Core Viewpoint - The company, Shanwaishan (688410.SH), reported a significant equity change involving its shareholders, indicating a reduction in shareholding by certain entities associated with the company [1] Group 1: Shareholder Actions - Shareholders Yuanwaiyuan, Chongqing Dexiang, and Chongqing Derui collectively reduced their holdings by 997,400 shares, which represents 0.31% of the company's total share capital [1] - The share reductions occurred between February 4 and February 12, 2026, with specific reductions of 546,000 shares, 243,000 shares, and 209,800 shares respectively [1] - The aforementioned shareholders are part of the company's employee stock ownership platform, and the company's controlling shareholder and actual controller, Gao Guangyong, is the managing partner of this platform, indicating a concerted action relationship among them [1]

证券代码：688410 证券简称：山外山 公告编号：2026-006 重庆山外山血液净化技术股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 股东重庆圆外圆商业管理合伙企业（有限合伙）（以下简称"圆外圆" 或"信息披露义务人"）、重庆德祥商业管理合伙企业（有限合伙）（以下简 称"重庆德祥"或"信息披露义务人"）、重庆德瑞商业管理合伙企业（有限 合伙）（以下简称"重庆德瑞"或"信息披露义务人"）及其一致行动人高光 勇先生保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 | 伙企业（有限 | | | ☑ | 控股股东/实控人的一致行动人 | □ | 不适用 | | --- | --- | --- | --- | --- | --- | --- | | 合伙） | | | | | | | | | | | □ | 其他直接持股股东 | | | | 重 庆 祥 | 德 | 商 | □ | 控股股东/实控人 | | | | 业 管 合 | 理 | 伙 | | 控股股东/实控人的一致行动人 | ☑ | 91500000MA61AW131K | | 企业（有限合 | | ...

Core Viewpoint - The company, Shanwaishan, has shown significant growth in its blood purification equipment and consumables sales, indicating a strong market position and potential for future expansion in both domestic and international markets. Group 1: Financial Performance - In Q3 2025, the revenue from blood purification equipment reached 393.08 million yuan, representing a year-on-year growth of 39.70% [7] - During the same period, revenue from blood purification consumables was 136.96 million yuan, with a year-on-year increase of 46.47% [7] - The total market capitalization of Shanwaishan is currently 5.456 billion yuan, ranking 68th in the medical device sector [1] Group 2: Market Position and Strategy - The company holds a leading position in the domestic market, with a market share of 21.44% for blood dialysis machines, making it the top domestic brand [3] - The market share for continuous blood purification equipment is 20.77%, also leading the industry [3] - The company is focusing on technological innovation and market demand to drive growth, aiming to expand both domestically and internationally [3] Group 3: International Expansion - The company has made strides in its international strategy, achieving breakthroughs in emerging markets such as Latin America and Africa, with 22 new overseas device registrations [4] - In Q3 2025, revenue from international markets reached 131.92 million yuan, reflecting a year-on-year growth of 43.04% [4] Group 4: Policy and Market Opportunities - The National Development and Reform Commission has proposed policies to enhance the efficiency of equipment update loans, which the company is actively following to explore new opportunities [2] - The company is closely monitoring the price trends and rhythm of centralized procurement for consumables, indicating a proactive approach to market changes [3] Group 5: Future Plans - The company is progressing with its fundraising projects and will continue to monitor market dynamics to ensure successful implementation [5] - Future stock incentive plans will be evaluated based on operational performance, with timely disclosures as necessary [6]

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].

Core Viewpoint - The company, Shanwaishan, expects to achieve a net profit attributable to shareholders of 140 million to 159 million yuan in 2025, representing a year-on-year increase of 98% to 125% [1] - The net profit after deducting non-recurring gains and losses is projected to be 134 million to 154 million yuan, reflecting a year-on-year increase of 135% to 170% [1] Summary by Categories Financial Performance - The anticipated increase in net profit is primarily driven by the company's position as a leading domestic manufacturer of blood purification equipment, leveraging technological advantages and brand effects to boost sales revenue [1] - Significant growth in sales revenue from self-produced blood purification consumables has contributed to the overall financial performance [1] - The increase in production and sales volume has led to a decrease in fixed costs per unit for self-produced consumables, resulting in improved gross margins and overall profitability [1]

Core Viewpoint - Chongqing Mountain Outside Blood Purification Technology Co., Ltd. (referred to as "Mountain Outside") expects significant growth in net profit for the year 2025, with projections indicating an increase of 98% to 125% year-on-year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 140 million to 159 million yuan for 2025, representing a substantial year-on-year growth [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 134 million to 154 million yuan, reflecting a year-on-year increase of 135% to 170% [1] Group 2: Business Operations - Mountain Outside specializes in the research, production, and sales of blood purification equipment and consumables, as well as providing chain dialysis medical services [1] - The company has developed key technologies for blood purification equipment, including Continuous Renal Replacement Therapy (CRRT) devices, dialysis machines, and blood perfusion machines, along with various consumables [1] - The company's products are widely used in treating various conditions such as acute and chronic renal failure, uremia, multiple organ failure, and poisoning [1] Group 3: Market Position and Growth - As a leading domestic blood purification equipment manufacturer, Mountain Outside has seen a continuous increase in market share due to its technological advantages and strong brand effect [2] - The sales revenue from self-produced blood purification consumables has also significantly increased, contributing to overall revenue growth [2] - With the increase in production and sales volume, the fixed costs of self-produced consumables have decreased, leading to improved gross margins and enhanced overall profitability [2]

Group 1 - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit growth of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit rise of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. predicts a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Kexing Pharmaceutical expects a net profit growth of 328.83%-455.89% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng forecasts a net profit rise of 231.24%-248.86% year-on-year for 2025 [1] - Tongzhou Electronics predicts a net profit increase of 151.40%-230.42% year-on-year for 2025 [1] - Zhaofeng Co. expects a net profit growth of 136.26%-164.89% year-on-year for 2025 [1] - Kaige Precision Machinery anticipates a net profit increase of 133.99%-193.55% year-on-year for 2025 [1] - Sankeshu forecasts a net profit rise of 128.96%-189.21% year-on-year for 2025 [1] - Huazi Industrial expects a net profit growth of 128.00%-167.00% year-on-year for 2025 [1] - Zhite New Materials anticipates a net profit increase of 117.11%-171.39% year-on-year for 2025 [1] - Ecovacs expects a net profit growth of 110.90%-123.30% year-on-year for 2025 [1] - Jingquan Hua forecasts a net profit increase of 109.32%-140.72% year-on-year for 2025 [1] - Guoxuan High-Tech anticipates a net profit rise of 107.16%-148.59% year-on-year for 2025 [1] - Changjiang Securities expects a net profit growth of 101.37% year-on-year for 2025 [1] - Shanwaishan forecasts a net profit increase of 98%-125% year-on-year for 2025 [1] - Zhongji Xuchuang anticipates a net profit rise of 89.50%-128.17% year-on-year for 2025 [1] - Huachuang Yuxin expects a net profit growth of 86%-175% year-on-year for 2025 [1] - Kori Technology forecasts a net profit increase of 68.61%-115.25% year-on-year for 2025 [1] - Western Gold anticipates a net profit rise of 67.58%-93.21% year-on-year for 2025 [1] - Shandong Gold expects a net profit growth of 56%-66% year-on-year for 2025 [1] - Huaxi Biological anticipates a net profit increase of 54.93%-83.63% year-on-year for 2025 [1] - Nairui Radar expects a net profit growth of approximately 54.16% year-on-year for 2025 [1] - Lingyun Optical anticipates a net profit rise of approximately 50.75% year-on-year for 2025 [1] - Zhongjin Company expects a net profit increase of 50%-85% year-on-year for 2025 [1] - Dongwu Securities forecasts a net profit growth of 45%-55% year-on-year for 2025 [1] - Longping High-Tech anticipates a net profit increase of 14.17%-66.86% year-on-year for 2025 [1] Group 2 - Jiangfeng Electronics expects a net profit increase of 7.5%-27.5% year-on-year for 2025 [2]

Core Viewpoint - The company, Shanwaishan, announced an expected net profit attributable to shareholders for the year 2025, projecting between 140.35 million to 159.49 million yuan, indicating a significant increase compared to the previous year [1] Financial Performance - The projected net profit increase is estimated to be between 69.47 million to 88.61 million yuan, representing a year-on-year growth of 98% to 125% [1]

Core Viewpoint - The company, Shanwaishan (688410.SH), expects to achieve a net profit attributable to shareholders of the parent company between 140 million to 159 million yuan for the year 2025, indicating a significant increase compared to the previous year [1] Financial Performance - The projected net profit represents an increase of 69.4686 million to 88.6079 million yuan compared to the same period last year [1] - This translates to a year-on-year growth of 98% to 125% [1]