分红方面，春立医疗A股上市后累计派现4.40亿元。近三年，累计派现3.90亿元。 机构持仓方面，截止2025年9月30日，春立医疗十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股295.85万股，为新进股东。中欧景气精选混合A（020876）位居第五大流通股东，持股 283.26万股，为新进股东。平安低碳经济混合A（009878）位居第八大流通股东，持股210.00万股，相 比上期减少167.00万股。南方医药保健灵活配置混合A（000452）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 融券方面，春立医疗2月24日融券偿还200.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量200.00股，融券余额4480.00元，超过近一年70%分位水平，处于较高位。 资料显示，北京市春立正达医疗器械股份有限公司位于北京市通州区通州经济开发区南区鑫觅西二路10 号，成立日期19 ...

来源：经济观察网 2025年业绩预增主要源于集采后产品线增长潜力释放及国际化业务推进，扣非净利润增速显著高于归母 净利润，反映主营业务改善为主因。2025年前三季度营收7.56亿元（+48.75%），归母净利润1.92亿元 （+213.21%），其中国际化进展亮眼，海外收入占比达40%。市场关注点转向海外拓展能否成为股价反 弹关键。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 2026年1月29日，春立医疗发布2025年年度业绩预增公告，预计归母净利润同比增长96.01% 至130.41%，扣非净利润同比增长142.80%至185.11%。然而，公告后股价持续下跌，截至2026年2月12 日港股股价触及13.47港元年内新低，市场反应平淡，主要因业绩增长已被提前消化。 股票近期走势 近期春立医疗股价表现疲软，自2025年11月高点20.49港元以来，港股区间最大振幅超30%。截至2026 年2月23日最新数据，港股股价为13.59港元，较前日微涨0.07%，但5日累计跌幅2.72%。资金面上，近 60日内港股通资金成为净卖出主力，合计净卖出405.40万股，持股比例从2025年12月47.77%降 ...

1月29日盘后，春立医疗(01858)发布了其2025年年度业绩预增公告。公告显示，经初步测算，春立医疗预计2025年年 度实现归母净利润2.45亿元至2.88亿元，同比上升96.01%至130.41%。与此同时，公司扣非归母净利润为2.3亿元至2.7 亿元，同比上升142.80%至185.11%。 这份业绩预告的一大亮点在于春立医疗当期扣非归母净利润增速显著超过了其归母净利润增速，预示着公司一定程度 上在利润端摆脱了一次性损益收入支撑，主营业务改善再次成为其利润增长关键。 然而此次业绩预告发布后，二级市场的反馈却较为平淡。智通财经APP观察到，业绩预告发布次日，春立医疗股价拉 出一根大阴线，并收跌2.87%。 之后公司股价持续阴跌，2月12日，春立医疗港股股价在盘中触及13.47港元，刷新今年以来的新低。实际上自去年11 月初触及20.49港元阶段性高点后，春立医疗股价便一路下跌，如今不到4个月，区间股价最大振幅已超过30%。 业绩好却没有预期差? 在此次业绩预告中，春立医疗指出，公司年度归母净利润和扣非归母净利润较上年同期均实现大幅增长，原因在 于，"报告期内公司各产品线纳入集采后逐步释放增长潜力，同时公 ...

1月29日盘后， 春立医疗(01858)发布了其2025年年度业绩预增公告。公告显示，经初步测算，春立医疗预计2025年年 度实现归母净利润2.45亿元至2.88亿元，同比上升96.01%至130.41%。与此同时，公司扣非归母净利润为2.3亿元至2.7 亿元，同比上升142.80%至185.11%。 这份业绩预告的一大亮点在于春立医疗当期扣非归母净利润增速显著超过了其归母净利润增速，预示着公司一定程度 上在利润端摆脱了一次性损益收入支撑，主营业务改善再次成为其利润增长关键。 然而此次业绩预告发布后，二级市场的反馈却较为平淡。智通财经APP观察到，业绩预告发布次日，春立医疗股价拉 出一根大阴线，并收跌2.87%。 结合去年至今的盘面来看，受益于去年的港股创新药械牛市，春立医疗股价在去年5、6、7月拉升明显，涨幅分别达 到17.69%、12.18%和29.85%。在此过程中，其整体成交量波动放大，分别为3451.34万股、2854.63万股和5077.48万 股。 之后公司股价持续阴跌，2月12日，春立医疗港股股价在盘中触及13.47港元，刷新今年以来的新低。实际上自去年11 月初触及20.49港元阶段性高点后 ...

Core Viewpoint - Southbound funds increased their holdings in Chuangli Medical (01858.HK) by 61,000 shares on February 13, 2023, despite a net reduction of 338,800 shares over the past five trading days [1] Group 1: Southbound Fund Activity - In the last five trading days, there were three days of net reductions in holdings by southbound funds, totaling 338,800 shares [1] - Over the past 20 trading days, there were ten days of net reductions, amounting to 246,800 shares [1] - As of now, southbound funds hold 41,125,800 shares of Chuangli Medical, representing 43.21% of the company's issued ordinary shares [1] Group 2: Company Overview - Beijing Chuangli Zhengda Medical Device Co., Ltd. primarily engages in the research, development, production, and sales of implantable orthopedic medical devices [1] - The company's main products include joint prosthetics, spinal implants, trauma products, sports medicine products, platelet-rich plasma (PRP) products, oral products, and surgical robots [1] - Joint prosthetics cover four major human joints: hip, knee, shoulder, and elbow, with products sold in both domestic and international markets [1]

Summary of Conference Call Notes Company and Industry Overview - The analysis focuses on Wangsu Technology (网宿科技), a CDN (Content Delivery Network) service provider, and its potential in the AI era, particularly in the context of the Agent Internet. The company is viewed as undervalued in the market [1][2]. Key Points and Arguments 1. **Company Positioning and Comparables**: - Wangsu Technology is compared to Cloudflare, highlighting similar business structures focused on acceleration (70%) and security (30%) [2][3]. - The strategic positioning of Cloudflare as a "Global Control Plane for the Agent's Internet" is praised and deemed applicable to Wangsu, providing a clear development blueprint [3]. 2. **Industry and Company Status Shift**: - **Historical Challenges**: - Wangsu faced declining market share due to competition from major cloud providers like Alibaba Cloud and Tencent Cloud, leading to a negative perception of the industry characterized by fierce price wars and poor operational conditions [3]. - **Current Improvements**: - The CDN market has stabilized, with Wangsu holding approximately 10%-20% market share, benefiting from the exit of foreign competitors like Akamai from the Chinese market [3]. 3. **Price and Volume Recovery**: - A turning point in 2024 is noted, with CDN prices not only stabilizing but beginning to rise (e.g., Google prices doubling, domestic increases of 30%-40%) [4]. - Given that hardware costs constitute only about 10% of CDN expenses, the price increases are expected to significantly enhance profitability [4]. 4. **Impact of the AI Era**: - The demand for CDN services is projected to surge due to increased interaction frequencies in the AI Agent era, where a single user request can trigger multiple interactions, necessitating ultra-low latency [5][6]. - The shift from traditional content distribution to highly personalized content delivery is expected to increase CDN traffic demands [5]. 5. **Emerging Challenges and Opportunities**: - New issues such as Skills security, authorization management, and inter-Agent communication are emerging, which Wangsu and Cloudflare's security services can address, creating a second growth curve for their businesses [4]. 6. **Market Potential and Projections**: - Future estimates suggest that the number of AI Agents will exceed the current 5 billion daily active apps, leading to explosive growth in the CDN acceleration market [4]. 7. **Company's Financial Health**: - Wangsu is reported to have 7 billion in cash, positioning it well to capitalize on AI opportunities. The company has also completed equity incentives, boosting team morale [7]. 8. **Core Conclusion and Investment Perspective**: - Wangsu Technology is at a pivotal point, transitioning from a historically perceived outdated company to a core infrastructure provider in the AI era. The company is expected to benefit from the end of adverse industry cycles, a favorable pricing environment, and new growth opportunities from the AI revolution [8][9]. 9. **Comparative Analysis**: - The company is likened to a "shovel seller" in the AI era, indicating a strong investment recommendation. It is noted that while Chinese companies have matched U.S. counterparts in technology, they still lag in strategic communication and market storytelling [9]. Additional Important Insights - The analysis emphasizes the importance of understanding the evolving landscape of the CDN market and the implications of AI on service demand, which could lead to significant investment opportunities in Wangsu Technology [4][8].

Core Viewpoint - The company has successfully integrated multiple cutting-edge intelligent technologies into its surgical robots, which are now in mass production [1] Group 1: Product Development - The company has obtained registration certificates for hip joint surgical robots, knee joint surgical robots, and unicompartmental surgical robots [1] - The products form a comprehensive digital orthopedic solution covering preoperative, intraoperative, and postoperative stages [1] Group 2: International Business Strategy - The company is actively responding to the national "Belt and Road" initiative and is steadily advancing its international business layout [1]

Core Viewpoint - The recent issuance of the "Guidelines for the Project Establishment of Surgical and Treatment Auxiliary Medical Service Price Items (Trial)" by the National Medical Insurance Administration aligns with the company's surgical robot business, which has successfully obtained registration certificates for various orthopedic surgical robots [1] Group 1: Company Developments - The company has developed a comprehensive digital orthopedic solution covering pre-operative, intra-operative, and post-operative stages with its surgical robots [1] - The company has successfully registered products including hip joint surgical robots, knee joint surgical robots, and unicompartmental surgical robots [1] Group 2: Industry Trends - The new policy aims to standardize pricing for surgical robots and remote surgeries, indicating a growing recognition and support for advanced medical technologies in the healthcare sector [1] - The company is actively responding to the national "Belt and Road" initiative, steadily advancing its international business layout [1]

中国经济网北京2月12日讯 春立医疗(688236.SH)今日收报22.12元，跌幅3.24%。目前该股处于破发 状态。 春立医疗于2021年12月30日在上交所科创板上市，发行价格为29.81元，发行股份数量3,842.80万 股，保荐机构为华泰联合证券有限责任公司，保荐代表人为张畅、茹涛。 春立医疗上市发行募集资金总额为114,553.87万元，扣除发行费用后募集资金净额为106,712.83万 元，较原拟募集资金净额少93287.17万元。 春立医疗上市发行费用合计7,841.04万元，华泰联合证券有限责任公司获得保荐费用150.00万元、 承销费用6,523.59万元。 (责任编辑：何潇) 2021年12月27日，春立医疗发布的招股书显示，公司拟募集资金200,000.00万元，用于骨科植入物 及配套材料综合建设项目、研发中心建设项目、营销网络建设项目、补充流动资金项目。 ...

Company Performance - The company's stock price has shown a downward adjustment, with a decline of 3.95% over the past 7 days, and a single-day drop of 3.24% on February 12, closing at 22.12 yuan [1][2] - Despite significant growth in revenue and net profit, with a year-on-year increase of 213.21% in net profit attributable to the parent company, the positive performance has not alleviated short-term negative market sentiment [5] Industry Environment - The National Healthcare Security Administration reported typical cases of commercial bribery in the orthopedic field, revealing kickback ratios as high as 30%-40%, indicating a "golden sales" phenomenon in the industry [3] - Although leading companies, including the company in question, have generally forecasted revenue growth for 2025, there are concerns that regulatory actions may have a long-term impact on sales models and profitability within the industry [3] Market Sentiment - Despite a 16.56% increase in financing balance over the past 5 days, there was a net outflow of 337.38 thousand yuan in main funds on February 12, indicating a net selling state by large investors [4] - The stock has experienced a significant decline of 19.15% over the past 20 days, reflecting cautious market sentiment [4]