Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [6]. Core Viewpoints - The report highlights the acceleration of AI technology implementation and product innovation in the pharmaceutical sector, particularly in AI-driven medical applications. It suggests focusing on AI-related medical stocks [2][3]. - Recent advancements in AI drug development, such as the breakthrough of Rentosertib by Insilico Medicine, are noted, with expectations for more Chinese pharmaceutical companies to engage in global innovation through AI platforms [2][3]. - The report emphasizes the importance of payment perspectives in investment strategies, identifying three key payment channels: hospital payments, out-of-pocket payments, and overseas payments, with specific recommendations for companies like 恒瑞医药 (Hengrui Medicine), 迈瑞医疗 (Mindray), and 联影医疗 (United Imaging) [3][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.40%, outperforming the CSI 300 index by 1.66 percentage points and the ChiNext index by 1.28 percentage points, ranking 5th among 31 sub-industries [1][17]. - The Hong Kong Hang Seng Healthcare Index increased by 8.84%, surpassing the Hang Seng Index by 8.55 percentage points [1][17]. Company Announcements - Recent clinical application updates include 百济神州 (BeiGene) and 康方生物 (CanSino Biologics) with new IND applications, and ongoing clinical trials for several drugs from 三生国健 (3SBio) and 正大天晴 (Zhengda Tianqing) [28]. R&D Progress - Notable advancements in clinical trials include the initiation of new applications for drugs by 恒瑞医药 (Hengrui Medicine) and ongoing phases for various drugs from 三生国健 (3SBio) and 诺诚健华 (Innovent Biologics) [28][29]. Financial Forecasts and Valuations - Key company forecasts include: - 恒瑞医药 (Hengrui Medicine): EPS forecasted at 1.07 CNY for 2025, with a PE ratio of 51, rated as "Accumulate" [5]. - 鱼跃医疗 (Yuyue Medical): EPS forecasted at 2.32 CNY for 2025, with a PE ratio of 15, rated as "Buy" [5]. - 迈瑞医疗 (Mindray): EPS forecasted at 10.62 CNY for 2025, with a PE ratio of 22, rated as "Buy" [5]. - 联影医疗 (United Imaging): EPS forecasted at 2.39 CNY for 2025, with a PE ratio of 54, rated as "Buy" [5]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on areas such as hospital policy support, expanding public demand, and increasing overseas market cycles [24].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [2][8]. Core Insights - The company has launched a new stock incentive plan aimed at enhancing growth, targeting a revenue increase of 20%, 44%, and 72.8% for the years 2025 to 2027, respectively, compared to 2024 [8][11]. - The domestic medical equipment market is showing significant recovery, with a 100.36% year-on-year growth in the medical imaging equipment market and a 72.41% growth in the radiation therapy equipment market from January to May 2025 [11]. - The company is expected to achieve net profits of RMB 16.4 billion, RMB 20.0 billion, and RMB 24.2 billion for the years 2025 to 2027, representing year-on-year growth rates of 30.3%, 22.0%, and 20.8%, respectively [11]. Company Overview - The company operates primarily in the medical and biological industry, with a market capitalization of RMB 768.32 billion and a current share price of RMB 129.50 [1]. - The product mix includes 87.8% from medical imaging diagnostic equipment and radiation therapy equipment, 9.5% from maintenance services, and 1.1% from software business [3]. Financial Projections - The company is projected to have a net profit of RMB 1.644 billion in 2025, with an earnings per share (EPS) of RMB 1.99, and a price-to-earnings (P/E) ratio of 64.94 [10][11]. - Revenue is expected to grow from RMB 12.984 billion in 2025 to RMB 18.260 billion by 2027, with corresponding operating profits increasing from RMB 1.733 billion to RMB 2.604 billion [15].

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 发布新一期股权激励，彰显长期增长信心 2025 年 06 月 15 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 54.06 | 84.58 | 67.26 | 49.89 | 40.21 | [Table_ ...

Core Viewpoint - The Supervisory Board of Shanghai United Imaging Healthcare Co., Ltd. has reviewed and approved the draft of the 2025 Restricted Stock Incentive Plan, confirming the company's eligibility to implement the plan under relevant laws and regulations [1][2][3] Group 1: Eligibility and Compliance - The company meets the qualifications to implement the stock incentive plan, with no disqualifying conditions present, such as being deemed inappropriate by the stock exchange or regulatory authorities in the past 12 months [2] - The incentive plan's recipients do not include independent directors or supervisors, ensuring compliance with the relevant regulations [3] - The granting arrangements for restricted stocks, including quantity, grant date, price, and vesting conditions, adhere to legal requirements and do not infringe on the interests of the company or its shareholders [3] Group 2: Objectives and Benefits - The incentive plan aims to motivate employees and align the interests of shareholders, the company, and the core team, fostering a focus on long-term development [3]

Group 1 - The company announced an additional temporary proposal for the 2024 annual shareholders' meeting, which includes four new resolutions related to a stock incentive plan and providing guarantees for certain clients [1][2][3] - The additional proposals were submitted by the controlling shareholder, and the board of directors has agreed to include them in the agenda for the upcoming meeting [1][2] - The annual shareholders' meeting is scheduled for June 30, 2025, at 14:00, and will be held at a specified location in Shanghai [2][3] Group 2 - The new proposals include a draft for the 2025 restricted stock incentive plan, its summary, the management measures for the implementation of the plan, and a request for authorization to the board to handle related matters [2][3] - The original notice of the shareholders' meeting remains unchanged, and the equity registration date is still set for June 25, 2025 [1][3] - Voting will be conducted through both onsite and online systems, with specific time slots for participation [2][3]

Core Points - The announcement details the change of the sponsor representative for Shanghai United Imaging Healthcare Co., Ltd. from Zhang Jianke to Liu Shangquan due to personal work changes [1] - The new sponsor representatives for the company's ongoing supervision are Zhang Xiaoyong and Liu Shangquan, with the supervision period lasting until the obligations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange are fulfilled [1] - The company expresses gratitude to Zhang Jianke for his contributions during the IPO and ongoing supervision period [1] Company Information - Liu Shangquan, the new sponsor representative, is currently the Deputy General Manager of the Investment Banking Department at CICC and has 8 years of experience in domestic and international IPOs and capital operations [3] - Liu Shangquan has previously led or participated in several significant projects, including the IPO of United Imaging Healthcare and other notable companies in the biotech sector [3]

Meeting Overview - The second meeting of the Supervisory Board of Shanghai United Imaging Healthcare Co., Ltd. was held on June 13, 2025, with all three supervisors participating in the voting [1][2]. Key Resolutions - The Supervisory Board approved the draft of the "2025 Restricted Stock Incentive Plan," which aligns with relevant laws and regulations, and is expected to benefit the company's sustainable development without harming the interests of shareholders [1][2]. - The "2025 Restricted Stock Incentive Plan Implementation Assessment Management Measures" was also approved, ensuring the plan's smooth execution and compliance with legal standards, featuring a comprehensive and scientifically sound assessment system [2][3]. - The initial list of incentive recipients for the "2025 Restricted Stock Incentive Plan" was verified, confirming that all individuals meet the qualifications set forth by relevant laws and the company's regulations [3][4]. Voting Results - All resolutions received unanimous support with 3 votes in favor, and no votes against or abstentions [2][3]. Next Steps - The approved plans will be submitted to the shareholders' meeting for further review, requiring a two-thirds majority from non-related shareholders for approval [2][3]. - The company will publicly disclose the names and positions of the incentive recipients at least 10 days prior to the shareholders' meeting [4].

Core Viewpoint - The company plans to provide guarantees for certain clients requiring financing to pay for goods, with a guarantee limit not exceeding RMB 500 million, to support business development and enhance customer contract fulfillment capabilities [1][4]. Group 1: Guarantee Details - The guarantee will be provided for clients who are reputable and have passed third-party financial institution reviews, ensuring no related party relationships exist [2][3]. - The guarantee amount is capped at RMB 500 million, and it will be valid for 12 months from the date of approval by the shareholders' meeting, with the possibility of rolling usage within this period [1][2][3]. - As of the announcement date, the company has provided no guarantees, and the current external guarantee balance is zero [3][5]. Group 2: Risk Control Measures - The company has established strict criteria for selecting guarantee recipients, including positive screening standards and negative screening standards to mitigate risks [2]. - Clients must provide necessary counter-guarantee measures to the company or a designated third party to cover the guarantee obligations [2][3]. Group 3: Rationale for the Guarantee - The provision of guarantees is aimed at addressing the financing needs of reputable clients who require substantial upfront capital for purchasing high-value medical equipment, thereby improving the efficiency of receivables collection and promoting business growth [4]. Group 4: Approval Process - The proposal for the guarantee has been approved by the company's board of directors and is pending approval from the shareholders' meeting, in compliance with relevant regulations [4][6]. Group 5: Financial Standing - The company has no overdue guarantees and has not been involved in any litigation related to guarantees, indicating a stable financial position [5].

证券代码：688271 证券简称：联影医疗 公告编号：2025-019 上海联影医疗科技股份有限公司 第二届监事会第十三次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）第二 届监事会第十三次会议于 2025 年 6 月 13 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，经公司全体监事书面同意，本次监事会临时会议 豁免提前 5 日的通知时限，本次会议通知已于 2025 年 6 月 10 日送达公司全体监 事。本次会议由监事会主席万莉娟女士主持，会议应参加表决监事 3 人,实际参 加表决监事 3 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、监事会会议审议情况 （一）审议通过《关于公司<2025 年限制性股票激励计划（草案）>及其摘 要的议案》 经审议，监事 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-018 上海联影医疗科技股份有限公司 第二届董事会第二十一次会议决议公告 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"或"联影医疗"）第二 届董事会第二十一次会议于 2025 年 6 月 13 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，本次会议通知已于 2025 年 6 月 10 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 8 人，实际参加表 决董事 8 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《关于公司<2025 年限制性股票激励计划（草案）>及其摘 要的议案》 为进一步建立、 ...