证券代码：688236 证券简称：春立医疗 公告编号：2025-023 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 年 月 日 2024 7 5 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 6 月 17 6 | 日-2025 | 年 | 月 | 16 | 日 | | 预计回购金额 | 2,000万元~4,000万元 | | | | | | | 回购价格上限 | 28.56元/股 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 1,376,851股 | | | | | | | 实际回购股数占总股本比例 | 0.359% | | | | | | | 实际回购金额 | 20,008, ...

Market Overview - The Shanghai Composite Index closed at 3403.52 points, above the five-day moving average, with a slight increase of 0.11% [1] - The total trading volume of A-shares reached 808.39 billion yuan [1] Stocks Performance - A total of 253 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Shuguang Digital (14.08% deviation) - Sun Cable (8.01% deviation) - Suqian Liansheng (7.42% deviation) [1] Top Gainers - The top gainers today include: - Shuguang Digital: 22.27% increase, latest price at 61.87 yuan - Sun Cable: 10.00% increase, latest price at 6.82 yuan - Suqian Liansheng: 10.00% increase, latest price at 9.90 yuan [1] Additional Notable Stocks - Other stocks with notable performance: - Celery Medical: 9.97% increase, latest price at 13.46 yuan - Zhongke Shuguang: 10.00% increase, latest price at 68.09 yuan - Yuanwang Valley: 9.97% increase, latest price at 7.28 yuan [1]

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。 | 回购方案首次披露日 | 2024 年 7 | 月 | 5 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 6 | 月 | 17 | 日-2025 | 年 | 月 16 日 | 6 | | 预计回购金额 | 2000 万元-4000 | | | 万元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | 累计已回购股数 | 1,376,851 股 | | | | | | | | 累计已回购股数占总股本比例 | 0.359% | | | | | | | | 累计已回购金额 | 20,008,021.82 | | | 元 | | | | | 实际回购价格区间 | 12.09 元/股-17.20 | | | | 元/股 | | | 重要内容提示： 一、 回购股份的基本信息 公司于 2024 年 6 月 17 日召开第五届董事会 ...

FF301 | 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) | 是 | | | | 證券代號 (如上市) | 01858 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 95,140,500 | RMB | | 1 RMB | | | 95,140,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | 0 | | | | | 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 (如上市) | 688236 | 說明 | | 於上海證券交易所上市的A股 ...

Core Viewpoint - The stock of Chunli Medical (688236) has shown a positive trend with a closing price of 17.19 yuan on June 3, 2025, reflecting a 2.32% increase, amidst varying capital flows from different investor groups [1]. Group 1: Stock Performance and Capital Flow - On June 3, 2025, Chunli Medical's stock recorded a trading volume of 31,700 hands and a total transaction amount of 54.24 million yuan [1]. - The net inflow of main funds was 381,400 yuan, accounting for 0.7% of the total transaction amount, while retail investors experienced a net outflow of 1.97% [1]. - Over the past five days, the stock has seen fluctuations in capital flow, with significant net outflows from retail investors on several days [1]. Group 2: Financial Performance - Chunli Medical reported a main revenue of 230 million yuan in Q1 2025, representing a year-on-year increase of 3.6% [2]. - The net profit attributable to shareholders was 58.07 million yuan, up 5.2% year-on-year, with a net profit margin of 25.25% [2]. - The company has a debt ratio of 17.11% and a gross profit margin of 66.69%, indicating strong financial health compared to industry averages [2]. Group 3: Industry Comparison - Chunli Medical's total market capitalization stands at 6.594 billion yuan, which is below the industry average of 10.837 billion yuan, ranking 47th out of 122 companies in the medical device sector [2]. - The company's price-to-earnings ratio (P/E) is 28.39, significantly lower than the industry average of 55.75, suggesting a potentially undervalued position [2]. - The gross margin of Chunli Medical is 66.69%, which is higher than the industry average of 51.08%, indicating competitive efficiency in its operations [2]. Group 4: Analyst Ratings - In the last 90 days, 10 institutions have rated Chunli Medical, with 9 buy ratings and 1 hold rating, indicating strong institutional confidence [3]. - The average target price set by analysts for the stock is 17.79 yuan, slightly above the current trading price [3].

序号股票简称PE(TTM)PE(静)市净率总市值(元)88春立医疗51.5752.752.2965.94亿行业平均 50.8049.074.67108.36亿行业中值36.7136.842.4850.19亿1天益医疗-1758.71-3012.481.8822.41亿2澳华内 镜-655.90328.975.2569.12亿3诺唯赞-427.65-505.802.3591.52亿4爱朋医疗-397.87302.264.7932.65亿5博晖 创新-335.73532.763.5849.26亿6奥精医疗-136.87-200.611.8125.40亿7硕世生物-136.24-1990.831.2239.85亿 8睿昂基因-101.37-83.231.4413.12亿9康泰医学-88.33-74.633.1558.14亿10中红医疗-72.73-58.010.9250.55亿 11热景生物-55.61-64.074.10122.37亿 本文源自：金融界 截至2025年一季报，共有13家机构持仓春立医疗，其中基金8家、其他4家、券商1家，合计持股数 3163.07万股，持股市值4.29亿元。 北京市春立正达医疗器械 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company's performance was impacted by the national centralized procurement, but it began to stabilize in the first quarter of 2025. In 2024, the company achieved revenue of 806 million (down 33.3%) and a net profit of 125 million (down 55.0%). The overseas revenue reached 353 million (up 78.31%), accounting for 43.8% of total revenue, becoming a significant growth driver [1][6]. - The company has established a strong brand presence in the joint prosthesis market and is expected to see new growth from sports medicine and other new product lines. The risks from centralized procurement are gradually being alleviated [3][5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 66.6% (down 5.9 percentage points) and a net margin of 15.5% (down 7.5 percentage points). The first quarter of 2025 saw a recovery in gross margin to 66.7% and net margin to 25.2% [2][12]. - The company’s revenue and net profit forecasts for 2025-2027 are adjusted to 222 million, 273 million, and 331 million respectively, with expected growth rates of 77.5%, 23.1%, and 21.2% [3][21]. Research and Development - The company maintained high R&D investment, totaling 133 million in 2024, despite a 15.5% decrease year-on-year. New products have been approved, including hip joint prostheses and 3D printed titanium alloy anchors, enhancing the product line [2][15]. Market Position - The company has successfully won bids for its hip and knee joint systems in the national procurement project, ensuring stable supply despite facing price and margin pressures [1][6]. - The company is the first in China to manufacture porous tantalum metal implants, breaking foreign monopolies, and is expanding its product lines in sports medicine and orthopedics [2][15].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's performance was impacted by the national centralized procurement, but it began to stabilize in Q1 2025. In 2024, the company achieved revenue of 806 million (down 33.3%) and a net profit of 125 million (down 55.0%). The overseas revenue reached 353 million (up 78.31%), accounting for 43.8% of total revenue, becoming a significant growth driver [1][6] - The company has established a strong brand presence in the joint prosthesis market and is expected to see new growth from sports medicine and other new product lines. The risks from centralized procurement are gradually being alleviated [3][5] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 230 million (up 3.6%) and a net profit of 58 million (up 5.20%). The revenue for 2024 was 806 million (down 33.3%), with a net profit of 125 million (down 55.0%). The fourth quarter of 2024 saw revenue of 298 million (down 28.5%) and a net profit of 64 million (down 34.3%) [1][6] - The gross profit margin for 2024 was 66.6% (down 5.9 percentage points), while the net profit margin decreased to 15.5% (down 7.5 percentage points). In Q1 2025, the gross profit margin rebounded to 66.7%, and the net profit margin increased to 25.2% [2][12] Research and Development - The company maintained high R&D investment, with 133 million in 2024 (down 15.5%). New products include hip joint prostheses and 3D-printed titanium alloy anchors, which have received regulatory approval, marking a breakthrough in domestic production [2][15] - The company is the first in China to manufacture porous tantalum metal implants using chemical vapor deposition technology, enhancing its competitive edge in the orthopedic market [2][15] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 222 million, 273 million, and 331 million respectively, reflecting a year-on-year growth of 77.5%, 23.1%, and 21.2% [3][21] - The current stock price corresponds to a price-to-earnings ratio (PE) of 30, 24, and 20 for 2025, 2026, and 2027 respectively [3][21]

Core Viewpoint - Spring Medical (688236) is focusing on enhancing its core orthopedic consumables business, increasing R&D investment, and optimizing its product line to improve market competitiveness [2][4]. Company Announcements - The fifth meeting of the fifth board of directors approved four key proposals, including the "2025 Quality Improvement and Efficiency Recovery" action plan and the appointment of a new financial director [1][4]. - The supervisory board approved the reappointment of Da Xin Accounting Firm as the financial auditing and internal control auditing institution for 2025 [1][4]. 2025 Action Plan - Spring Medical aims to deepen its focus on the entire orthopedic product line, develop high-value-added products, and advance R&D in various areas including shoulder and elbow joints, small joints, spine, sports medicine, and trauma [2][4]. - The company plans to accelerate R&D in new fields such as dental care, PRP preparation systems, and robotics, while expanding into international markets to enhance brand recognition [2]. - The company will improve its governance structure, enhance management efficiency, and strengthen internal controls, while also focusing on shareholder returns through reasonable profit distribution policies and H-share buybacks [2][4]. - Spring Medical intends to enhance investor communication and improve the quality of information disclosure, committing to hold at least four performance briefings annually [2].

Meeting Overview - The annual general meeting is scheduled for June 26, 2025 [1] - The meeting will utilize the Shanghai Stock Exchange's online voting system [1] Meeting Details - The type of meeting is categorized as A-share and H-share shareholder meetings [1] - The meeting will be convened by the board of directors [1] - Voting will be conducted through a combination of on-site and online methods [1] - The on-site meeting will take place at 14:00 on June 26, 2025, at a specified address in Beijing [1] Voting Procedures - Online voting will be available on the day of the meeting from 9:15 to 15:00 [2] - Specific voting procedures for margin trading and other accounts are outlined [2] - There will be no public solicitation for shareholder voting rights [2] Agenda Items - The meeting will review several proposals, including announcements related to return plans and internal control audit institutions [2][3] - The proposals have been approved in previous board and supervisory meetings [3] Attendance Requirements - Shareholders registered by the close of business on June 17, 2025, are eligible to attend [4] - Shareholders can appoint proxies to attend and vote on their behalf [4][5] - Specific documentation is required for both individual and corporate shareholders to register for the meeting [4][6] Registration Process - On-site registration will occur on June 25, 2025, with specified hours [6] - Shareholders can also register via mail or email, with clear instructions provided [6] Additional Information - Contact details for the board secretary's office are provided for further inquiries [7] - Shareholders are responsible for their own travel and accommodation arrangements [7]