（於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 北京市春立正達醫療器械股份有限公司 Beijing Chunlizhengda Medical Instruments Co., Ltd.* * 僅供識別 北京市春立正達醫療器械股份有限公司（「本公司」）之董事會（「董事會」）謹此宣 佈將於2024年4月29日（星 期 一）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批准本公司及 其附屬公司截至2024年3月31日止三個月之第一季度業績公佈及考慮派付中期 股 息（如 有）。 代表董事會 北京市春立正達醫療器械股份有限公司 董事長 史文玲 中 國，北 京，2024年4月17日 截 至 本 公 告 日 期，執 行 董 事 為 史 春 寶 先 生、岳 術 俊 女 ...

| --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------|-----------------|---------------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

688236.SH | --- | --- | --- | |----------------------------------------------|------------|---------| | | | | | 发行股数 ( 百万 ) | | 383.57 | | 流通股 ( 百万 ) | | 174.44 | | 总市值 ( 人民币 百万 ) | | 6619.13 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 34.53 | | 主要股东 | | | | 史春宝 | | 29.94 | | 资料来源：公司公告， Wind | ，中银证券 | | | 以 2024 年 4 月 3 日收市价为标准 | | | yuan.xue_sh@bocichina.com 一般证券业务证书编号：S1300122110008 公司 2023 年实现营业收入 12.1 亿元，同比增长 0.6%，实现归母净利润 2.8 亿元，同比下降 9.7%，业绩短期承压，海外业务增速亮眼，预计随着集采影 响逐步出清，研发创新不断落地，公司业绩将恢复较快增长，维持买入评级。 | --- | --- | --- | - ...

FF301 本月底法定/註冊股本總額： RMB 383,568,500 | 383,568,500 | | --- | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 688236 | 說明 | | 於上海證券交易所上市的A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 288,428,000 | RMB | | 1 | RMB | | 288,428,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 288,428,000 | RMB | | 1 | RMB | | 288,428,000 | 呈交日期: 2024年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) ...

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|-------------------|----------------------------------------|------------------------|--------------------| | 2024 年 04 月 01 日 \n春立医疗（ 688236.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | 集采影响逐步出清，海外业务拓展加速 | 投资评级 | | 医药 \| 买入 | 医疗器械Ⅲ -A(维持) | | 投资要点 | 股价 | (2024-04-01) | | 20.98 元 | | 事件：公司发布 2023 年年度报告， 2023 年实现营收 12.09 亿元（ +0.58% ，同比 | 交易数据 | | | | | 增速，下同）；归母净利润 2.78 亿元（ -9.72% ）；扣非归母净利润 2.54 ...

公司投资评级说明： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 5 Q4 业绩或受到高基数影响。22 年 Q4 公司业绩有较好增长，导致 23 年 Q4 的 基数较高，没有延续 23 年 Q3 的快速增长趋势。 关节收入稳健增长，海外拓展成效显著。分业务看，23 年公司关节类产品收 入 11.01 亿元（+5.18%），保持稳定增长；其他产品收入 1.07 亿元（-29.94%）。 分地域来看，23 年国内收入 10.09 亿元（-7.40%），国内收入受到集采等因素 影响导致下滑；境外收入 1.98 亿元（+81.73%），海外收入高速增长，海外市 场拓展成效显著。 毛利率下滑，盈利水平受到集采影响。23 年公司总体毛利率为 72.48%（- 3.55pct），其中国内收入毛利率为 74.21%（-3.10pct），境外收入毛利率为 63.80% （+0.74pct），国内毛利率受到集采影响有所降低。23 年公司销售费用率为 31.70%（-0.88pct），管理费用率 3.68%（+0.45pct），研发费用率为 13.03%（- 0.48pct），财务费用率-1.37%（ ...

[Table_Rank] 投资评级：买入（维持） 报告日期： 2024-04-01 [Table_BaseData] 收盘价（元） 18.84 近 12 个月最高/最低（元） 38.10/14.73 总股本（百万股） 384 流通股本（百万股） 174 流通股比例（%） 45 总市值（亿元） 72 流通市值（亿元） 15 2023 年业绩短期承压，海外市场增长亮眼 [✓Table_Summary] 事件： ✓ 点评： ⚫ 海外市场：2023 年海外市场实现收入 1.98 亿元（yoy+ 81.7%），2024 年预计高增速持续 随着国家带量采购的落地执行，公司加速了国际化的进程，海外市 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com 1.国产关节龙头，集采出清后重回增 长轨道 2023-11-10 场快速增长，2023 年收入同比增长约 81.73%，海外收入占公司营收比 例也提升至 16.41%。 2023 年公司陆续取得了多个国家的注册证 ...

| --- | --- | --- | |----------|-------------------|-----------------------| | | | | | | 丁丹 ( 分析师 ) | 谈嘉程 ( 分析师 ) | | | 0755-23976735 | 021-38038429 | | | dingdan@gtjas.com | tanjiacheng@gtjas.com | | 证书编号 | S0880514030001 | S0880523070004 | 16% 春立医疗 上证指数 | --- | --- | --- | --- | |------------------------------------------------------------|----------------|------------------|---------------| | | | | | | 3% -10% | | | | | -24% | | | | | -37% | | | | | -51% 2023-03 2023-06 | 2023-09 | 2023-12 | 2024-03 | | ...

Financial Performance - The net profit attributable to the parent company for the year 2023 was RMB 277,824,014.12, with the parent company achieving a net profit of RMB 269,864,234.66 by December 31, 2023[7]. - The proposed cash dividend distribution is RMB 3.62 per 10 shares, totaling RMB 138,851,797.00, which accounts for 49.98% of the net profit attributable to shareholders for 2023[8]. - The company will not issue bonus shares or conduct capital reserve transfers in 2023[8]. - The company's operating revenue for 2023 was approximately RMB 1.21 billion, a slight increase of 0.58% compared to RMB 1.20 billion in 2022[26]. - The net profit attributable to shareholders for 2023 was approximately RMB 277.82 million, representing a decrease of 9.72% from RMB 307.72 million in 2022[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 254.13 million, down 8.32% from RMB 277.19 million in the previous year[26]. - The net cash flow from operating activities for 2023 was approximately RMB 511.71 million, a significant increase of 1,147.85% compared to RMB 41.01 million in 2022[26]. - The total assets at the end of 2023 were approximately RMB 3.65 billion, an increase of 7.03% from RMB 3.41 billion at the end of 2022[26]. - The net assets attributable to shareholders at the end of 2023 were approximately RMB 2.88 billion, reflecting a growth of 5.80% from RMB 2.72 billion at the end of 2022[26]. Audit and Compliance - The company has received a standard unqualified audit report from Da Xin Accounting Firm[7]. - The board of directors guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or misleading statements[9]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[10]. - There are no violations of decision-making procedures regarding external guarantees[11]. - The financial report is prepared in accordance with the Chinese Accounting Standards[12]. Research and Development - The company continues to focus on the development of new orthopedic medical devices and technologies to enhance its product offerings[24]. - The company maintains a strong commitment to innovation and research in the medical device industry, aiming to introduce new products in the near future[24]. - Research and development expenses accounted for 13.03% of operating revenue, a decrease of 0.48 percentage points from the previous year[27]. - The total R&D investment for the year was approximately ¥157.45 million, representing a decrease of 3.02% compared to the previous year, with R&D investment accounting for 13.03% of operating revenue[131]. - The company has received 137 new patent applications this year, with 25 patents granted, bringing the total to 577 granted patents across various categories[128]. Market Position and Strategy - The company is actively exploring market expansion opportunities to increase its market share in the orthopedic sector[24]. - The company is a leading domestic orthopedic medical device manufacturer, providing a comprehensive solution for orthopedic consumables, with a strong market position in joint, spine, sports medicine, trauma, and surgical instruments[41]. - The orthopedic implant market in China has significant growth potential, driven by an aging population and increasing public health awareness[93]. - The company is focusing on expanding its market presence through innovative product development and strategic partnerships in the orthopedic sector[61]. - The company is actively pursuing market expansion opportunities, focusing on both domestic and international markets to enhance its competitive position[50]. Product Development and Innovation - The company is focusing on R&D of new materials such as tantalum, magnesium alloy, and PEEK, as well as developing new product lines in surgical robotics and sports medicine[40]. - The company has developed advanced customized joint prosthetics, utilizing technologies such as 3D printing and porous tantalum materials[98][99]. - The company has introduced various 3D printing technologies, including EBM and MJF, to enhance product customization and production efficiency[97][98]. - The company is leading a project on porous tantalum bone repair materials, which has been approved as a key project under the national key R&D plan for biomedical materials[143]. - The company is actively researching biodegradable magnesium and magnesium alloy products as a new generation of degradable biomedical materials[143]. Sales and Distribution - The main sales model includes a distribution model, with a focus on leveraging distributors' networks to enhance market penetration[82]. - Direct sales to major hospitals are a key aspect of the company's sales strategy, supported by a dedicated marketing team[84]. - Domestic sales accounted for 83.59% of total revenue, with overseas sales increasing by 81.73% year-on-year[159]. Financial Risks and Challenges - The company faces risks related to the long and costly product registration process, which may impact future product planning and growth potential if new products fail to pass regulatory approval[148]. - The company is exposed to market competition risks, necessitating continuous innovation and adaptation to maintain market share and profitability[150]. - The gross profit margin for the distribution model decreased by 3.24 percentage points due to price reductions from government procurement policies[159]. Corporate Governance - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management, ensuring clear responsibilities and effective operations[196]. - During the reporting period, the company held 14 board meetings, all complying with legal and regulatory requirements, ensuring diligent performance of duties by board members[198]. - The supervisory board, consisting of three members, conducted ten meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[199]. - The company maintains independence in finance, personnel, assets, and operations, ensuring no conflicts of interest with controlling shareholders[200].

业绩短期承压，后集采时代有望迎来恢复性增长 [Table_Summary 事件：公司发布] 2023 年年报，2023 年实现营业收入 12.1 亿元（+0.6%），归 母净利润 2.8 亿元（-9.7%），扣非归母净利润 2.5 亿元（-8.3%）。 骨科产品线全覆盖，积极拓宽新领域。春立医疗目前关节业务已经覆盖髋、膝、 肩、肘四大人体关节。公司是中国大陆首家获得 BIOLOX® delta 第四代陶瓷关 节假体产品医疗器械注册证的企业，涵盖半陶及全陶关节假体产品，是国内较 早生产 先进关节假体产 品的企业之一。 此外，公司是国 内首家拥有 BIOLOX®OPTION 带锥套的陶瓷头产品注册证的企业，同时也是国内首家同时 拥有活动平台单髁和固定平台单髁的企业，国内首家拥有髌股关节的企业，国 内唯一一家拥有反置肩关节产品的企业。除此之外，公司布局关节机器人领域， 研发了全膝置换导航机器人设备"长江 INS"智能机器人系统。另外公司在脊柱、 PRP、口腔等领域也有产品布局，产品线持续拓宽。 盈利预测与评级：预计公司 2024~2026 年 EPS 分别为 0.93、1.17、1.43元， 维持"买入"评级。 | ...