Core Viewpoint - Ms. Mo Ruoli has reduced her holdings in Xiangsheng Medical (688358.SH) by a total of 1,815,994 shares, which represents 1.62% of the company's total share capital, but has decided to terminate the reduction plan early due to confidence in the company's stable development and reasonable valuation [1] Summary by Category - **Share Reduction Details** - Ms. Mo Ruoli sold 655,458 shares through centralized bidding, accounting for 0.58% of the total share capital [1] - She also sold 1,160,536 shares through block trading, representing 1.04% of the total share capital [1] - The total shares reduced amount to 1,815,994, which is 1.62% of the company's total share capital [1] - **Reason for Termination of Reduction Plan** - The decision to terminate the reduction plan early is based on Ms. Mo Ruoli's confidence in the company's ongoing stable development [1] - She also believes in the reasonable assessment of the company's value [1]

证券代码：688358 证券简称：祥生医疗 公告编号：2025-043 无锡祥生医疗科技股份有限公司 关于股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，无锡祥生医疗科技股份有限公司（以下简称"公司"） 股东莫若理女士及其一致行动人无锡祥生投资有限公司、无锡祥鼎投资企业（有 限合伙）、无锡祥同投资企业（有限合伙）、上海御德科技有限公司合计持有公司 股份 80,723,956 股，占公司总股本的 71.99%，其中公司股东、实际控制人、董 事长及高级管理人员莫若理女士直接持有公司股份 26,460,000 股，占公司总股本 的 23.60%。 上述股份均为无限售流通股，来源于公司首次公开发行前取得的股份以及公 司实施资本公积转增股本取得的股份，涉及公司首次公开发行前取得的股份已于 2022 年 12 月 3 日解除限售并上市流通。 减持计划的实施结果情况 2025 年 8 月 15 日，公司披露了《无锡祥生医疗科技股 ...

Core Insights - The major shareholder, Mo Ruoli, and his concerted parties held a total of 80,723,956 shares, representing 71.99% of the total share capital before the reduction plan [1] - On August 15, 2025, Mo Ruoli announced a plan to reduce his holdings by up to 3,363,735 shares, which is not more than 3% of the total share capital [1] - As of November 21, Mo Ruoli has reduced his holdings by a total of 1,815,994 shares, accounting for 1.62% of the total share capital, with a total reduction amounting to 61.0752 million yuan [1] - Following this reduction, Mo Ruoli and his concerted parties' shareholding percentage decreased to 70.38% [1]

Core Viewpoint - Xiangsheng Medical (688358) experienced a decline in stock price, closing at 31.97 yuan on November 20, 2025, down 2.65% with a trading volume of 11,400 shares and a turnover of 36.96 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, the company's main revenue was 343 million yuan, a year-on-year decrease of 5.27% [5] - The net profit attributable to shareholders was 93.92 million yuan, down 4.56% year-on-year [5] - The third quarter of 2025 saw a single-quarter main revenue of 107 million yuan, a year-on-year decrease of 6.68%, while the single-quarter net profit attributable to shareholders increased by 41.95% to 24.22 million yuan [5] Group 2: Market Activity - On November 20, 2025, the net outflow of main funds was 7.28 million yuan, accounting for 19.7% of the total turnover [1][2] - Retail investors had a net inflow of 3.74 million yuan, representing 10.12% of the total turnover on the same day [1][2] - The financing balance on November 20, 2025, was 93.99 million yuan, with a net financing purchase of 1.13 million yuan [3] Group 3: Industry Comparison - Xiangsheng Medical's total market value is 3.585 billion yuan, compared to the industry average of 11.144 billion yuan, ranking 93rd in the industry [5] - The company's price-to-earnings ratio (P/E) is 28.62, significantly lower than the industry average of 55.37, ranking 28th in the industry [5] - The gross profit margin of Xiangsheng Medical is 59.82%, higher than the industry average of 51.22%, ranking 52nd in the industry [5]

Core Viewpoint - Xiangsheng Medical (688358) experienced a decline in stock price, closing at 32.84 yuan on November 19, 2025, down 2.73% with a trading volume of 8261 lots and a turnover of 27.32 million yuan [1] Financial Performance - For the first three quarters of 2025, Xiangsheng Medical reported a main business revenue of 343 million yuan, a year-on-year decrease of 5.27% [2] - The net profit attributable to shareholders was 93.92 million yuan, down 4.56% year-on-year, while the net profit after deducting non-recurring gains and losses was 86.97 million yuan, a decrease of 2.69% [2] - In Q3 2025, the company achieved a single-quarter main business revenue of 107 million yuan, down 6.68% year-on-year, but the single-quarter net profit attributable to shareholders increased by 41.95% to 24.22 million yuan [2] Market Position - Xiangsheng Medical's total market capitalization is 3.682 billion yuan, with a net asset value of 1.4 billion yuan, ranking 93rd in the medical device industry [2] - The company has a price-to-earnings ratio of 29.4 and a price-to-book ratio of 2.63, both of which are favorable compared to the industry averages [2] Investment Sentiment - In the last 90 days, four institutions have given buy ratings for Xiangsheng Medical, indicating positive sentiment among analysts [3]

Core Viewpoint - Xiangsheng Medical (688358) has experienced a decline in stock price and mixed capital flow, indicating potential challenges in market sentiment and performance [1][2]. Financial Performance - As of the third quarter of 2025, Xiangsheng Medical reported a main revenue of 343 million yuan, a year-on-year decrease of 5.27% [2]. - The net profit attributable to shareholders was 93.92 million yuan, down 4.56% year-on-year, while the net profit excluding non-recurring items was 86.97 million yuan, a decrease of 2.69% [2]. - In Q3 2025, the company achieved a single-quarter main revenue of 107 million yuan, down 6.68% year-on-year, but the net profit attributable to shareholders increased by 41.95% to 24.22 million yuan [2]. Market Position - The total market value of Xiangsheng Medical is 3.758 billion yuan, significantly lower than the industry average of 11.459 billion yuan, ranking 93rd out of 124 in the medical device industry [2]. - The company has a price-to-earnings ratio of 30.01, which is more favorable compared to the industry average of 55.42, ranking 29th out of 124 [2]. - The gross margin stands at 59.82%, higher than the industry average of 51.22%, ranking 52nd out of 124 [2]. Capital Flow Analysis - On November 17, 2025, the net inflow of main funds was 195,000 yuan, accounting for 0.58% of the total transaction amount, while retail investors saw a net outflow of 3.3587 million yuan, representing 9.96% of the total [1]. - Over the past five days, the stock has seen fluctuations in capital flow, with notable retail outflows on several days, indicating a potential lack of confidence among smaller investors [1]. Institutional Ratings - In the last 90 days, four institutions have provided ratings for Xiangsheng Medical, all of which are buy ratings, suggesting a positive outlook from analysts [3].

Core Viewpoint - Xiangsheng Medical (688358) has shown a slight increase in stock price, with a closing price of 33.82 yuan on November 14, 2025, reflecting a 1.84% rise, despite mixed capital flows indicating some selling pressure from institutional and retail investors [1][2]. Group 1: Stock Performance - On November 14, 2025, the stock price closed at 33.82 yuan, up 1.84%, with a turnover rate of 1.43% and a trading volume of 16,000 hands, resulting in a transaction amount of 54.46 million yuan [1]. - Over the past five days, the stock has experienced fluctuations, with a peak closing price of 35.04 yuan on November 10, 2025, and a low of 32.96 yuan on November 12, 2025 [2]. Group 2: Capital Flow Analysis - On November 14, 2025, the net outflow of main funds was 47,000 yuan, accounting for 0.09% of the total transaction amount, while retail investors saw a net inflow of 4.13 million yuan, representing 7.58% of the total transaction amount [1][2]. - The financing data indicates that on November 14, 2025, the financing buy amounted to 4.77 million yuan, while the financing repayment was 6.49 million yuan, resulting in a net repayment of 1.73 million yuan [3]. Group 3: Financial Performance - For the first three quarters of 2025, Xiangsheng Medical reported a main revenue of 343 million yuan, a year-on-year decrease of 5.27%, and a net profit attributable to shareholders of 93.92 million yuan, down 4.56% year-on-year [5]. - The company's gross profit margin stands at 59.82%, significantly higher than the industry average of 51.22%, indicating strong operational efficiency [5]. Group 4: Industry Comparison - Xiangsheng Medical's total market capitalization is 3.792 billion yuan, which is below the industry average of 11.639 billion yuan, ranking 93rd out of 124 in the medical device industry [5]. - The company has a price-to-earnings ratio (P/E) of 30.28, which is more favorable compared to the industry average of 58.18, ranking 29th out of 124 [5].

Company Overview - Xiangsheng Medical Technology Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on January 30, 1996. The company was listed on December 3, 2019. Its main business involves the research, development, manufacturing, and sales of ultrasound medical imaging equipment [1] - The revenue composition of Xiangsheng Medical includes 91.12% from ultrasound medical imaging equipment, 6.49% from accessories and others, 2.27% from technical service fees, and 0.12% from other sources [1] Financial Performance - As of September 30, 2025, Xiangsheng Medical reported a revenue of 343 million yuan, a year-on-year decrease of 5.27%. The net profit attributable to the parent company was 93.92 million yuan, down 4.56% year-on-year [2] - The company has distributed a total of 464 million yuan in dividends since its A-share listing, with 280 million yuan distributed over the past three years [3] Stock Performance - On November 12, the stock price of Xiangsheng Medical fell by 2.01%, trading at 33.18 yuan per share, with a total market capitalization of 3.72 billion yuan [1] - Year-to-date, the stock price has increased by 41.66%, but it has seen a decline of 5.47% over the last five trading days, a slight decrease of 0.06% over the last 20 days, and a 4.38% drop over the last 60 days [1] - The number of shareholders as of September 30, 2025, was 6,167, a decrease of 7 from the previous period, while the average circulating shares per person increased by 7.52% to 18,181 shares [2] Institutional Holdings - As of September 30, 2025, notable changes in institutional holdings include the exit of Changcheng Consumption Value Mixed A and Hu'an Hongli Mixed A from the top ten circulating shareholders [3]

Summary of Key Points Core Viewpoint - On November 7, 2025, Xiangsheng Medical (688358) closed at 34.92 yuan, experiencing a decline of 0.6% with a trading volume of 19,900 shares and a total transaction value of 69.129 million yuan [1]. Trading Information - On November 7, the net inflow of main funds was 3.7046 million yuan, accounting for 5.36% of the total transaction value [2]. - Retail investors had a net outflow of 4.9732 million yuan, representing 7.19% of the total transaction value [1]. Company Announcements - From September 5 to November 6, 2025, shareholder Mo Ruoli reduced his holdings by 1,783,139 shares, which is 1.59% of the total share capital [1][2]. - Following this reduction, Mo Ruoli and his concerted parties' total shareholding decreased from 71.99% to 70.40%, triggering the 1% equity change disclosure standard [1].

Core Insights - The company, Wuxi Xiangsheng Medical Technology Co., Ltd., is leveraging its deep technical expertise in ultrasound and innovation capabilities to navigate challenges, showing a stable upward trend in operational performance [1] - Xiangsheng Medical is actively embracing the "AI + Ultrasound" technology trend and is advancing its animal ultrasound business, aiming to deepen collaboration with global partners [1] Group 1: AI Ultrasound Innovations - As a leader in the AI ultrasound field, the company is establishing a comprehensive intelligent technology ecosystem driven by "ultrasound artificial intelligence + specialized models" [1] - The company has developed an intelligent standard framework covering "equipment research and development - image acquisition - diagnostic decision-making," creating a service network that integrates "precise screening - intelligent diagnosis - personalized rehabilitation" [1] Group 2: Veterinary Ultrasound Products - In 2025, the company successfully launched the SonoVet series of veterinary ultrasound products, which cater to various applications such as large animal reproduction and small animal abdominal and cardiovascular examinations [1] - These products are designed to meet diverse environmental needs in settings like farms, pet hospitals, mobile quarantine, and wildlife care, addressing pain points such as low image resolution and reliance on operator experience in traditional veterinary ultrasound [1] Group 3: Robotics and AI Integration - In addition to AI technology integration, the company has made significant breakthroughs in the robotics field, developing core technologies such as "visual recognition and analysis" and "precise control of robotic movement" [2] - The company has launched the "AI + Robot Scanning" series of solutions, with its flagship product, the "Breast Artificial Intelligence Ultrasound Robot," being the first to obtain a medical device testing report [2]