Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company plans to increase its investment in United Imaging Intelligence (UII) to strengthen its presence in medical AI [1] - UII is a full-stack medical AI company with rapid revenue growth and excellent clinical application performance [1][8] - UII has launched over 100 medical AI products, enhancing diagnostic efficiency and precision [8] - The investment will enable UII to provide intelligent support for the company's products, enhancing competitiveness in the high-end market [9][24] Financial Summary Balance Sheet - Total assets are projected to grow from 24,204 52 million in 2022 to 34,800 07 million in 2026 [2] - Current assets are expected to increase from 20,144 56 million in 2022 to 29,788 22 million in 2026 [2] - Non-current assets are forecasted to rise from 4,059 95 million in 2022 to 5,011 85 million in 2026 [2] Income Statement - Revenue is projected to grow from 9,238 12 million in 2022 to 16,633 84 million in 2026 [2] - Net profit attributable to the parent company is expected to increase from 1,656 08 million in 2022 to 2,543 14 million in 2026 [2] - Earnings per share (EPS) are forecasted to rise from 2 01 yuan in 2022 to 3 09 yuan in 2026 [2] Cash Flow Statement - Operating cash flow is expected to fluctuate, with a significant increase to 3,279 50 million in 2024 and 3,554 73 million in 2026 [2] - Investment cash flow is projected to improve, turning positive at 25 91 million in 2026 [2] - Financing cash flow is expected to remain volatile, with a negative trend in 2026 at -77 45 million [2] Key Financial Ratios - Gross margin is forecasted to remain stable, ranging from 48 37% in 2022 to 50 51% in 2026 [2] - Net margin is expected to improve slightly, from 17 93% in 2022 to 15 29% in 2026 [2] - ROE is projected to increase from 9 47% in 2022 to 10 33% in 2026 [2] Industry and Company Overview - UII is a strategic AI arm of United Imaging Group, offering multi-scenario, multi-disease, and full-process intelligent solutions [23] - UII's technology is widely applied in medical imaging analysis, intelligent diagnostic assistance, data management, and disease prediction [23] - The company's investment in UII aims to optimize medical device usage and meet the demand for efficient and precise healthcare [24] Valuation and Forecast - The company's revenue is expected to grow from 11,425 14 million in 2024 to 16,633 84 million in 2026 [10] - Net profit attributable to the parent company is forecasted to increase from 1,472 21 million in 2024 to 2,543 14 million in 2026 [10] - The P/E ratio is projected to decrease from 71 12 in 2024 to 41 17 in 2026, indicating improving valuation metrics [10]

Investment Rating - The report maintains a "Buy" rating for the company [12][35]. Core Insights - The company is actively embracing the AI medical revolution, with significant investments in AI-driven medical imaging products and solutions [11][20][25]. - The investment in Lianying Intelligent is expected to enhance the company's product offerings with intelligent support, improving diagnostic assistance and data processing capabilities [25][34]. - The company has demonstrated strong growth in revenue and net profit, with a projected revenue of 105.18 billion yuan in 2024, despite a slight decline of 7.8% year-on-year [35]. Financial Summary - Revenue for 2022 was 9,238 million yuan, with a year-on-year growth of 27.4% [14]. - The projected revenue for 2023 is 11,411 million yuan, reflecting a growth rate of 23.5% [26]. - The expected net profit for 2024 is 15.63 billion yuan, with a year-on-year decrease of 20.8% [35]. - The company’s EPS for 2024 is projected to be 1.90 yuan, with a P/E ratio of 66 times [35]. - The company has maintained a strong financial position with a net profit margin of 17.9% in 2022 [14].

表决结果：3 票同意、0 票反对、0 票弃权。 上海联影医疗科技股份有限公司 独立董事：王少飞、盛雷鸣、JIA HONG GAO 2024 年 12 月 19 日 上海联影医疗科技股份有限公司（以下简称"公司"）第二届董事会独立董 事第五次专门会议于 2024 年 12 月 19 日以通讯方式召开，本次会议的通知于 2024 年 12 月 19 日通过书面方式送达各位独立董事，经全体独立董事一致同意， 免除通知时限要求，会议通知中包括会议的相关材料，同时列明了会议召开的时 间、地点、内容及方式。本次会议应参加独立董事 3 名，实际参加独立董事 3 名， 王少飞先生主持本次会议，本次会议的召集、召开方式符合《中华人民共和国公 司法》等法律、行政法规、部门规章、规范性文件和《上海联影医疗科技股份有 限公司章程》的规定，会议召开的方式、程序及做出的决议合法有效。 一、审议通过《关于投资上海联影智能医疗科技有限公司 0.2849%股权暨关 联交易的议案》 经全体与会独立董事审议：公司本次向关联方增资暨与关联方共同投资事项 与公司主营业务具有相关性，是董事会根据公司战略发展的客观需要作出的。本 次交易遵循了公平、公正、 ...

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 投资上海联影智能医疗科技有限公司 0.2849%股权暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）、中国国际金 融股份有限公司（以下简称"中金公司"、"保荐机构"）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机构。 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 （2024 年 4 月修订）》等相关规定履行持续督导职责，对公司投资上海联影智 能医疗科技有限公司（以下简称"联影智能"）0.2849%股权暨关联交易事项进行 了核查，核查情况如下： 一、关联交易概述 2024 年 12 月 20 日，公司第二届董事会第十八次会议审议通过《关于投资 上海联影智能医疗科技有限公司 0.2849%股权暨关联交易的议案》，同意公司使 用 2,848.72 万元自有资金投资联影智能，公司董事会授权管理层办理包括但不限 于合同签署、资金拨付等相关事宜。本次交易完成后，联影医疗将持有联影智能 0.2849%的股权。联影智能是一家能够提供多场景 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-070 上海联影医疗科技股份有限公司关于投资上海联影智能医 疗科技有限公司 0.2849%股权暨关联交易的公告 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： 一、关联交易概述 2024 年 12 月 20 日，公司第二届董事会第十八次会议审议通过《关于投资 上海联影智能医疗科技有限公司 0.2849%股权暨关联交易的议案》（表决结果： 6 票同意、0 票反对、0 票弃权，关联董事张强、丁君、沈思宇回避表决），同意 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"）拟 以自有资金投资上海联影智能医疗科技有限公司（以下简称"联影智能" 或"目标公司"），取得其增资后 0.2849%的股权，交易价格为 2,848.72 万元（以下简称"本次交易"）。 鉴于联影医疗技术集团有限公司（以下简称"联影集团"）为公司控股股 东，上海联和投资有限公司（以下简称"上海联和"）为直接持有公司 5% 以上股份的法人，联影智能受公司控股股东联影集团 ...

上海联影医疗科技股份有限公司 2024 年第二次临时股东大会会议资料 上海联影医疗科技股份有限公司 2024 年第二次临时股东大会 会议资料 二〇二四 年 十二 月 上海联影医疗科技股份有限公司 2024 年第二次临时股东大会会议资料 上海联影医疗科技股份有限公司 2024 年第二次临时股东大会会议资料目录 一、2024 年第二次临时股东大会会议议程 二、2024 年第二次临时股东大会须知 三、2024 年第二次临时股东大会会议议案 1、《关于 2025 年度日常关联交易预计的议案》 2、《关于变更 2024 年度会计师事务所的议案》 上海联影医疗科技股份有限公司 2024 年第二次临时股东大会会议资料 上海联影医疗科技股份有限公司 2024 年第二次临时股东大会会议议程 召开方式：现场投票表决与网络投票表决相结合 现场会议召开时间：2024 年 12 月 26 日下午 14:00 为了维护全体股东的合法权益，确保公司股东大会顺利召开，根据中国证券 监督管理委员会《上市公司股东大会规则》和《公司章程》的有关规定，特制定 股东大会须知如下： 一、为确认出席大会的股东或其代理人及其他出席者的出席资格，会议工作 人 ...

Summary of Conference Call on Lianyi Medical Company Overview - The conference call focused on Lianyi Medical, a leading enterprise in the medical imaging sector in China, which has gained significant attention since its IPO. The company has experienced rapid growth during the pandemic and is now navigating through industry adjustments and regulatory changes [1][2]. Key Points and Arguments Industry Dynamics - The medical imaging industry is undergoing a recovery phase, with expectations for Lianyi Medical to return to growth as hospital procurement resumes [2]. - The domestic market is seeing a push for localization, driven by policies that enhance the domestic production rate of medical devices [3]. Company Performance - Lianyi Medical has launched over 120 products, achieving a revenue growth of 25% and profit growth of 30% from 2020 to 2023. Despite temporary pressure on performance in 2023, the company is expected to benefit from high-end market breakthroughs and increased contributions from its service business [2][4]. - The company’s international revenue share has increased to over 20% in the first three quarters of 2023, up from a single-digit percentage at the end of the previous year [5]. Product and Market Strategy - Lianyi Medical is focusing on high-end, centralized, and global strategies, with significant advancements in high-end imaging and radiation therapy equipment [2][4]. - The company has established a strong presence in North America, Europe, and Asia-Pacific, with a comprehensive sales network covering over 70 countries [5][26]. Financial Metrics - The company’s revenue from medical imaging and radiation therapy equipment has grown from 2.6 billion yuan in 2019 to 9.9 billion yuan in 2023, with an average annual growth rate of nearly 40% [9]. - The maintenance service business has also seen rapid growth, increasing from 165 million yuan in 2019 to 1.069 billion yuan in 2023, with a gross margin exceeding 60% [9]. Future Outlook - The total market size for medical imaging is projected to reach 140 billion yuan by 2030, with significant opportunities in equipment upgrades, particularly in mid-to-low-end devices [15][16]. - Lianyi Medical is expected to capture a larger market share, potentially increasing from 20% to 30-40% by 2031, contributing to substantial revenue growth [16]. Risks and Challenges - The company faces risks related to the implementation of equipment update policies, geopolitical tensions, and increased market competition [31]. - The current procurement cycle has slowed, impacting short-term performance, but a rebound is anticipated as equipment update demands accelerate [30]. Additional Important Insights - The company has made strategic acquisitions, such as a 10% stake in Sichuan Jiuyuan, to enhance its capabilities in radiation therapy [7]. - Lianyi Medical's R&D expenditure remains high at around 20%, supporting the development of advanced products [11]. - The company has established a strong foothold in emerging markets, leveraging its high-end products and brand influence to drive growth [6][27]. This summary encapsulates the key insights from the conference call regarding Lianyi Medical's performance, strategies, and the broader industry context.

上海联影医疗科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 证券代码：688271 证券简称：联影医疗 公告编号：2024-069 召开日期时间：2024 年 12 月 26 日 14 点 00 分 召开地点：上海市嘉定区城北路 2258 号一楼 （五） 网络投票的系统、起止日期和投票时间。 （一） 股东大会类型和届次 2024 年第二次临时股东大会 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 26 日至 2024 年 12 月 26 日采用上海证 券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日 的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：202 ...

2025 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）、中国国际金 融股份有限公司（以下简称"中金公司"、"保荐机构"）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机构。 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》等相关规定履行持续督导职责，对公司 2025 年度日常关联交易预计事项进 行了核查，核查情况如下： 一、日常关联交易概述 （一）日常关联交易履行的审议程序 公司于 2024 年 12 月 10 日召开第二届董事会第十七次会议审议通过了《关 于 2025 年度日常关联交易预计的议案》，关联董事张强先生、TAO CAI 先生、沈 思宇先生回避表决，除关联董事外，全体董事一致同意审议通过了该议案。本次 日常关联交易预计区间为 2025 年度，金额合计为 61,263.18 万元人民币，根据 《上海证券交易所科创板股票上市规则》《公司章程》等相关规定，该议案尚需 提交股东大会审议。全体董事认为，2025 年度关联交易事项是公司业务发展及 生产经营的正常所需，因此上述关联交易是必要 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2024-068 上海联影医疗科技股份有限公司 关于 2025 年度日常关联交易预计的公告 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： 一、 日常关联交易概述 （一）日常关联交易履行的审议程序 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 2024 年 12 月 10 日召开第二届董事会第十七次会议审议通过了《关于 2025 年度日常 关联交易预计的议案》，表决结果为：赞成 6 票，无反对票，无弃权票，关联董 事张强先生、TAO CAI 先生、沈思宇先生回避表决。本次日常关联交易预计区间 为 2025 年度，金额合计为 61,263.18 万元人民币，根据《上海证券交易所科创 板股票上市规则》《公司章程》等相关规定，该议案尚需提交股东大会审议。 | | | | | 本年年初至 | | | 本次预计金 | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联 | | | ...