Group 1 - The core viewpoint of the article highlights that Chunzhi Medical's stock closed at 14.28 yuan, down 3.32%, with a rolling PE ratio of 43.82 times and a total market value of 5.477 billion yuan [1] - The average PE ratio for the medical device industry is 46.40 times, with a median of 34.81 times, placing Chunzhi Medical at the 85th position in the industry ranking [1] - As of the 2024 annual report, four institutions hold shares in Chunzhi Medical, with a total of 382,700 shares valued at 0.05 million yuan [1] Group 2 - Chunzhi Medical specializes in the research, production, and sales of implantable orthopedic medical devices, including spinal, trauma, joint, sports medicine, bone repair materials, surgical instruments, and PRP preparation kits [1] - The latest performance report for 2024 shows that the company achieved operating revenue of 806 million yuan, a year-on-year decrease of 33.32%, and a net profit of 125 million yuan, down 55.01%, with a gross profit margin of 66.63% [1]

证券代码：688236 证券简称：春立医疗 公告编号：2025-015 北京市春立正达医疗器械股份有限公司 关于设立募集资金专户存储三方监管协议的公告 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。 经上海证券交易所科创板股票上市委员会审核同意，并根据中国证券监督管 理委员会出具证监许可〔2021〕3702号同意注册文件，北京市春立正达医疗器械股 份有限公司（以下简称"公司"）获准向社会公众公开发行人民币普通股（A股） 股票38,428,000股，每股面值人民币1.00元，发行价格为每股人民币29.81元，募集 资金总额为人民币114,553.87万元。扣除发行费用（不含增值税）后，募集资金净 额为106,712.83万元。上述募集资金到位情况经大信会计师事务所（特殊普通合伙） 审验，并由其出具《验资报告》（大信验字[2021]第3-00041号）。 公司已对募集资金采取了专户存储，并按规定与保荐机构、专户存储募集资 金的相关银行签署了募集资金专户监管协议。监管协议对公司、保荐机构及存放 募集资金相关银行的相关责任和义务进 ...

Group 1 - The core viewpoint of the articles highlights that Chunli Medical's stock closed at 13.6 yuan, with a PE ratio of 41.74 times, and a total market value of 5.217 billion yuan [1] - The average PE ratio for the medical device industry is 47.69 times, with a median of 29.88 times, placing Chunli Medical at the 83rd position in the industry ranking [1][2] - As of the 2024 annual report, only one institution holds shares in Chunli Medical, with a total of 17,200 shares valued at 0.00 billion yuan [1] Group 2 - Chunli Medical specializes in the research, production, and sales of implantable orthopedic medical devices, including spinal, trauma, joint, sports medicine, bone repair materials, surgical instruments, and PRP preparation kits [1] - The latest financial results for 2024 show that the company achieved an operating income of 806 million yuan, a year-on-year decrease of 33.32%, and a net profit of 125 million yuan, down 55.01%, with a gross profit margin of 66.63% [1]

4月16日，春立医疗今日收盘13.25元，下跌1.56%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到40.66倍，总市值50.82亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均45.94倍，行业中值29.64倍，春立医疗排 名第86位。 股东方面，截至2025年2月28日，春立医疗股东户数6666户，较上次减少247户，户均持股市值35.28万 元，户均持股数量2.76万股。 序号股票简称PE(TTM)PE(静)市净率总市值(元)86春立医疗40.6640.661.8050.82亿行业平均 45.9448.384.71101.41亿行业中值29.6428.792.3545.52亿1天益医疗-2672.56-2672.561.6719.88亿2硕世生 物-1835.15-1835.151.1537.91亿3诺唯赞-549.11-549.112.5299.35亿4博晖创新-335.30-206.443.6951.46亿5康 泰医学-262.5830.812.6851.07亿6华大基因-197.28215.792.04200.47亿7奥精医疗-108.26-108.261.3819 ...

Core Viewpoint - The orthopedic implant medical device market in China is experiencing continuous growth, driven by an aging population, increased traffic accidents, and a rising demand for quality health care. The market size has expanded from 36.7 billion RMB in 2020 to 54.8 billion RMB in 2023, with projections to reach 59.2 billion RMB in 2024 [1][10]. Industry Definition and Classification - Orthopedic implant medical devices are surgical instruments implanted in the human body to replace, support, fix, or enhance bone, joint, and spinal tissues, aimed at restoring or improving bone function, promoting healing, alleviating pain, and enhancing the quality of life [2]. Industry Chain Analysis - The industry chain includes upstream raw material supply, midstream manufacturing, and downstream consumer demand. Upstream materials include metals, inorganic non-metals, polymers, and carbon materials, with a gradual increase in domestic supply. Midstream companies manufacture various orthopedic implants, while downstream distributors deliver products to medical institutions [4]. Industry Development History - The development of the orthopedic implant medical device industry in China can be divided into four stages: the embryonic period (early 20th century), the initial period (post-1949 to mid-1980s), the rapid development period (mid-1980s to early 21st century), and the market expansion and import substitution period (early 21st century to present) [6]. Current Industry Development Status - By the end of 2024, the population aged 65 and above in China is expected to reach 220 million, marking a significant increase in demand for orthopedic implants, particularly in the spinal and joint implant sectors [8][10]. Market Segmentation - The market segmentation shows that trauma products account for 38%, joint products 32%, spinal products 23%, and sports medicine products 5%. The trauma segment benefits from widespread applications in treating common orthopedic conditions, while the joint segment is driven by the aging population and increasing joint disease prevalence [12]. Key Companies Analysis - The competitive landscape features several key players: - Weigao Orthopedics offers a wide range of products across various orthopedic fields and emphasizes innovation [14]. - Spring Medical focuses on joint products and is expanding its business [14]. - Dabo Medical excels in trauma products and is venturing into other areas [14]. - Sanyou Medical specializes in spinal products and is extending its product line [14]. - Kelly Tai is focused on minimally invasive spinal products [14]. - Aikang Medical is known for its innovations in joint products [14]. Future Development Trends - The industry is expected to see accelerated import substitution, with domestic companies closing the technology gap with foreign brands and gaining market share due to cost advantages and better local service [19]. - Product innovation is increasing, driven by advancements in clinical medicine and materials science, leading to the development of smaller, more precise implants and the use of new materials [20][21]. - Research on bioactive materials is gaining momentum, with a focus on materials that promote bone growth and healing, enhancing the performance and stability of orthopedic implants [22].

Summary of Conference Call for Chunli Medical Company Overview - Chunli Medical is a leading orthopedic medical device company in China, focusing on the research, production, and sales of implantable orthopedic medical devices, including products for joints, spine, sports medicine, and trauma [2][4]. Key Points and Arguments Business Development and Market Position - The company has successfully expanded its product line and increased its market share, particularly in the orthopedic high-value medical consumables sector [2][3]. - Chunli Medical has actively participated in national centralized procurement policies, successfully winning bids for multiple product categories, including joint and spine products [3][16]. - The company reported a significant increase in overseas sales, which grew by 78.31% year-on-year, accounting for 43.88% of total revenue [5][17]. Financial Performance - For 2024, Chunli Medical reported total revenue of 806 million yuan, a decrease of 33.32% compared to the previous year [16][17]. - The net profit attributable to shareholders was 125 million yuan, with a basic earnings per share of 0.33 yuan [16][17]. - The gross margin for 2024 was 66.65%, down by 5.85 percentage points, primarily due to price reductions from centralized procurement [17]. Research and Development - The company has committed to increasing its R&D investment, with 133 million yuan allocated for 2024, representing 16.52% of total revenue [6][17]. - Chunli Medical has a strong R&D team, with 347 technical personnel, including many with advanced degrees and extensive industry experience [6]. Product Innovation and Regulatory Approvals - Chunli Medical has achieved several significant regulatory approvals, including CE certification and FDA 510K for various products, enhancing its international market competitiveness [7][9]. - The company has developed innovative products, including 3D-printed orthopedic implants and biodegradable medical materials, filling gaps in the domestic market [11][12]. Cash Dividend Policy - The company proposed a cash dividend of 0.49 yuan per share, totaling approximately 18.75 million yuan, which represents 40.42% of the net profit attributable to ordinary shareholders [18][19]. Other Important Information - Chunli Medical is recognized as a national high-tech enterprise and has received multiple accolades for its innovation and contributions to the industry [5][10]. - The company is actively pursuing mergers and acquisitions to enhance its product offerings and market presence [15]. This summary encapsulates the key aspects of Chunli Medical's conference call, highlighting its business strategies, financial performance, R&D efforts, product innovations, and shareholder returns.

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） 董事會會議通告 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，北京，2025年4月15日 截至本公告日期，執行董事為史文玲女士、史春寶先生、岳術俊女士及解鳳寶先生；非執行 董事為王鑫先生；及獨立非執行董事為徐泓女士、翁杰先生及黃德盛先生。 * 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2025年4月29日（星期二）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2025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）。 ...

保荐总结报告书 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 首次公开发行股票并在科创板上市 之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 北京市西城区丰盛胡同 22 号丰铭国际大厦 B 座 6 层 | | 法定代表人 ...

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].