经济观察网麦澜德于2026年2月11日发生大规模限售股解禁，解禁数量为6317.32万股，占总股本的 63.17%，解禁后公司已无限售股份流通。基于最新股价44.46元(截至2026年2月13日数据)，解禁市值约 28.08亿元。本次解禁涉及6名原始股东，均为首发原股东限售股份。 减持压力方面，解禁比例极高，若股东集中减持，可能加剧股价波动。历史数据显示，解禁后股东户数 环比增加17.23%(截至2026年2月11日)，市场分歧可能扩大。市场环境方面，A股医疗器械板块近期震荡 (如2026年2月13日医疗器械板块涨跌幅为0%)，解禁个股易受整体情绪影响。本次解禁需重点关注股东 减持动向与公司基本面匹配度。麦澜德在细分领域具备技术壁垒，但解禁带来的流动性冲击不容忽视。 事件影响 以上内容基于公开资料整理，不构成投资建议。 高比例解禁可能显著增加股份供给，原始股东减持压力较大，需警惕股价短期波动风险。从公司基本面 看：财务表现方面，2025年前三季度营收3.44亿元(同比+4.01%)，归母净利润0.96亿元(同比-0.07%)，毛 利率70.05%，负债率9.52%，显示盈利稳健但增长放缓。业务布局方面，公司聚 ...

Core Insights - The core viewpoint of the article highlights the growing popularity of spectral therapy technology due to its non-drug, non-invasive, and low side-effect characteristics, leading to increased market penetration from professional medical institutions to home and personal consumption scenarios [1] Industry Overview - Spectral therapy devices utilize specific wavelengths (0.4-3.6μm) to irradiate the human body, achieving therapeutic purposes through photothermal effects, photochemical actions, and biological stimulation [2] - Common product names include visible light therapy devices, photon therapy devices, and red/blue light therapy devices [2] Market Size - The market size of China's spectral therapy device industry is projected to reach 244 million yuan in 2024, with a year-on-year growth of 3.83%, driven by the expansion of medical beauty demand, grassroots medical equipment upgrade policies, and consumption upgrades [8][9] Key Companies - Shenzhen Pumen Technology Co., Ltd. has obtained Class II medical device registration for its spectral therapy devices, covering multiple wavelengths [9] - Ningbo David Medical Co., Ltd. specializes in neonatal jaundice treatment devices using patented spectral technology [10] Industry Development Trends 1. **Technological Integration and Innovation**: The industry is transitioning from single-wavelength output to multi-spectral dynamic combinations, integrating AI for personalized treatment plans [11] 2. **Application Scenario Extension**: The use of spectral therapy devices is expanding from cosmetic applications to serious medical treatments, including tumor adjuvant therapy and chronic pain management [12] 3. **Industry Structure Reconstruction**: The industry is experiencing consolidation, with stricter regulations leading to increased market share for leading companies, while smaller brands may exit due to insufficient technological investment [13]

Summary of Key Points Core Viewpoint - On February 11, a total of 7 companies had their restricted shares unlocked, with a combined unlock volume of 730 million shares, amounting to a market value of 12.451 billion yuan based on the latest closing prices [1] Group 1: Unlock Volume and Market Value - The companies with the highest unlock volumes were Hailianxun, Qingsong Jianhua, and Mailande, with unlock shares of 426 million, 226 million, and 63.173 million respectively [1] - In terms of unlock market value, Hailianxun, Mailande, and Qingsong Jianhua led with values of 7.696 billion yuan, 2.818 billion yuan, and 1.03 billion yuan respectively [1] Group 2: Unlock Ratio - The companies with the highest unlock ratios relative to their total share capital were Mailande, Hailianxun, and Qingsong Jianhua, with ratios of 63.17%, 28.07%, and 14.08% respectively [1]

Summary of Key Points Core Viewpoint - On February 11, a total of 7 companies had their restricted shares unlocked, with a total unlocking volume of 730 million shares, amounting to a market value of 12.451 billion yuan based on the latest closing prices [1] Group 1: Unlocking Volume - The companies with the highest unlocking volumes were Hailianxun, Qingsong Jianhua, and Mailande, with unlocking shares of 426 million, 226 million, and 6.317 million respectively [1] Group 2: Unlocking Market Value - In terms of unlocking market value, Hailianxun, Mailande, and Qingsong Jianhua led with market values of 7.696 billion yuan, 2.818 billion yuan, and 1.03 billion yuan respectively [1] Group 3: Proportion of Total Share Capital - The companies with the highest proportion of unlocked shares relative to total share capital were Mailande, Hailianxun, and Qingsong Jianhua, with unlocking ratios of 63.17%, 28.07%, and 14.08% respectively [1]

Core Viewpoint - On February 10, a total of 7 listed companies will have their restricted shares unlocked, with a total market value of approximately 5.102 billion yuan [1] Group 1: Company Specifics - Qingsong Jianhua (Stock Code: 600425) will unlock 226 million shares from the issuance of A-shares to original shareholders [1] - Wuchan Jinlun (Stock Code: 002722) will unlock 31.07 million shares from the issuance of A-shares to legal persons [1] - Igor (Stock Code: 002922) will unlock 872,400 shares from equity incentive restrictions [1] - Laisentongling (Stock Code: 603900) will unlock 1.155 million shares from equity incentive restrictions [1] - Xidiwei (Stock Code: 688173) will unlock 1.7208 million shares [1] - Mailande (Stock Code: 688273) will unlock 63.1732 million shares [1] - Yutaiwei (Stock Code: 688515) will unlock 30.1806 million shares [1]

Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

中国1月CPI、PPI数据将公布；1月金融数据或将公布；2025年第四季度恒生指数系列检讨结果将发布。 1月CPI、PPI数据将公布 2月11日，国家统计局将公布1月CPI、PPI数据。 财通证券预计1月CPI同比增速为0.4%。1月猪肉价格小幅上行，鲜菜价格回落，鲜果价格上行，金价大幅上升，但高基数下，预计1月CPI同比增速小幅下行 至0.4%。 PPI方面，财通证券预计1月PPI同比增速为-1.5%。1月出厂价格指数上升1.7个百分点至50.6%，主要原材料购进价格指数上升3个百分点至56.1%。 从解禁市值来看，2月9日是解禁高峰期，12家公司解禁市值合计307.41亿元，占下周解禁规模的84.71%。按2月6日收盘价计算，解禁市值居前三位的是：湖 南裕能（240.96亿元）、甘肃能化（40.08亿元）、麦澜德（27.44亿元）。从个股的解禁量看，解禁股数居前三位的是：甘肃能化（16.23亿股）、湖南裕能 （3.74亿股）、青松建化（2.26亿股）。 | | | 下周解禁个股 | | | | | --- | --- | --- | --- | --- | --- | | 个股代码 | 公司简称 | 解禁 ...

Summary of Key Points Core Viewpoint - A total of 31 companies will have their restricted shares unlocked from February 9 to February 13, with a total of 2.446 billion shares being released, amounting to a market value of 36.293 billion yuan based on the closing price on February 6 [1]. Group 1: Unlocking Details - February 9 is identified as the peak day for share unlocks, with 12 companies releasing shares worth a total of 30.741 billion yuan, which constitutes 84.71% of the total unlocking scale for the week [1]. - The top three companies by market value of unlocked shares are Hunan YN (24.096 billion yuan), Gansu Energy Chemical (4.008 billion yuan), and Meilan De (2.744 billion yuan) [1]. Group 2: Unlocking Volume - The companies with the highest number of unlocked shares are Gansu Energy Chemical (1.623 billion shares), Hunan YN (374 million shares), and Qingsong Jianhua (226 million shares) [1]. Group 3: Types of Restricted Shares - The types of restricted shares being unlocked include 9 from original shareholders of the initial public offering (IPO), 8 from general equity incentives, 5 from directed placements, 5 from restricted equity incentives, 3 from strategic placements of the IPO, 2 from institutional placements of the IPO, and 1 from other types [1].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The medical device bidding market is expected to maintain high prosperity in 2025, driven by policy and demand resonance, with a projected market size of CNY 193.76 billion, representing a year-on-year growth of 24% [3][11] - The upward trend for medical device companies is clear for 2026, with multiple policies expected to support the continuous development of medical innovation [4][29] - The report emphasizes the importance of high-end product localization and innovation in driving growth for leading domestic companies [33][41] Summary by Sections Bidding Review - The medical device bidding market in 2025 is projected to reach CNY 193.76 billion, with a year-on-year increase of 24%, second only to the peak in 2022 [3][11] - Monthly bidding trends show sustained high levels, with procurement amounts from July to December ranging from CNY 134 billion to CNY 285 billion [3][11] - Key segments such as medical imaging equipment and radiation therapy devices are expected to see significant growth, with year-on-year increases of 35.37% and 36.34% respectively [3][16] 2026 Outlook - The report anticipates a clear upward turning point for medical device companies in 2026, supported by policies aimed at promoting medical innovation and equipment updates [4][29] - The implementation of large-scale equipment updates and consumer replacement policies is expected to further stimulate market demand [4][29] - The report highlights the potential for domestic companies to benefit from high-end product upgrades and the commercialization of brain-computer interface technologies [4][50] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, and KaiLi Medical [4][33] - It also recommends monitoring companies involved in brain-computer interfaces and domestic robotics, which are expected to see significant growth in the coming years [4][50]

天眼查显示，近日，南京澜犀脑机科技有限公司成立，法定代表人为杨瑞嘉，注册资本2000万人民币， 由南京麦澜德医疗科技股份有限公司全资持股。 企业名称南京澜犀脑机科技有限公司法定代表人杨瑞嘉注册资本2000万人民币国标行业科学研究和技术 服务业>专业技术服务业>工业与专业设计及其他专业技术服务地址江苏省南京市栖霞区仙林街道纬地 路9号江苏生命科技园A3栋701、702、703、704室企业类型有限责任公司（自然人投资或控股的法人独 资）营业期限2026-2-2至无固定期限登记机关南京市栖霞区政务服务管理办公室 来源：市场资讯 序号股东名称持股比例1南京麦澜德医疗科技股份有限公司100% 经营范围含许可项目：第二类医疗器械生产；第三类医疗器械生产；第三类医疗器械经营；医疗器械互 联网信息服务（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果 为准）技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；第一类医疗器械销售；第二 类医疗器械销售；计算机软硬件及外围设备制造；计算机软硬件及辅助设备批发；计算机软硬件及辅助 设备零售；计算机系统服务；软件开发；软件销售；数据处理和存储支持 ...