Core Viewpoint - The report details the equity changes of Chongqing Shanwaishan Blood Purification Technology Co., Ltd. due to the share reduction by major shareholders, which does not trigger a change in control or a mandatory tender offer [19][20][22]. Group 1: Shareholder Information - The equity change involves three main parties: Hunan Xiangjiang Liyuan Investment Management Co., Ltd. - Hunan Xiangjiang Dajiankang Venture Capital Partnership (Limited Partnership), Hunan Xiangjiang Liyuan Investment Management Co., Ltd. - Hunan Xiangjiang Liyuan Jiankun Venture Capital Partnership (Limited Partnership), and the original shareholder You Xinnong [19][20]. - The total shares held by these parties decreased from 18,623,449 shares (12.87% of total shares) to 32,131,623 shares (10.00% of total shares) after the reduction [22]. Group 2: Share Reduction Details - The share reduction was executed through centralized bidding transactions, with You Xinnong reducing 1,937,703 shares from June 18, 2024, to September 15, 2024, and the other two parties reducing a total of 7,276,593 shares from June 6, 2025, to August 4, 2025 [8][20][22]. - The total share capital of the company increased from 144,730,259 shares at the time of listing to 321,315,646 shares after two rounds of capital reserve transfers [7][22]. Group 3: Future Plans - The parties involved have no current plans to increase or decrease their holdings beyond the disclosed reduction plan, which allows for a maximum reduction of 12,852,625 shares, representing up to 4.00% of the total share capital [5][20]. - The report confirms that the equity change does not affect the company's controlling shareholder or actual controller [9][19].

本次权益变动为持股5%以上非第一大股东减持，不会使公司控股股东、 实际控制人发生变化。 重要内容提示： 本次权益变动为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"）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"或"信息义务披露人一"）、 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"或"信息义务披露人二"）及原股东游新农（以下 简称"信息义务披露人三"）履行此前披露的减持股份计划，通过集中竞价交易 方式减持所致，不触及要约收购。 本次权益变动后，信息披露义务人合计持有公司股份数量为32,131,623 股，占公司总股本的10.00%。 公司于2025年8月4日收到信息披露义务人出具的《简式权益变动报告书》， 自2024年6月18日至2025年8月4日，信息披露义务人通过集中竞价交易方式减持 公司股份，导致合计持股比例由12.87%减少至10.00%，根据中国证券监督管理委 员会《上市公司收购管理办法》《证券期货法律适用意见第19号——<上市公司 收购管理办法>第十三条、第十四条的适用意 ...

重庆山外山血液净化技术股份有限公司 简式权益变动报告书 上市公司名称：重庆山外山血液净化技术股份有限公司 信息披露义务人一：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） 住所：湖南省长沙市高新开发区麓谷大道627号长海创业基地三楼 股份变动性质：减持股份 住所：湖南省长沙市****** 股份变动性质：减持股份 签署日期：2025年 8 月 4 日 股票简称：山外山 股票代码：688410 股票上市地点：上海证券交易所 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称《证券法》） 、《上市公司收购管理办法》（以下简称《收购管理办法》）、《公开发行证券 的公司信息披露内容与格式准则第 15 号-权益变动报告书》（以下简称《准则 15 号》）及其他相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 信息披露义务人二：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） 住所：湖南省长沙市高新开发区岳麓西大道588 ...

Stock Recommendations - Jerry Holdings (002353.SZ) shows strong overseas growth potential with a steady increase in orders and confidence from management through share buybacks[4] - Guoneng Rixin (301162.SZ) reported a 40.14% year-on-year revenue growth in Q1 2025, with a net profit growth of 104.81%[25] - Ruihu Mould (002997.SZ) achieved a revenue of 1.662 billion yuan, up 48.3% year-on-year, and a net profit of 227 million yuan, up 40.33%[26] - Shanhua Mountain (688410.SH) benefits from the recovery of blood dialysis machine tenders, leading to increased sales[27] - Yuanjie Technology (688498.SH) has a diverse product matrix with significant orders, indicating potential for improved profitability[28] - Gigabit (603444.SH) launched successful new games, with the mobile game "Zhang Jian Chuan Shuo" achieving top rankings, suggesting a positive outlook for 2025[29] - Shangmei Co., Ltd. (2145.HK) reported impressive sales during the 618 shopping festival, indicating strong brand performance and growth potential[30] Market Performance - The weighted return of the stock portfolio in July was -0.22%, while the equal-weighted return was 8.68%[14] - The Shanghai Composite Index rose by 4.97% in July, with the ChiNext Index increasing by 9.97%[14] - The best-performing stocks in July included Haopeng Technology with a return of 41.54% and Daotong Technology with 17.61%[15] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to the market[31] - Individual company operational risks could impact stock performance[31]

证券代码：688410 证券简称：山外山 公告编号：2025-034 重庆山外山血液净化技术股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 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"或"信息披露义务人"）、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"或"信 息披露义务人"）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、 信息披露义务人的基本信息 1.身份类别 | 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理 | □ | 控股股东/实控人 | 91430100MA4RTK28XC ☑ | 重要内容提示： 权益变动方向 比例增加□ 比例减少☑ 权益变动前合计比例 12.00% 权益变动后合计比例 11.00% 本次变动是否违反已作出的承诺、意向、计划 是□ 否☑ 是否触发强制要约 ...

Group 1: Stock Performance - Yiming Pharmaceutical achieved a 10.00% increase over two consecutive days, driven by developments in Tibet and medical technology [3] - Kantai Medical saw a first board listing with a 20.03% rise, attributed to medical device advancements [4] - Zhengchuan Co. also debuted on the first board with a 9.99% increase, linked to medicinal glass [3] - Yuheng Pharmaceutical and Tianmu Pharmaceutical both recorded first board listings with increases of 10.09% and 10.00% respectively, related to the pharmaceutical sector [3] Group 2: AI and Robotics - Zhi Zhen Technology and Zhongdian Xinlong both debuted on the first board with a 10.01% increase, associated with computing power and machine learning [6] - Hubei Broadcasting and Duolun Technology also saw first board listings with increases of 10.04% and 9.95%, driven by computing power and AI applications [7] - The M-Robots open-source project was announced, aiming to create a unified robot operating system [11] Group 3: Infrastructure and Energy - The announcement of a 1.2 trillion yuan investment in a super hydropower project has led to significant interest in related stocks [13][16] - Nanfang Road Machinery and Tuoshan Heavy Industry both achieved consecutive board listings with increases of 9.99% and 10.01%, linked to engineering machinery [15] Group 4: Tourism and Hospitality - The demand for various types of tourism, including educational and family trips, has surged, with national railways reporting 341 million passenger trips [18][19] - Sizhizang Tourism and Tianfu Cultural Tourism both recorded first board listings with increases of 9.99% and 10.04%, reflecting the growing tourism sector [20] Group 5: Market Trends - The stock market has shown a strong focus on sectors such as robotics, AI, and infrastructure, with multiple companies achieving significant stock price increases [22][23]

Group 1 - The closing price of the company on July 24 was 15.54 yuan, an increase of 2.71%, with a rolling PE ratio of 67.79, marking a new low in 255 days, and a total market value of 4.993 billion yuan [1] - The average PE ratio in the medical device industry is 54.56, with a median of 37.54, placing the company at the 92nd position in the industry ranking [1] - As of the first quarter of 2025, 11 institutions held shares in the company, all being funds, with a total holding of 6.3098 million shares valued at 0.09 billion yuan [1] Group 2 - The main business of the company is the research, production, and sales of blood purification equipment and consumables, along with providing chain blood dialysis medical services [2] - The company's key products include blood perfusion machines, continuous blood purification devices, and various types of dialysis machines and consumables [2] - The company achieved a revenue of 189 million yuan in the first quarter of 2025, representing a year-on-year increase of 16.77%, and a net profit of 37.064 million yuan, up 8.10%, with a gross profit margin of 46.72% [2]

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]