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 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）和中国国际金 融股份有限公司（以下简称"中金公司"或"保荐人"）作为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"）首次公开发行股票并在科创板上市 项目的保荐人，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，中信证券和中金公司履行持续督导职责，并出具 本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 17 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅 ...

Industry Overview and Core Value - AI in healthcare utilizes machine learning and computer vision to analyze medical data, aiming to enhance efficiency, reduce costs, and optimize patient experience [1][14] - The Chinese government has introduced policies to promote AI integration in healthcare, identifying 84 application scenarios [1][22] Development History and Market Size - The development of AI in healthcare in China can be divided into three phases: the nascent phase (1978-2015), the starting phase (2015-2021), and the exploratory phase (2021-present) [2][25] - The market size for AI healthcare in China is projected to reach 115.7 billion yuan by 2025 and 159.8 billion yuan by 2028, with a CAGR of 10.5% [2][39] Industry Chain and Segmentation - The AI healthcare industry chain includes upstream (data, algorithms, computing power), midstream (computer vision, NLP), and downstream (imaging, pharmaceuticals, health management) [3][43] - Key segments include: - AI Medical Imaging: Expected market size of approximately 7.45 billion yuan in 2024, growing to 23.57 billion yuan by 2026 [3] - AI Pharmaceuticals: Global market size projected at 2.994 billion USD in 2024 [3] - AI Health Management: Market size nearing 1.4 trillion yuan in 2024 [3] Challenges and Future Trends - Current challenges include insufficient data standardization, privacy protection, and high implementation costs [4] - Future trends involve: - Deepening technology integration, such as combining large models with multimodal technologies [4] - Promoting domestic production and self-control in hardware and algorithms [4] - Expanding application scenarios from hospitals to grassroots healthcare [4] - Policy-driven commercialization in areas like telemedicine and imaging recognition [4] Representative Company Layout - Key companies in the AI healthcare sector include: - Xiangsheng Medical: Portable ultrasound devices recognized internationally [5] - RunDa Medical: Integration of in vitro diagnostics with AI [5] - United Imaging: High-end imaging equipment with over 20% market share [5] - iFlytek Medical: Comprehensive coverage of the medical process with its large model [5]

Group 1 - The Shanghai Composite Index increased by 0.21%, while the CSI Shanghai Technology Leading Index reported a value of 1547.52 points [1] - The CSI Shanghai Technology Leading Index has risen by 3.22% in the past month, decreased by 6.91% over the last three months, and increased by 5.45% year-to-date [2] - The index consists of 50 listed companies in Shanghai with strong profitability, growth potential, and high R&D investment, reflecting the overall performance of the technology sector in the region [2] Group 2 - The top ten weighted companies in the CSI Shanghai Technology Leading Index include WuXi AppTec (10.44%), SMIC (9.61%), and Will Semiconductor (7.75%) [2] - The index's holdings are primarily from the Shanghai Stock Exchange (77.27%) and the Shenzhen Stock Exchange (22.73%) [2] - The industry composition of the index shows that Information Technology accounts for 48.25%, Healthcare for 26.04%, Communication Services for 14.06%, Industry for 10.46%, and Materials for 1.19% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - If a sample company ranks in the top two by total market capitalization within its industry, it is prioritized for retention during adjustments [3] - The weight factors are adjusted in line with the sample adjustments, and special circumstances may lead to temporary adjustments [3]

Core Points - The Shanghai Composite Index rose by 0.21%, while the Shanghai China Manufacturing Theme Index increased by 0.1%, closing at 1417.05 points with a trading volume of 40.378 billion yuan [1] - Over the past month, the Shanghai China Manufacturing Theme Index has increased by 2.74%, but it has decreased by 6.30% over the last three months and is down 3.76% year-to-date [1] - The index includes representative listed companies in sectors such as new generation information technology, high-end CNC machine tools and robotics, aerospace equipment, energy-saving and new energy vehicles, electric power equipment, new materials, biomedicine, and high-performance medical devices [1] Index Composition - The top ten weighted stocks in the Shanghai China Manufacturing Theme Index are: Wanhua Chemical (4.13%), Guodian NARI (3.56%), Longi Green Energy (3.54%), CRRC (3.43%), China Shipbuilding (2.72%), Kingsoft Office (2.55%), Tebian Electric (2.32%), United Imaging (2.2%), AVIC Shenyang Aircraft (2.03%), and China Shipbuilding Industry Corporation (1.95%) [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Industry Breakdown - The industry composition of the index shows that industrials account for 55.63%, information technology for 16.96%, materials for 14.03%, healthcare for 11.77%, and consumer discretionary for 1.62% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - The ICBC Medical Care Stock Fund (000831) has shown positive performance with a recent net value of 2.5640 yuan, reflecting a growth of 2.07% [1] Performance Summary - The fund's one-month return is 4.48%, ranking 672 out of 1022 in its category - Over the last three months, the return is 7.69%, with a ranking of 96 out of 1009 - Year-to-date, the return stands at 12.51%, ranking 128 out of 999 [1] Holdings Overview - The top ten holdings of the fund account for a total of 39.79%, with the following key positions: - Heng Rui Medicine: 8.90% - WuXi AppTec: 5.12% - Aier Eye Hospital: 4.94% - BeiGene: 3.77% - Zai Lab: 3.52% - New Horizon Health: 3.27% - Mindray Medical: 2.80% - Yuyue Medical: 2.76% - United Imaging Healthcare: 2.47% - Innovent Biologics: 2.24% [1] Fund Details - The ICBC Medical Care Stock Fund was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan - The fund is managed by Zhao Bei and Ding Yang [1][2]

登录新浪财经APP 搜索【信披】查看更多考评等级 上交所修订并发布《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（2025年5月修 订）》，自发布之日起施行。该修订进一步规范科创板上市公司的运作行为，强化信息披露要求，优化 公司治理结构，提升市场透明度和合规性。 证监会发布《上市公司募集资金监管规则》，明确要求科创板上市公司募集资金应坚持专款专用，优先 用于主营业务，禁止用于永久补充流动资金或偿还银行借款。规则强调对擅自改变募集资金用途及使用 进度缓慢等行为从严监管，并要求上市公司及时披露募投项目延期情况，确保资金使用透明合规。 科创板政策及行业动态一览： l 科创板政策与行业动向： 证监会发布的《上市公司募集资金监管规则》对科创板市场影响深远，其明确要求科创板公司募集资金 必须专款专用、优先投入主营业务，严格禁止用于永久补流或偿贷，并强化对资金挪用、进度滞后等行 为的监管力度，同时要求及时披露募投项目延期信息。 这一政策直接针对科创板企业普遍存在的研发周期长、资金需求大等特点，通过限制资金用途并提升透 明度，既防止了企业通过"伪科创"概念套现或转移资金，又倒逼企业聚焦核心技术攻关和实体项目落 ...

Group 1 - The core viewpoint of the news is the performance and structure of the China Europe CSI All-Share Healthcare Equipment and Services Index Fund A, which has experienced a slight decline recently [1] - As of May 19, the fund's latest net value is 1.05 yuan, marking a continuous drop for four trading days with a cumulative decline of 1.26% [1] - The fund was established in August 2024 with a total size of 0.13 billion yuan and has achieved a cumulative return of 4.82% since inception [1] Group 2 - The fund's holder structure shows that institutional investors hold 0.10 billion shares, accounting for 91.94% of the total shares, while individual investors hold 0.01 billion shares, making up 8.06% [1] - As of March 31, 2025, the top ten holdings of the fund account for a total of 41.48%, with major investments in companies such as Mindray Medical (9.10%), Aier Eye Hospital (7.77%), and United Imaging Healthcare (6.36%) [3]

Group 1 - The trend of Chinese medical device companies "going global" is long-term positive, especially in the upstream supply chain which has formed a certain scale [1] - In Q1 2025, China's medical device export trade total is projected to reach 69.26 billion yuan, a year-on-year increase of 5.03%, with high-end medical devices seeing significant growth [1] - The export value of China's medical device industry is expected to reach 48.75 billion USD in 2024, reflecting a year-on-year growth of 7.3% [1] Group 2 - Over 100 listed medical device companies have already initiated "going global" operations in 2024, covering various product areas such as medical consumables and diagnostic equipment [2] - Companies are advised to consider business, supply chain, and localization strategies for global expansion [2][3] - Localized production and supply chain management are essential for adapting to market demands in different regions [3] Group 3 - Companies like Haier Bio emphasize the importance of localizing product design and marketing to enhance user experience in overseas markets [4] - The trend of "going global" is common among mature, growth, and startup medical device companies, focusing on high-value and high-end products [6] - High-value medical devices, such as deep brain stimulators, require careful economic calculations and long-term service planning before entering foreign markets [6] Group 4 - Companies are encouraged to leverage digitalization and smart technologies to enhance their global strategies, as seen with Mindray Medical's remote monitoring capabilities [7] - Brand building is crucial for domestic medical device companies, with strategies including sponsorship of international sports events to enhance global influence [7] - The medical device market in Europe and the US accounts for over 65% of the global market share, making it a primary target for Chinese companies [8] Group 5 - Key conditions for Chinese medical device companies to "go global" include having sufficient capital, production capacity, and independent R&D capabilities [8] - Collaboration with local hospitals and doctors for joint R&D and clinical trials can facilitate product entry into new markets [8]

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 156 yuan [1]. Core Insights - The company has experienced rapid growth overseas, with its overseas revenue reaching 2.266 billion yuan in 2024, a year-on-year increase of 35.07%, accounting for 22% of total revenue [6]. - Despite a decline in domestic revenue due to industry adjustments, the company has managed to increase its market share in China by over 3 percentage points [6]. - The maintenance service business has shown steady growth, with revenue increasing by 26.80% to 1.356 billion yuan, contributing to an overall gross margin improvement to 48.54% [6]. - The forecasted net profit for 2025-2027 is expected to be 1.885 billion, 2.288 billion, and 2.784 billion yuan respectively, with corresponding EPS of 2.29, 2.78, and 3.38 yuan [6]. Financial Performance Summary - Total revenue for 2024 is projected at 10.3 billion yuan, with a year-on-year decline of 9.7%. However, growth is expected to rebound with a forecasted increase of 20.5% in 2025 [2]. - The net profit for 2024 is estimated at 1.262 billion yuan, reflecting a significant year-on-year decrease of 36.1%, but a recovery is anticipated with a 49.3% increase in 2025 [2]. - The company’s price-to-earnings ratio is projected to decrease from 90 in 2024 to 41 by 2027, indicating an improving valuation over time [2]. Market Position and Strategy - The company has established a global marketing and service network covering over 85 countries and regions, with a team of more than 700 marketing personnel and over 1,000 service engineers [6]. - The company has successfully set up localized sales and service platforms in key markets such as the Netherlands, France, Italy, and Spain, enhancing its global footprint [6]. - The report highlights the structural opportunities arising from a large-scale medical equipment update policy initiated in 2024, which is expected to benefit the industry in the long term [6].

Core Viewpoint - The medical device industry in 2024 faces a complex policy environment and market challenges, with a slight revenue growth of 0.19% but a significant decline in net profit by 13.82%, indicating a divergence in performance across different sub-sectors [1][13]. Medical Equipment - The medical equipment sector experienced a revenue decline of 1.38% and a net profit drop of 17.93% in 2024, with Q1 2025 showing a further revenue decrease of 5.27% and a net profit decline of 14.10% [3][10]. - The decline is attributed to slowed bidding processes and inventory digestion, particularly affecting imaging and monitoring equipment [3][4]. - Leading company, United Imaging Healthcare, reported a revenue of 10.3 billion yuan in 2024, a decrease of 9.73%, marking the first decline in net profit in six years [3][4]. High-Value Consumables - The high-value consumables sector saw a revenue growth of 3.58% but a net profit decline of 4.09% in 2024, with Q1 2025 showing a slight revenue increase of 0.25% and a net profit drop of 6.15% [6][7]. - The sector is impacted by price pressures from national procurement policies, but domestic market share for local brands is improving [6][7]. Low-Value Consumables - The low-value consumables sector achieved a revenue growth of 12.86% and a remarkable net profit increase of 114.83% in 2024, with Q1 2025 showing a revenue growth of 2.37% and a net profit growth of 7.19% [8][9]. - The growth is driven by recovery in the domestic market and accelerated international expansion, particularly in mid-to-high-end markets [8][9]. In Vitro Diagnostics - The in vitro diagnostics sector faced a revenue decline of 6.13% and a net profit drop of 47.04% in 2024, with Q1 2025 showing a further revenue decrease of 15.39% and a net profit decline of 40.27% [10][11]. - The decline is largely due to the high base effect from the COVID-19 pandemic and the impact of various policies, including DRGs and procurement policies [10][11]. Conclusion - The overall revenue growth in the medical device industry is stable, but profit volatility is significant, particularly in the in vitro diagnostics and medical equipment sectors. However, growth drivers remain in low-value consumables' international expansion and innovation, high-value consumables' technological updates, and the gradual recovery of medical equipment [13][14].