中信证券股份有限公司、中国国际金融股份有限公司 关于上海联影医疗科技股份有限公司 2024 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）和中国国际 金融股份有限公司（以下简称"中金公司"或"保荐人"）作为上海联影医疗科 技股份有限公司（以下简称"联影医疗"或"公司"）首次公开发行股票并在科 创板上市项目的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》等相关规定，中信证券和中金公司履行持续督导职责， 并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1]. Core Views - The company has a strong management team and operates in a high-barrier industry with significant growth potential. It has launched over 120 products since its establishment and has achieved revenue exceeding 10 billion yuan. The domestic market for its products and services is projected to reach 29.8 to 38.7 billion yuan [3][4]. - The company is leveraging domestic advantages to expand internationally, with a focus on high-end product replacement and competitive pricing compared to international giants [4][5]. - The company is expected to see improvements in gross and net profit margins, with domestic net profit margins projected to reach 25-30% in the long term [4][5]. - The company has made significant progress in securing its supply chain by increasing the proportion of self-developed core components [4][5]. Summary by Sections 1. Industry Position and Management - The company is a leader in high-end medical imaging and radiation therapy products, with a complete product line comparable to international competitors like GE and Siemens [10][11]. - The management team has extensive experience from international imaging giants, enhancing the company's competitive edge [4][10]. 2. Market Potential - The domestic market for imaging and radiation therapy equipment is expected to grow significantly, with a replacement market potential of 79.9 billion yuan [4][9]. - The global medical imaging equipment market is projected to reach 63.4 billion USD by 2030, providing substantial opportunities for the company [4][9]. 3. Financial Performance - The company has shown robust growth, with a CAGR of nearly 41% in revenue from 2018 to 2023, and is expected to continue this trend with projected revenues of 12.84 billion yuan in 2024 [5][12]. - The company’s net profit is forecasted to reach 2.21 billion yuan in 2024, with EPS expected to be 2.68 yuan [5][12]. 4. Competitive Advantages - The company has a strong R&D focus, with 17% of revenue allocated to R&D in 2023, enabling it to innovate rapidly and maintain a competitive edge [18][20]. - The company has successfully increased its market share in China, with CT and MR products showing significant growth in market penetration [13][15]. 5. International Expansion - The company has been expanding its international presence, with overseas revenue increasing from 11.74% in 2022 to 14.70% in 2023, and is expected to continue this upward trend [17][18]. - The company has established a presence in over 65 countries, enhancing its global brand recognition and market share [17][18].

联影医疗（688271） 公司覆盖 国产医疗影像设备先驱，创新引领志在全球发展 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：688271 证券简称：联影医疗 公告编号：2024-055 上海联影医疗科技股份有限公司 关于向公司 2024 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 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。 重要内容提示： 限制性股票预留授予日：2024 年 9 月 13 日； 限制性股票预留授予数量：50.90 万股，约占目前公司股本总额 82,415.80 万股的 0.06%； 限制性股票预留授予价格：87.75 元/股 股权激励方式：第二类限制性股票 《上海联影医疗科技股份有限公司 2024 年限制性股票激励计划》（以下简称 "《激励计划》"或"本激励计划"）规定的限制性股票授予条件已经成就，根据 上海联影医疗科技股份有限公司（以下简称"公司"）2023 年年度股东大会的授 权，公司于 2024 年 9 月 13 日召开第二届董事会第十二次会议，审议通过了《关 于向公司 2024 年限制性股票激励计划激励对象授予预留部分限制性股票的议 案》，同意以 2024 年 9 月 13 日为预留授予日， ...

注：1、本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划获授的公司股票数量 累计未超过公司股本总额的 1%。 上海联影医疗科技股份有限公司 2024 年限制性股票激励计划预留授予激励对象名单 （预留授予日） 一、 激励对象获授的限制性股票分配情况 | 序 | | | | 获授的限制 | 占授予限制 | 占本激励计划预 | | --- | --- | --- | --- | --- | --- | --- | | 国籍 | 姓名 | | 职务 | 性股票数量 | 性股票总数 | 留授予时公司股 | | 号 | | | | （万股） | 的比例 | 本总额的比例 | | 一、预留授予部分 | | | | | | | | 1、董事、高级管理人员、核心技术人员 | | | | | | | | 王建保 | | 中国 | 财务负责人、首席财务官 | 20.00 | 7.63% | 0.02% | | 胡玮 | | 中国 | 核心技术人员 | 0.50 | 0.19% | 0.0006% | | 2、其他激励对象 | | | | | | | | 中层管理人员及董事会认为需要激励的其他人员 | | | | 8.4 ...

敬启者: 上海市通力律师事务所(以下简称"本所")受上海联影医疗科技股份有限公司(以下简 称"联影医疗"或"公司")委托,指派朱晓明律师、夏青律师(以下简称"本所律师")作为 公司特聘专项法律顾问,根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》(以下简称"《证券法》")、《上市公司股权激励管理办法》(以下 简称"《管理办法》")、《科创板上市公司持续监管办法(试行)》《上海证券交易所科创 板股票上市规则》(以下简称"《股票上市规则》")、《科创板上市公司自律监管指南第 4 号 -- 股权激励信息披露》等法律、行政法规和其他规范性文件(以下简称"法律、法规和 规范性文件")、《上海联影医疗科技股份有限公司章程》(以下简称"《公司章程》")以 及《上海联影医疗科技股份有限公司 2024 年限制性股票激励计划》(以下简称"《激励计 划》")的有关规定,就公司 2024 年限制性股票激励计划(以下简称"本次股权激励计划") 预留限制性股票授予(以下简称"本次授予")相关事项,出具本法律意见书。 为出具本法律意见书,本所律师已对公司向本所提交的有关文件、资料进行了我们认为 出具本法律 ...

上海联影医疗科技股份有限公司监事会 关于公司 2024 年限制性股票激励计划 预留授予激励对象名单（预留授予日）的核查意见 上海联影医疗科技股份有限公司（以下简称"公司"）于 2024 年 9 月 13 日 召开第二届监事会第七次会议，审议通过了《关于向公司 2024 年限制性股票激 励计划激励对象授予预留部分限制性股票的议案》。 公司监事会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简 称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披 露》等相关法律、法规及规范性文件和《上海联影医疗科技股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，对公司 2024 年限制性股票激励计划 （以下简称"本激励计划"）预留授予日的激励对象名单进行审核，并发表核 查意见如下： 1、本激励计划预留授予的激励对象均不存在《管理办法》第八条规定的不 得成为激励对象的情形： （6）中国证监会认定的其他情形。 2、本激励计划预留授予 ...

Investment Rating - The report maintains an "Outperform" rating for United Imaging Healthcare (688271 SH) [1][3] Core Views - The company demonstrated resilience in H1 2024 despite temporary pressure in domestic sales and impressive growth in overseas markets [1] - Domestic market revenue declined by 3 4% to 4 4 billion yuan while overseas market revenue surged 29 9% to 930 million yuan accounting for 17 5% of total revenue [1][8] - The company invested in Jiuyiyuan expanding its presence in the radiotherapy field [1][10] Financial Performance - H1 2024 revenue reached 5 333 billion yuan (+1 18%) with net profit attributable to shareholders of 950 million yuan (+1 33%) [1][4] - Q2 2024 revenue was 2 983 billion yuan (-2 47%) with net profit attributable to shareholders of 587 million yuan (-3 49%) [1][4] - Equipment sales revenue in H1 2024 was 4 544 billion yuan (-1 8%) with strong growth in RT products (+189%) [6] - Maintenance service revenue grew 23 8% to 617 million yuan accounting for 11 6% of total revenue [6] Product Line Performance - CT series revenue declined 22 7% to 1 618 billion yuan in H1 2024 [8] - MR series revenue increased 12 3% to 1 685 billion yuan [8] - MI series revenue grew 19 1% to 743 million yuan [8] - XR series revenue decreased 20 7% to 256 million yuan [8] - RT series revenue surged 188 7% to 242 million yuan [8] Strategic Developments - The company invested in Jiuyiyuan acquiring a 10% stake to strengthen its position in molecular imaging solutions [1][10] - Jiuyiyuan developed China's first domestically produced medical cyclotron breaking foreign market dominance [1][10] Financial Projections - Revenue forecasts for 2024-2026 are adjusted to 13 367/16 767/20 186 billion yuan [10] - Net profit attributable to shareholders is projected at 2 335/2 961/3 594 billion yuan for 2024-2026 [10] - EPS estimates for 2024-2026 are 2 83/3 59/4 36 yuan [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 5.333 billion yuan in the first half of 2024, reflecting a year-on-year growth of 1.18%, with a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [6] - Domestic performance is under pressure due to a decrease in bidding activities, while overseas markets are experiencing rapid growth, with international revenue reaching 933 million yuan, a year-on-year increase of 29.94% [6][7] - The company maintains a leading position in its core product lines, with significant market shares in various CT and MR segments [7] - Continuous investment in R&D, with 1.017 billion yuan spent in the first half of 2024, represents an 11.11% increase year-on-year, supporting the launch of over 120 innovative products [7] Financial Performance and Forecast - The company is projected to achieve net profits of 2.318 billion yuan, 2.816 billion yuan, and 3.402 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 25, and 22 [8][10] - Revenue is expected to grow from 11.411 billion yuan in 2024 to 15.525 billion yuan in 2026, indicating a robust growth trajectory [10] - The gross margin is forecasted to improve from 48.5% in 2023 to 50.6% in 2026, reflecting operational efficiency [10]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a slight revenue increase of 1.18% year-on-year for the first half of 2024, with total revenue reaching 5.333 billion yuan and a net profit of 950 million yuan, reflecting a 1.33% increase [1]. - Domestic bidding processes have slowed, impacting short-term performance, while international business continues to grow rapidly, with a 30% year-on-year increase in international revenue [1][2]. - The product mix is improving, contributing to a stable increase in profitability, with a gross margin of 51.01% in Q2 2024, up 3.41 percentage points [1][2]. Summary by Sections Financial Performance - For H1 2024, the company achieved revenues of 5.333 billion yuan, with a net profit of 950 million yuan and a cash flow from operations of -625 million yuan [1]. - Q2 2024 saw revenues of 2.983 billion yuan, a decrease of 2.47%, and a net profit of 587 million yuan, down 3.49% [1]. Domestic and International Markets - Domestic revenue for H1 2024 was 4.401 billion yuan, down 3.35% due to delays in bidding processes and the implementation of large-scale equipment updates [1]. - International revenue reached 933 million yuan, marking a 30% increase year-on-year, with the company expanding its market presence across over 70 countries [1][2]. Product Development and R&D - The company invested 1.017 billion yuan in R&D during H1 2024, an increase of 11.11%, maintaining a leading market share in various product categories [2]. - The company has launched over 120 products to date, with significant market shares in CT and MR products [2]. Profitability and Cost Management - The gross margin improved to 51.01% in Q2 2024, driven by higher service revenue and premium product sales [1][2]. - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 16.71%, 4.48%, and 15.49%, respectively [1]. Future Outlook - The company is expected to benefit from the recovery of domestic bidding activities and the ongoing expansion of its international business, with projected net profits for 2024-2026 adjusted to 2.296 billion, 2.788 billion, and 3.374 billion yuan, respectively [1][6].