Company Overview - Xiangsheng Medical closed at 28.1 yuan, down 2.09%, with a rolling PE ratio of 23.07 times and a total market value of 3.151 billion yuan [1] - The company specializes in the research, manufacturing, and sales of ultrasound medical imaging equipment [1] - Xiangsheng Medical was selected as a "Little Giant" enterprise for the 2024 National Specialized and Innovative Enterprises [1] Financial Performance - For Q1 2025, the company reported operating revenue of 128 million yuan, a year-on-year decrease of 9.16%, and a net profit of 41.6145 million yuan, down 8.62% year-on-year, with a gross profit margin of 61.33% [1] Shareholder Information - As of March 31, 2025, the number of shareholders for Xiangsheng Medical was 6,509, an increase of 1,499 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Industry Comparison - The average PE ratio for the medical device industry is 49.10 times, with a median of 36.43 times, placing Xiangsheng Medical at the 52nd position in the industry ranking [1][2] - The industry average market value is 10.51 billion yuan, while the median is 4.892 billion yuan [2]

Core Viewpoint - The company, Xiangsheng Medical, is increasing its R&D investment and has introduced innovative products in the field of ultrasound technology, particularly focusing on breast cancer screening and maternal health solutions. Group 1: Financial Performance - As of May 23, 2025, Xiangsheng Medical's stock closed at 28.63 yuan, up 0.74% from the previous week [1] - The company's total market capitalization is 3.21 billion yuan, ranking 93rd out of 126 in the medical device sector and 3960th out of 5148 in the A-share market [1] Group 2: R&D Investment - In 2024, the company plans to increase its R&D expenditure to nearly 80 million yuan, which represents 16.99% of its operating revenue [2][3] - The company will authorize 48 new patents in 2024, including 30 new invention patents, and will file 66 new intellectual property applications, with 15 being invention patent applications [2][3] Group 3: Product Development - The company has launched a "Breast Artificial Intelligence Ultrasound Robot" aimed at addressing the challenges of mass screening for breast cancer in China, integrating ultrasound, robotics, and AI technology [2][3] - In the field of obstetrics, the company has developed an intelligent solution that automatically tracks fetal position, recognizes growth indicators, and generates fetal examination reports [2][3]

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]

Meeting Overview - The shareholder meeting of Wuxi Xiangsheng Medical Technology Co., Ltd. was held on May 16, 2025, at the company's conference room [1] - A total of 40 ordinary shareholders attended the meeting, representing 82,221,541 voting rights, which accounts for 73.3305% of the total voting rights of the company [1] Voting Results - All non-cumulative voting proposals were approved with a significant majority, including: - 99.9857% of ordinary shareholders voted in favor of the proposals, with only 0.0143% against [2] - The voting results for the financial budget report for 2025 also showed a similar trend, with 99.9857% approval [2] - The meeting's voting procedures complied with the Company Law and the company's articles of association, confirming the legality and validity of the meeting [3] Legal Compliance - The lawyers present at the meeting confirmed that the convening and voting procedures adhered to relevant laws and regulations, ensuring the legitimacy of the meeting and its outcomes [3]

本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并 不对本次股东大会所审议的议案内容以及该等议案所表述的事实或数据的真实性和准确性 发表意见。 本所及本所律师依据法律法规及本法律意见出具日以前已经发生或者存在的事实, 严 格履行了法定职责, 遵循了勤勉尽责和诚实信用原则, 进行了充分的核查验证, 保证本法律 意见所认定的事实真实、准确、完整, 所发表的结论性意见合法、准确, 不存在虚假记载、 1981010/WS/kw/cm/D19 上海市通力律师事务所 关于无锡祥生医疗科技股份有限公司 2024 年年度股东大会的法律意见书 致: 无锡祥生医疗科技股份有限公司 上海市通力律师事务所(以下简称"本所" ...

证券代码：688358 证券简称：祥生医疗 公告编号：2025-016 无锡祥生医疗科技股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 16 日 （二） 股东大会召开的地点：无锡市新吴区新辉环路 9 号 公司一楼会议室 3、 董事会秘书、财务负责人周峰先生出席了本次会议；见证律师列席本次会议。 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：《关于 2024 年年度报告正文及其摘要的议案》 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 40 | | --- | --- | | 普通股股东人数 | 40 | | 2、出席会议的股东所持有的表决权数量 | 82,221,541 | | 普通股股东所持有表决权数量 | 82,221,541 | | 3、出席会议的股 ...

Group 1: Fund Overview - Chunhou Xinrui C (Fund Code: 008187) is a mixed fund under Chunhou Fund, established on February 12, 2020, with a total management scale of 2.117 billion RMB [1] - The fund has achieved a one-year return of 11.89% as of May 12, 2025, outperforming the benchmark growth rate of 9.10% and the CSI Mixed Fund Index return of 4.41% [1] - Since its inception, the fund's return has reached 116.42%, significantly exceeding the performance benchmark of 4.58% [1] Group 2: Risk Management and Fund Size - The maximum drawdown over the past three years is 30.32%, which is better than the average level of similar mixed funds [1] - As of March 31, 2025, the fund's size reached 402 million RMB, with a total of 186 million shares outstanding [1] - The institutional holder ratio of the fund is 53.67% according to the 2024 annual report [1] Group 3: Company Research and Development - Xiangsheng Medical has a profit distribution plan for 2024, proposing a cash dividend of 10 RMB per 10 shares, totaling 112 million RMB, which accounts for 79.62% of the net profit attributable to shareholders [3] - The company increased its R&D investment in 2024, with R&D expenses nearing 80 million RMB, representing 16.99% of revenue, and received 48 new patent authorizations [3] - The company has developed a "Breast Artificial Intelligence Ultrasound Robot" aimed at addressing breast cancer screening challenges, integrating ultrasound, robotics, and AI technologies [3] Group 4: Market Strategy and Global Presence - The company has established a global marketing network, exporting products to over 100 countries and regions, and has formed strategic partnerships with international medical device companies [3] - The company is exploring "technology service output" to mitigate risks from single market dependency, employing an ODM model for customized product and technology services [3] - Future strategies include enhancing the global supply chain and adjusting sales strategies to expand into emerging markets in response to potential impacts from U.S. tariffs [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3] Core Viewpoints - The company reported a revenue of 469 million yuan in 2024, a decrease of 3.13%, with a net profit of 141 million yuan, down 4.08%. However, Q4 2024 showed a strong performance with a revenue of 106 million yuan, an increase of 29.77%, and a net profit of 42 million yuan, up 733.85% [1][9] - The company is focusing on expanding its ultrasound matrix and the application of SonoAI technology to enhance product competitiveness [1][9] - The gross margin for 2024 was stable at 58.95%, while the R&D expense ratio increased to 16.99%, reflecting the company's commitment to building technological barriers through increased R&D investment [2][15] - The company is deeply engaged in the ultrasound AI field, driving innovation across various clinical disciplines with products like the "Breast AI Ultrasound Robot" [2][20] Financial Forecasts - The revenue forecasts for 2025, 2026, and 2027 are adjusted to 560 million yuan, 640 million yuan, and 740 million yuan respectively, with year-on-year growth rates of 19%, 15%, and 14% [3][20] - The net profit forecasts for the same period are 170 million yuan, 200 million yuan, and 220 million yuan, with growth rates of 21%, 15%, and 15% [3][20] - The current stock price corresponds to a PE ratio of 19, 17, and 15 for 2025, 2026, and 2027 respectively [3][20]

证券研究报告 | 2025年05月08日 祥生医疗（688358.SH） 优于大市 AI 赋能，产品持续推陈出新 2024 年四季度业绩亮眼。2024 年公司实现营收 4.69 亿元（-3.13%），归 母净利润 1.41 亿元（-4.08%），扣非归母净利润 1.27 亿元（-7.36%）。 其中 24Q4 单季营收 1.06 亿元（+29.77%），归母净利润 0.42 亿元 （+733.85%），扣非归母净利润 0.38 亿元（+1704.45%）。2024 年业绩 略有下滑，公司通过横向拓展超声矩阵和 SonoAI 技术的应用，不断提 升产品的市场竞争力，24Q4 业绩表现亮眼。2025 年一季度营收 1.28 亿 元（-9.16%），归母净利润 0.42 亿元（-8.62%），扣非归母净利润 0.39 亿元（-13.38%），收入端实现环比增长。 毛利率维持稳定，研发费用率提升。2024 年毛利率 58.95%（+0.15pp）， 毛利率基本维持稳定；销售费用率 11.73%（+0.82pp），管理费用率 8.03% （+0.81pp），研发费用率 16.99%（+1.06pp），财务费用率-8.7 ...

Group 1: Xiangsheng Medical - The company emphasizes shareholder returns, with a 2024 dividend plan of 10 CNY per 10 shares, totaling 112 million CNY, which accounts for 79.62% of net profit [1] - In 2024, the company plans to invest nearly 80 million CNY in R&D, with 48 new patent authorizations and 5 domestic and 35 international market access licenses [1] - The breast artificial intelligence ultrasound robot is designed for breast cancer screening, integrating ultrasound, robotics, and AI technology for large-scale patient screening [1] - The company is mitigating risks from US tariffs through global market expansion and ODM models, aiming to build a global supply chain and explore emerging markets [1] Group 2: Boteng Co., Ltd. - Despite external uncertainties, the company remains a key supply chain partner for clients, with limited impact from current tariff policies as products fall within the exemption range [2] - The company's gross margin fluctuations are mainly influenced by domestic market conditions and new business losses, while overseas markets and core business margins remain stable [2] - The company has increased production and R&D capabilities through acquisitions and self-construction, with a growing order backlog expected to convert into revenue in 2024 and 2025 [2] - New molecular business is growing rapidly, but the timeline for reaching breakeven is uncertain, with 2025 capital expenditures focused on overseas expansion and upgrading existing capacities [2] Group 3: ST Huatuo - The company focuses on evergreen game categories like SLG and match-3 games, emphasizing innovation and scalability [3] - The company believes that the trend for SLG games is favorable due to ease of operation and strong user retention, although successful teams are limited [3] - The company plans to leverage cost reduction and efficiency improvements to return to traditional advantages and explore overseas markets [3] - The company is optimistic about AI game development, hosting innovation competitions while maintaining a cautious short-term outlook [3]