Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company, Shanwaishan, is a leading domestic player in blood purification devices, achieving a revenue CAGR of 48.40% from 2019 to 2023, with a return to growth in 2025, showing a 39.79% year-on-year revenue increase in the first three quarters [5][6] - The blood purification device market in China is expected to exceed 50 billion yuan by 2030, driven by policy support and the growing demand for dialysis services, positioning Shanwaishan as a key player in the import substitution trend [6][18] - The company has established a comprehensive product line in blood purification, including devices and consumables, with significant technological advantages and cost optimization through in-house production [7][19] Summary by Sections 1. Company Overview - Shanwaishan, established in 2001, focuses on the research, production, and sales of blood purification devices and consumables, providing comprehensive solutions for kidney disease and critical care patients [21] - The company is privately held, with the largest shareholder holding approximately 25% of the shares [24] 2. Market Growth and Demand - The number of end-stage renal disease (ESRD) patients in China is rapidly increasing, with 4.12 million patients in 2023, and the treatment rate is only 29.6%, indicating significant growth potential for blood purification services [6][51] - The blood purification market is projected to reach 51.5 billion yuan by 2030, with policies promoting domestic medical equipment driving demand [6][18] 3. Product and Technology Development - Shanwaishan has developed a full product matrix covering all scenarios in blood purification, with competitive pricing and performance comparable to international brands [7][19] - The company has a strong R&D capability, with 19.28% of its workforce in R&D and a stable R&D expense ratio exceeding 9.5% [8][20] 4. Financial Performance and Forecast - The company’s revenue is expected to reach 787 million yuan in 2025, with a year-on-year growth rate of 38.7%, and net profit is projected to be 131 million yuan, reflecting an 84.3% increase [8][10] - The gross margin is expected to improve, driven by increased market share and operational efficiency [31][40] 5. International Expansion - Shanwaishan has made significant strides in international markets, with overseas revenue growing at a CAGR of 45.89% over the past five years, accounting for 24.30% of total revenue in the first half of 2025 [8][20]

Group 1 - Zhongyuan Neipei plans to acquire 59% stake in Zhongyuan Jikean for 143 million yuan, making it a wholly-owned subsidiary [1] - HNA Holding reports a 2.8% year-on-year increase in passenger transport volume for December 2025, with international passenger transport volume up by 21.95% [2] - Haolai Ke expects a net profit decrease of 75.16% to 83.23% for 2025, projecting a profit of 13.5 million to 20 million yuan [3] Group 2 - Chengdu Investment Holdings reports a 71.41% year-on-year decrease in signed sales amount for Q4 2025, totaling 2.318 billion yuan [4] - Zhong Rare Metals signs a strategic cooperation agreement with Xian Dao Group to enhance market share in rare metals [5] - Bofei Electric plans to invest 23.38 million yuan in Haining Qiyuan alongside its controlling shareholder [6] Group 3 - Rongchang Bio plans to increase the maximum repurchase price to 116 yuan per share [7] - Filihua's controlling shareholders and executives plan to reduce their holdings by up to 1.05% of the company's shares [8] - Jiu Zhi Tang's general manager plans to reduce holdings by up to 2% of the company's shares [10] Group 4 - Aerospace Development's controlling shareholder reduced 12.26 million shares during stock trading fluctuations [11] - Nong Shang Environment's subsidiary faces delays in a computing infrastructure project due to funding issues [12] - Xinhua Department Store denies rumors of injecting semiconductor assets into the company [13] Group 5 - Jin Ao Bo expects a net profit increase of 40.24% to 59.58% for 2025, projecting a profit of 174 million to 198 million yuan [21] - Zhejing Pharmaceutical receives approval for clinical trials of ZGGS18 and ZG005 for advanced solid tumors [22] - Guangdong Hongtu anticipates a net profit decrease of 7.99% to 17.87% for 2025, projecting a profit of 341 million to 382 million yuan [23] Group 6 - Aijian Group expects to report a net loss for 2025 [24] - Shuangliang Energy also anticipates a net loss for 2025 [25] - Jia Mei Packaging announces early redemption of convertible bonds due to stock price conditions [26] Group 7 - Jindao Technology plans to issue convertible bonds to raise up to 306 million yuan for various projects [27] - Xinlei Co. extends the lock-up period for shares held by its controlling shareholder and actual controllers until January 19, 2027 [28] - Genesis expects a net profit decrease of 30% to 45% for 2025, projecting a profit of 131 million to 166 million yuan [29] Group 8 - Defu Technology plans to repurchase shares for employee stock ownership plans, with a budget of 75 million to 150 million yuan [30] - Huasheng Tiancheng states that AI-related revenue is currently a small portion of overall revenue [32] - Hongchuan Wisdom's shareholder plans to reduce holdings by up to 2% of the company's shares [33] Group 9 - Century Huatong's subsidiary plans to invest 50 million yuan in a financial development fund [34] - Liou shares will be suspended for trading due to significant stock price fluctuations [35] - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD [36] Group 10 - Mountain Outside Mountain's shareholder plans to reduce holdings by up to 1% of the company's shares [37] - Keheng Co. plans to sign a cooperation framework agreement with Gree Supply Chain for procurement [38] - Tian Sheng New Materials announces a change in actual controller and resumes trading [40] Group 11 - Xinghua New Materials plans to acquire at least 51% of Tian Kuan Technology for cash [41] - Rongbai Technology continues to delay responses to the Shanghai Stock Exchange's inquiries, leading to ongoing stock suspension [42] - Longxin Zhongke's shareholders plan to reduce holdings by up to 3.03% of the company's shares [43]

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership and investor sentiment in the market [1]. Shareholder Reductions - **New Chai Co., Ltd.**: General Manager Zhu Guanlan plans to reduce holdings by up to 1% [1]. - **Ruizhi Pharmaceutical**: Shareholders Liang Yufeng and Yu Xianwen intend to collectively reduce their stakes by no more than 6% [1]. - **Aidi Te**: Shareholders Junlian Xinkang and HAL plan to reduce their stakes by up to 3% [1]. - **Feiwo Technology**: Shareholder Chang Defuwo intends to reduce holdings by up to 1% [1]. - **Feili Hua**: The actual controller plans to reduce holdings by up to 1% [1]. - **Shanwaishan**: Major shareholder Liu Yunjun plans to reduce holdings by no more than 1% [1]. - **Hongchuan Wisdom**: Shareholder Hongchuan Supply Chain intends to reduce holdings by up to 2% [1]. - **Jiuzhitang**: General Manager Li Zhengguo plans to reduce holdings by no more than 2% [1]. - **Yifan Transmission**: Chairman Liu Jincheng intends to reduce holdings by up to 3% [1]. - **Zhongyuan Home**: Chairman and General Manager Cao Yong plan to collectively reduce holdings by 2.51% [1]. - **Huafeng Aluminum**: Shareholder You Xiaohua has completed a reduction of 2.17% [1]. - **Beijing Renli**: Shareholder Tianjin Rongheng reduced holdings by 6.0399 million shares [1]. - **Hu Silicon Industry**: Major shareholder Da Fund has cumulatively reduced holdings by 0.97% [1]. Other Notable Information - **ST Huawang**: The company's stock may face delisting [1]. - **Kunlun Wanwei**: The company expects a negative net profit attributable to shareholders for the year 2025 [1].

Core Viewpoint - On January 15, several A-share listed companies disclosed their share repurchase and reduction plans, indicating varying levels of confidence among shareholders in the market [1][3]. Group 1: Share Repurchase - Luxshare Precision plans to repurchase shares worth between 1 billion to 2 billion yuan [2]. - Guocera Materials has obtained a commitment letter for a special loan for share repurchase not exceeding 180 million yuan [4]. Group 2: Share Reduction - Longxin Technology's shareholders plan to reduce their holdings by no more than 3.03% [5]. - Ningshui Group's shareholders intend to reduce their holdings by no more than 2.75% [5]. - Shanwaishan's shareholder Liu Yunjun plans to reduce his holdings by no more than 1.00% [5]. - Hongchuan Wisdom's shareholders plan to reduce their holdings by no more than 2% [5]. - Filihua's actual controller, directors, and executives plan to collectively reduce their holdings by no more than 1.05% [5]. - Aerospace Development's largest shareholder reduced 12.2609 million shares during the fluctuation period and plans to reduce more shares at an opportune time [5]. - Jiuzhitang's shareholder Li Zhengguo plans to reduce his holdings by no more than 2% [5]. - Hushi Silicon Industry's largest shareholder reduced a total of 32.0113 million shares from January 9 to January 15 [5]. - Aidi Te's shareholders Junlian Xinkang and HAL plan to collectively reduce their holdings by no more than 3.00% [5]. - New Chai Co.'s shareholder Zhu Guanlan plans to reduce his holdings by no more than 1% [5].

（编辑 任世碧） 证券日报网讯 1月15日，山外山发布公告称，截至本公告披露日，公司大股东及第三届董事会的原董事 刘运君女士持有公司股份的总数量39，325，212股，占公司股份总数的12.30%。大股东刘运君女士因 自身资金需求，拟通过集中竞价交易的方式减持其所持有的公司首次公开发行前股份及资本公积转增股 本取得股份合计不超过3，196，006股，本次减持比例合计不超过公司总股本1.00%，自本减持计划公 告披露之日起15个交易日后的3个月内（2026年2月9日至2026年5月8日）实施。 ...

山外山(688410.SH)发布公告，大股东刘运君因自身资金需求，拟通过集中竞价交易的方式减持其所持 有的公司首次公开发行前股份及资本公积转增股本取得股份合计不超过319.6万股，本次减持比例合计 不超过公司总股本1%，自本减持计划公告披露之日起15个交易日后的3个月内(2026年2月9日至2026年5 月8日)实施。 ...

Core Viewpoint - The major shareholder Liu Yunjun of the company intends to reduce his holdings through centralized bidding, affecting up to 319.6 million shares, which represents no more than 1% of the company's total share capital [1] Group 1 - The reduction plan will be executed within three months, starting from February 9, 2026, to May 8, 2026 [1] - The shares involved include those acquired before the company's initial public offering and those obtained through capital reserve conversion [1]

重庆山外山血液净化技术股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持有股份的基本情况 截至本公告披露日，重庆山外山血液净化技术股份有限公司（以下简称"公 司""山外山""发行人"）大股东及第三届董事会的原董事刘运君女士持有公司 股份的总数量 39,325,212 股，占公司股份总数的 12.30%。上述股份来源于公司 首次公开发行前股份及资本公积转增股本取得和二级市场买入，其中首次公开发 行前股份及资本公积转增股本取得股份已于 2023 年 12 月 26 日起上市流通。 减持计划的主要内容 证券代码：688410 证券简称：山外山 公告编号：2026-003 大股东刘运君女士因自身资金需求，拟通过集中竞价交易的方式减持其所持 有的公司首次公开发行前股份及资本公积转增股本取得股份合计不超过 3,196,006 股，本次减持比例合计不超过公司总股本 1.00%，自本减持计划公告 披露之日起 15 个交易日后的 3 个月内（2026 年 2 月 9 日至 ...

格隆汇1月15日丨山外山(688410.SH)公布，大股东刘运君女士因自身资金需求，拟通过集中竞价交易的 方式减持其所持有的公司首次公开发行前股份及资本公积转增股本取得股份合计不超过319.6万股，本 次减持比例合计不超过公司总股本1.00%，自本减持计划公告披露之日起15个交易日后的3个月内 （2026年2月9日至2026年5月8日）实施。减持价格将按照减持实施时的市场价格确定。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——不到20万元，就能买特斯拉了？"廉价版"Model 3或进入中国市场，续航里 程480公里！关于自动驾驶，美国市场也有大调整 每经AI快讯，山外山1月15日晚间发布公告称，大股东刘运君女士因自身资金需求，拟通过集中竞价交 易的方式减持其所持有的公司首次公开发行前股份及资本公积转增股本取得股份合计不超过约320万 股，本次减持比例合计不超过公司总股本1%，自本减持计划公告披露之日起15个交易日后的3个月内实 施。减持价格将按照减持实施时的市场价格确定。若在减持计划实施期间公司发生送红股、资本公积转 增股本、增发新股、注销回购股份或配股等导致总股本变动的事项的，减持股份数将进行相应调整。 ...