of 2025, representing a year-on-year growth of 30.58% [1] - The net profit attributable to shareholders reached 92.7 million yuan, with a year-on-year increase of 57.93% [1] - The basic earnings per share stood at 0.67 yuan [2] Financial Performance - The gross profit margin for the first three quarters was 88.17%, a decrease of 0.40 percentage points year-on-year [2] - The net profit margin improved to 21.78%, an increase of 4.67 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 87.47%, showing a year-on-year increase of 0.23 percentage points but a quarter-on-quarter decrease of 2.99 percentage points [2] - The net profit margin for Q3 was 13.22%, down 8.38 percentage points year-on-year and down 10.64 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 254 million yuan, an increase of 44.5 million yuan year-on-year [2] - The expense ratio was 66.50%, a decrease of 5.12 percentage points compared to the previous year [2] - Sales expenses increased by 28.14%, management expenses rose by 43.20%, R&D expenses grew by 7.91%, and financial expenses surged by 84.33% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 3,962, an increase of 536 from the end of the previous half-year, representing a growth of 15.65% [3] - The average market value per shareholder decreased from 4.1182 million yuan to 3.6784 million yuan, a decline of 10.68% [3] Company Overview - Beijing Bairen Medical Technology Co., Ltd. specializes in the research and production of animal-derived interventional medical devices, primarily for cardiac valve replacement and repair, congenital heart disease treatment, and soft tissue repair [3] - The company's main revenue source is from medical devices, accounting for 99.56% of total revenue, with other income at 0.44% and rental income at 0.01% [3] - The company is classified under the pharmaceutical and biological industry, specifically in medical devices and consumables [3]

证券代码：688198 证券简称：佰仁医疗 公告编号：2025-035 北京佰仁医疗科技股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 北京佰仁医疗科技股份有限公司（以下简称"公司"）已于2025年10月31日发布 公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三季 度经营成果、财务状况，公司计划于2025年11月20日（星期四）上午10:00-11:00举 行2025年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年第三季度的经营成 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 会议召开时间：2025 年 11 月 20 日（星期四）上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： ...

Financial Performance - The company's operating revenue for the third quarter reached ¥133,694,698.14, representing a year-on-year increase of 31.54%[4] - The total profit for the period was ¥18,969,586.63, showing a decrease of 15.43% compared to the same period last year[4] - The net profit attributable to shareholders was ¥21,296,283.58, down by 9.39% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥18,716,902.08, a decrease of 17.72% compared to the previous year[4] - The basic earnings per share for the period were ¥0.15, a decrease of 11.76% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was ¥83,130,963.94, representing a 66.3% increase compared to ¥50,005,853.67 in the previous year[22] - Total comprehensive income for the period attributable to the parent company was CNY 92,517,646.92, an increase from CNY 58,396,739.40 in the previous period, representing a growth of 58.5%[23] - Basic and diluted earnings per share increased to CNY 0.67 from CNY 0.43, reflecting a growth of 55.8%[23] Research and Development - Research and development expenses totaled ¥43,482,253.28, accounting for 32.52% of operating revenue, an increase of 1.11 percentage points from the previous year[5] - Research and development expenses rose to ¥117,614,167.28, an increase of 7.5% from ¥108,992,107.86 in the same period last year[22] - The company plans to register 12 new products this year, with 8 already in the review stage[6] Cash Flow and Assets - The company achieved a net cash flow from operating activities of ¥99,886,943.67, a significant increase of 423.56% year-on-year[4][10] - Cash inflow from operating activities totaled CNY 453,111,617.88, up from CNY 299,909,213.82, marking a 51.1% increase year-over-year[25] - Net cash flow from operating activities was CNY 99,886,943.67, significantly higher than CNY 19,078,501.27 in the same period last year[25] - The ending cash and cash equivalents balance was CNY 18,625,092.82, down from CNY 139,999,087.23, reflecting a decrease of 86.7%[26] - Total assets at the end of the reporting period were ¥1,488,663,630.59, reflecting a 4.04% increase from the end of the previous year[5] - The company's total assets amounted to ¥1,488,663,630.59, up from ¥1,430,847,757.81 in the previous year[19] - Total current assets were reported at ¥584,371,897.11, slightly down from ¥590,807,691.95[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 3,962[12] - The largest shareholder, Jin Lei, holds 84,096,851 shares, representing 61.05% of the total shares[12] - Beijing Bai'ao Enterprise Management Center (Limited Partnership) holds 8,400,000 shares, accounting for 6.10%[13] - The company has no significant changes in the shareholding structure among the top ten shareholders compared to the previous period[14] - No shares were lent out or returned under the securities lending program by the top ten shareholders[14] Operational Insights - The revenue from structural heart disease and soft tissue repair segments grew by 42.34% and 3.76% respectively, with artificial biological heart valves generating ¥16,609.09 million, up 89.83% year-on-year[6] - The company has not reported any significant operational issues during the reporting period[15] - The financial statements are unaudited for the reporting period[16] Liabilities and Costs - Total operating costs increased to ¥305,076,828.91, up 24.4% from ¥245,184,032.93 year-over-year[21] - Total liabilities increased to ¥254,459,455.68, compared to ¥180,277,337.07 in the previous year, reflecting a significant rise[18] - The company's equity attributable to shareholders decreased to ¥1,245,797,918.96 from ¥1,252,598,225.54 year-over-year[19] - The company reported a significant increase in sales expenses, which reached ¥104,736,622.49, up from ¥81,737,233.26 in the previous year[22] Cash Management - The total cash and cash equivalents as of September 30, 2025, is ¥19,085,037.82, down from ¥56,009,752.25 as of December 31, 2024[16] - Trading financial assets increased to ¥258,255,394.74 from ¥178,163,741.44 year-over-year[16] - Accounts receivable decreased to ¥3,036,274.68 from ¥11,880,000.34 year-over-year[16] - Cash outflow from investing activities was CNY 935,760,911.40, slightly down from CNY 960,892,906.26, indicating a reduction of 2.6%[25] - Net cash flow from financing activities was -CNY 33,059,323.77, an improvement compared to -CNY 99,041,887.09 in the previous year[26] Sales Performance - Cash received from sales of goods and services increased to CNY 428,045,257.95 from CNY 285,386,367.89, a growth of 50.0%[24] - Cash received from other operating activities was CNY 25,066,359.93, up from CNY 14,522,845.93, representing a growth of 72.5%[25]

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The cardiovascular medical device market, particularly for arrhythmia-related devices, is substantial, with the Chinese market for cardiac electrophysiology devices expected to grow from 6.58 billion RMB in 2021 to 15.73 billion RMB by 2025, and further to 41.97 billion RMB by 2032 [15][18] - The global market for cardiac rhythm management devices has seen a compound annual growth rate (CAGR) of 1.8% from 2016 to 2021, with expectations to reach 12.8 billion USD by 2030 [19] - The aortic stent market in China is also expanding, with the number of aortic interventions projected to increase significantly by 2030 [28] Summary by Sections 1. Cardiovascular Disease Market Outlook - Cardiovascular diseases are a leading cause of death globally, with a significant increase in intervention procedures expected due to rising health awareness and government policies promoting domestic products [13][14] - The Chinese market for cardiac electrophysiology devices is projected to grow at a CAGR of 24.34% from 2021 to 2025 [15] 2. Arrhythmia Market - The market for cardiac electrophysiology devices in China reached 6.58 billion RMB in 2021, with expectations to grow to 15.73 billion RMB by 2025 [15] - The global cardiac electrophysiology market is expected to reach 32.45 billion USD by 2032, with a CAGR of 12.21% from 2025 to 2032 [18] 3. Coronary Artery Disease Market - The number of patients with coronary artery disease in China is projected to reach 31.67 million by 2030, with a CAGR of 2.0% from 2026 to 2030 [24] - The market for coronary artery interventions is expected to grow significantly, driven by increasing patient numbers and intervention rates [24] 4. Aortic Stent Market - The aortic stent market in China was valued at 2.4 billion RMB in 2021, with projections to reach 4.31 billion RMB by 2030 [28] - The number of aortic interventions is expected to increase to 180,400 by 2030, indicating strong growth potential in this segment [28] 5. Heart Valve Market - The market for transcatheter aortic valve replacement (TAVR) in China is expected to grow from 911.5 million RMB in 2021 to 4.86 billion RMB by 2025, with a CAGR of 52.0% [35] - The number of transcatheter mitral valve interventions is projected to increase significantly, indicating a growing market for heart valve treatments [38][41] 6. Key Companies to Watch - Microelectrophysiology (688351.SH) is highlighted as a leading manufacturer in the cardiac electrophysiology sector [3] - Bairen Medical (688198.SH) is recognized for its excellence in surgical and interventional valve products [3] - Jianxi Technology (09877.HK) is noted for its advancements in transcatheter valve technologies [3]

Group 1 - The company announced the convening of the 2025 Employee Representative Assembly on September 25, 2025, to review the election of the third board of directors' employee representative director [2] - The assembly approved the election of Ms. Li Liyan as the employee representative director for the third board of directors [2]

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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司章 程指引》《上海证券交易所科创板股票上市规则》等法律法规、规范性文件以及 《北京佰仁医疗科技股份有限公司章程》（以下简称"《公司章程》"）的相关规 定，公司董事会成员中应包含 1 名职工董事。因公司内部治理结构调整，董事李丽 艳女士于近日辞去公司董事职务，其辞职后在公司继续担任副总经理、生产总监职 务。 公司于 2025 年 9 月 25 日在公司会议室召开 2025 年职工代表大会（以下简称 "本次职工代表大会"），审议通过了《关于选举公司第三届董事会职工代表董事 的议案》，同意选举李丽艳女士为公司第三届董事会职工代表董事，李丽艳女士的 简历详见本公告附件。 证券代码：688198 证券简称：佰仁医疗 公告编号：2025-034 北京佰仁医疗科技股份有限公司 关于董事调整暨选举第三届董事会职工代表董事的公告 北京佰仁医疗科技股份有限公司 第三届董事会职工代表董事候选人简历 李丽艳：女，1980 年出生，中国 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 119.45 CNY based on DCF valuation method [3][5]. Core Insights - The company reported strong performance in H1 2025, achieving revenue of 250 million CNY, a year-on-year increase of 30.1%, and a net profit attributable to the parent company of 70 million CNY, up 102.9% year-on-year [9]. - The successful launch of the transcatheter aortic valve replacement (TAVR) system in August 2024 has expanded the product line and significantly boosted sales [9]. - The company maintains a high gross margin of 90.5% in Q2 2025, attributed to the introduction of new products and active academic promotion efforts [9]. Financial Performance Summary - Revenue is projected to grow from 371 million CNY in 2023 to 1,136 million CNY in 2027, with a compound annual growth rate (CAGR) of 26.5% [4]. - The net profit attributable to the parent company is expected to increase from 115 million CNY in 2023 to 346 million CNY in 2027, reflecting a CAGR of 29.3% [4]. - The earnings per share (EPS) are forecasted to rise from 0.84 CNY in 2023 to 2.51 CNY in 2027 [4]. Research and Development - The company invested 70 million CNY in R&D in H1 2025, accounting for 30% of revenue, with plans for 12 products to enter the registration review process, marking a record year for product registrations [9]. - Several products, including ocular biological patches and ePTFE pericardial membranes, are currently undergoing registration review, indicating a robust pipeline for future growth [9].

Core Insights - The company successfully launched its TAVR product, achieving revenue of 250 million yuan in H1 2025, a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 70 million yuan, up 102.9% year-on-year, with a 64.7% increase after excluding share-based payment impacts [1] - The TAVR product has received broad market recognition and has been patented in Japan and registered in Indonesia, laying a solid foundation for international expansion [1] - The company maintains a high gross margin of 90.5% in Q2 2025, attributed to the new product launch, while actively promoting academic initiatives to enhance market presence [1] Financial Performance - In H1 2025, the company reported a gross margin of 90.5%, an increase of 1.2 percentage points year-on-year and 4.7 percentage points quarter-on-quarter [1] - The sales expense ratio, excluding share-based payment costs, remained stable at 24.0% in H1 2025 [1] Research and Development - The company invested 70 million yuan in R&D in H1 2025, accounting for 30.0% of revenue, with plans for 12 products to enter the registration review process by 2025, marking the highest number of products in review since its establishment [2] - Several products, including ophthalmic biological patches and ePTFE pericardium, have received feedback on their registration reviews, while others are in the clinical trial phase [2] Future Outlook - The company has adjusted its earnings per share forecasts for 2025-2027 to 1.43, 1.94, and 2.51 yuan respectively, with a target price of 119.45 yuan based on DCF valuation, maintaining a "buy" rating [2]

Core Viewpoint - The company, Baifen Medical, has announced that its self-developed radiofrequency ablation system has received approval from the National Medical Products Administration (NMPA) to enter the special review process for innovative medical devices [2] Group 1 - The radiofrequency ablation system is a product developed independently by the company [2] - The approval marks a significant step for the company in the medical device sector [2] - The entry into the special review process indicates the potential for expedited evaluation and market entry [2]