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.* 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：1858） 公告 H股類別股東大會延期 茲提述北京市春立正達醫療器械股份有限公司（「本公司」）日期為2025年10月30 日的通函（「該通函」）及各自日期分別為2025年10月30日的本公司2025年度第一 次特別股東大會（「特別股東大會」）通告及H股類別股東大會（「H股類別股東大 會」）通告（統稱「該等通告」）。除文義另有所指外，本公告所用詞彙與該通函及 該等通告所界定者具有相同涵義。 由於擬出席H股類別股東大會的H股持有人所持附投票權的H股數目未能達到本 公司組織章程細則所規定在H股類別股東大會（續會除外）上附投票權的H股總 數的三分之一 ...

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.* 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：1858） 公告 H股類別股東大會延期 茲提述北京市春立正達醫療器械股份有限公司（「本公司」）日期為2025年10月30 日的通函（「該通函」）及各自日期分別為2025年10月30日的本公司2025年度第一 次特別股東大會（「特別股東大會」）通告及H股類別股東大會（「H股類別股東大 會」）通告（統稱「該等通告」）。除文義另有所指外，本公告所用詞彙與該通函及 該等通告所界定者具有相同涵義。 尚未交回代表委任表格的H股持有人務請按其上印列的指示，填妥並交回代表 委任表格及相關公證委託書或其他授權文件（如有），最遲須於H股類別股東大 會續會指定舉行 ...

Group 1 - The core viewpoint of the articles highlights the recent decline in the stock price of Spring Medical, which has dropped 1.56% to 25.95 CNY per share, with a total market value of 9.954 billion CNY and a cumulative decline of 7.32% over the past four days [1] - Spring Medical is primarily engaged in the research, production, and sales of implantable orthopedic medical devices, with its main products including joint prosthetics and spinal implants, exporting to various regions including Asia, South America, Africa, Oceania, and Europe [1] - The company's revenue composition is heavily reliant on medical device products, accounting for 99.89% of total revenue, with only 0.11% from other sources [1] Group 2 - According to data, the Fuyong Fund has a significant holding in Spring Medical, with its Fuyong Research Optimal Mixed A Fund holding 64,400 shares, representing 1.8% of the fund's net value, and it ranks as the sixth-largest holding [2] - The Fuyong Research Optimal Mixed A Fund has experienced a year-to-date return of 47.67%, ranking 1019 out of 8140 in its category, and a one-year return of 45.61%, ranking 1043 out of 8057 [2] - The fund manager, Lang Chengcheng, has been in position for 5 years and 127 days, with the fund's total asset size at 1.242 billion CNY, achieving a best return of 61.86% and a worst return of -18.92% during his tenure [3]

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

来源：新浪基金∞工作室 信澳健康中国混合A（003291）成立日期2017年8月18日，最新规模5.1亿。今年以来收益21.99%，同类 排名4059/8213；近一年收益15.6%，同类排名4646/8130；成立以来收益131.9%。 信澳健康中国混合A（003291）基金经理为李君周、杨珂。 截至发稿，李君周累计任职时间165天，现任基金资产总规模6.34亿元，任职期间最佳基金回报 11.17%， 任职期间最差基金回报10.79%。 杨珂累计任职时间5年190天，现任基金资产总规模13.24亿元，任职期间最佳基金回报43.77%， 任职期 间最差基金回报-13.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月17日，春立医疗跌4.08%，截至发稿，报26.36元/股，成交9234.63万元，换手率1.19%，总市值 101.11亿元。春立医疗股价已经连续3天下跌，区间累计跌幅5.86%。 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 ...

Group 1 - The core viewpoint of the news is that Spring Medical experienced a slight decline in stock price and notable changes in financing activities, indicating a high level of financing balance relative to its market value [1] - On November 14, Spring Medical's stock fell by 0.65%, with a trading volume of 59.16 million yuan, and a net financing outflow of 3.14 million yuan for the day [1] - As of November 14, the total financing and securities lending balance for Spring Medical was 56.55 million yuan, which represents 0.71% of its circulating market value, indicating a high financing balance compared to the past year [1] Group 2 - Spring Medical, established on February 12, 1998, and listed on December 30, 2021, specializes in the research, production, and sales of implantable orthopedic medical devices, with a primary focus on joint prosthetics and spinal implants [2] - The company reported a revenue of 756 million yuan for the first nine months of 2025, reflecting a year-on-year growth of 48.75%, and a net profit attributable to shareholders of 192 million yuan, which is a 213.21% increase compared to the previous year [2] - As of September 30, 2025, the number of shareholders for Spring Medical increased by 4.12% to 6,164, while the average circulating shares per person decreased by 3.95% to 46,906 shares [2] Group 3 - Spring Medical 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 [3] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited is the fourth largest new shareholder with 2.96 million shares, while China Europe Economic Selection Mixed A and Ping An Low Carbon Economy Mixed A are also notable new shareholders [3] - South Pharmaceutical Health Flexible Allocation Mixed A has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - Q3 revenue and profit exceeded expectations, driven by the company's product lines entering a new growth phase after participating in centralized procurement, with domestic business recovering and overseas business maintaining rapid growth [1][2] - Profit growth significantly improved due to refined operational management and optimized resource allocation, leading to a decrease in various expense ratios [1][2] - Q4 is expected to continue the high growth trend, with annual revenue projected to achieve rapid growth and profits potentially doubling due to a low base [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 756 million yuan (+48.75%) and a net profit attributable to shareholders of 192 million yuan (+213.21%), with a non-recurring net profit of 181 million yuan (+311.07%) [2] - In Q3 alone, revenue reached 268 million yuan (+109.51%) and net profit attributable to shareholders was 77 million yuan (+531.12%), indicating a strong performance [2] - The basic earnings per share stood at 0.50 yuan [1] Expense Management - The gross margin for the first three quarters was 67.27% (-2.03 percentage points), primarily due to price reductions from centralized procurement [3] - Sales expense ratio decreased to 19.34% (-12.82 percentage points), attributed to reduced market development costs following the implementation of centralized procurement [3] - Management and R&D expense ratios also saw significant reductions, with management at 5.10% (-1.07 percentage points) and R&D at 11.44% (-8.17 percentage points), reflecting improved efficiency [3] Cash Flow and Receivables - The net cash flow from operating activities was 175 million yuan, a significant improvement from -17 million yuan in the same period last year, mainly due to increased customer payments [3] - Accounts receivable turnover days decreased to 88.8 days, down 105.9 days year-on-year, indicating faster collection efficiency [3] Future Outlook - Short-term focus is on the domestic business turning a corner and the continued high growth of overseas operations, with expectations for rapid revenue growth and profit doubling due to a low base [4] - Long-term prospects remain strong, with robust R&D and production capabilities, new product approvals in sports medicine, robotics, and oral care expected to drive future growth [4] - Revenue projections for 2025-2027 are 1.129 billion yuan, 1.364 billion yuan, and 1.650 billion yuan, with respective growth rates of 40.0%, 20.9%, and 21.0% [4] - Net profit forecasts for the same period are 278 million yuan, 340 million yuan, and 410 million yuan, with growth rates of 122.4%, 22.5%, and 20.5% [4]

Core Viewpoint - Spring Medical (688236) has shown a positive stock performance with a closing price of 27.48 CNY as of November 14, 2025, reflecting a 3.23% increase from the previous week [1] Company Announcements - Spring Medical has entered into three structured deposit agreements totaling 790 million CNY, utilizing temporarily idle funds from its A-share public offering and internal resources to invest in structured deposit products from Beijing Bank [1][1] - The company acknowledged a prior failure to timely disclose related transactions and has committed to enhancing internal compliance management [1]

证券之星消息，截至2025年11月14日收盘，春立医疗(688236)报收于27.48元，下跌0.65%，换手率 0.74%，成交量2.13万手，成交额5915.6万元。 该股主要指标及行业内排名如下： | 指标 | 春立医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 105.4亿元 | 116.39亿元 | 37 124 | | 净资产 | 29.86亿元 | 38.93亿元 | 51 124 | | 净利润 | 1.92亿元 | 2.12亿元 | 33 124 | | 市盈率(动) | 41.27 | 58.18 | 43 124 | | 市净率 | 3.53 | 4.14 | 80 124 | | 毛利率 | 67.27% | 51.22% | 27 124 | | 净利率 | 25.34% | 9.57% | 22 124 | | ROE | 6.6% | 0.15% | 33 124 | 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 ...

Core Viewpoint - Spring Medical, a leading domestic orthopedic medical device manufacturer, is focused on the research, production, and sales of implantable orthopedic medical devices, including dental metal and invisible orthodontics, and is currently in the design and inspection phase for a customized porous tantalum dental implant product [2][3]. Company Overview - Spring Medical is located in Tongzhou District, Beijing, and was established on February 12, 1998, with its listing date on December 30, 2021. The company specializes in the research, 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 products [8]. Financial Performance - For the period from January to September 2025, Spring Medical achieved operating revenue of 756 million yuan, representing a year-on-year growth of 48.75%, and a net profit attributable to shareholders of 192 million yuan, with a year-on-year increase of 213.21% [8]. Market Position and Recognition - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is the highest honor for small and medium-sized enterprises in China, indicating strong innovation capabilities and high market share [3]. Product Development and Innovation - Spring Medical has obtained registration certificates for hip and knee surgical robots and medical image processing software for surgical planning, indicating its investment in smart medical technology [2][3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Spring Medical was 6,164, an increase of 4.12% from the previous period, with an average of 46,906 circulating shares per person, a decrease of 3.95% [8][9].