Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.93% as of July 1, 2025, with notable gains from stocks such as Rongchang Biopharmaceutical (688331) up 7.21% and Shanghai Yizhong (688091) up 3.61% [1] - Starting July 1, 2025, a new policy mandates that all drug sales must include a verification code for medical insurance reimbursement, with full traceability of drug codes required by January 1, 2026, which is expected to enhance drug circulation regulation and impact the entire pharmaceutical industry chain [1] - The current bull market in innovative drugs is driven by the improvement of China's pharmaceutical innovation capabilities, with a trend towards international collaboration in new drug development expected to enhance profitability and market potential for Chinese pharmaceutical companies [2] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3] - The Sci-Tech Biopharmaceutical ETF closely tracks the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in various biopharmaceutical sectors [2]

上海联影医疗科技股份有限公司关于公司董事离任 及选举第二届董事会职工董事的公告 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、准确性和完整性承担法律责任。 重要内容提示： ? 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）于 2025 年 6 月 30 日召开股东会审议通过《关于取消监事会及修订 <公司章程> 的议 案》，根据《公司章程》，公司设职工代表董事 1 名，由公司职工通过职工代 表大会民主选举产生。公司于 2025 年 6 月 30 日召开职工代表大会并做出决 议，选举 TAO CAI 先生为公司第二届董事会职工董事。 证券代码：688271 证券简称：联影医疗 公告编号：2025-028 二、选举第二届董事会职工董事的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》（以下简称"《规范运作》"） 等相关法律法规，公司已于 2025 年 6 月 30 日召开股东会审议通过《关于取消监 事会及修订 <公司章程> 的议案》。 根据《公司章程》，公司设职工代 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-027 海分公司"）就核查对象在自查期间买卖公司股票及其衍生品种的情况进行了查 询确认，并由中登上海公司出具了《信息披露义务人持股及股份变更查询证明》 和《股东股份变更明细清单》。 关于 2025 年限制性股票激励计划内幕信息知情人 买卖公司股票及其衍生品种情况的自查报告 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。 二、核查对象买卖公司股票的情况说明 上海联影医疗科技股份有限公司 上海联影医疗科技股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日召开了第二届董事会第二十一次会议、第二届监事会第十三次会议审议通过了 《关于公司<2025 年限制性股票激励计划(草案)>及其摘要的议案》等相关议案， 并于 2025 年 6 月 14 日在上海证券交易所网站（www.sse.com.cn）上披露了相关 公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关 法律、法规和规范性文件以及《上海联影医疗科技股份有限公司章程》的规定， ...

关于 2025 年限制性股票激励计划内幕信息知情人 买卖公司股票及其衍生品种情况的自查报告 证券代码：688271 证券简称：联影医疗 公告编号：2025-027 上海联影医疗科技股份有限公司 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。 上海联影医疗科技股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日召开了第二届董事会第二十一次会议、第二届监事会第十三次会议审议通过了 《关于公司<2025 年限制性股票激励计划(草案)>及其摘要的议案》等相关议案， 并于 2025 年 6 月 14 日在上海证券交易所网站（www.sse.com.cn）上披露了相关 公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关 法律、法规和规范性文件以及《上海联影医疗科技股份有限公司章程》的规定， 公司对 2025 年限制性股票激励计划（以下简称"本次激励计划"）采取了充分 必要的保密措施，同时对本次激励计划的内幕信息知情人进行了必要登记。根据 《管理办法》《上海证券交易所科创板股票上市规则》《科创板上市 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-028 (二) 离任对公司的影响 TAO CAI 先生的辞职未导致董事会人数低于法定最低人数，不会影响公司董 事会的正常运作。截至本公告披露日，TAO CAI 先生未直接持有公司股份。TAO CAI 先生确认，其与公司、董事会、监事会之间无任何意见分歧，亦无任何与辞职有 关的事项需提请公司股东注意。 二、选举第二届董事会职工董事的情况 上海联影医疗科技股份有限公司关于公司董事离任 及选举第二届董事会职工董事的公告 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、准确性和完整性承担法律责任。 重要内容提示： 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）于 2025 年 6 月 30 日召开股东会审议通过《关于取消监事会及修订<公司章程>的议 案》，根据《公司章程》，公司设职工代表董事 1 名，由公司职工通过职工代 表大会民主选举产生。公司于 2025 年 6 月 30 日召开职工代表大会并做出决 议，选举 TAO CAI 先生为公司第二届董事会职工董事。 一、董事离任情况 (一 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-026 上海联影医疗科技股份有限公司 2024年年度股东会决议公告 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 6 月 30 日 （二） 股东会召开的地点：上海市嘉定区城北路 2258 号一楼 | 1、出席会议的股东和代理人人数 | 213 | | --- | --- | | 普通股股东人数 | 213 | | 2、出席会议的股东所持有的表决权数量 | 483,992,654 | | 普通股股东所持有表决权数量 | 483,992,654 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 59.0218 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 59.0218 | （四） 表决方式是否符 ...

SHANGHAI 8 Yin Chena Road Middle 上海市通力律师事务所关于上海联影医疗科技股份有限公司 2024 年年度股东会的法律意见书 致: 上海联影医疗科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受上海联影医疗科技股份有限公司 〈以下简称"公司"）的委托,指派本所陈军律师、茹秋乐律师(以下简称"本所律师") 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等 法律法规和规范性文件(以下统称"法律法规")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"）的规定就公司 2024 年年度股东会〈以下简称"本次 股东会"）相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中的 所有签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、 完整和有效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意见书中,本所仅对本次股东会召集和召开的程序、出席本次股东会人员 资格和召集人资格及表决程序、表决结 ...

Core Viewpoint - The AI medical device industry in China is experiencing rapid growth driven by policy support, technological advancements, and market demand, with the market size projected to reach 242.3 billion yuan by 2025, up from 94.61 billion yuan in 2024 and 2.92 billion yuan in 2020 [1][12]. Industry Overview - AI medical devices utilize artificial intelligence to assist in diagnosis, monitoring, and optimizing medical processes, categorized into six main types: medical imaging analysis, diagnostic assistance systems, surgical robots, health monitoring devices, drug development tools, and personalized treatment systems [2][4]. - The industry has formed a multi-dimensional ecosystem involving traditional healthcare providers, internet companies, AI algorithm developers, and medical device manufacturers, creating a closed-loop industry ecology [4]. Industry Environment - The AI chip market, crucial for the smart capabilities of medical devices, is projected to reach 141.2 billion yuan in 2024, growing by 17.1% year-on-year, providing strong technical support for the AI medical device sector [6]. - The machine vision market, which enhances the precision of medical devices, is expected to grow to 207.17 billion yuan in 2024, with an 11.9% increase, indicating significant advancements in this technology [8]. Social Environment - The aging population and uneven distribution of medical resources in China are driving strong demand for AI medical devices, which play a vital role in early disease screening and long-term monitoring [10]. - There is a growing consumer demand for personalized services, prompting AI medical devices to focus on customized offerings through deep learning and big data analysis [10]. Current Industry Status - The AI medical device industry in China is in its early commercialization stage, with a significant increase in product approvals, as evidenced by a 50% year-on-year rise in the number of approved Class III AI medical devices in 2023 [14]. - By mid-2024, 92 Class III AI medical imaging products had been approved, covering various diseases such as cardiovascular, pulmonary, and neurological conditions [14]. Competitive Landscape - Leading companies in the AI medical device sector include United Imaging, Pushang Medical, and Sukun Technology, each leveraging core technology and deep integration with clinical scenarios to establish a differentiated competitive landscape [16]. - United Imaging leads the market with a comprehensive product line and strong partnerships with top-tier hospitals, while Pushang Medical and Sukun Technology focus on specific areas like lung AI imaging and cardiovascular AI [16][17]. Future Trends - The industry is expected to see enhanced technological innovation and accelerated product iterations, driven by advancements in deep learning and computer vision [22]. - Market competition is intensifying, with companies adopting differentiated strategies in niche areas, particularly in medical imaging [23]. - The internationalization of Chinese AI medical device companies is accelerating, facing global competition and regulatory challenges as they expand into overseas markets [25].

Group 1 - The company has announced a restricted stock incentive plan for 2025, granting 5 million shares at a price of 95 yuan per share to 1,368 individuals, representing 0.61% of the total share capital at the time of the announcement [2] - The incentive plan's assessment period is set from 2025 to 2027, with revenue growth targets of 20.00%, 44.00%, and 72.80% for the respective years, based on the 2024 revenue as a baseline [3] - The expected amortization expenses for the stock incentive plan from 2025 to 2028 are projected to be 57.34 million, 87.30 million, 44.76 million, and 14.80 million yuan respectively [3] Group 2 - The company has invested 2.261 billion yuan in R&D in 2024, accounting for 21.95% of its revenue, indicating a strong commitment to innovation [4] - The company has launched several strategic innovative products, including the uLinacHalosTx precision radiotherapy system and the uMR Max 3.0T MRI, which are expected to enhance its competitive position [4] - The domestic medical imaging equipment bidding market is projected to grow by 100.36% year-on-year from January to May 2025, suggesting a potential improvement in the company's performance as the market recovers [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The recent stock incentive plan reflects the company's confidence in long-term development, with a target revenue growth rate of 20.00%/44.00%/72.80% for 2025-2027 [2] - The company continues to invest heavily in R&D, with an expected investment of 2.261 billion yuan in 2024, accounting for 21.95% of revenue [3] - The medical imaging equipment bidding market is expected to recover, which will significantly improve the company's performance [3] Summary by Sections Investment Rating - The company is rated as "Buy" based on its strong market position and growth potential [5] Stock Incentive Plan - The company announced a stock incentive plan for 1,368 employees, granting 5 million shares at 95 yuan per share, representing 0.61% of the total share capital [1] - The assessment period for the stock incentive is set for 2025-2027, with specific revenue growth targets and trigger values for each year [2] R&D and Product Development - The company has launched several innovative products, including the uLinacHalosTx precision radiotherapy system and the uMR Max 3.0T MRI [3] - The R&D investment is projected to continue to support the company's competitive edge in the medical imaging sector [3] Financial Forecasts - The company is projected to achieve net profits of 1.966 billion yuan, 2.281 billion yuan, and 2.817 billion yuan for 2025, 2026, and 2027 respectively [3] - Revenue is expected to grow from 11.863 billion yuan in 2025 to 17.390 billion yuan in 2027, with corresponding growth rates of 15.17%, 20.43%, and 21.73% [4]