Core Insights - The medical device sector experienced a rise of 1.13% on October 31, with Caina Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Medical Device Sector Performance - Caina Co., Ltd. (301122) saw a closing price of 30.38, with a significant increase of 19.98% and a trading volume of 91,000 shares, amounting to a transaction value of 259 million [1] - Spring Medical (688236) closed at 28.88, up 14.47%, with a trading volume of 84,200 shares and a transaction value of 235 million [1] - ZhenDe Medical (603301) closed at 95.00, increasing by 9.07% with a trading volume of 211,900 shares, resulting in a transaction value of 1.951 billion [1] - Other notable performers included TuoJing Life (300642) with an 8.81% increase, and Rejing Bio (688068) with an 8.70% increase [1] Capital Flow Analysis - The medical device sector saw a net inflow of 475 million from institutional investors, while retail investors experienced a net outflow of 108 million [2][3] - Major stocks like Mindray Medical (300760) had a net inflow of 262 million from institutional investors, but a net outflow of 1.27 billion from retail investors [3] - Other stocks such as Furuishi (300049) and Lepu Medical (300003) also showed significant net inflows from institutional investors, indicating strong institutional interest [3]

Financial Performance - The company's operating revenue for the third quarter reached ¥482,434,143.61, representing a year-on-year increase of 46.18%[3] - Total profit for the quarter was ¥142,976,213.33, reflecting a significant increase of 70.81% compared to the same period last year[3] - Net profit attributable to shareholders was ¥135,984,923.22, up 64.43% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥111,320,274.88, which is a substantial increase of 121.53% compared to the previous year[3] - Basic earnings per share for the quarter were ¥0.68, an increase of 63.90% year-on-year[4] - Operating profit for the first three quarters of 2025 was ¥506,397,403.73, compared to ¥416,117,101.45 in 2024, marking a growth of 21.7%[19] - Net profit for the first three quarters of 2025 was ¥456,733,352.35, an increase of 20.7% from ¥378,558,987.37 in the previous year[19] - Basic earnings per share (EPS) increased to 2.35 CNY from 1.95 CNY year-over-year, representing a growth of approximately 20.51%[21] - Diluted EPS rose to 2.31 CNY from 1.91 CNY, reflecting an increase of about 20.95%[21] Cash Flow - The net cash flow from operating activities was ¥281,011,838.27, showing a remarkable increase of 2,110.80% compared to the same period last year[3] - Operating cash flow for the first three quarters of 2025 reached 2,949,653,370.22 CNY, up from 1,630,736,658.59 CNY in the same period of 2024, marking a growth of approximately 80.83%[23] - Net cash flow from operating activities was 1,098,744,614.76 CNY, compared to 198,474,543.58 CNY in the previous year, indicating a significant increase of about 438.36%[23] - Cash inflow from investment activities totaled 149,986,725.96 CNY, a substantial increase from 4,137,674.00 CNY year-over-year[24] - Net cash flow from investment activities was -913,615,429.87 CNY, an improvement from -1,061,774,088.05 CNY in the previous year[24] - Cash inflow from financing activities amounted to 1,485,822,814.96 CNY, compared to 1,292,976,070.45 CNY in the same period last year, reflecting an increase of approximately 14.92%[24] - Net cash flow from financing activities was 1,139,296,582.66 CNY, up from 592,383,817.10 CNY, indicating a growth of about 92.36%[24] - The ending cash and cash equivalents balance reached 3,400,289,425.75 CNY, significantly higher than 1,433,081,057.05 CNY at the end of the previous year[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥11,328,755,969.44, representing a growth of 24.72% from the end of the previous year[4] - The company's total assets increased to ¥11,328,755,969.44, up from ¥9,083,006,463.92, representing a growth of 24.7%[16] - Total liabilities rose to ¥5,257,694,314.52, compared to ¥4,436,602,437.53, indicating an increase of 18.5%[16] - Shareholders' equity increased to ¥6,071,061,654.92 from ¥4,646,404,026.39, reflecting a growth of 30.6%[16] - The equity attributable to shareholders reached ¥6,076,819,900.38, marking a 31.00% increase from the end of the previous year[4] Research and Development - The company's R&D investment totaled ¥73,693,580.02, which is a decrease of 22.06% year-on-year, accounting for 15.28% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 were ¥227,930,143.48, down from ¥247,679,395.02, a decrease of 7.9%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,011[11] - The largest shareholder, Shanghai Yiyuan He Rui Investment Consulting Co., Ltd., holds 32,696,549 shares, accounting for 16.33% of total shares[12] - The total number of shares held by the top 10 unrestricted shareholders is 78,000,000 shares[12] - Hainan Heyi Investment Co., Ltd. holds 11,721,318 shares, representing 5.85% of total shares, with 2,100,000 shares pledged[11] - The company has no significant changes in the shareholding structure compared to the previous period[13] Inventory and Current Assets - Total current assets amount to RMB 5.22 billion, up from RMB 3.95 billion in the previous year[14] - The total inventory as of September 30, 2025, is approximately RMB 837.92 million, compared to RMB 798.28 million in the previous year[14] Other Information - The company reported cash and cash equivalents of approximately RMB 3.41 billion as of September 30, 2025, an increase from RMB 2.10 billion at the end of 2024[14] - The company has a long-term equity investment valued at RMB 98.34 million, an increase from RMB 72.31 million[14] - The company did not report any net profit from the merged entity prior to the merger, consistent with the previous period[21] - The company has not disclosed any new product developments or market expansion strategies in the current reporting period[13]

奕瑞科技(688301.SH)2025 年三季报点评 Q3 利润高增，下游回暖，解决方案业务助增长 2025 年 10 月 30 日 ➢ 医疗招标回暖，公司探测器向高端医疗影像设备市场不断渗透，新能源下游 头部客户大幅扩产，拉动设备采购需求。据众成数科统计，2025 年第一/二/三季 度，我国医疗器械招投标整体市场规模分别同比增长 67.5%/61.7%/29.8%，整 体市场仍处于稳健增长姿态。2025 年第三季度，我国医学影像设备公开招中标 市场规模同比增长 55.02%，实现大幅增长。新能源领域，宁德时代拉动设备资 本开支向上。未来，X 线影像设备在新能源电池、集成电路及电子制造、食品安 全、材料分析等应用领域的新需求不断涌现，也将拉动工业领域收入增长。 ➢ CT 球管/工业射线源、解决方案业务打开成长空间。在球管领域，截至中报， 公司已完成微焦点球管、透射靶球管、齿科球管及部分 C 型臂/DR 球管研发，多 款医用球管已进入注册阶段，目前已完成部分 CT 球管开发，微焦点球管已实现 量产销售。在解决方案领域，公司已在 DR、C 型臂、兽用、胃肠、骨龄、齿科 CBCT、医用螺旋 CT、工业等不同应用领域 ...

Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommend" rating to Yirui Technology (688301.SH) based on several positive factors [1] - The net profit margin is expected to significantly improve by Q3 2025, benefiting from cost dilution and optimization of the business structure [1] - The recovery of medical bidding is driving demand for high-end medical imaging equipment, with significant expansion in procurement needs from leading clients in the new energy sector [1] - The growth potential for CT tubes/industrial ray sources and solution services is opening new avenues for growth [1] - The company's equity incentive plan is designed to bind the core team, enhancing alignment with company performance [1]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-096 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于 2025 年第三季度报告的更正公告 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。 奕瑞电子科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日 在上海证券交易所网站（www.sse.com.cn）披露了《2025 年第三季度报告》，经 公司事后核查，发现《2025 年第三季度报告》中部分数据填报错误，为保证信 息披露的准确性，现进行更正。本次更正不会对公司 2025 第三季度的财务状况 及经营成果产生影响。具体情况如下： 一、更正情况 1、"一、主要财务数据"之"（三）主要会计数据、财务指标发生变动的情况、 原因"之"经营活动产生的现金流量净额_本报告期"的变动比例。 更正前： | 项目名称 | 变动比例（%） | 主要原因 | | --- | --- | --- | | 经营 ...

重要内容提示： 奕瑞电子科技集团股份有限公司 2025 年第三季度报告 证券代码：688301 证券简称：奕瑞科技 转债代码：118025 转债简称：奕瑞转债 奕瑞电子科技集团股份有限公司 2025 年第三季度报告 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。 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 482,4 ...

Core Points - The stock price of Yirui Technology has decreased by 2.02% to 113.24 CNY per share as of October 30, with a market capitalization of 23.94 billion CNY [1] - The company has seen a year-to-date stock price increase of 67.58%, but has experienced a decline of 1.50% over the last five trading days and 3.06% over the last twenty days [1] - Yirui Technology's main business involves the research, production, sales, and service of digital X-ray detectors, with 81.21% of revenue coming from detector sales [1] Financial Performance - For the period from January to September 2025, Yirui Technology achieved a revenue of 1.549 billion CNY, representing a year-on-year growth of 14.22%, and a net profit attributable to shareholders of 471 million CNY, up 20.61% year-on-year [2] - The company has distributed a total of 789 million CNY in dividends since its A-share listing, with 557 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Yirui Technology increased by 14.61% to 8,011, while the average circulating shares per person decreased by 12.74% to 24,992 shares [2] - Hong Kong Central Clearing Limited is now the ninth largest circulating shareholder, holding 3.802 million shares as a new shareholder, while Huabao Zhongzheng Medical ETF has exited the top ten circulating shareholders [3]

Core Viewpoint - The article discusses the recent trend of profit-taking in the innovative drug sector and the shift towards increasing allocations in the power equipment sector, highlighting the changing dynamics in investment strategies within the healthcare and technology industries [1][3]. Summary by Sections Innovative Drug Sector - The innovative drug sector has seen a significant rise of over 60% in the first half of the year, but has been in a high-level consolidation phase recently [3]. - Despite the average loss of nearly 8% among 28 ETFs tracking the innovative drug index since its peak on August 19, 2025, many funds have seen their shares increase, with some growing by over 100%-300% as investors rush to buy the dip [5]. - Fund manager Jin Xiaofei has significantly reduced his holdings in innovative drugs, indicating a shift in strategy as the sector's overall gains have been substantial, leading to a crowded trade [10][14]. Fund Performance and Adjustments - Jin Xiaofei's fund, Penghua Medical Technology Stock A, has shown a year-to-date return of 22.03% in Q3, outperforming its benchmark and the CSI 300 index [8]. - The fund's exposure to the pharmaceutical and biotechnology sector has decreased to 49.5%, a reduction of over 25 percentage points, reflecting a strategic pivot [10][14]. - The top ten holdings of the fund now include a mix of innovative drugs and medical device companies, indicating a broader industry coverage [12]. Future Outlook - Jin Xiaofei remains optimistic about the long-term prospects of innovative drugs but acknowledges that the ease of making profits in this sector may be over, shifting focus to identifying stocks with real competitive advantages [15]. - Other fund managers, such as Zhao Bei from ICBC Credit Suisse, have also expressed caution regarding overvalued innovative drug companies, favoring investments in the CXO sector and companies with significant overseas revenue [16][17]. - Investors holding innovative drug stocks should temper their short-term expectations and prepare for a longer investment horizon [18]. Shift to Power Equipment Sector - The fund has made substantial reallocations, reducing its pharmaceutical holdings to 23.3% and increasing its stake in the power equipment sector to 17.2% [19][23]. - New investments include companies like Pylon Technologies and Ganfeng Lithium, indicating a strategic shift towards sectors with perceived growth potential [24].

2025Q3 业绩高增，完成股权激励促中长期发展 ——公司点评报告 医疗器械 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740520080004 Email：zhengym@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 211.41 | | 流通股本(百万股) | 200.36 | | 市价(元) | 117.65 | | 市值(百万元) | 24,872.58 | | 流通市值(百万元) | 23,572.67 | 1、《2025Q2 业绩企稳回升，看好球 管、硅基 OLED 背板等新品拓展》 2025-08-17 2、《2024 年探测器业务承压，其他 核心部件及解决方案快速放量》 奕瑞科技（688301.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 ...

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue of 1.549 billion yuan, a year-on-year increase of 14.22%, and a net profit attributable to shareholders of 471 million yuan, up 20.61% [1] - In Q3 2025, the company achieved revenue of 482 million yuan, a significant year-on-year growth of 46.18%, and a net profit of 136 million yuan, which is a 64.43% increase compared to the same period last year [1][2] Growth Analysis - The revenue growth in Q3 2025 is attributed to several factors: the domestic medical equipment replacement policy boosting demand, stable partnerships with leading dental equipment manufacturers, recovery in industrial inspection demand from lithium battery manufacturers, and significant growth in new core components and solutions [2] - The net profit growth in Q3 is supported by scale advantages and effective cost control, with a notable increase in profitability expected as industry conditions improve [2] Profitability Analysis - For the first three quarters of 2025, the company's gross profit margin was 51.98%, a decrease of 2.30 percentage points year-on-year, primarily due to changes in product mix [2] - The net profit margin increased to 29.48%, up 1.57 percentage points year-on-year, driven by reductions in sales, management, and financial expense ratios [2] Operational Efficiency and Cash Flow - The company improved its inventory turnover days to 296.96 days, a decrease of 59.05 days year-on-year, indicating better inventory management [3] - Accounts receivable turnover days also improved to 125.41 days, down 13.22 days year-on-year, reflecting enhanced operational efficiency [3] - Operating cash flow showed a significant recovery, with a net cash flow from operating activities of 1.099 billion yuan, a year-on-year increase of 453.59% [3] R&D Investment - The company maintained high levels of R&D investment, with R&D expenses of 228 million yuan for the first three quarters, accounting for 14.71% of revenue [3] - The company made substantial progress in intellectual property, with 28 new applications for various types of IP in the first half of 2025, including 14 invention patent applications [3] Stock Incentive Plans - In October 2025, the company completed its stock incentive plans, granting 1.863 million shares of restricted stock and 410,000 stock appreciation rights to 199 individuals, including key executives [4] - The incentive plans are designed to support the company's long-term growth, with performance targets set for net profit growth in 2026 and 2027 [4] Future Outlook - The company is expected to maintain rapid revenue growth due to recovering demand in the industry and ongoing product and technology advancements [2][4] - Forecasted net profits for 2025, 2026, and 2027 are 642 million yuan, 793 million yuan, and 963 million yuan, respectively, with corresponding price-to-earnings ratios indicating a positive outlook [4]