Core Insights - Shanghai is leading the nation in the innovation of pharmaceuticals and medical devices, with 30 approved domestic Class I innovative drugs from 2021 to September 2025, accounting for 17% of the national total [1] - The biopharmaceutical industry in Shanghai reached a scale of 500.57 billion yuan in the first half of this year, with expectations to surpass 1 trillion yuan for the full year [2] - Shanghai's License-out transactions for innovative drugs reached 38 in 2024, representing 35% of the national total, with a transaction value of 30.7 billion USD, accounting for 47% of the national total [3] Industry Growth - The biopharmaceutical industry in Shanghai has shown consistent growth, increasing from 761.71 billion yuan in 2021 to an estimated 984.70 billion yuan in 2024, with a compound annual growth rate of 8.94% [2] - By the end of 2024, Shanghai is expected to have 2,183 biopharmaceutical enterprises, covering manufacturing, services, and wholesale [2] - Shanghai has seen 46 companies go public from 2021 to 2024, with 4 new listings in 2023 alone [2] International Recognition - Since 2021, 9 drugs have been approved in international markets such as the US and Japan, indicating the global recognition of Shanghai's innovative capabilities [3] - Major international pharmaceutical and medical device companies have established headquarters or R&D centers in Shanghai, with 19 out of the top 20 in each category present [2] Policy Support - Shanghai has implemented various policies to support the biopharmaceutical industry, including regulations and action plans focused on synthetic biology, cell and gene therapy, and AI in medicine [4] - A biopharmaceutical industry mother fund with a total scale of 22.5 billion yuan has been established, along with a 10 billion yuan merger fund targeting strategic acquisitions in traditional Chinese medicine, vaccines, and high-end medical devices [4] - From 2021 to 2024, Shanghai's biopharmaceutical sector has secured 238.37 billion yuan in financing, ranking among the top in the country [4] Innovation Ecosystem - Shanghai has built a comprehensive innovation ecosystem that spans from research to clinical application, providing new momentum for high-quality development in the biopharmaceutical industry [5]

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

Summary of United Imaging Conference Call Company Overview - **Company**: United Imaging - **Industry**: Medical Supplies & Devices - **Headquarters**: Shanghai, China - **Ticker**: 688271 CH - **Market Cap**: RMB 125.1 billion [7][32] Key Takeaways Competitive Strategy - United Imaging differentiates itself from global competitors (GE, Philips, Siemens) by maintaining R&D spending above 20% of revenue, enabling faster product launches at lower costs [2][5] - The company focuses on feature-rich products with competitive pricing approximately 15% lower than peers, emphasizing strong service packages over pure price competition [2][5] Growth and Expansion - International sales accounted for nearly 20% of total sales by 1H25, with a target of 50% by 2030, particularly strong growth in Europe with triple-digit growth rates [3][25] - The company is investing in local manufacturing, R&D, and service teams to support overseas expansion, with a new regional HQ in Rotterdam [3][25] Domestic Market Dynamics - China remains a core market, supported by government-backed hospital CAPEX programs with annual incentives ranging from RMB 1 to 1.3 trillion [4][21] - United Imaging holds the 1 domestic market share, with stable gross margins around 50% and potential upside from high-end product mixes [4][23] Financial Projections - Revenue projections for FY 2024A to FY 2027E are as follows: - FY 2024A: RMB 10,300.1 million - FY 2025E: RMB 11,946.6 million - FY 2026E: RMB 15,264.3 million - FY 2027E: RMB 19,119.8 million - Net profit projections for the same period are: - FY 2024A: RMB 1,261.9 million - FY 2025E: RMB 1,720.3 million - FY 2026E: RMB 2,258.4 million - FY 2027E: RMB 2,888.3 million [6][8] Investment Thesis - The company is rated a "Buy" with a price target of RMB 218.00, representing a potential upside of 44% [7][10] - Key growth drivers include localized supply chain efficiency, improved service offerings, and AI-driven competitive advantages in medical imaging [10][19] Risks and Challenges - Risks include policy changes in the medical equipment industry, intense market competition, and challenges in overseas network expansion [33] - The impact of anti-corruption measures has been managed well, allowing the company to maintain its leading market position [23] Sustainability and Social Responsibility - United Imaging aims to reduce carbon emission intensity by 50% by 2035 and extend healthcare access to a broader population [17][18] Market Outlook - The company expects hospital CAPEX in China to drive demand, with government support playing a critical role [20] - The anticipated growth in overseas markets is expected to outpace domestic growth, with a projected 50% year-over-year profit growth for this year [25][26] Conclusion - United Imaging is positioned for significant growth both domestically and internationally, leveraging its competitive advantages in R&D, pricing, and service offerings while navigating potential risks in the market environment [10][19]

Core Viewpoint - Shanghai United Imaging Healthcare Co., Ltd. announced a differentiated cash dividend of 0.13 yuan per share (tax included) for the first half of 2025, with the record date set for October 16, 2025, and the payment date on October 17, 2025 [1][2]. Trading Information Summary - As of October 10, 2025, United Imaging's stock closed at 156.4 yuan, down 0.73%, with a turnover rate of 0.94%, a trading volume of 77,300 shares, and a total transaction value of 1.215 billion yuan [1]. - On the same day, the net inflow of main funds was 13.4031 million yuan, accounting for 1.1% of the total transaction value, while retail investors experienced a net outflow of 22.0333 million yuan, representing 1.81% of the total transaction value [1][3]. Company Announcement Summary - The company plans to distribute a total cash dividend of approximately 106.6031 million yuan (tax included) based on a total share capital of 824,157,988 shares, after deducting 4,134,116 shares held in the repurchase account [1][2]. - The differentiated dividend distribution will not include stock dividends or capital reserve transfers to increase share capital, and the impact on the ex-dividend reference price is less than 1% [2].

Core Insights - Shanghai's biopharmaceutical industry is experiencing rapid growth, with 38 license-out transactions expected to reach $30.7 billion in 2024, accounting for nearly one-third of the national total [1] - The industry has a compound annual growth rate of 8.94%, with a projected market size exceeding 1 trillion yuan this year [1] - Shanghai is building a world-class innovation ecosystem to enhance its role as a leading biopharmaceutical hub [1] Industry Development - Since 1993, biopharmaceuticals have been a key focus in Shanghai, with industrial output surpassing 200 billion yuan by 2024 [2] - Recent regulations and action plans have been implemented to support innovation across the entire biopharmaceutical value chain [2] - The establishment of the Shanghai Clinical Innovation Transformation Research Institute aims to facilitate the commercialization of clinical results from hospitals [2][3] Clinical Innovation - The clinical results commercialization model allows hospitals to transfer patent rights to the institute, which then partners with investors to form companies [3] - This model addresses challenges hospitals face in managing clinical results and enhances the efficiency of technology transfer [3] Foreign Investment and Local Innovation - Shanghai has attracted major international pharmaceutical companies, with 19 out of the top 20 global firms establishing headquarters or R&D centers in the city [5] - The city is fostering collaboration between multinational and local companies, enhancing innovation capabilities [5][6] Policy Support - Shanghai has introduced comprehensive policies covering the entire biopharmaceutical industry chain, promoting R&D and manufacturing [8] - The city has recognized significant achievements in biopharmaceutical innovation, such as the development of the first domestically produced targeted drug for colorectal cancer [8][9] Financial Investment - The biopharmaceutical sector relies heavily on patient capital due to its high-risk and long-cycle nature [12] - Shanghai has established a 22.5 billion yuan biopharmaceutical industry fund to support strategic mergers and acquisitions [13][14] - From 2021 to 2024, the sector has seen cumulative financing of 238.37 billion yuan, with 1,494 financing events [13]

Core Viewpoint - The recent performance of United Imaging Healthcare (联影医疗) shows a positive trend with a stock price increase and a planned cash dividend distribution for shareholders [1][2][3]. Company Performance - As of October 10, 2025, United Imaging Healthcare's stock closed at 156.4 CNY, up 3.1% from the previous week's closing price of 151.7 CNY [1]. - The stock reached a high of 159.06 CNY and a low of 150.25 CNY during the week [1]. - The company's current market capitalization is approximately 128.9 billion CNY, ranking 2nd in the medical device sector and 133rd among all A-shares [1]. Dividend Announcement - United Imaging Healthcare announced a cash dividend of 0.13 CNY per share (before tax) for the first half of 2025, with the record date set for October 16, 2025, and the payment date on October 17, 2025 [2][4]. - The total cash dividend distribution amounts to approximately 106.6 million CNY (before tax), based on a total share count of 824,157,988 shares, adjusted for repurchased shares [2][3]. Differentiated Dividend Distribution - The dividend distribution is classified as differentiated due to the exclusion of repurchased shares from the profit distribution rights, resulting in an actual participating share count of 820,023,872 shares [3][4]. - The impact of this differentiated dividend on the ex-dividend reference price is less than 1%, indicating minimal effect [3].

Summary of the Conference Call for 联影医疗 Company Overview - **Company**: 联影医疗 (United Imaging Healthcare) - **Industry**: Medical Imaging Equipment Key Points and Arguments 1. **Market Recovery and Performance Outlook**: Despite the impact of industry restructuring on bidding in 2023, 联影医疗 is expected to see a performance recovery driven by equipment upgrade projects from late 2024 to 2025, providing positive signals for stock trading [2][3] 2. **Product Matrix and Innovation**: The company has a comprehensive product matrix covering CT, MR, MI, XR, and RT fields, with significant achievements in independent R&D and mass production of key components like CT tubes and MR parts, enhancing competitiveness in the high-end market [2][4][5] 3. **International Market Expansion**: 联影医疗 is actively expanding into international markets with a high-end strategy, having entered developed markets such as Europe and the US, where overseas business is growing rapidly and is expected to become a significant growth driver [2][6][11] 4. **Revenue Structure**: The majority of revenue comes from CT and MR businesses, accounting for nearly 80% of total revenue, with a gradual increase in overseas business share [2][7] 5. **Concentration of Ownership**: The ownership structure is relatively concentrated, with Chairman 薛敏 controlling 24% of the shares, significantly influencing the company's development [2][7] 6. **Domestic Market Trends**: The domestic market shows a disparity in the localization rate of medical imaging equipment, with small DR systems having a higher localization rate, while MRI and radiation therapy systems have substantial room for improvement, positioning 联影医疗 to benefit from the domestic substitution trend [2][9] 7. **Policy Environment**: The company benefits from supportive policies promoting technological innovation and domestic substitution in medical equipment, which is crucial for its growth [3][8] 8. **Current Localization Rates**: The localization rates for various imaging devices vary significantly, with small DR systems exceeding 60%, while MRI and radiation therapy systems are around 30% and 20%, respectively, indicating substantial potential for growth in high-end imaging systems [9] 9. **Future Performance Expectations**: The company anticipates a strong performance in 2025, driven by a low base from 2024 and improving market conditions, with expectations for a significant recovery in the third quarter and overall annual performance [14][15] Additional Important Insights - **Global Strategy**: The company has established a robust marketing and service network, covering over 85 countries and more than 200 cities, which supports its international business development [6][13] - **Market Share**: In the domestic market, 联影医疗 holds over 30% market share in CT and MR fields, while there is considerable room for growth in international market share [12] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future outlook in the medical imaging industry.

Core Points - The stock price of United Imaging Healthcare (688271) closed at 157.55 CNY on October 9, 2025, marking a 3.86% increase from the previous trading day, with a total market capitalization of 129.846 billion CNY [1] - The company announced a cash dividend distribution of 0.13 CNY per share (including tax), totaling approximately 106.6 million CNY (including tax), based on a total share capital of 824,157,988 shares after deducting repurchased shares [1] - The record date for the dividend is October 16, 2025, with the ex-dividend date and payment date set for October 17, 2025 [1] Financial Performance - The stock opened at 152.0 CNY, reached a high of 159.06 CNY, and a low of 150.25 CNY during the trading session, with a trading volume of 19.74 billion CNY and a turnover rate of 1.53% [1] Dividend Policy - The cash dividend distribution will be subject to a differentiated tax policy based on the holding period for individual shareholders, while QFII and Shanghai Stock Connect shareholders will have a withholding tax rate of 10% [1]

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 差异化分红事项的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）、中国国际金融 股份有限公司（以下简称"中金公司"、"保荐人"）为上海联影医疗科技股份有限 公司（以下简称"公司"、"联影医疗"）首次公开发行股票并上市的保荐人。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》"）及《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，对公司 2025 年半年度利润分配所涉及的差异 化分红（以下简称"本次差异化分红"）进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 2023 年 8 月 22 日，公司召开了第一届董事会第二十二次会议，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》，同意公司以集中竞价交 易方式回购公司股份，回购资金总额不低于人民币 4 亿元（含），不超过人民币 8 亿元（含），回购股份将在未来适宜时机全部用于公司员工持股计划或股权激 励，回购期限自董事会审议通过本次回购方案之日起 12 个月内。截至 2 ...

上海联影医疗科技股份有限公司2025年半年度 权益分派实施公告 本公司董事会及全体董事保证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： 证券代码：688271 证券简称：联影医疗 公告编号：2025-040 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/16 | 2025/10/17 | 2025/10/17 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案(预案)经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"）2025 年 6 月 30 日的2024年年度股东会审议授权,公司第二届 董事会第二十三次会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （联影医疗回购专用证券账户除外）。 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.13元（含税） 相关 ...