证券代码：688271 证券简称：联影医疗 公告编号：2025-041 上海联影医疗科技股份有限公司 第二届董事会第二十四次会议决议公告 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。 一、董事会会议召开情况 上海联影医疗科技股份有限公司（以下简称"公司"）第二届董事会第二十 四次会议于 2025 年 10 月 14 日在公司会议室召开，会议同时采用了现场与通讯 相结合的表决方式，经公司全体董事书面同意，本次董事会临时会议豁免提前 5 日的通知时限，会议通知于 2025 年 10 月 14 日送达公司全体董事。本次会议由 董事长张强先生主持，会议应参加表决董事 9 人，实际参加表决董事 9 人。本次 会议的召集、召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 等法律法规以及《上海联影医疗科技股份有限公司章程》（以下简称"《公司章 程》"）的相关规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于向公司 2025 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》 根据《上市公司股权 ...

上海联影医疗科技股份有限公司董事会薪酬与考核委员会 关于公司 2025 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 2025 年 10 月 14 日召开第二届董事会薪酬与考核委员会 2025 年第四次会议，审议通过了《关于 向公司 2025 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》。 公司董事会薪酬与考核委员会依据《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： ...

Core Insights - The Medical Health Index (980016) closed at 6759.45 points, up 1.78%, with a trading volume of 27.946 billion yuan and a turnover rate of 1.0% [1] - Among the index constituents, 40 stocks rose, with Huahai Pharmaceutical leading at a 7.59% increase, while 9 stocks fell, with BGI Genomics leading the decline at 2.93% [1] Index Performance - The Medical Health Index saw a net inflow of 1.063 billion yuan from main funds, while retail investors experienced a net outflow of 392 million yuan [1] - The top ten constituents of the index include major companies such as WuXi AppTec, Hengrui Medicine, and Mindray Medical, with varying market capitalizations and price changes [1] Fund Flow Analysis - Huahai Pharmaceutical had a main fund net inflow of 163 million yuan, while retail investors saw a net outflow of 76.6 million yuan [2] - Other notable companies with significant fund flows include Aier Eye Hospital and Hengrui Medicine, both experiencing mixed inflows and outflows from different investor categories [2]

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Insights - The company has rapidly developed into a leading enterprise in the high-end medical imaging equipment sector in China, with a comprehensive product line covering CT, MR, MI, XR, and RT [1][2]. - The shift towards centralized procurement in various provinces is expected to significantly accelerate the domestic replacement rate of medical imaging equipment, particularly in high-end devices, leading to sustained industry prosperity [1][2]. - The company's global expansion strategy aims to establish benchmarks in high-end markets, build barriers in mature markets, and create ecosystems in emerging markets, with strong growth anticipated in overseas business [1][2]. Summary by Sections Company Overview - Founded in 2011, the company focuses on high-performance medical imaging diagnostic and treatment equipment, providing innovative solutions across the entire chain from basic research to clinical application [15][18]. Financial Performance - The company achieved total revenue of 10.3 billion yuan in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to the parent company of 1.262 billion yuan, down 36.08% [3][28]. - For the first half of 2025, the company reported revenue of 60.16 billion yuan, a year-on-year increase of 12.79%, and a net profit of 9.98 billion yuan, up 5.03% [28]. Product Lines and Market Position - The company has established five major product lines: CT, MR, MI, XR, and RT, with steady development across all lines [41]. - In the CT segment, the company launched the first domestic photon counting CT device, uCT Ultima, which received NMPA approval, marking a significant innovation milestone [2][41]. - The MR segment saw a revenue increase of 16.80% in the first half of 2025, with the ultra-high-end MR device uMR Jupiter 5T gaining traction globally [41]. - The MI segment maintained its leadership in the PET/CT market, with continuous growth in installations [41]. Global Expansion - The company has expanded its overseas revenue significantly, with 22.20 billion yuan in overseas income in 2024, representing a year-on-year increase of 33.81% [37]. - The establishment of regional headquarters and R&D centers in various global locations supports the company's international growth strategy [19][20].

（编辑 楚丽君） 证券日报网讯 10月14日晚间，中邮科技发布公告称，基于公司经营管理需要，经董事会提名委员会审 议通过，董事会同意解聘尚德威先生的总经理职务，解聘后尚德威先生不再担任公司任何职务，解聘事 项自董事会审议通过之日起生效。 ...

近日，联影医疗举办2025年半年度业绩说明会。公司高管表示，围绕"诊疗一体化"战略，联影医疗持续 投入研发，当前在MR、CT、MI、XR、RT以及超声等重点业务领域均取得阶段性突破，多款创新产品 正加速进入临床与商业化阶段。 首先在超声领域，公司战略定位清晰，致力于为全球医疗机构提供"全覆盖、高性能、数智化"的临床超 声产品与解决方案，并实现全面自主可控。公司在高性能成像平台、传感器核心技术、智能成像算法及 临床工作流优化等方向持续攻关，已构建可扩展的超高通道硬件平台与智能化软件平台，形成从超高端 到中端、便携及无线掌上设备的完整产品矩阵，覆盖主要临床场景。 此外，联影医疗计划于今年年底至明年初陆续推出全线超声新品，并面向国内外市场发布。未来将通过 强化与顶级医疗机构的合作，深化科研应用示范，提升品牌影响力和全球市场竞争力。 2025年，公司推出新一代uMI Panvivo，采用可拓展长轴设计，进一步提升系统性能与临床适应性，已 在北美和欧洲市场获得积极反响。随着创新诊疗药物的发展及PET/MR的临床普及，分子影像业务将持 续放量，成为公司高端影像增长的重要引擎。 在XR领域，公司提供全场景、多层次影像解决方 ...

Core Viewpoint - United Imaging Healthcare is a leading domestic medical imaging equipment manufacturer with strong long-term growth momentum [1] Short-term Outlook - The upcoming new round of equipment renewal projects in 2025 is expected to drive continued improvement in domestic industry bidding trends, following the positive trend observed in the first half of the year [1] - Overseas revenue is anticipated to accelerate growth in the second half of the year, with overall performance expected to achieve high growth on a low base [1] - Adjustments to domestic large medical equipment configuration policies are likely to gradually release demand for mid-to-high-end and high-end products [1] Competitive Advantages - The company is expected to enhance its market share due to advantages in core components, product strength, brand recognition, and distribution channels [1] Mid-term Outlook - The overseas market presents significant growth potential, with the company's overseas revenue share continuously increasing, which is expected to contribute flexibility to the overall growth of the group [1] Long-term Strategy - The company is committed to increasing R&D investment and continuously upgrading its products, which is likely to maintain its leading position in the industry [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Insights - Shanghai is establishing itself as a global hub for biopharmaceutical innovation, with significant contributions in innovative drug and medical device development, accounting for 35% of the country's overseas licensing of innovative drugs [1][3] - The 2025 Shanghai International Biopharmaceutical Industry Week serves as a high-level platform for showcasing cutting-edge medical technologies and innovations, while also providing insights into the dynamics of Shanghai's biopharmaceutical industry [1][3] Industry Development - During the 14th Five-Year Plan period, Shanghai's biopharmaceutical sector has seen six research projects featured on the covers of top global academic journals, with a notable increase in research output in leading medical journals from 24 articles in 2021 to 52 articles in 2024, totaling 127 articles [3] - Shanghai aims to become a friendly city for global innovative drug and medical device development, with the establishment of a research and evaluation base for technical trade measures in the biopharmaceutical sector, which will help navigate international compliance challenges [3][4] Policy Support - In response to the growing demand for international expansion, Shanghai's government introduced policies in July 2024 to support the entire innovation chain of the biopharmaceutical industry, particularly focusing on facilitating the overseas licensing of innovative drugs [4] - Companies like Fuhong Hanlin have benefited from these policies, achieving EU market approval for their products and establishing a comprehensive system for clinical development and regulatory communication [4] Globalization Strategy - Local companies are increasingly viewing Shanghai as a strategic hub for research, production, and investment, while multinational corporations are deepening their involvement in the global innovation network [5] - The implementation of the drug marketing authorization holder system in Shanghai has encouraged global companies like Flextronics to establish production lines in the region, enhancing local manufacturing capabilities [5] High-End Medical Device Sector - Shanghai has launched an action plan to promote the development of the high-end medical device industry, with the establishment of three industrial clusters in Pudong, Minhang, and Jiading districts [6] - The focus is on reducing innovation costs and streamlining the innovation chain, creating a robust ecosystem that supports the transition from laboratory research to global market entry [6]

Core Insights - The pharmaceutical index increased by 0.36% from September 29 to October 10, underperforming the CSI 300 index by -1.11% [1] - The "Most-Favored-Nation Pricing" agreement catalyzed significant stock price increases for U.S. MNCs, which also positively impacted Hong Kong's innovative drug sector, although there was a notable decline in the following trading days [1] - Anticipated catalysts in October include ESMO, BD, and medical insurance negotiations, which may stabilize and rebound innovative drug stocks [1] Market Performance - From September 29 to October 10, 316 stocks rose while 148 fell, with notable gainers including Zhendong Medical (+31.82%) and Wanbangde (+21.21%), while major losers included Nanxin Pharmaceutical (-28.67%) and ST Fuhua (-13.64%) [2] - Q3 performance expectations indicate a significant trend in innovative drug volume, with traditional pharmaceutical companies like Heng Rui expected to maintain Q2 trends [2] - Blood products and vaccines are projected to face continued pressure, while CXO and upstream research are expected to show good external demand growth [2] Investment Opportunities - The Chinese pharmaceutical industry has transitioned to new growth drivers, particularly in innovative drugs, with companies like Heng Rui and Han Sen making significant strides [3][4] - The demand for chronic disease treatments is increasing due to an aging population, supported by a stable growth in medical insurance revenue [4] - The AI wave is anticipated to unlock new growth logic in the pharmaceutical sector [4] Recommended Stocks - Current recommendations include Xintai, Rejing Bio, and China National Pharmaceutical, with a focus on companies like Heng Rui and Sanofi for October [5]

Core Insights - On October 13, 2023, United Imaging Healthcare experienced a 2.15% decline in stock price with a trading volume of 1.298 billion yuan, indicating market volatility [1] - The company reported a net financing outflow of 14.54 million yuan on the same day, with a total financing and securities balance of 1.097 billion yuan, suggesting high leverage levels [1] - As of June 30, 2023, United Imaging Healthcare achieved a revenue of 6.016 billion yuan, reflecting a year-on-year growth of 12.79%, and a net profit of 998 million yuan, up 5.03% year-on-year [2] Financing and Trading Activity - On October 13, 2023, the financing buy-in for United Imaging Healthcare was 108 million yuan, while the financing balance stood at 1.094 billion yuan, accounting for 0.87% of the circulating market value, indicating a high financing level compared to the past year [1] - The company had a low short-selling balance of 2.224 million yuan, with a short-selling volume of 3,553 shares on the same day, suggesting limited bearish sentiment [1] Shareholder and Dividend Information - As of June 30, 2023, the number of shareholders for United Imaging Healthcare decreased by 23.01% to 16,500, while the average circulating shares per person increased by 29.89% to 35,953 shares [2] - The company has distributed a total of 641 million yuan in dividends since its A-share listing, reflecting a commitment to returning value to shareholders [3] Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2023, notable increases in holdings were observed for several ETFs, including Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, indicating growing institutional interest [3]