Core Viewpoint - The company, Spring Medical, is a leading domestic orthopedic medical device manufacturer specializing in the research, production, and sales of implantable orthopedic medical devices, including joint prosthetics and spinal implants [2][5]. Company Overview - Spring Medical is located in Tongzhou District, Beijing, and was established on February 12, 1998. It was listed on December 30, 2021. The company primarily engages in the R&D, production, and sales of implantable orthopedic medical devices [7][8]. - The main products include joint prosthetics covering hip, knee, shoulder, and elbow joints, as well as a full range of spinal implant systems [8]. Product Development - The company has developed products in the field of smart medical technology, including hip and knee surgical robots and medical image processing software for surgical planning. These developments indicate the company's investment in intelligent healthcare [2][3]. - Spring Medical is also designing customized porous tantalum dental implants, which are currently in the design and inspection phase [2]. Industry Recognition - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for small and medium-sized enterprises that excel in niche markets and possess strong innovation capabilities [3]. Financial Performance - As of September 30, 2025, Spring Medical achieved a revenue of 756 million yuan, representing a year-on-year growth of 48.75%. The net profit attributable to the parent company was 192 million yuan, with a year-on-year increase of 213.21% [8]. - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan distributed over the past three years [9]. Shareholder Information - As of September 30, 2025, the number of shareholders was 6,164, an increase of 4.12% from the previous period. The average number of circulating shares per person decreased by 3.95% [8][9]. - Notable shareholders include Hong Kong Central Clearing Limited and several mutual funds, indicating a diverse shareholder base [9].

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Chunli Medical (01858.HK) by 6,000 shares on December 22, 2025, marking a trend of consistent net increases over recent trading days [1] - Over the past five trading days, Chunli Medical has seen net increases in holdings for four days, totaling 264,000 shares [1] - In the last twenty trading days, there have been thirteen days of net increases, amounting to 181,200 shares [1] Group 2 - As of December 22, 2025, southbound funds hold a total of 44,715,300 shares of Chunli Medical, which represents 46.99% of the company's total issued ordinary shares [1] - The company specializes in the research, production, and sales of implantable orthopedic medical devices, with main products including joint prostheses and spinal implant products [2] - Chunli Medical's joint prosthesis products cover major human joints such as hip, knee, shoulder, and elbow, while its spinal implant products include a full range of spinal fixation systems [2]

Core Viewpoint - Spring Medical (688236) shows significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and potential investment interest [3]. Financial Performance - For the first three quarters of 2025, Spring Medical reported a main revenue of 756 million yuan, a year-on-year increase of 48.75% [3]. - The net profit attributable to shareholders reached 192 million yuan, up 213.21% year-on-year [3]. - The net profit excluding non-recurring items was 181 million yuan, reflecting a substantial increase of 311.07% year-on-year [3]. - In Q3 2025 alone, the company achieved a main revenue of 268 million yuan, a remarkable increase of 109.51% year-on-year [3]. - The quarterly net profit attributable to shareholders was 77.06 million yuan, showing a significant rise of 531.12% year-on-year [3]. - The quarterly net profit excluding non-recurring items was 74.52 million yuan, up 439.4% year-on-year [3]. - The company's debt ratio stands at 15.65%, with investment income of 3.217 million yuan and financial expenses of -9.7234 million yuan [3]. - The gross profit margin is reported at 67.27% [3]. Market Activity - As of December 19, 2025, Spring Medical's stock closed at 24.84 yuan, reflecting a 3.76% increase [1]. - The trading volume on December 19 was 17,800 hands, with a total transaction amount of 44.1792 million yuan [1]. - The net inflow of main funds was 219,000 yuan, accounting for 0.5% of the total transaction amount, while retail investors saw a net inflow of 251,610 yuan, representing 5.7% of the total [1]. - Over the past five days, the financing buy amounted to 1.558 million yuan, while financing repayment was 2.6855 million yuan, resulting in a net repayment of 1.1275 million yuan [2]. - The financing and securities balance is reported at 31.0494 million yuan [2]. Analyst Ratings - In the last 90 days, 9 institutions have rated Spring Medical, with 8 giving a "buy" rating and 1 an "increase" rating [3]. - The average target price set by institutions over the past 90 days is 31.8 yuan [3].

Group 1 - The core viewpoint of the article highlights the financial performance and stock activity of Chunli Medical (688236) as of December 18, 2025, showing a slight decline in stock price and mixed capital flow [1][2] - Chunli Medical reported a main revenue of 756 million yuan for the first three quarters of 2025, representing a year-on-year increase of 48.75% [2] - The net profit attributable to shareholders for the same period was 192 million yuan, up 213.21% year-on-year, with a non-recurring net profit of 181 million yuan, increasing by 311.07% [2] Group 2 - In Q3 2025, Chunli Medical achieved a single-quarter main revenue of 268 million yuan, reflecting a year-on-year growth of 109.51% [2] - The single-quarter net profit attributable to shareholders was 77.06 million yuan, marking a significant increase of 531.12% year-on-year, while the non-recurring net profit reached 74.52 million yuan, up 439.4% [2] - The company's debt ratio stands at 15.65%, with investment income of 3.217 million yuan and financial expenses of -9.7234 million yuan, alongside a gross margin of 67.27% [2] Group 3 - The stock has received ratings from 9 institutions in the last 90 days, with 8 buy ratings and 1 hold rating, and the average target price set at 31.8 yuan [2] - On December 18, 2025, the stock closed at 23.94 yuan, with a turnover rate of 0.32% and a trading volume of 9143 hands, resulting in a transaction amount of 21.97 million yuan [1] - The capital flow data indicates a net outflow of 1.1464 million yuan from main funds, accounting for 5.22% of the total transaction amount, while retail investors saw a net inflow of 2.0827 million yuan, representing 9.48% of the total [1]

Group 1 - The core viewpoint of the article highlights the performance of the Shanghai Composite Index and the Hang Seng Index, with the former rising by 0.16% to close at 3876.37 points and the latter increasing by 0.12% to close at 25498.13 points [1] - Spring Medical's A/H share premium reached 72.56%, ranking 54th among A/H shares, with the A-share closing at 23.94 yuan, down 0.33%, and the H-share at 15.33 HKD, down 0.2% [1] - Founded in 1998, Beijing Spring Medical Device Co., Ltd. (688236.SH+01858.HK) focuses on the continuous development and research of high-end medical devices, covering a full range of orthopedic products including joint, spine, sports medicine, and trauma categories [1] Group 2 - The company holds 124 medical device registration certificates and filings, enhancing its product line and expanding its presence in the medical field to meet diverse market and clinical needs, thereby improving overall competitiveness [1] - While maintaining a leading position in the domestic market, the company is actively exploring international markets, with its products exported to over 50 countries and regions worldwide [1]

证券之星消息，截至2025年12月16日收盘，春立医疗(688236)报收于23.77元，下跌0.75%，换手率 0.29%，成交量8329.0手，成交额1976.42万元。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 12月16日的资金流向数据方面，主力资金净流出220.45万元，占总成交额11.15%，游资资金净流入 119.97万元，占总成交额6.07%，散户资金净流入100.48万元，占总成交额5.08%。 近5日资金流向一览见下表： 春立医疗2025年三季报显示，前三季度公司主营收入7.56亿元，同比上升48.75%；归母净利润1.92亿 元，同比上升213.21%；扣非净利润1.81亿元，同比上升311.07%；其中2025年第三季度，公司单季度主 营收入2.68亿元，同比 ...

来源：新浪证券-红岸工作室 12月15日，春立医疗涨1.05%，成交额3236.17万元，换手率0.47%，总市值91.86亿元。 异动分析 医疗器械概念+智能医疗+牙科医疗+专精特新+京津冀一体化 今日主力净流入-77.53万，占比0.02%，行业排名85/132，连续2日被主力资金减仓；所属行业主力净流 入95.76万，连续2日被主力资金增仓。 区间今日近3日近5日近10日近20日主力净流入-77.53万-271.29万-506.40万-1128.50万-2068.68万 2、2024年10月9日互动易：我公司是一家专注于骨科医疗器械领域的高新技术企业，产品涵盖关节类、 脊柱类、运动医学类、创伤类等全系列骨科产品。同时公司已经取得了髋关节手术机器人、膝关节手术 机器人等产品的注册证，以及手术规划的"医学图像处理软件"。这些产品和软件的开发表明公司在智能 医疗等领域进行的布局和研发投入。 3、国内领先的骨科医疗器械厂商，春立医疗主营业务系植入性骨科医疗器械的研发、生产与销售，包 括口腔金属和隐形正畸 口腔种植和修复。 公司拟设计多孔钽定制个体化牙种植体产品并完成生产转 换， 目前处于设计送检阶段。 4、专精 ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

证券之星消息，截至2025年12月12日收盘，春立医疗(688236)报收于23.7元，下跌1.13%，换手率 0.38%，成交量1.09万手，成交额2612.12万元。 春立医疗2025年三季报显示，前三季度公司主营收入7.56亿元，同比上升48.75%；归母净利润1.92亿 元，同比上升213.21%；扣非净利润1.81亿元，同比上升311.07%；其中2025年第三季度，公司单季度主 营收入2.68亿元，同比上升109.51%；单季度归母净利润7706.19万元，同比上升531.12%；单季度扣非 净利润7451.86万元，同比上升439.4%；负债率15.65%，投资收益321.7万元，财务费用-972.34万元，毛 利率67.27%。春立医疗（688236）主营业务：植入性骨科医疗器械的研发、生产与销售。 该股最近90天内共有8家机构给出评级，买入评级7家，增持评级1家；过去90天内机构目标均价为 31.8。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股 ...