Group 1 - The medical sector showed signs of recovery, with major player United Imaging Healthcare rising over 3%, while other stocks like WuXi AppTec and Aier Eye Hospital fell more than 1% [1] - The largest medical ETF in A-shares (512170) experienced a decline of over 2.8% in the morning but recovered slightly in the afternoon, ultimately dropping over 1%, marking a four-month low [1] - A-shares' three major indices collectively fell over 2% [1] Group 2 - The medical ETF (512170) fell below its six-month moving average and approached a critical yearly support level, with significant trading volume of over 874 million yuan, setting a new monthly high for daily trading [3] - In the first four trading days of the week, over 627 million yuan flowed into the ETF, indicating potential bottom-fishing activity despite the risk of larger sell-offs [3] - The medical ETF has a current scale exceeding 25.3 billion yuan, making it the largest medical-related ETF in the market, with a focus on "medical devices + medical services" [3][4] Group 3 - The ETF's composition includes a significant weighting of over 26% in CXO, along with leading companies in aesthetic medicine, private hospitals, and medical information technology [3] - The ETF is passively tracking the CSI Medical Index, which was established on December 31, 2004, and published on October 31, 2014 [4]

Core Insights - The company reported a revenue of 8.859 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 1.120 billion yuan, up 66.91% [1] Group 1: Domestic and International Business Performance - Domestic market revenue reached 6.866 billion yuan, growing by 23.70%, driven by a recovery in imaging equipment procurement and the implementation of medical equipment upgrade policies [2] - International business revenue was 1.993 billion yuan, increasing by 41.97%, with North America seeing over 50% growth and Europe over 100% growth [2] - The company’s contract liabilities amounted to 2.573 billion yuan, reflecting a 20.29% increase from the end of 2024, indicating a strong order backlog [2] Group 2: Operational Efficiency and Profitability - The company’s non-GAAP profit margin for the first three quarters was 11.89%, an increase of 5.21 percentage points year-on-year, supported by revenue growth and improved operational efficiency [3] - The overall expense structure remained stable, with various expense rates declining year-on-year, suggesting ongoing improvements in operational efficiency [3] Group 3: Revenue and Profit Forecast - Projected revenues for 2025 to 2027 are 12.396 billion yuan, 14.926 billion yuan, and 17.808 billion yuan, with year-on-year growth rates of 20.3%, 20.4%, and 19.3% respectively [3] - Expected net profits for the same period are 1.861 billion yuan, 2.365 billion yuan, and 2.962 billion yuan, with growth rates of 47.5%, 27.1%, and 25.2% respectively [3]

Core Viewpoint - The stock of United Imaging Healthcare has shown fluctuations, with a recent increase of 2.00% and a total market capitalization of 109.87 billion yuan, reflecting a mixed performance over various time frames [1] Financial Performance - For the period from January to September 2025, United Imaging Healthcare achieved a revenue of 8.859 billion yuan, representing a year-on-year growth of 27.39% [2] - The net profit attributable to shareholders for the same period was 1.120 billion yuan, marking a significant year-on-year increase of 66.91% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for United Imaging Healthcare reached 32,400, an increase of 96.28% compared to the previous period [2] - The average number of tradable shares per shareholder decreased by 29.23% to 25,444 shares [2] Dividend Distribution - Since its A-share listing, United Imaging Healthcare has distributed a total of 641 million yuan in dividends [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 19.036 million shares, a decrease of 2.9809 million shares from the previous period [3] - Other notable shareholders included E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 Component ETF, both of which also saw reductions in their holdings [3]

Core Viewpoint - The recent announcement from United Imaging Healthcare (688271) regarding the reduction of shareholding by major shareholders indicates a strategic move without altering the control structure of the company [1]. Group 1: Stock Performance - As of November 20, 2025, United Imaging Healthcare's stock closed at 130.69 CNY, down 0.32% from the previous trading day, with a total market capitalization of 107.709 billion CNY [1]. - The stock opened at 131.99 CNY, reached a high of 132.32 CNY, and a low of 130.13 CNY, with a trading volume of 370 million CNY and a turnover rate of 0.34% [1]. Group 2: Shareholder Actions - Major shareholders, including Ningbo Yingju, Ningbo Yingli, Ningbo Yingjian, Ningbo Yingkang, and Shanghai Yingdong, have collectively reduced their holdings by 13,376,600 shares, representing 1.6231% of the total share capital [1]. - Following this reduction, these shareholders now hold a total of 41,207,779 shares, which is 4.999985% of the total share capital, thus no longer qualifying as shareholders with over 5% ownership [1]. - This reduction is part of a previously disclosed plan and does not result in a change of the company's controlling shareholder or actual controller [1].

Core Viewpoint - Mindray Medical has initiated its IPO process on the Hong Kong Stock Exchange, marking its third listing after previously entering the US and A-share markets. The primary goal of this IPO is to expand its presence in international markets, especially in light of slowing domestic growth and increasing competition from domestic rivals like United Imaging [2][3][4]. Company Overview - Mindray Medical's revenue and net profit for the first three quarters of 2025 were 25.834 billion and 7.570 billion respectively, showing declines of 12.38% and 28.83% year-on-year [8]. - The company has faced challenges due to a slowdown in the domestic medical device market, exacerbated by longer income confirmation cycles following public tenders [10][9]. Market Competition - Mindray Medical's core business segments include in-vitro diagnostics, life information and support, medical imaging, and emerging sectors, where it holds the top position in the domestic market. However, it is now facing intensified competition, particularly in the ultrasound segment from United Imaging, which has recently launched several ultrasound products [12][15][16]. International Expansion Strategy - The IPO is not primarily for financing but aims to enhance Mindray's international brand recognition. The company reported a more than 10% year-on-year growth in international business, with the European market growing over 20% [19][20]. - Mindray's strategy for mature markets focuses on product performance and innovation, while for emerging markets, it emphasizes high-cost performance products to increase market penetration [21][22]. Acquisition Plans - Mindray Medical has a history of successful acquisitions, having completed several between 2021 and 2024 to expand its in-vitro diagnostics and electrophysiology businesses. The company aims to explore potential global acquisition opportunities through this IPO [24][25][26]. Valuation Challenges - Despite its strong market position, Mindray Medical has seen its market value decrease by nearly 20% this year, which may impact its IPO valuation. The current market environment for IPOs in Hong Kong has been challenging, with other companies facing similar issues [5][27].

格隆汇11月20日｜华创证券研报指出，联影医疗国内市场回暖，海外持续高增长。25Q1-3在国内市场 实现收入68.66 亿元，同比增长23.70%，充分反映国内医疗市场的回暖趋势与结构性改善。国内市场在 政策逐步落地与医疗需求复苏的带动下，呈现稳中向好的发展态势。25Q1-3，海外市场实现营业收入 19.93亿元，同比增长41.97%，海外收入占比提升至22.50%，海外市场已成为公司营收持续增长的重要 战略驱动力。公司在手订单储备丰富，下半年以来，海外重点项目交付与收入确认节奏明显加快，预计 2025年公司海外业务全年将继续保持高速增长态势。另外，公司拓展超声产品线，光子计数、双宽体双 源CT 巩固高端CT优势。参考可比公司，结合公司较高的历史PE 中枢，给予公司2026年60倍估值，对 应目标价约167元，维持"推荐"评级。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688271 证券简称：联影医疗 公告编号：2025-047 上海联影医疗科技股份有限公司 关于持股5%以上的股东减持股份结果暨 减持至5%以下的权益变动提示性公告 投资者及其一致行动人宁波梅山保税港区影聚投资管理合伙企业（有限合伙）、宁波梅山保税港区影力 投资管理合伙企业（有限合伙）、宁波梅山保税港区影健投资管理合伙企业（有限合伙）、宁波梅山保 税港区影康投资管理合伙企业（有限合伙）、上海影董企业管理合伙企业（有限合伙）保证向本公司提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ● 本次权益变动属于公司首次公开发行持股5%以上股东实施已披露的股份减持计划，不触及要约收 购。 ● 本次权益变动后，股东宁波梅山保税港区影聚投资管理合伙企业（有限合伙）（以下简称"宁波影 聚"）、宁波梅山保税港区影力投资管理合伙企业（有限合伙）（以下简称"宁波影力"）、宁波梅山保 税港区影健投资管理合伙企业（有限合伙）（以下简称"宁波影健"）、宁波梅山保税港区影康投资管 ...

联影医疗11月19日大宗交易平台共发生2笔成交，合计成交量789.86万股，成交金额9.87亿元。成交价格 均为125.00元，相对今日收盘价折价4.66%。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为9.98亿元。 11月19日联影医疗大宗交易一览 | 成交量 （万股） | 成交金额 | 成交价格 | 相对当日收盘折 溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | （元） | | | | | 710.87 | 88858.63 | 125.00 | -4.66 | 中国国际金融股份有限 | 中国中金财富证券有限 | | | | | | 公司上海分公司 | 公司上海分公司 | | 78.99 | 9873.19 | 125.00 | -4.66 | 中国国际金融股份有限 | 中国中金财富证券有限 | | | | | | 公司上海分公司 | 公司上海分公司 | （文章来源：证券时报网） 证券时报·数据宝统计显示，联影医疗今日收盘价为131.11元，下跌2.34%，日换手率为0.40%，成交额 为 ...

上海联影医疗科技股份有限公司关于持股 5%以上的股东 减持股份结果暨减持至 5%以下的权益变动提示性公告 投资者及其一致行动人宁波梅山保税港区影聚投资管理合伙企业（有限合 伙）、宁波梅山保税港区影力投资管理合伙企业（有限合伙）、宁波梅山保税港区 影健投资管理合伙企业（有限合伙）、宁波梅山保税港区影康投资管理合伙企业 （有限合伙）、上海影董企业管理合伙企业（有限合伙）保证向本公司提供的信 息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 本次权益变动属于公司首次公开发行持股 5%以上股东实施已披露的股 份减持计划，不触及要约收购。 证券代码：688271 证券简称：联影医疗 公告编号：2025-047 本次权益变动后，股东宁波梅山保税港区影聚投资管理合伙企业（有限 合伙）（以下简称"宁波影聚"）、宁波梅山保税港区影力投资管理合伙企业（有 限合伙）（以下简称"宁波影力"）、宁波梅山保税港区影健投资管理合伙企业（有 限合伙）（以下简称"宁波影健"）、宁波梅山保税港区影康投资管理合伙企业（有 限合伙）（以下简称"宁波影康"）、 ...

上市公司名称：上海联影医疗科技股份有限公司 股票简称：联影医疗 股票代码：688271 股票上市地点：上海证券交易所 信息披露义务人1：宁波梅山保税港区影聚投资管理合伙企业（有限合伙） 住所及通讯地址：浙江省宁波市北仑区梅山七星路88号1幢401室A区C1122 信息披露义务人2：宁波梅山保税港区影力投资管理合伙企业（有限合伙） 住所及通讯地址：浙江省宁波市北仑区梅山七星路88号1幢401室A区C1124 信息披露义务人3：宁波梅山保税港区影健投资管理合伙企业（有限合伙） 住所及通讯地址：浙江省宁波市北仑区梅山七星路88号1幢401室A区C1121 信息披露义务人4：宁波梅山保税港区影康投资管理合伙企业（有限合伙） 住所及通讯地址：浙江省宁波市北仑区梅山七星路88号1幢401室A区C1123 信息披露义务人5：上海影董企业管理合伙企业（有限合伙） 住所及通讯地址：上海市崇明区竖新镇响椿路58号西四楼319室（上海竖新经济 开发区） 股份变动性质：股份减少（集中竞价及大宗交易） 1 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披露 ...