证券代码：688410 证券简称：山外山 公告编号：2025-057 重庆山外山血液净化技术股份有限公司 2024 年员工持股计划股份回购注销实施公告 （一）2025年8月19日，公司召开的第三届董事会第二十次会议审议通过了 《关于公司2024年员工持股计划股份回购注销暨提前终止的议案》，具体内容详 见公司于2025年8月20日在上海证券交易所网站（www.sse.com.cn）披露的《关 于公司2024年员工持股计划股份回购注销暨提前终止的提示性公告》（公告编号： 2025-041）。 （二）2025年9月4日，公司召开的2025年第二次临时股东大会审议通过了《关 于公司2024年员工持股计划股份回购注销暨提前终止的议案》，具体内容详见公 司于2025年9月5日在上海证券交易所网站（www.sse.com.cn）上披露的《2025 年第二次临时股东大会决议公告》（公告编号：2025-047）。 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、准确性和完整性承担法律责任。 重要内容提示： 回购注销原因：鉴于重庆山外山血液净化技术股份有限公司（以下简称 "公 ...

Core Points - The company announced a share buyback and cancellation of 1.715 million shares due to unmet performance targets for the 2024 employee stock ownership plan [1] - In 2024, the company's revenue was 567 million yuan and net profit was 69 million yuan, which did not meet the target values [1] - The share buyback is expected to be completed by November 17, 2025, resulting in a reduction of total shares from 321,315,646 to 319,600,622 [1] - Following the cancellation, the shareholding percentage of major shareholder Dajiankang and its concerted party Liyuan Jiankun will increase from 8.97% to 9.01% [1]

Core Viewpoint - The stock of Chongqing Shanwaishan Blood Purification Technology Co., Ltd. has shown significant price movements and financial growth, indicating potential investment opportunities in the medical device sector [1][2]. Company Overview - Chongqing Shanwaishan was established on March 26, 2001, and listed on December 26, 2022. The company specializes in the research, production, and sales of blood purification equipment [1]. - The company's revenue composition includes 66.12% from blood purification equipment, 23.89% from blood purification consumables, 8.31% from medical services, and 1.68% from other sources [1]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 584 million yuan, representing a year-on-year growth of 39.79%. The net profit attributable to shareholders was 104 million yuan, reflecting a year-on-year increase of 68.68% [2]. - As of September 30, 2025, the company has distributed a total of 104 million yuan in dividends since its A-share listing [3]. Stock Performance - As of November 12, the stock price increased by 2.06% to 16.84 yuan per share, with a total market capitalization of 5.411 billion yuan. The stock has risen by 52.26% year-to-date, although it has seen a decline of 2.15% in the last five trading days [1]. - The stock's trading volume on November 12 was 18.742 million yuan, with a turnover rate of 0.48% [1]. Shareholder Information - The number of shareholders increased by 26.20% to 10,300 as of September 30, 2025, while the average circulating shares per person decreased by 20.76% to 22,805 shares [2]. - Notable institutional shareholders include Penghua Medical Technology Stock A and Bosera Healthcare Mixed A, holding 5.182 million shares and 3.257 million shares, respectively [3].

Core Insights - The National Health Commission released implementation opinions to promote and regulate the application of "Artificial Intelligence + Healthcare," outlining eight key application areas and development goals for 2027 and 2030 [1][2]. Group 1: Key Application Areas - The eight key areas identified include AI + grassroots applications, AI + clinical diagnosis, AI + patient services, AI + traditional Chinese medicine, AI + public health, AI + research and education, AI + industry governance, and AI + health industry [2][3]. - The focus on grassroots applications aims to enhance intelligent services in areas such as medical imaging, ECG diagnosis, and public health management [3]. Group 2: Development Goals - By 2027, the goal is to establish high-quality health data sets and intelligent applications in clinical settings, with a focus on major diseases and enhancing diagnostic capabilities [2][4]. - By 2030, the aim is for intelligent applications in grassroots diagnosis to achieve full coverage, with advanced AI applications in secondary and tertiary hospitals [2]. Group 3: Company Opportunities - A-share companies like Shanhai Mountain, Yunnan Baiyao, and Aojiahua have already made early investments in AI + healthcare, positioning themselves to benefit from the policy's support [1][4]. - Companies such as Keda Xunfei and Yunkang Life are developing AI solutions for imaging and comprehensive healthcare services, enhancing patient experience and operational efficiency [4][5]. Group 4: Focus on Medical Robots - The implementation opinions emphasize the promotion of intelligent medical devices, including rehabilitation and acupuncture robots, indicating a growing market for AI-driven medical equipment [5]. - Companies like Aojiahua are developing smart massage robots based on traditional Chinese medicine principles, showcasing innovation in the sector [5]. Group 5: Patient Services and Research - The implementation opinions highlight the need for AI to enhance patient services, including intelligent appointment scheduling and pre-consultation services in hospitals [5][6]. - Companies like Yunnan Baiyao are advancing drug research through AI systems that predict the effects of new molecules, indicating a trend towards integrating AI in pharmaceutical research [6].

重庆山外山血液净化技术股份有限公司 2025 年第三次临时股东大会会议资料 证券代码：688410 证券简称：山外山 重庆山外山血液净化技术股份有限公司 2025 年第三次临时股东大会 会议资料 2025 年 11 月 14 日 重庆山外山血液净化技术股份有限公司 2025 年第三次临时股东大会会议资料 目录 | 1 | 2025 年第三次临时股东大会会议须知 | | --- | --- | | 3 | 2025 年第三次临时股东大会会议议程 | | 5 | 2025 年第三次临时股东大会会议议案 | | 5 | 议案一：关于续聘 2025 年度会计师事务所的议案 | | 议案二：关于取消监事会、变更注册资本和经营范围、修订《公司章程》并办理 | | | 工商变更登记的议案 9 | | | 议案三：关于修订及制定公司部分内部治理制度的议案 12 | | 重庆山外山血液净化技术股份有限公司 2025 年第三次临时股东大会会议资料 重庆山外山血液净化技术股份有限公司 2025 年第三次临时股东大会会议须知 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《中华人民共和国公司法》、中国证监 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 22 yuan, which corresponds to a dynamic price-to-earnings ratio of 44 times for 2025 [4][6]. Core Insights - The company reported a significant revenue increase of 61.66% year-on-year for Q3 2025, reaching 227 million yuan, while net profit surged by 205.5% to 49 million yuan, driven by a recovery in industry procurement activities and an increase in market share [2][4]. - The company has been focusing on the development and layout of blood purification consumables, achieving a 91.9% year-on-year growth in self-produced consumables revenue, amounting to 65 million yuan by mid-2025 [3][4]. Financial Performance Summary - For 2023A, the main revenue is projected at 690 million yuan, with net profit at 194 million yuan and an earnings per share (EPS) of 0.61 yuan. The revenue growth rate is expected to be 80.7% [9]. - The forecast for 2025E includes a main revenue of 801 million yuan, net profit of 160 million yuan, and an EPS of 0.50 yuan, with a net profit growth rate of 125% [9]. - The company anticipates revenue growth rates of 41.2%, 29.6%, and 26.5% for the years 2025, 2026, and 2027, respectively, with net profit growth rates of 125%, 31.3%, and 30.7% during the same period [4][9].

Core Points - The company will hold a performance briefing for the third quarter of 2025 on November 11, 2025, from 09:00 to 10:00 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online text interaction format [3][4] - Investors can submit questions from November 4 to November 10, 2025, and the company will address common concerns during the briefing [2][4] Meeting Details - The meeting will be attended by key personnel including the Chairman and General Manager, Mr. Gao Guangyong, and the Financial Director and Secretary of the Board, Ms. Yu Shangling [4] - Investors can participate online through the Shanghai Stock Exchange Roadshow Center website [4][6] - After the meeting, the main content and details will be available for review on the same website [6][7]

证券代码：688410 证券简称：山外山 公告编号：2025-056 本次投资者说明会以网络文字互动形式召开，公司将针对 2025 年第三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点及方式 重庆山外山血液净化技术股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 11 日 （星期二）09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 11 月 4 日（星期二）至 11 月 10 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dmb@swskj.com 进行提问。公司将在说明会上对 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company reported a significant revenue growth of 39.79% year-on-year, reaching 584 million yuan for the first three quarters of 2025, with a net profit increase of 68.68% to 104 million yuan [4][8] - In Q3 2025, the company achieved a revenue of 227 million yuan, marking a 61.66% increase year-on-year, and a net profit of 49 million yuan, which is a remarkable growth of 205.50% [4][8] - The growth in revenue is attributed to accelerated industry procurement and an increase in market share, particularly in equipment sales and self-produced consumables [4][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company’s gross margin increased by 0.98 percentage points to 48.52% [7] - The company’s self-produced consumables revenue reached 65 million yuan in the first half of 2025, a year-on-year increase of 91.90% [6] - The projected revenues for 2025-2027 are 797 million, 1,015 million, and 1,264 million yuan, with corresponding net profits of 160 million, 209 million, and 267 million yuan, indicating growth rates of 125.81%, 30.51%, and 27.69% respectively [8][11] Market Position - As of September 2025, the company holds a market share of 21.74% in the blood dialysis machine sector, ranking first in the industry [5] - The company’s market share for Continuous Renal Replacement Therapy (CRRT) is 18%, maintaining its leading position [5] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts showing a compound annual growth rate (CAGR) of 40.50% for 2025 [8][11] - The earnings per share (EPS) are projected to increase from 0.50 yuan in 2025 to 0.83 yuan in 2027, reflecting a positive outlook for profitability [8][11]

Investment Rating - The industry investment rating is maintained at "Outperform" [3][52]. Core Insights - In September 2025, the total bid amount for medical devices reached 15.534 billion yuan, showing a month-on-month increase of 18% but a year-on-year decrease of 3%. The total bid amount from January to September 2025 was 125.908 billion yuan, reflecting a year-on-year growth of 42% [4][9]. Summary by Sections Medical Device Procurement Overview - The total bid amount for medical devices in September 2025 was 15.534 billion yuan, with a month-on-month increase of 18% and a year-on-year decrease of 3%. The cumulative bid amount from January to September 2025 was 125.908 billion yuan, representing a year-on-year increase of 42% [4][9]. Domestic Brands - **United Imaging**: In September 2025, the total bid amount was 836 million yuan, a year-on-year increase of 23%. From January to September 2025, the total was 7.871 billion yuan, up 55% year-on-year [5][13]. - **Myray Medical**: The total bid amount in September 2025 was 999.2 million yuan, a year-on-year increase of 14% and a month-on-month increase of 18%. The cumulative amount from January to September was 6.898 billion yuan, reflecting a year-on-year growth of 43% [17][18]. - **Kaili Medical**: The total bid amount in September 2025 was 162 million yuan, a year-on-year increase of 65%. The cumulative amount from January to September was 1.067 billion yuan, up 94% year-on-year [25][26]. - **Wandong Medical**: The total bid amount in September 2025 was 130 million yuan, a year-on-year increase of 51%. The cumulative amount from January to September was 1.066 billion yuan, reflecting a year-on-year growth of 98% [33][34]. - **Shanwaishan**: The total bid amount in September 2025 was 66 million yuan, a year-on-year increase of 25%. The cumulative amount from January to September was 349 million yuan, up 134% year-on-year [29][30]. Imported Brands - **Philips**: The total bid amount in September 2025 was 980 million yuan, a year-on-year increase of 36%. The cumulative amount from January to September was 6.701 billion yuan, reflecting a year-on-year growth of 32% [36][37]. - **Siemens**: The total bid amount in September 2025 was 1.014 billion yuan, a year-on-year increase of 8%. The cumulative amount from January to September was 8.502 billion yuan, up 42% year-on-year [40][41]. - **GE Medical**: The total bid amount in September 2025 was 1.288 billion yuan, a year-on-year increase of 6%. The cumulative amount from January to September was 9.822 billion yuan, reflecting a year-on-year growth of 36% [44][45].