华泰联合证券有限责任公司 关于北京市春立正达医疗器械股份有限公司 2024 年年度持续督导跟踪报告 经公司自查及保荐机构督导发现，公司在 2023 年 10 月 30 日至 2024 年 1 月 16 日、2024 年 1 月 18 日至 2024 年 3 月 11 日存在使用闲置募集资金进行现 金管理的额度超出了第五届董事会第五次会议授权额度的情形，在此期间公司进 行现金管理的最高额度为 70,500 万元，超出董事会授权使用额度 5,500 万元。 公司董事会及监事会已对上述使用闲置募集资金进行现金管理超过授权额 度的情形进行补充确认。截至 2024 年 12 月 31 日，公司使用闲置募集资金进行 现金管理的余额为 61,900 万元，符合董事会授权的额度要求。 保荐机构已于 2024 年 3 月 28 日就上述事项出具《华泰联合证券有限责任公 司关于北京市春立正达医疗器械股份有限公司使用及追认部分闲置募集资金进 行现金管理额度暨增加现金管理额度的核查意见》，并督促发行人进一步加强募 1 集资金的管理工作，确保募集资金的使用、决策程序及信息披露合法合规。 二、重大风险事项 | 保荐机构名称： | 被保荐 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 17 yuan [2][8]. Core Views - The impact of centralized procurement is gradually clearing, and overseas revenue has significantly increased, contributing to the company's performance recovery [2][8]. - In 2024, the company reported total revenue of 806 million yuan, a decrease of 33.32% year-on-year, and a net profit attributable to the parent company of 125 million yuan, down 55.01% year-on-year [2][4]. - The company experienced a substantial decline in domestic revenue due to centralized procurement policies, while overseas revenue surged by 78.31%, accounting for 44% of total revenue [2][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 806 million yuan, down 33.32% - Net profit: 125 million yuan, down 55.01% - Q4 revenue: 298 million yuan, down 28.53% - Q4 net profit: 64 million yuan, down 34.33% [2][4][8]. - **Future Projections**: - Expected revenue growth for 2025-2027: 1,051 million yuan (30.5%), 1,318 million yuan (25.4%), and 1,604 million yuan (21.7%) respectively [4][8]. - Projected net profit for 2025-2027: 219 million yuan (74.5%), 279 million yuan (27.9%), and 348 million yuan (24.9%) respectively [4][8]. - **Valuation Metrics**: - Earnings per share (EPS) for 2025-2027: 0.57 yuan, 0.73 yuan, and 0.91 yuan respectively [4][8]. - Price-to-earnings (P/E) ratio for 2025-2027: 22, 17, and 14 respectively [4][8]. Market Dynamics - The company is expected to recover from the impacts of centralized procurement, with a focus on expanding its international market presence and benefiting from the aging population driving demand for orthopedic surgeries [2][8].

Investment Rating - The report maintains a "Positive" investment rating for the healthcare equipment industry [10]. Core Insights - The first round of national procurement for artificial joints has ended, leading to a moderate drop in prices and a stabilization in the initial replacement market. The average price for selected hip joint products decreased from 35,000 yuan to 7,000 yuan, and knee joint products from 32,000 yuan to 5,000 yuan, reflecting an average price drop of 82% [7][53]. - The lifespan of artificial joints is estimated to be 15-20 years, creating a rigid clinical demand for revision surgeries due to aseptic loosening, which is the most common cause for revisions [8][25]. - The peak period for revision surgeries in China is expected to begin in 2027, driven by increased penetration of initial replacement surgeries and the release of revision demand, indicating a rapid growth phase for the domestic joint replacement market [4][47]. Summary by Sections Market Overview - The domestic joint replacement market is experiencing rapid growth, with the number of orthopedic hospitals increasing from 603 in 2016 to 662 in 2021, and the number of practicing orthopedic doctors rising from 10,316 to 15,535 during the same period, reflecting a compound annual growth rate of 8.53% [9][45]. - In 2019, approximately 952,000 joint replacement surgeries were performed in China, with a penetration rate of about 0.44%, compared to 2.15% in the United States [9][46]. Revision Demand - The report estimates that by 2025, the number of joint replacement surgeries will reach approximately 1.1 million, with a market size of 9.3 billion yuan, and by 2031, it will grow to about 3.3 million surgeries and a market size of 27.5 billion yuan, with revision surgeries accounting for 34% of the revenue [47]. Technological Advancements - The application of 3D printing technology in joint replacement is expected to enhance surgical precision and allow for personalized prosthetics, improving clinical outcomes [41][44]. Competitive Landscape - The report highlights that domestic leading manufacturers have significantly increased their market share post-procurement, with companies like Aikang Medical increasing their market share from 9.2% in 2019 to 15.0% in 2024 [7][53].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to the deepening of centralized procurement policies, which led to price reductions for related products [1] Financial Performance - In 2024, the company achieved operating revenue of 810 million yuan, a decrease of 33.3%, and a net profit attributable to shareholders of 130 million yuan, down 55%. The net profit after deducting non-recurring items was 90 million yuan, a decline of 62.8% [1] - Quarterly performance showed a downward trend: Q1 revenue was 220 million yuan (-10%), Q2 was 160 million yuan (-46.2%), Q3 was 130 million yuan (-49%), and Q4 was 300 million yuan (-28.5%). Net profit for Q1 was 60 million yuan (-1.2%), Q2 was 20 million yuan (-66.1%), Q3 was -20 million yuan (-132.8%), and Q4 was 60 million yuan (-34.3%) [1] Profitability Metrics - The company's gross margin for 2024 was 66.6%, down 5.9 percentage points. The selling expense ratio was 29.8% (-1.9pp), financial expense ratio was -2.1% (-0.8pp), R&D expense ratio was 16.5% (-3.5pp), and net profit margin was 15.5% (-7.5pp) [1] Market Position and Growth Potential - The company actively participated in centralized procurement bidding, successfully renewing contracts in May 2024 for artificial joints in Tianjin, which is expected to enhance market share and restore rapid growth in joint product sales [1] - The company has a comprehensive orthopedic product line covering major joints and is the first in mainland China to obtain registration for advanced ceramic joint prosthetics. It is also expanding into new materials and robotic systems for joint replacement [2] Earnings Forecast - The company's EPS is projected to be 0.39 yuan in 2025, 0.49 yuan in 2026, and 0.59 yuan in 2027 [3]

Summary of Key Points Core Viewpoint - Spring Medical (688236) has shown a positive stock performance with a closing price of 13.59 yuan as of March 28, 2025, reflecting a 2.26% increase from the previous week [1]. Company Announcements - Spring Medical has entered into three structured deposit agreements totaling 860 million yuan with China Construction Bank and Beijing Bank, utilizing idle funds from A-share public offerings [1]. - The structured deposits have varying investment terms and expected annualized returns, with the Construction Bank product offering a return of 1.00% to 2.70% and the Beijing Bank products offering returns of 1.40% or 2.20% [1]. - The company confirmed that these agreements are fair and in the best interest of the company and its shareholders [1]. H-Share Market Update - As of March 31, 2025, the total registered capital of Spring Medical is 383,568,500 yuan, with 95,140,500 H-shares and 288,428,000 A-shares [2]. - The company has not experienced any changes in share capital during the month and has complied with all applicable regulations regarding share issuance and transfers [2]. Share Buyback Progress - The company has initiated a share buyback program with a total budget of 20 million to 40 million yuan, with a maximum buyback price of 28.56 yuan per share [2]. - As of March 31, 2025, the company has repurchased 868,145 shares, representing 0.226% of the total share capital, at an average price between 12.09 yuan and 15.96 yuan, totaling approximately 12 million yuan [2][4].

Core Insights - Spring Medical (SH688236) reported a significant decline in financial performance for the year 2024, with total revenue of 806 million yuan, a decrease of 33.32% year-on-year, and a net profit attributable to shareholders of 125 million yuan, down 55.01% year-on-year [1][2] - The company's net profit after deducting non-recurring gains and losses was 94.54 million yuan, reflecting a 62.8% decrease compared to the previous year [1][2] - The decline in performance is attributed to the ongoing implementation of centralized procurement policies, which have led to reduced product prices and profit margins [1][2] Financial Summary - Revenue for 2024: 806,857,022.19 yuan, down from 1,208,523,845.88 yuan in 2023, a decrease of 33.32% [2] - Net profit attributable to shareholders: 124,988,009.59 yuan, down from 277,824,014.12 yuan in 2023, a decrease of 55.01% [2] - Net profit after deducting non-recurring gains and losses: 94,536,002.40 yuan, down from 254,128,319.48 yuan in 2023, a decrease of 62.80% [2] - Cash flow from operating activities: -1,899,550.93 yuan, compared to 511,713,889.07 yuan in 2023 [2] Asset Overview - Total assets as of the end of 2024: 3,465,734,982.98 yuan, down 5.04% from 3,649,560,924.88 yuan in 2023 [2] - Net assets attributable to shareholders: 2,819,902,283.28 yuan, a slight decrease of 2.00% from 2,877,466,853.34 yuan in 2023 [2] Company Background - Spring Medical specializes in the research, development, production, and sales of medical devices related to joints, spine, and sports medicine [3] - The company was founded by Shi Chunbao and Yue Shujun and is listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange [3] - Key executives include Shi Chunbao (Chairman and Chief Engineer), Yue Shujun (Vice General Manager), and Shi Wenling (Chairwoman) [3][5] Executive Compensation - Shi Wenling's salary for 2024 was 341,100 yuan, a decrease of 58,100 yuan from the previous year [3] - Yue Shujun's salary was 897,700 yuan, down 248,300 yuan year-on-year [3] - Shi Chunbao's salary was 1,128,000 yuan, a reduction of 298,000 yuan compared to the previous year [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][5]. Core Views - The company reported a revenue of 806 million RMB for 2024, a decline of 33.32% year-on-year, and a net profit of 125 million RMB, down 55.01% year-on-year. The company plans to distribute a cash dividend of 0.49 RMB for every 10 shares [5]. - The report suggests that the risks associated with centralized procurement have gradually been released, and the company's valuation has reached a reasonable level, supporting a long-term positive outlook [5][9]. - The company has faced pressure from centralized procurement renewals, which have led to a decrease in product prices, impacting overall performance. However, the report anticipates that the effects of these pressures will gradually diminish [9][10]. Summary by Sections Financial Performance - The company’s main revenue is projected to recover to 937 million RMB in 2025, with a growth rate of 16.3%. The net profit is expected to increase to 153 million RMB, reflecting a growth rate of 22.1% [8]. - The report highlights a significant reduction in sales expenses, with a sales expense ratio of 25.80% in Q4 2024, down from 35.88% year-on-year and 40.56% quarter-on-quarter [9]. Research and Development - The company invested 133 million RMB in R&D in 2024, maintaining a high level of investment to enhance competitiveness. The focus is on new materials and product lines, including surgical robots and sports medicine [9][10]. Valuation Metrics - As of April 2, 2025, the company's total market capitalization is 58 billion RMB, with projected P/E ratios of 38.1 for 2025 and 31.8 for 2026 [9][10]. - The report indicates that the market has already priced in the pessimistic expectations regarding the company, suggesting that the current valuation is relatively low [9].

证券代码：688236 证券简称：春立医疗 公告编号：2025-014 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第十四次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海证 券交易所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通股股票， 拟用于实施员工持股计划/或股权激励计划。用于本次回购的资金总额不低于人民币 2,000.00 万元、不超过人民币 4,000.00 万元，以不超过人民币 28.56 元/股的价格 进行股份回购，回购期限自董事会审议通过回购股份方案之日起 12 个月内。具体内 容详见公司于 2024 年 6 月 18 日在上海证券交易所网站（www.sse.com）披露的《关 于以集中竞价交易方式回购公司股份方案的公告》（公告编号：2024-017）以及 2024 年 6 月 27 日在上海证券交易所网站（www.sse.com）披露的《关于以集中竞价交易 方式回购公司股份的回购报告书公告》（公告编号：2024-019）。 北京市春立正达医疗器械股份有限公司 关于以集中竞价交易方式回购公司股份的回购进 ...

FF301 | | | | 本月底結存 | | | 95,140,500 | RMB | | 1 | RMB | | 95,140,500 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 (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 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

每经记者 林姿辰 每经编辑 梁枭 近日，春立医疗（688236.SH，股价14.65元，市值56.19亿元）发布2024年年报，公司实现营业收入8.06亿元，同比减少33.32%，归属于上市公司股东的净利 润为1.25亿元，同比减少55.01%。 《每日经济新闻》记者注意到，自2021年骨科高值耗材国家集采以来，公司净利润已连续三个年度下降，而去年是春立医疗上市以来首次出现收入、利 润"双降"，净利润降幅高达55.01%。对于刚刚担任公司董事长不到3年的"95后药二代"史文玲来说，的确是个不小的挑战。 或许是对渠道存货的补差价处理影响了公司的收入水平和毛利率水平，春立医疗去年第三季度亏损1787.46万元。去年全年，公司医疗器械的产量和销量分 别同比减少20.62%和21.24%，收入和净利润分别同比减少33.32%和55.01%，毛利率同比减少5.85个百分点。 集采也持续改变着公司产品的销售模式。受产品集采降价影响，2023年公司的经销模式已经受到冲击，但仍是春立医疗主要的销售模式，创造72.46%的收 入，直销和配送模式、海外销售模式的收入占比分别为11.13%和16.41%。 而在去年，经销模式收入被 ...