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]

Core Insights - The company, Chongqing Shanwaishan Blood Purification Technology Co., Ltd., specializes in the research, production, and sales of blood purification equipment and consumables, as well as providing chain blood dialysis medical services [2] Financial Performance - For Q1 2025, the company reported a revenue of 189 million yuan, representing a year-on-year increase of 16.77% [2] - The net profit for the same period was 37.06 million yuan, showing a year-on-year growth of 8.10% [2] - The sales gross margin stood at 46.72% [2] Market Position - As of June 23, the company's stock closed at 13.47 yuan, with a 1.28% increase, resulting in a rolling price-to-earnings (PE) ratio of 58.76 times [1] - The total market capitalization of the company is 4.328 billion yuan [1] - In comparison to the industry, the average PE ratio for the medical device sector is 48.89 times, with a median of 35.79 times, placing the company at the 93rd position in the industry ranking [1][3] Shareholding Structure - As of Q1 2025, there are 8 institutions holding shares in the company, including 4 funds, with a total holding of 65.8456 million shares valued at 739 million yuan [1]

Investment Rating - The industry investment rating is "Outperform the Market" [4][46]. Core Viewpoints - The total bid amount for medical devices in May 2025 reached 13.43 billion yuan, representing a year-on-year increase of 69% and a cumulative total of 71.45 billion yuan from January to May, with a year-on-year growth of 72% [5][11]. - Domestic medical device companies showed significant growth, with notable increases in ultrasound and endoscope categories [6][20][23]. - Imported brands also experienced rapid growth, particularly in CT equipment, which saw a year-on-year increase of 282% for Siemens in May [7][35]. Summary by Sections Medical Device Procurement Overview - The total bid amount for May 2025 was 13.43 billion yuan, a 69% increase year-on-year, while the cumulative total for January to May was 71.45 billion yuan, up 72% year-on-year [11][12]. Domestic Brands - Major domestic companies like Mindray, United Imaging, and Aohua Endoscopy reported substantial growth in bid amounts, with Mindray achieving 8.19 billion yuan in May, a 56% increase year-on-year [17][18]. - Aohua Endoscopy's bid amount in May was 0.35 billion yuan, reflecting a remarkable 242% year-on-year growth [20][21]. - Other companies like KAILI and Shanfeng also reported significant increases, with KAILI's bid amount growing by 137% in May [23][24]. Imported Brands - Philips reported a bid amount of 6.11 billion yuan in May, a 62% increase year-on-year, while Siemens achieved 11.57 billion yuan, marking a 112% increase [32][35]. - GE's bid amount reached 9.54 billion yuan in May, reflecting a 47% year-on-year growth [38][39]. - The CT segment for Siemens saw a staggering 282% increase in May, highlighting the strong demand for advanced imaging technologies [35][36].

Investment Rating - The report gives a "Buy" rating for the company [8] Core Views - The company is a leading domestic player in blood purification equipment with a comprehensive layout across the entire industry chain, indicating a promising future [4][8] - The blood purification equipment market in China is expected to grow at a compound annual growth rate (CAGR) of 15%, driven by policy support and increasing demand for dialysis services [4][46] - The company has successfully expanded its business from blood purification equipment to a full range of dialysis services, enhancing its competitive edge [15][20] Summary by Sections 1. Company Overview - The company started with blood purification equipment and has gradually expanded into the entire dialysis industry chain, including self-manufactured consumables and medical services [15][16] - As of May 2025, the company has obtained multiple medical device registrations for its blood purification equipment, including dialysis machines and CRRT devices [16] 2. Market Potential - The market for blood purification equipment is expected to benefit from the recovery of procurement policies and equipment upgrades, with significant growth potential [4][36] - The penetration rate of ESRD patients receiving treatment in China is only 1/4 of that in Japan, indicating a large unmet demand [49] 3. Competitive Advantages - The company's blood purification devices offer a competitive price-performance ratio, with significant market share growth in both domestic and international markets [5][24] - The company has achieved a domestic market share of 16.8% in blood purification equipment, ranking first among domestic manufacturers [5][8] 4. Revenue and Profitability Forecast - The company is projected to achieve revenues of 709 million, 878 million, and 1.072 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 141 million, 186 million, and 240 million yuan [8][10] - The gross profit margin has shown an upward trend, supported by increased sales and operational efficiencies [27][29] 5. Future Growth Drivers - The company is expected to benefit from a strong recovery in equipment procurement and a wave of equipment upgrades starting in 2024, which will drive market growth [52][53] - The increasing number of dialysis centers and the rising number of patients receiving dialysis treatment will further enhance market demand [41][45]

Core Viewpoint - The company announced a cash dividend distribution of CNY 0.10 per share (including tax) for the fiscal year 2024, approved at the annual shareholders' meeting on May 12, 2025 [2][4]. Distribution Plan - The dividend distribution is for the fiscal year 2024, targeting all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [3]. - The total share capital of the company is 321,315,646 shares, with 1,666,341 shares held in a repurchase account excluded from the distribution, resulting in 319,649,305 shares eligible for the dividend [6]. - The total cash dividend to be distributed amounts to CNY 31,964,930.50 (including tax), which represents 45.09% of the net profit attributable to shareholders for the year [4][6]. Differentiated Dividend Distribution - The company will implement a differentiated dividend distribution plan, with a cash dividend of CNY 1.00 per 10 shares (including tax) [4]. - The total amount for cash dividends and share repurchases combined is CNY 81,959,591.13, exceeding the net profit attributable to shareholders by 115.62% [4]. Taxation Details - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of CNY 0.10 per share [10]. - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, with tax obligations calculated upon the sale of shares [11]. - Non-resident enterprises and qualified foreign institutional investors (QFII) will have a withholding tax of 10%, leading to a net cash dividend of CNY 0.09 per share [12][13]. Implementation Method - The dividends will be distributed through the China Securities Depository and Clearing Corporation's clearing system to shareholders who have registered their designated trading accounts [8]. - Shares held in the repurchase account will not participate in the profit distribution [9].

西部证券股份有限公司 关于重庆山外山血液净化技术股份有限公司 1 用证券账户中的股份发生变动的,拟维持每股分配比例不变,相应调整分配总额。 二、申请特殊除权除息处理的依据,具体除权除息方案及计算公式 (一)申请特殊除权除息处理的依据 差异化权益分派事项的核查意见 西部证券股份有限公司(以下简称"西部证券"、"保荐人")作为重庆山外 山血液净化技术股份有限公司(以下简称"山外山"、"公司")持续督导工作的 保荐人,根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行上 市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所 上市公司自律监管指引第 7 号 -- 回购股份》和《上海证券交易所上市公司自律 监管指南第 2 号 -- 业务办理》等相关法律法规及规范性文件的规定,对山外 山差异化权益分派事项进行了审慎核查,核查情况如下: 一、本次差异化权益分派方案 2025年5月12 日,山外山 2024年年度股东大会审议通过了《关于 2024 年度利润分配方案的议案》,具体利润分配方案如下: 公司拟向全体股东每 10 股派发现金红利 1.00 元(含税)。截至 2025 年 4 月 21 ...

证券代码：688410 证券简称：山外山 公告编号：2025-030 重庆山外山血液净化技术股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/16 | 2025/6/17 | 2025/6/17 | 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.10元（含税） 相关日期 1. 发放年度：2024年年度 2. 分派对象： 规定，公司回购的股份不享有股东会表决权、利润分配、公积金转增股本、认购 新股和配股等权利。 3. 差异化分红送转方案： （1） 差异化分红方案 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经重庆山外山血液净化技术股份有限公司（以下简称"公 司"）2025 年 5 月 12 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下 ...

Core Viewpoint - The company has approved a differentiated cash dividend distribution plan, proposing a cash dividend of 0.10 yuan per share (including tax) for the fiscal year 2024, which was approved at the annual shareholders' meeting on May 12, 2025 [1][2]. Dividend Distribution Plan - The company plans to distribute a total cash dividend of approximately 31,964,930.50 yuan (including tax), which represents 45.09% of the net profit attributable to shareholders for the year [2]. - The total share capital of the company is 321,315,646 shares, with 1,666,341 shares held in a repurchase account excluded from the distribution [2][3]. - The actual number of shares participating in the profit distribution is 319,649,305 shares, leading to a cash dividend of 0.10 yuan per share [3][4]. Tax Implications - For individual shareholders holding unrestricted shares for over one year, the cash dividend is exempt from personal income tax, while those holding for one year or less will have tax withheld upon stock transfer [5][6]. - For limited shares, the tax treatment varies based on the holding period, with a 10% tax rate applied to dividends for non-resident enterprises and QFIIs [7][8]. Important Dates - The key dates for the dividend distribution include the record date, ex-dividend date, and cash dividend payment date, which are specified in the announcement [1][5].