Core Viewpoint - The company expects a significant increase in net profit for 2025, with projections indicating a growth of 98.00% to 125.00% year-on-year, driven by its leading position in the domestic blood purification equipment market and enhanced sales of self-produced consumables [1] Group 1: Financial Projections - The projected net profit attributable to shareholders for 2025 is estimated to be between 140 million to 159 million yuan [1] - The projected net profit excluding non-recurring gains and losses is expected to be between 134 million to 154 million yuan, reflecting a year-on-year increase of 135.00% to 170.00% [1] Group 2: Business Drivers - The company's leading position in the blood purification equipment sector, supported by technological advantages and strong brand effects, has led to an increase in market share and steady growth in sales revenue [1] - There has been a significant increase in sales revenue from self-produced blood purification consumables during the reporting period [1] - The rise in production and sales volume has resulted in a decrease in fixed costs per unit for self-produced consumables, leading to an improvement in gross profit margin and overall profitability [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 140 million to 159 million yuan in 2025, representing an increase of 69.4686 million to 88.6079 million yuan compared to the previous year, which is a year-on-year increase of 98% to 125% [1] Financial Performance - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between 134 million to 154 million yuan, with an increase of 77.1902 million to 97.2024 million yuan compared to the previous year, indicating a year-on-year growth of 135% to 170% [1] Market Position - The company is a leading domestic player in blood purification equipment, leveraging its technological advantages and strong brand effect to continuously increase its market share [1] - The sales revenue of the company's self-produced blood purification consumables has significantly increased during the reporting period [1]

Core Viewpoint - The company expects a significant increase in net profit for the year 2025, projecting a range of 140.35 million to 159.49 million yuan, representing a year-on-year growth of 98% to 125% [1] Financial Performance - The projected non-net profit is estimated to be between 134.37 million and 154.38 million yuan, indicating a year-on-year increase of 135% to 170% [1] - The previous year's net profit was 70.89 million yuan, while the non-net profit was 57.18 million yuan [1] Growth Drivers - The anticipated growth in performance is attributed to an increase in market share of products, a significant rise in sales revenue from consumables, and an improvement in gross profit margin [1]

Core Viewpoint - The company, Shanwaishan (688410.SH), is expected to achieve a significant increase in net profit for the year 2025, indicating strong financial growth driven by its leading position in the blood purification equipment market [1] Financial Performance - The projected net profit attributable to the parent company's shareholders for 2025 is estimated to be between 140.35 million and 159.49 million yuan, representing a year-on-year increase of 98% to 125% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 134.37 million and 154.38 million yuan, reflecting a year-on-year increase of 135% to 170% [1] Market Position - The company is recognized as a leading player in the domestic blood purification equipment sector, benefiting from technological advantages and strong brand recognition [1] - The continuous increase in market share has contributed to the steady growth of sales revenue for blood purification equipment [1]

Core Viewpoint - The company, Shanwaishan (688410.SH), expects a significant increase in net profit for the year 2025, driven by its leading position in the domestic blood purification equipment market and improved sales of self-produced consumables [1] Financial Performance - The projected net profit attributable to the parent company is estimated to be between 140 million to 159 million yuan, representing an increase of 69.4686 million to 88.6079 million yuan compared to the previous year, which is a year-on-year increase of 98% to 125% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 134 million to 154 million yuan, with an increase of 77.1902 million to 97.2024 million yuan compared to the previous year, indicating a year-on-year increase of 135% to 170% [1] Business Drivers - The main reasons for the performance change include: 1. The company’s leading technological advantage and strong brand effect have led to an increase in market share, driving steady growth in sales revenue of blood purification equipment [1] 2. Significant growth in sales revenue from self-produced blood purification consumables during the reporting period [1] 3. Increased production and sales volume have led to a decrease in unit fixed costs for self-produced consumables, resulting in improved gross margins and overall profitability [1]

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。 一、募集资金基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688410 证券简称：山外山 公告编号：2026-004 重庆山外山血液净化技术股份有限公司 关于新增募集资金专户并签订募集资金三方监管协议的公告 根据中国证券监督管理委员会于2022年11月15日出具的《关于同意重庆山外山血液净化技术股份有限公 司首次公开发行股票的批复》（证监许可〔2022〕2873号），同意重庆山外山血液净化技术股份有限公 司（以下简称"公司"或"山外山"）首次公开发行股票的注册申请，并经上海证券交易所同意，公司首次 向社会公众公开发行人民币普通股（A股）股票36,190,000股，发行价格为每股人民币32.30元，本次发 行公司实际募集资金人民币116,893.70万元，扣除发行费用（不含税）金额人民币10,182.61万元后，实 际募集资金净额为人民币106,711.09万元。上述募集资金已全部到位，并经天职国际会计师事务所（特 殊普通合伙）审验，于2022年12月2 ...

证券日报网讯 1月27日，山外山发布公告称，公司分别于2025年12月3日召开第二届审计委员会第十三 次会议和第三届董事会第二十二次会议，2025年12月22日召开2025年第四次临时股东会审议通过了《关 于部分募投项目调整及新增募投项目的议案》，同意公司本次部分募投项目调整及新增募投项目事项， 同时为确保募集资金使用安全，拟对山外山、重庆天外天生物技术有限公司（简称"天外天"）分别设立 募集资金专项账户，并与保荐人和存放募集资金的银行签署募集资金专户存储监管协议，且由董事会授 权管理层全权办理与本次募集资金专项账户相关后续事宜。为规范本次募集资金的存放、使用与管理， 提高资金使用效率，根据相关法律法规、规范性文件的规定，公司及全资子公司天外天、保荐人西部证 券股份有限公司、招商银行股份有限公司重庆分行签署了《募集资金三方监管协议》。 （编辑 任世碧） ...

告编号：2025-063）和《2025 年第四次临时股东会决议公告》（公告编号： 2025-067）。 根据中国证券监督管理委员会于 2022 年 11 月 15 日出具的《关于同意重庆 山外山血液净化技术股份有限公司首次公开发行股票的批复》（证监许可〔2022〕 2873 号），同意重庆山外山血液净化技术股份有限公司（以下简称"公司"或 "山外山"）首次公开发行股票的注册申请，并经上海证券交易所同意，公司首 次向社会公众公开发行人民币普通股（A 股）股票 36,190,000 股，发行价格为 每股人民币 32.30 元，本次发行公司实际募集资金人民币 116,893.70 万元，扣 除发行费用（不含税）金额人民币 10,182.61 万元后，实际募集资金净额为人民 币 106,711.09 万元。上述募集资金已全部到位，并经天职国际会计师事务所（特 殊普通合伙）审验，于 2022 年 12 月 21 日出具《验资报告》（天职业字[2022]46651 号）。 二、本次募集资金监管协议的签订情况和募集资金专户的开立情况 公司分别于 2025 年 12 月 3 日召开第二届审计委员会第十三次会议和第三届 董事会 ...

Group 1 - The core viewpoint of the report is that Xinsight Securities has given a "Buy" rating to Shanwaishan (688410.SH) based on several factors [1] - The blood dialysis equipment market in China is expected to exceed 50 billion yuan by 2030, driven by policies such as the construction of medical communities, which will boost potential demand and benefit Shanwaishan as a leading domestic blood dialysis machine manufacturer [1] - Shanwaishan has a comprehensive product line in the blood purification field, focusing on both equipment and consumables, which establishes a competitive advantage in product strength [1] - The long-term development strategy includes deepening "R&D innovation + global expansion" to accelerate its position as a leading international blood purification company [1]

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]