Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [7] Core Viewpoints - The blood purification industry in China is experiencing stable growth driven by strong supply and demand dynamics, with a market size CAGR of 5.67% from 2019 to 2023, and an expected CAGR of 21.52% from 2023 to 2027 [10] - The report emphasizes the potential for domestic manufacturers to replace imports, focusing on large single products, diversification, and international expansion [10] Industry Overview - The blood dialysis market is expanding, with the number of ESRD patients rapidly increasing, leading to a steady rise in dialysis demand. The number of patients receiving blood and peritoneal dialysis in China grew from 579,000 and 95,000 in 2018 to 917,000 and 153,000 in 2023, respectively [10][30] - The market for blood dialysis devices and consumables is expected to continue growing, with the blood dialysis machine market projected to reach 8.17 billion RMB by 2030 [22] Supply and Demand Dynamics - The demand side is supported by the increasing number of ESRD patients and improved medical payment capabilities, while the supply side benefits from the growing number of domestic manufacturers and supportive industry policies [10][30] - The report highlights that the domestic market is still dominated by foreign brands, but local companies are gradually increasing their market share [43][47] Investment Recommendations - The report suggests focusing on companies with strong international potential, comprehensive product matrices, and competitive single products, such as Sanwa, Baolait, Weigao Blood Purification, and others [10][30] - The report identifies three main investment themes: international expansion, product matrix improvement, and strong single product competitiveness [10] Policy Support - A series of government policies have been introduced to support the blood purification industry, including funding, tax incentives, and industry planning, which are expected to drive demand growth [55][57] - The report notes that centralized procurement of blood purification consumables has been implemented, leading to significant price reductions [57]

资料显示，重庆山外山血液净化技术股份有限公司位于重庆市两江新区慈济路1号，成立日期2001年3月 26日，上市日期2022年12月26日，公司主营业务涉及血液净化设备的研发、生产和销售。主营业务收入 构成为：血液净化设备66.12%，血液净化耗材23.89%，医疗服务8.31%，其他1.68%。 山外山所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：医用耗材、智慧医疗、小 盘、医疗器械、专精特新等。 截至6月30日，山外山股东户数8150.00，较上期增加2.67%；人均流通股28779股，较上期减少2.60%。 2025年1月-6月，山外山实现营业收入3.57亿元，同比增长28.72%；归母净利润5503.86万元，同比增长 20.28%。 9月24日，山外山盘中上涨2.16%，截至10:56，报14.66元/股，成交2120.38万元，换手率0.63%，总市值 47.10亿元。 资金流向方面，主力资金净流入24.80万元，大单买入77.10万元，占比3.64%，卖出52.31万元，占比 2.47%。 山外山今年以来股价涨32.55%，近5个交易日跌2.66%，近20日跌5.84%，近60日 ...

Core Viewpoint - The medical device export sector in China is experiencing growth, with a notable increase in revenue and profit among companies listed on the STAR Market, driven by innovation, international expansion, and strategic mergers and acquisitions [1][2][4]. Group 1: Market Performance - In the first half of 2025, China's medical device exports reached $24.1 billion, marking a 5.0% year-on-year increase and accounting for over 40% of total pharmaceutical product exports [1]. - STAR Market medical device companies reported a revenue growth of 9% and a net profit growth of 3% year-on-year, with second-quarter revenue and net profit showing quarter-on-quarter growth of 22% and 30%, respectively [1]. - Nearly 30% of STAR Market medical device companies have over 30% of their business coming from overseas [1]. Group 2: Innovation and Global Strategy - STAR Market medical device companies focus on high-value consumables and medical equipment, leveraging capital market support to build extensive global marketing networks [2]. - The industry has seen the emergence of several benchmark companies, with a total of approximately 18,000 invention patents held by STAR Market medical device firms [2]. - Notable innovations include the world's first branched aortic stent graft approved for market by Shanghai MicroPort Medical, and the FDA breakthrough designation for the self-expanding intracranial drug-coated stent system by Sinno Medical [2]. Group 3: International Expansion - Shanghai United Imaging Healthcare Co., Ltd. has increased its overseas revenue share from less than 10% at the time of listing to nearly 20% in the first half of 2025 [3]. - Haier Biomedical and Chongqing Mountain Outside Mountain Blood Purification Technology Co., Ltd. reported overseas revenue growth of 30% and 41%, respectively, in the first half of 2025 [3]. - The global expansion of domestic medical device companies is evident, with Haier Biomedical's products applied in over 150 countries and regions [3]. Group 4: Mergers and Acquisitions - The medical device industry is increasingly utilizing mergers and acquisitions to expand product lines and enhance technological capabilities, supported by policies such as "Merger and Acquisition Six Articles" and "STAR Market Eight Articles" [4]. - Shanghai Sanyou Medical Devices Co., Ltd. has successfully acquired the French orthopedic company Implanet, significantly boosting its overseas revenue [5]. - Shenzhen Huatai Medical Devices Co., Ltd. has improved its market penetration and product coverage following the introduction of Mindray Medical as a controlling shareholder [5]. Group 5: Policy Support and Future Outlook - The Chinese government has introduced numerous supportive policies aimed at fostering high-end innovation and quality development in the medical device sector [6]. - The industry is expected to transition from "product export" to "technology output" and from "landing" to "local integration," positioning itself for higher value within the global value chain [6].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2][50]. Core Insights - The medical device bidding amount in August 2025 reached 13.065 billion yuan, representing a year-on-year increase of 17% and a month-on-month increase of 2%. The total bidding amount from January to August 2025 was 110.3 billion yuan, showing a year-on-year growth of 51% [3][9]. Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in August 2025 was 13.065 billion yuan, with a year-on-year increase of 17% and a month-on-month increase of 2%. The cumulative bidding amount from January to August 2025 was 110.3 billion yuan, reflecting a year-on-year growth of 51% [3][9]. Domestic Brands - **United Imaging**: August bidding amount was 1.014 billion yuan, up 49% year-on-year; cumulative amount from January to August was 7.028 billion yuan, up 60% [4][13]. - **Myray Medical**: August bidding amount was 850 million yuan, up 18% year-on-year; cumulative amount from January to August was 5.904 billion yuan, up 49% [17][18]. - **Kaili Medical**: August bidding amount was 150 million yuan, up 63% year-on-year; cumulative amount from January to August was 890 million yuan, up 97% [25][26]. - **Shanwaishan**: August bidding amount was 48 million yuan, up 78% year-on-year; cumulative amount from January to August was 284 million yuan, up 194% [28][29]. - **Wandong Medical**: August bidding amount was 137 million yuan, up 200% year-on-year; cumulative amount from January to August was 936 million yuan, up 107% [31][32]. Imported Brands - **Philips**: August bidding amount was 638 million yuan, down 11% year-on-year; cumulative amount from January to August was 5.715 billion yuan, up 31% [34][35]. - **Siemens**: August bidding amount was 852 million yuan, up 41% year-on-year; cumulative amount from January to August was 7.489 billion yuan, up 49% [38][39]. - **GE Medical**: August bidding amount was 1.127 billion yuan, up 36% year-on-year; cumulative amount from January to August was 8.541 billion yuan, up 42% [41][42].

Group 1 - The company, Chongqing Shanwaishan Blood Purification Technology Co., Ltd., will participate in the 2025 Investor Online Collective Reception Day and Semi-Annual Performance Briefing on September 25, 2025 [1][2] - The event aims to enhance investor relations management and promote high-quality development of listed companies in the Chongqing area [1] - Company representatives, including the board director, deputy general manager, and financial director, will engage in interactive communication with investors during the event [2] Group 2 - Investors can participate in the event through the P5W investor relations interactive platform [1] - The company encourages investors to attend and will address various concerns raised by them during the session [2]

重庆山外山血液净化技术股份有限公司（以下简称"公司"）将参加本次投 资者网上集体接待日暨半年度业绩说明会活动。本次活动将于 2025 年 9 月 25 日（星期四）下午 15:00-17:00 举行，投资者可通过访问全景网投资者关系互动 平台网站（https://ir.p5w.net）参与此次活动。 证券代码：688410 证券简称：山外山 公告编号：2025-050 重庆山外山血液净化技术股份有限公司 关于参加重庆辖区 2025 年投资者网上集体接待日暨 半年度业绩说明会活动的公告 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。 为进一步提高辖区上市公司投资者关系管理水平，促进公司完善公司治理, 助力上市公司高质量发展,在重庆证监局指导下，重庆上市公司协会联合深圳市 全景网络有限公司举办辖区上市公司 2025 年投资者网上集体接待日暨半年度业 绩说明会活动。 在本次活动中，公司将派出董事、副总经理、财务总监兼董事会秘书及相关 人员参加，通过线上交流的形式，与投资者实现"一对多"的互动沟通，届时将 针对投资者所关心的各项问 ...

Market Overview - On September 12, the medical device sector declined by 0.72%, with Shanwaishan leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Gainers in Medical Device Sector - Haobobo (688656) closed at 173.11, up 18.16% with a trading volume of 21,900 lots and a transaction value of 333 million [1] - Tianchen Medical (688013) closed at 67.57, up 11.10% with a trading volume of 30,800 lots and a transaction value of 197 million [1] - Toukeng Life (300642) closed at 27.41, up 10.39% with a trading volume of 185,700 lots and a transaction value of 482 million [1] - Zhend Medical (603301) closed at 35.64, up 10.00% with a trading volume of 64,400 lots and a transaction value of 228 million [1] Top Losers in Medical Device Sector - Shanwaishan (688410) closed at 15.35, down 4.78% with a trading volume of 142,500 lots and a transaction value of 216 million [2] - Aojing Medical (688613) closed at 26.03, down 3.38% with a trading volume of 77,200 lots and a transaction value of 202 million [2] - Jiming Health (603222) closed at 13.66, down 2.84% with a trading volume of 1,008,500 lots and a transaction value of 1.382 billion [2] Capital Flow Analysis - The medical device sector experienced a net outflow of 199 million from institutional investors, while retail investors saw a net inflow of 256 million [2] - Retail investors had a net outflow of 57.41 million [2] Individual Stock Capital Flow - Sainuo Medical (688108) had a net inflow of 127 million from institutional investors, while retail investors experienced a net outflow of 11.9 million [3] - Toukeng Life (300642) saw a net inflow of 56.51 million from institutional investors, with a net outflow of 5.40 million from retail investors [3] - Meihua Medical (301363) had a net inflow of 31.17 million from institutional investors, while retail investors had a net outflow of 1.08 million [3]

Core Viewpoint - The stock price of Mountain Outside Mountain (688410.SH) fell by 8.87% to 14.69 yuan, marking a new low since July 22, due to the announcement of share reductions by major shareholders [1] Company Actions - The major shareholder, Hunan Xiangjiang Health Industry Investment Partnership (Limited Partnership), plans to reduce its holdings by up to 12,852,625 shares, representing no more than 4% of the company's total share capital [1] - The company's director and core technical personnel, Ren Yingxiang, intends to reduce his direct holdings by up to 249,539 shares, which accounts for no more than 0.08% of the company's total share capital [1]

Core Viewpoint - The stock of Shanwaishan (688410.SH) fell by 6.58% to 15.06 yuan, with a market capitalization dropping below 5 billion yuan following a share reduction announcement by major shareholders [1] Group 1: Share Reduction Announcement - Major shareholder Ren Yingxiang and Hunan Xiangjiang Liyuan Investment Management Co., Ltd. plan to reduce their holdings by up to 13.1022 million shares, accounting for no more than 4.08% of the company's total share capital [1] - This marks the sixth share reduction plan announcement by the company in the past three years [1] Group 2: Stock Performance - The stock opened at 15.75 yuan and reached a high of 15.80 yuan, with a low of 14.69 yuan during the trading session [1] - The stock's 52-week high is 19.50 yuan, while the 52-week low is 7.61 yuan [1] - The stock's historical high is 28.02 yuan, and the historical low is 7.61 yuan [1]

Core Viewpoint - The announcement details the share reduction plans of major shareholders and executives of Chongqing Shanwaishan Blood Purification Technology Co., Ltd, indicating a significant potential decrease in shareholding by key stakeholders due to personal financial needs [3][4]. Shareholding Overview - As of the announcement date, major shareholders Hunan Xiangjiang Liyuan Investment Management Co., Ltd and its action-in-concert partner hold a combined total of 28,849,759 shares, representing approximately 8.98% of the company's total equity [2]. - The company's director and core technical personnel, Ren Yingxiang, holds 998,157 shares, accounting for about 0.31% of the total equity [2]. Reduction Plans - Major shareholder Hunan Xiangjiang Liyuan plans to reduce its holdings by up to 12,852,625 shares, not exceeding 4.00% of the total equity, within a specified period from October 14, 2025, to January 11, 2026 [3]. - Ren Yingxiang intends to reduce his holdings by up to 249,539 shares, not exceeding 0.08% of the total equity, during the same period [4]. Compliance and Commitments - The major shareholder has committed to comply with relevant regulations regarding share reduction, including adhering to the rules set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [6][10]. - Ren Yingxiang has made commitments regarding the timing and pricing of his share reductions, ensuring that the price will not be lower than the adjusted issue price during the specified period [4][8]. Additional Information - The reduction plans are subject to adjustments based on any changes in the company's total equity due to corporate actions such as stock splits or new share issuances [3][4]. - The announcement confirms that the reduction plans align with previously disclosed commitments and do not involve any shares from unprofitable companies [7][10].