Group 1: Fund Performance - The fund "淳厚信睿C" has achieved a one-year return of 54.03%, outperforming the benchmark growth rate of 17.02% and the CSI Mixed Fund Index return of 18.18%, ranking in the top 5 among mixed funds as of July 21, 2025 [1] - Over the past two years, the fund's return is 46.27%, significantly higher than the performance benchmark of 12.24% and the CSI Mixed Fund Index return of 4.00% [1] - The fund's maximum drawdown over the past three years is 30.32%, which is better than the average level of similar mixed funds, with a maximum drawdown recovery time of 246 days, ranking in the top 20 among similar funds [1] Group 2: Fund Size and Shareholder Structure - As of June 30, 2025, the fund's total management scale reached 4.08 billion yuan, with a total of 173 million shares outstanding [1] - The institutional shareholder ratio of the fund is 53.67% according to the 2024 annual report [1] - The fund had 5 shareholders with a total holding size of 61.12 million yuan, accounting for 14.96% of the total holdings as of the mid-2025 report [1] Group 3: Industry Insights - The number of end-stage renal disease (ESRD) patients in China increased from 3.025 million in 2019 to 4.126 million in 2023, with a CAGR of 8.1%, significantly higher than the global growth rate of 5.1%, indicating a growing market for blood dialysis [3] - The percentage of ESRD patients receiving dialysis treatment in China is approximately 26%, which is lower than the global average of 37% and significantly below the average of 75% in developed countries, suggesting substantial market potential for blood dialysis [3] - The sales revenue of blood purification equipment for 山外山 company in Q1 2025 reached 127.49 million yuan, showing strong growth in both domestic and international markets [3] Group 4: Competitive Advantages - 山外山 company has a strong technological innovation advantage, with national-level research and development platforms, making it a leading domestic blood purification equipment manufacturer [3] - The company emphasizes product quality with a comprehensive quality management system, ensuring the safety, reliability, and stability of its products [3] - 山外山 company has established a robust after-sales service system, enabling quick responses to customer needs and providing efficient technical support [3] Group 5: Future Developments - The company plans to closely monitor the progress of medical equipment update projects, as the National Development and Reform Commission has announced policies to enhance funding efficiency and support equipment updates [3][4] - In Q1 2025, the medical services segment of 山外山 company achieved a revenue of 16.27 million yuan, a year-on-year increase of 43.52%, indicating growth in its blood dialysis service offerings [4] - The company has established six chain blood dialysis centers and is developing standards for their construction and operation, along with a talent training system [4]

证券代码：688410 证券简称：山外山 公告编号：2025-033 重庆山外山血液净化技术股份有限公司 关于自愿披露全资子公司取得医疗器械 注册人名称 重庆天外天生物技术有限公司 产品名称 血液透析浓缩液 适用范围 本品适用于急、慢性肾功能衰竭患者的血液透析治疗。 变更内容 生产地址由重庆市两江新区慈济路 1 号 B 栋 1 楼；变更为：重庆 市两江新区慈济路 1 号 B 栋 1 楼 A 区 注册证编号 国械注准 20253101350 备注 本次医疗器械变更注册（备案）文件与"国械注准 20253101350" 注册证共同使用。 批准日期 2025 年 7 月 21 日 一、医疗器械变更注册的具体情况 三、风险提示 上述医疗器械变更注册涉及的产品实际销售情况取决于未来市场的推广效 果，目前尚无法预测上述产品对公司未来业绩的具体影响。敬请投资者理性投资， 注意投资风险。 特此公告。 重庆山外山血液净化技术股份有限公司董事会 2025 年 7 月 22 日 变更注册（备案）文件的公告 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 ...

Core Viewpoint - The report highlights a positive performance in the pharmaceutical sector, particularly in the innovative drug industry, driven by ongoing licensing agreements and supportive domestic policies [3]. Fund Performance - The fund reported a profit of 26.97 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0627 yuan [2]. - The fund's net asset value (NAV) growth rate for Q2 was 7.62%, and the fund size reached 375 million yuan by the end of Q2 [2][16]. - As of July 18, the fund's unit NAV was 0.96 yuan [2]. - The fund's performance over the past three months showed a NAV growth rate of 14.74%, ranking 112 out of 138 comparable funds [4]. - Over the past six months, the fund's NAV growth rate was 25.40%, ranking 100 out of 138 [4]. - The one-year NAV growth rate was 24.99%, also ranking 100 out of 133 [4]. - The three-year NAV growth rate was 4.99%, ranking 46 out of 107 [4]. Investment Strategy - The fund manager expressed optimism about the innovative drug sector, indicating a shift from a general revaluation phase to a stage where actual performance and partnerships will be tested [3]. - The strategy includes a "barbell" approach, focusing on high-probability or high-return innovative drug companies [3]. - The fund is also looking at sectors with strong performance, such as orthopedics and upstream innovative drugs, while making early allocations in improving sectors like medical devices [3]. - New technologies like AI and brain-computer interfaces are expected to transform the healthcare system, although short-term financial impacts on related companies may be limited [3]. Risk and Return Metrics - The fund's three-year Sharpe ratio was 0.1406, ranking 41 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 29.8%, ranking 97 out of 106 [11]. - The fund's average stock position over the past three years was 85.43%, slightly below the comparable average of 86.95% [14].

Investment Rating - The industry investment rating is "Outperform the Market" [2][45] Core Insights - The total bidding amount for medical devices in June 2025 reached 12.618 billion yuan, representing a year-on-year growth of 30% and a total of 83.817 billion yuan for the first half of 2025, with an overall year-on-year increase of 64% [3][9][10] Summary by Sections Medical Device Bidding Overview - The medical device bidding amount in June 2025 was 12.618 billion yuan, showing a year-on-year increase of 30% and a quarter-on-quarter decrease of 6% [9] - The cumulative bidding amount for the first half of 2025 was 83.817 billion yuan, with a year-on-year growth of 64% [10] Domestic Brands - Mindray Medical's bidding amount in June 2025 was 623 million yuan, up 15% year-on-year, with a total of 4.258 billion yuan for the first half of 2025, reflecting a 64% increase [16][18] - United Imaging's June 2025 bidding amount was 769 million yuan, a 35% year-on-year increase, totaling 4.841 billion yuan for the first half of 2025, up 53% [13][14] - Aohua Endoscopy's June 2025 bidding amount was 27 million yuan, down 46% year-on-year, with a total of 235 million yuan for the first half of 2025, up 57% [19][20] - Kaili Medical's June 2025 bidding amount was 102 million yuan, a 73% year-on-year increase, totaling 642 million yuan for the first half of 2025, up 115% [22][23] - Shanwaishan's June 2025 bidding amount was 30 million yuan, a 222% year-on-year increase, totaling 186 million yuan for the first half of 2025, up 211% [25][26] - Wandong Medical's June 2025 bidding amount was 222 million yuan, a 416% year-on-year increase, totaling 728 million yuan for the first half of 2025, up 107% [28][29] Imported Brands - Philips' June 2025 bidding amount was 658 million yuan, down 4% year-on-year, with a total of 4.570 billion yuan for the first half of 2025, up 61% [31][32] - Siemens' June 2025 bidding amount was 978 million yuan, a 48% year-on-year increase, totaling 6.074 billion yuan for the first half of 2025, up 60% [34][35] - GE's June 2025 bidding amount was 1.447 billion yuan, a 49% year-on-year increase, totaling 6.736 billion yuan for the first half of 2025, up 56% [37][38]

Core Viewpoint - The announcement details a change in shareholding for Chongqing Shanwaishan Blood Purification Technology Co., Ltd., indicating a decrease in the shareholding percentage of major shareholders, which may impact the company's governance structure and market perception [1][4]. Group 1: Shareholding Changes - Major shareholder Hunan Xiangjiang Liyuan Investment Management Co., Ltd. and its associated entities have reduced their combined shareholding from 12.87% to 12.00% [1][2]. - The reduction involved the sale of 1,937,703 shares, representing 0.60% of the total share capital, and an additional sale of 850,300 shares, accounting for 0.26% of the total share capital [1][2]. - The shareholding changes were executed through centralized bidding transactions between June 6, 2025, and July 11, 2025 [2]. Group 2: Compliance and Governance - The company confirms that the shareholding changes do not violate any prior commitments or plans made by the shareholders [1][4]. - The announcement assures that the changes will not lead to a shift in the controlling shareholder or actual controller, thus maintaining the company's governance structure [2][4]. - The company has adhered to relevant regulations regarding shareholder reductions, ensuring compliance with the applicable laws and guidelines [4].

| | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 5%以上大股东及其一致行动人 ☑其他 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 | | | 用于无控股股东、实际控制人） | | | □其他______________ | 股东湖南湘江力远投资管理有限公司-湖南湘江大健康创业投资合伙企业（有限合 伙）（以下简称"大健康"）、游新农和湖南湘江力远投资管理有限公司-湖南湘江力远健 鲲创业投资合伙企业（有限合伙）（以下简称"力远健鲲"）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。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 证券代码：688410 证券简称：山外山 公告编号：2025-031 1.身份类别 | 2.信息披露义务人信息 | | --- | | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 湖南湘江力远投资管 | □ | 控股股东/实控人 | ☑914 ...

证券代码：688410 证券简称：山外山 公告编号：2025-032 二、对公司的影响 公司本次取得上述产品注册证，标志着公司在持续拓展产品组合方面取得了 显著进展，同时也加快了血液净化耗材在研产品的商业化步伐；不仅满足了市场 上多样化的需求，还为公司的相关产品销售注入了动力，从而有助于增强公司的 核心竞争力。 三、风险提示 上述产品注册证的取得仅代表公司相关产品获得国内市场准入资格，产品上 市后的实际销售情况取决于未来市场的推广效果，目前尚无法预测上述产品对公 司未来业绩的具体影响。敬请投资者理性投资，注意投资风险。 特此公告。 重庆山外山血液净化技术股份有限公司董事会 2025 年 7 月 12 日 重庆山外山血液净化技术股份有限公司 关于自愿披露全资子公司取得医疗器械注册证的公告 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。 重庆山外山血液净化技术股份有限公司(以下简称"公司")全资子公司重庆 天外天生物技术有限公司于近日收到由国家药品监督管理局颁发的《中华人民共 和国医疗器械注册证》，具体情况公告如下： 注册人名 ...

Summary of Conference Call on Mountain Outside Mountain (山外山) Industry Overview - The domestic blood purification industry has significant growth potential, with a continuous increase in patient numbers. The current domestic replacement rate for imported products has room for improvement, benefiting companies like Mountain Outside Mountain and Weigao Xuejing [2][4]. - Approximately 900,000 blood dialysis patients exist in China, with an annual increase of about 100,000. If aligned with developed countries, the future patient count could reach 3 million, indicating substantial market growth potential [4][22]. Company Position and Competitive Advantages - Mountain Outside Mountain is a leading enterprise in the domestic blood purification field, with a comprehensive layout across the upstream, midstream, and downstream of the blood dialysis industry chain. Despite fluctuations in revenue and profit in recent years, the company's market share and product approval status remain stable [3]. - The company has advantages in both equipment and consumables, with a full range of self-owned consumables. The partnership with Swiss Dialife to produce the Delaif dialysis machine, utilizing steam sterilization technology, enhances product quality and market competitiveness [5][8]. - The management team is stable, with founder Gao Guangyong holding a 24% stake and being a core technical figure, contributing to the company's strong competitive edge in blood purification [8]. Financial Performance and Growth Projections - Revenue and profit are expected to maintain a compound annual growth rate (CAGR) of around 30% over the next three years. Currently, 70% of revenue comes from equipment, 20% from consumables, and 10% from medical services [7]. - Despite a downturn in 2024 due to public health events and medical corruption, a significant recovery is anticipated in 2025, driven by better-than-expected equipment procurement data and consumable hospital admission rates [7]. International Market Expansion - The company has actively expanded into overseas markets, with significant sales growth in Brazil, Russia, and Southeast Asia. Although overseas revenue currently represents a small proportion, it has shown remarkable growth, with a 91% year-on-year increase in 2023 and a projected 30% increase in 2024 [6][18]. - Mountain Outside Mountain exports to nearly 90 countries, achieving thousands of installations and serving hundreds of thousands of kidney disease patients globally [18]. Regulatory and Policy Impact - Recent policies have promoted the development of the domestic blood dialysis industry and domestic substitution. For instance, new equipment configuration standards for county-level hospitals have driven demand for related devices and consumables [14]. - The collective procurement policy initiated in 2020 has led to significant price reductions, with an average drop of 53% across 23 provinces in 2024, which has a relatively minor impact on the company's ex-factory prices [15]. Valuation and Investment Potential - The company's current valuation is considered low, with steady improvements in gross margin, net profit margin, and operating profit margin over the past five years. This positions Mountain Outside Mountain as a company with good long-term investment value [9][20]. - The company’s revenue recognition method, which confirms income after terminal installations, alleviates inventory pressure from distributors, allowing for rapid performance reflection in financial statements once bidding data improves [21]. Conclusion - The blood purification industry presents a long-term growth trajectory, with Mountain Outside Mountain positioned as a leader in both equipment and consumables. The company’s international business, currently at 15% of total revenue, has significant growth potential, further catalyzing long-term performance [22].

Core Viewpoint - The company, Shanwaishan, is experiencing growth in its blood purification equipment sales and is well-positioned in the expanding domestic blood dialysis market due to increasing ESRD patient numbers and supportive government policies [2][3][5]. Industry Overview - The number of ESRD patients in China increased from 3.025 million in 2019 to 4.126 million in 2023, with a compound growth rate (CGR) of 8.1%, which is significantly higher than the global growth rate of 5.1% [2]. - The percentage of ESRD patients receiving dialysis treatment in China is approximately 26%, which is below the global average of 37% and significantly lower than the average of 75% in developed countries, indicating substantial market potential for blood dialysis services [2]. Company Performance - In Q1 2025, Shanwaishan's blood purification equipment achieved revenue of 127.49 million yuan, with strong growth in both domestic and international markets [3]. - The company's blood purification consumables generated revenue of 43.26 million yuan in Q1 2025, with a year-on-year growth of 123.46% [5][6]. - The medical services segment reported revenue of 16.27 million yuan in Q1 2025, reflecting a year-on-year increase of 43.52% [6]. Competitive Advantages - Shanwaishan maintains a strong competitive edge through technological innovation, product quality, brand influence, and rapid service response [4]. - The company has established a national-level technology innovation platform and a comprehensive quality management system, ensuring product safety and reliability [4]. - As the only Sci-Tech Innovation Board listed company in the blood purification industry, Shanwaishan's brand recognition is increasing, enhancing market trust and acceptance [4]. Market Trends and Policies - The Chinese government is promoting policies to enhance the efficiency of medical equipment funding and reduce financing costs for equipment updates, which is expected to increase demand for blood dialysis equipment in hospitals [5][6]. - The company is actively monitoring and participating in the implementation of relevant procurement policies to capitalize on market opportunities [6].

Group 1 - The core business of the company is the research, production, and sales of blood purification equipment and consumables, as well as providing chain blood dialysis medical services [2] - The company has received multiple national and departmental awards for its projects, including the National Science and Technology Progress Award (Second Class) [2] - As of March 31, 2025, the company had a total market capitalization of 4.437 billion yuan and a rolling price-to-earnings (PE) ratio of 60.24, which is higher than the industry average of 51.05 [1][3] Group 2 - The latest quarterly report for Q1 2025 shows the company achieved a revenue of 189 million yuan, representing a year-on-year increase of 16.77%, and a net profit of 37.064 million yuan, with a year-on-year increase of 8.10% [2] - The company's gross profit margin stands at 46.72% [2] - The average PE ratio in the medical device industry is 51.05, with a median of 36.62, positioning the company at the 90th rank within the industry [1][3]