截至2026年2月6日收盘，山外山（688410）报收于17.07元，较上周的16.7元上涨2.22%。本周，山外山 2月4日盘中最高价报17.83元。2月2日盘中最低价报16.22元。山外山当前最新总市值54.56亿元，在医疗 器械板块市值排名68/129，在两市A股市值排名3293/5186。 本周关注点 机构调研要点 问：公司 2025 年三季度设备与耗材销售情况？ 答：2025 年三季度，公司血液净化设备实现营业收入 39,307.79 万元，同比增长 39.70%。透析机产品 在境内外市场均实现增长。同期血液净化耗材实现营业收入 13,696.14 万元，同比增长 46.47%。公司已 组建独立销售团队，推进"设备+耗材"协同模式，加速覆盖公立医院及医疗集团。 问：国内医疗设备更新项目目前的进展情况如何？ 答：国家发改委提出加力实施设备更新贷款贴息政策，提升资金使用效率，推动血液透析设备更新需 求。目前全国多个省份及县市已开展相关更新项目，公司正积极跟进并配合政策执行，挖掘新增机遇。 问：公司如何看待后续耗材集采的价格趋势和集采节奏？ 答：公司为国内领先的血液净化设备龙头，2025年1-12月血液透 ...

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

(编辑：杨燕 林辰)关键字： 医疗 近日，山外山发布公告称，预计2025年年度实现归母净利润为1.4亿元到1.59亿元，同比增加98%到 125%。归母净利润扣除非经常性损益后预计为1.34亿元到1.54亿元，同比增加135%到170%。 本期业绩变化的主要原因包括公司作为国产血液净化设备的龙头企业，依托技术领先和品牌效应，推动 了血液净化设备销售收入的增长；自产的血液净化耗材销售收入大幅提升；随着产销量的提升，自产耗 材单位固定成本下降，毛利率提升，整体盈利能力加强。 （山外山公告） ...

本报讯(记者冯雨瑶) 山外山表示，作为国产血液净化设备的龙头企业，报告期内，依托技术领先优势和强大的品牌效应，公 司产品市场占有率持续提升，推动了血液净化设备销售收入的稳步增长；同时，自产的血液净化耗材销 售收入亦大幅提升。随着产销量的提升，自产耗材单位固定成本进一步下降，毛利率提升，公司总体盈 利能力进一步增强。 1月30日晚间，重庆山外山血液净化技术股份有限公司(以下简称"山外山")发布2025年度业绩预告，经 财务部门初步测算，预计2025年实现归属于母公司所有者的净利润 1.40亿元至1.59亿元，同比大幅增长98%至125%；预计实现归属于母公司所有者的扣除非经常性损益的 净利润1.34亿元至1.54亿元，同比增长135%至170%。 山外山是专业从事血液净化设备与耗材的研发、生产和销售，并提供连锁血液透析医疗服务的国家高新 技术企业。公司基于原创性血液净化设备的关键核心技术，研发了连续性血液净化设备(CRRT)、血液 透析机以及血液灌流机，并自主研发了血液透析浓缩液、血液透析干粉、血液透析器、透析液过滤器、 连续性血液净化管路、一次性使用血液灌流器等血液净化耗材，产品广泛应用于治疗各类急慢性肾功能 ...

广东明珠：2025年净利润同比预增2908.49%-3577.04% 赛诺医疗：2025年净利润同比预增2767%-3233% 菱电电控：2025年净利润同比预增640.16%-804.64% 博杰股份：2025年净利润同比预增484.16%-618.97% 科兴制药：2025年净利润同比预增328.83%-455.89% 湘财股份：2025年净利润同比预增266.41%-403.81% 新易盛：2025年净利润同比预增231.24%-248.86% 同洲电子：2025年净利润同比预增151.40%-230.42% 兆丰股份：2025年净利润同比预增136.26%-164.89% 凯格精机：2025年净利润同比预增133.99%-193.55% 三棵树：2025年净利润同比预增128.96%-189.21% 华资实业：2025年净利润同比预增128.00%-167.00% 志特新材：2025年净利润同比预增117.11%-171.39% 科沃斯：2025年净利润同比预增110.90%-123.30% 京泉华：2025年净利润同比预增109.32%-140.72% 国轩高科：2025年净利润同比预增107.16 ...

证券日报网讯 1月30日，山外山发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润为 14，035.49万元到15，949.42万元，与上年同期相比，将增加6，946.86万元到8，860.79万元，同比增加 98%到125%。 （编辑 王雪儿） ...

山外山(688410.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净利润为1.4亿元到1.59 亿元，与上年同期(法定披露数据)相比，将增加6,946.86万元到8,860.79万元，同比增加98%到125%。 ...

证券代码：688410 证券简称：山外山 公告编号：2026-005 重庆山外山血液净化技术股份有限公司 2025 年年度业绩预增公告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经重庆山外山血液净化技术股份有限公司（以下简称"公司"）财务 部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利润为 14,035.49 万元到 15,949.42 万元，与上年同期（法定披露数据）相比，将增加 6,946.86 万元到 8,860.79 万元，同比增加 98%到 125%。 （2）归属于母公司所有者的扣除非经常性损益的净利润为 13,436.81 万元 到 15,438.03 万元，与上年同期（法定披露数据）相比，将增加 7,719.02 万元 到 9,720.24 万元，同比增加 135%到 170%。 （三）本次业绩预告财务数据未经会计师事务所审计。 二、上年同期业绩情况和 ...

南财智讯1月30日电，山外山公告，预计2025年全年归属于上市公司股东的净利润为1.40亿元—1.59亿 元，同比预增98.00%—125.00%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为 1.34亿元—1.54亿元，同比预增135.00%—170.00%；主要变动原因为：（一）公司作为国产血液净化设 备的龙头企业，依托技术领先优势和强大的品牌效应，产品市场占有率持续提升，推动了血液净化设备 销售收入的稳步增长；（二）报告期内公司自产的血液净化耗材销售收入大幅提升；（三）随着产销量 的提升，自产耗材单位固定成本进一步下降，毛利率提升，公司总体盈利能力进一步加强。 ...