Core Viewpoint - Spring Medical (01858) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong performance driven by stable supply of procurement products and expansion in international markets [1] Company Performance - Revenue for the first half of 2025 reached approximately 488 million yuan, representing a year-on-year growth of 28.27% [1] - Net profit attributable to shareholders was around 114 million yuan, showing a year-on-year increase of 44.85% [1] - The growth in revenue is attributed to stable supply of procurement products and continuous sales growth [1] - The increase in net profit is due to stable supply of procurement products, deepening international market expansion, and internal cost reduction efforts [1] Market Trends - Guojin Securities noted a recovery trend in domestic medical device bidding demand in the first half of 2025, with expectations for gradual performance recovery in the second half [1] - The demand for consumables is directly related to domestic patient treatment needs, indicating relatively small overall fluctuations [1] - Many leading medical device companies are accelerating their overseas market investments, with a noticeable increase in channel mergers and acquisitions in the first half of the year [1] - Most companies experienced higher growth rates in overseas markets compared to domestic markets, with some leading firms seeing overseas revenue surpass domestic revenue [1]

Core Viewpoint - The Social Security Fund has significantly increased its holdings in technology stocks, particularly in the fields of biomedicine, computing, and electronics, reflecting a strategic shift towards sectors supported by national policies and economic transformation [2][6]. Investment Trends - As of the end of Q2 2025, the Social Security Fund held shares in 77 companies listed on the Sci-Tech Innovation Board, with a total holding of 337 million shares valued at 15.37 billion yuan. The fund initiated positions in 19 new stocks and increased holdings in 28 stocks [2]. - The fund's investment style is characterized by a cautious approach, focusing on value investment and long-term returns, with a notable increase in allocations to technology innovation companies [2][5]. Sector Focus - The fund's investments are primarily concentrated in four sectors: electronics (20 companies), biomedicine (13 companies), machinery (10 companies), and computing (11 companies) [2]. - Despite the electronics sector being a market leader, the fund's top 20 holdings are more heavily weighted towards biomedicine and power equipment, with 6 stocks in power equipment and 4 in biomedicine [4]. Stock Performance - The fund's largest single stock holding is Transsion Holdings, with 38.26 million shares, followed by Western Superconducting Technologies with 20.58 million shares. The highest holding percentage is in Andar Intelligent, at 11.90% [3]. - In Q2, the fund increased its holdings in Transsion Holdings by 6.37 million shares, marking the largest increase among individual stocks [4]. New Entrants and Growth - In Q2, the fund entered 19 new stocks, acquiring a total of 45.09 million shares, with significant increases in holdings for Yifang Biopharmaceuticals, Jindun Technology, and Xinzhi Software [6]. - The new stocks showed strong performance, with median revenue and net profit growth rates of 25.7% and 28.14%, respectively, outperforming the overall market [6]. Reduction in Holdings - The fund reduced its holdings in 38 Sci-Tech Innovation Board stocks in Q2, with 24 stocks seeing reductions of over 1 million shares. Notable reductions included Medike and Zexin Pharmaceutical, which had previously seen significant price increases [8][9].

FF301 | | | | 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 | | | | | | | | 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 | | 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) | ...

每经AI快讯，浦银国际证券9月1日发布研报称，给予春立医疗（688236.SH，最新价：22.44元）买入评 级，目标价格为27.20元。评级理由主要包括：1）1H25 收入重拾增速，净利润在收入增长及期间费用 率显著下降拉动下实现高增长；2）海外业务维持较高增长；3）多款新产品获批上市，潜力板块持续发 力。风险提示：集采续约价格降幅较大、手术量增速不及预期、反腐等政策影响持续。 每经头条（nbdtoutiao）——人口流失、土地闲置的城市要不要撤并？专访国家发改委专家高国力：未 来不排除，目前没到这阶段 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price for A-shares to RMB 27.20 and for H-shares to HKD 20.00 [3][5][13]. Core Insights - The company's revenue in 1H25 has rebounded, with domestic procurement products showing stable growth and overseas business continuing to maintain a robust growth rate. Despite a decline in gross margin due to procurement impacts, significant reductions in three major expense ratios have driven a rapid increase in net profit [3][13]. - The company reported a revenue of RMB 4.9 billion in 1H25, representing a year-on-year growth of 28%. Domestic procurement products contributed approximately 60% of revenue, while overseas revenue also grew by over 30% year-on-year [3][13]. - The company has received approvals for multiple new products, expanding its product pipeline in various segments, including orthopedics and dental fields [13]. Financial Summary - Revenue Forecast: - 2023: RMB 1,209 million - 2024: RMB 806 million - 2025E: RMB 1,085 million - 2026E: RMB 1,330 million - 2027E: RMB 1,598 million - Year-on-year growth rates: 0.6%, -33.3%, 34.7%, 22.5%, 20.2% [4][15]. - Net Profit Forecast: - 2023: RMB 278 million - 2024: RMB 125 million - 2025E: RMB 261 million - 2026E: RMB 329 million - 2027E: RMB 420 million - Year-on-year growth rates: -9.7%, -55.0%, 109.0%, 26.1%, 27.4% [4][15]. - Valuation Ratios: - PE (A-shares): 31.9 (2023), 70.0 (2024), 33.9 (2025E), 26.9 (2026E), 21.1 (2027E) - PE (H-shares): 20.7 (2023), 45.3 (2024), 22.0 (2025E), 17.4 (2026E), 13.7 (2027E) [4][15].

FF301 | | | 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 截至月份: 2025年8月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 | 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 | | | | | | | | 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 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | ...

Group 1 - The core viewpoint of the news is that Spring Medical has shown significant trading activity and financial performance, with a notable increase in stock price and a high level of financing balance [1][2]. - On September 1, Spring Medical's stock price increased by 3.36%, with a trading volume of 120 million yuan. The financing buy-in amount was 15.91 million yuan, while the financing repayment was 17.58 million yuan, resulting in a net financing buy of -1.68 million yuan [1]. - As of September 1, the total financing and securities balance for Spring Medical was 42.40 million yuan, which accounts for 0.64% of the circulating market value, indicating a high level 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, including joint prosthetics and spinal implants [2]. - The company's main products include hip, knee, shoulder, and elbow joint prosthetics, as well as a full range of spinal fixation systems. Its products are exported to various regions, including Asia, South America, Africa, Oceania, and Europe [2]. - For the first half of 2025, Spring Medical reported a revenue of 488 million yuan, representing a year-on-year growth of 28.27%, and a net profit attributable to shareholders of 114 million yuan, with a year-on-year increase of 44.85% [2]. Group 3 - Since its A-share listing, Spring Medical has distributed a total of 359 million yuan in dividends, with 309 million yuan distributed over the past three years [3]. - As of June 30, 2025, the number of shareholders for Spring Medical was 5,920, a decrease of 17.57% from the previous period, while the average circulating shares per person increased by 341.41% to 48,836 shares [2][3]. - Among the top ten circulating shareholders, Ping An Low Carbon Economy Mixed A (009878) is the fourth largest with 3.77 million shares, an increase of 2.77 million shares from the previous period, while Southern Medical Health Flexible Allocation Mixed A (000452) is a new entrant as the ninth largest shareholder with 1.60 million shares [3].

Company Overview - Spring Medical is primarily engaged in the research, production, and sales of implantable orthopedic medical devices, with a focus on joint prosthetics and spinal implants [1][2] - The company was established on February 12, 1998, and went public on December 30, 2021 [1] - Its main products include hip, knee, shoulder, and elbow joint prosthetics, as well as a full range of spinal fixation systems [1] Financial Performance - For the first half of 2025, Spring Medical reported a revenue of 488 million yuan, representing a year-on-year growth of 28.27% [2] - The net profit attributable to shareholders for the same period was 114 million yuan, showing a year-on-year increase of 44.85% [2] - 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 [3] Stock Performance - As of September 1, the stock price of Spring Medical increased by 5.73%, reaching 23.63 yuan per share, with a total market capitalization of 9.064 billion yuan [1] - Year-to-date, the stock has risen by 85.32%, with a 3.87% increase over the last five trading days and a 39.65% increase over the last 60 days [1] - The company experienced a net outflow of 967,900 yuan in principal funds, with large single purchases accounting for 17.75% of total transactions [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 17.57% to 5,920, while the average number of circulating shares per person increased by 341.41% to 48,836 shares [2] - Among the top ten circulating shareholders, Ping An Low Carbon Economy Mixed A (009878) is the fourth largest, increasing its holdings by 2.77 million shares [3] - New shareholder South Pharmaceutical Health Flexible Allocation Mixed A (000452) entered the top ten, holding 1.603 million shares [3]

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

Core Viewpoint - Spring Medical (01858) experienced a significant stock increase of over 12%, reaching HKD 16.68 with a trading volume of HKD 21.43 million following the announcement of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of approximately CNY 488 million, representing a year-on-year growth of 28.27% [1] - The net profit attributable to shareholders was around CNY 114 million, showing a year-on-year increase of 44.85% [1] Revenue Growth Drivers - Revenue growth was primarily driven by stable supply of centralized procurement products and continuous increase in sales volume during the reporting period [1] - The company is steadily advancing its international market expansion, with export business continuing to rise [1] Profitability Improvement - The increase in net profit is attributed to stable supply of centralized procurement products, deepening international market expansion, and enhanced sales volume [1] - Internal cost reduction and efficiency improvements have strengthened the core business competitiveness, contributing to steady enhancement of profitability [1]