证券代码：688410 证券简称：山外山 公告编号：2025-052 天职国际已取得北京市财政局颁发的执业证书，是中国首批获得证券期货相 关业务资格，获准从事特大型国有企业审计业务资格，取得金融审计资格，取得 会计司法鉴定业务资格，以及取得军工涉密业务咨询服务安全保密资质等国家实 行资质管理的最高执业资质的会计师事务所之一，并在美国PCAOB注册。天职国 际过去二十多年一直从事证券服务业务。 截至2024年12月31日，天职国际合伙人90人，注册会计师1097人，签署过证 券服务业务审计报告的注册会计师399人。 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。 重要内容提示： ●拟聘任的会计师事务所名称：天职国际会计师事务所（特殊普通合伙） ●本事项尚需提交公司股东大会审议 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 天职国际会计师事务所（特殊普通合伙）（以下简称"天职国际"）创立于 1988年12月，总部北京，是一家专注于审计鉴证、资本市场服务、管理咨询、政 务咨询、税务服务、法务与清算、信息技术咨询 ...

证券代码：688410 证券简称：山外山 公告编号：2025-053 重庆山外山血液净化技术股份有限公司 关于使用闲置自有资金进行现金管理的公告 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： 基本情况 | 投资金额 | 不超过 万元（含本数，或等值外币） | 100,000.00 | | --- | --- | --- | | 投资种类 | 银行、证券公司等具有合法经营资格的金融机构发行的安全性高、 | | | | 流通性好、稳健型的金融产品或结构性存款等理财产品。 | | | 资金来源 | 自有资金 | | 已履行的审议程序 2025 年 10 月 28 日，重庆山外山血液净化技术股份有限公司（以下简称"公 司"）召开了第三届董事会第二十一次会议和第三届监事会第十七次会议，审议 并通过了《关于使用闲置自有资金进行现金管理的议案》，本事项无需提交股东 大会审议。 特别风险提示 公司及子公司进行现金管理时，选择安全性高、流通性好、稳健型的金融产品 或结构性存款等理财产品，总体风险可控，但金融市场受宏观经济影响较 ...

Core Insights - The company reported a third-quarter revenue of 227 million, representing a year-on-year increase of 61.66% [1] - The net profit for the third quarter was 49.45 million, showing a significant year-on-year growth of 205.50% [1] - For the first three quarters, the total revenue reached 584 million, which is a year-on-year increase of 39.79% [1] - The net profit for the first three quarters amounted to 104 million, reflecting a year-on-year growth of 68.68% [1]

Core Viewpoint - The company, located in Chongqing's Liangjiang New Area, is experiencing a surge in orders despite challenges faced by many enterprises, indicating strong market demand and effective management strategies [1][2]. Company Overview - The company, known as Shanwaishan, is a leading player in China's blood purification equipment industry and the only Sci-Tech Innovation Board listed company in this sector [3]. - The founder, Gao Guangyong, has a background in mechanical manufacturing and has been instrumental in breaking foreign monopolies in the market, leading to rapid market share growth [2][4]. Historical Context - The company was founded in 2001 after Gao was motivated by a personal tragedy related to the lack of blood purification machines in his hometown [4]. - Initial challenges included high technical barriers, strict regulations, and market monopolization by foreign brands, which required significant financial investment and innovation [5][6]. Recent Developments - The company is currently expanding its production capacity, with a new industrial park expected to generate an annual output value of approximately 3 billion yuan [7]. - Shanwaishan's core business in blood purification equipment has seen a continuous increase in market share, with significant growth in self-produced consumables [8]. Market Performance - The company has achieved a market share of 20.42% in continuous blood purification equipment and 15.29% in blood dialysis machines, leading among domestic brands [8]. - In the first half of 2023, the company's self-produced consumables reported a revenue increase of 91.90% year-on-year [8]. International Expansion - The overseas market is becoming a significant profit growth point, with foreign income accounting for 24.30% of total revenue in the first half of the year [9]. - The company aims to establish itself as a global leader in blood purification, benefiting patients with kidney diseases and critical conditions worldwide [9].

Core Insights - On October 10, the stock of Chongqing Shanwaishan Blood Purification Technology Co., Ltd. increased by 3.66%, with a trading volume of 134 million yuan [1] - As of October 10, the company had a total margin balance of 113 million yuan, with a net margin purchase of 1.69 million yuan on that day [1][2] - For the first half of 2025, the company reported a revenue of 357 million yuan, representing a year-on-year growth of 28.72%, and a net profit of 55 million yuan, up 20.28% year-on-year [2] Financing and Margin Data - On October 10, the financing buy amount was 10.93 million yuan, with a current financing balance of 113 million yuan, accounting for 3.08% of the circulating market value [1] - The financing balance is above the 80th percentile level over the past year, indicating a high level of financing activity [1] - The company had no short selling activity on October 10, with a short selling balance of 0.00 yuan, which is below the 30th percentile level over the past year, indicating low short selling interest [1] Shareholder and Dividend Information - As of June 30, the number of shareholders increased by 2.67% to 8,150, while the average circulating shares per person decreased by 2.60% to 28,779 shares [2] - Since its A-share listing, the company has distributed a total of 104 million yuan in dividends [3] - Among the top ten circulating shareholders, Bosera Healthcare Mixed A (050026) is the fifth largest shareholder, increasing its holdings by 746,300 shares [3]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [7] Core Viewpoints - The blood purification industry in China is experiencing stable growth driven by strong supply and demand dynamics, with a market size CAGR of 5.67% from 2019 to 2023, and an expected CAGR of 21.52% from 2023 to 2027 [10] - The report emphasizes the potential for domestic manufacturers to replace imports, focusing on large single products, diversification, and international expansion [10] Industry Overview - The blood dialysis market is expanding, with the number of ESRD patients rapidly increasing, leading to a steady rise in dialysis demand. The number of patients receiving blood and peritoneal dialysis in China grew from 579,000 and 95,000 in 2018 to 917,000 and 153,000 in 2023, respectively [10][30] - The market for blood dialysis devices and consumables is expected to continue growing, with the blood dialysis machine market projected to reach 8.17 billion RMB by 2030 [22] Supply and Demand Dynamics - The demand side is supported by the increasing number of ESRD patients and improved medical payment capabilities, while the supply side benefits from the growing number of domestic manufacturers and supportive industry policies [10][30] - The report highlights that the domestic market is still dominated by foreign brands, but local companies are gradually increasing their market share [43][47] Investment Recommendations - The report suggests focusing on companies with strong international potential, comprehensive product matrices, and competitive single products, such as Sanwa, Baolait, Weigao Blood Purification, and others [10][30] - The report identifies three main investment themes: international expansion, product matrix improvement, and strong single product competitiveness [10] Policy Support - A series of government policies have been introduced to support the blood purification industry, including funding, tax incentives, and industry planning, which are expected to drive demand growth [55][57] - The report notes that centralized procurement of blood purification consumables has been implemented, leading to significant price reductions [57]

Company Overview - The company, Chongqing Shanwaishan Blood Purification Technology Co., Ltd., was established on March 26, 2001, and went public on December 26, 2022. It is located at No. 1 Ciji Road, Liangjiang New Area, Chongqing [2]. - The main business involves the research, production, and sales of blood purification equipment, with revenue composition as follows: blood purification equipment 66.12%, blood purification consumables 23.89%, medical services 8.31%, and others 1.68% [2]. Stock Performance - As of September 24, the stock price increased by 2.16% to 14.66 CNY per share, with a total market capitalization of 4.71 billion CNY [1]. - Year-to-date, the stock price has risen by 32.55%, but it has seen a decline of 2.66% over the last five trading days and 5.84% over the last 20 days [2]. Financial Performance - For the first half of 2025, the company achieved a revenue of 357 million CNY, representing a year-on-year growth of 28.72%. The net profit attributable to the parent company was 55.04 million CNY, up by 20.28% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 104 million CNY in dividends [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 2.67% to 8,150, while the average circulating shares per person decreased by 2.60% to 28,779 shares [2]. - Among the top ten circulating shareholders, Bosera Healthcare Mixed A (050026) is the fifth largest, holding 3.26 million shares, an increase of 746,300 shares from the previous period [3].

Core Viewpoint - The medical device export sector in China is experiencing growth, with a notable increase in revenue and profit among companies listed on the STAR Market, driven by innovation, international expansion, and strategic mergers and acquisitions [1][2][4]. Group 1: Market Performance - In the first half of 2025, China's medical device exports reached $24.1 billion, marking a 5.0% year-on-year increase and accounting for over 40% of total pharmaceutical product exports [1]. - STAR Market medical device companies reported a revenue growth of 9% and a net profit growth of 3% year-on-year, with second-quarter revenue and net profit showing quarter-on-quarter growth of 22% and 30%, respectively [1]. - Nearly 30% of STAR Market medical device companies have over 30% of their business coming from overseas [1]. Group 2: Innovation and Global Strategy - STAR Market medical device companies focus on high-value consumables and medical equipment, leveraging capital market support to build extensive global marketing networks [2]. - The industry has seen the emergence of several benchmark companies, with a total of approximately 18,000 invention patents held by STAR Market medical device firms [2]. - Notable innovations include the world's first branched aortic stent graft approved for market by Shanghai MicroPort Medical, and the FDA breakthrough designation for the self-expanding intracranial drug-coated stent system by Sinno Medical [2]. Group 3: International Expansion - Shanghai United Imaging Healthcare Co., Ltd. has increased its overseas revenue share from less than 10% at the time of listing to nearly 20% in the first half of 2025 [3]. - Haier Biomedical and Chongqing Mountain Outside Mountain Blood Purification Technology Co., Ltd. reported overseas revenue growth of 30% and 41%, respectively, in the first half of 2025 [3]. - The global expansion of domestic medical device companies is evident, with Haier Biomedical's products applied in over 150 countries and regions [3]. Group 4: Mergers and Acquisitions - The medical device industry is increasingly utilizing mergers and acquisitions to expand product lines and enhance technological capabilities, supported by policies such as "Merger and Acquisition Six Articles" and "STAR Market Eight Articles" [4]. - Shanghai Sanyou Medical Devices Co., Ltd. has successfully acquired the French orthopedic company Implanet, significantly boosting its overseas revenue [5]. - Shenzhen Huatai Medical Devices Co., Ltd. has improved its market penetration and product coverage following the introduction of Mindray Medical as a controlling shareholder [5]. Group 5: Policy Support and Future Outlook - The Chinese government has introduced numerous supportive policies aimed at fostering high-end innovation and quality development in the medical device sector [6]. - The industry is expected to transition from "product export" to "technology output" and from "landing" to "local integration," positioning itself for higher value within the global value chain [6].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2][50]. Core Insights - The medical device bidding amount in August 2025 reached 13.065 billion yuan, representing a year-on-year increase of 17% and a month-on-month increase of 2%. The total bidding amount from January to August 2025 was 110.3 billion yuan, showing a year-on-year growth of 51% [3][9]. Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in August 2025 was 13.065 billion yuan, with a year-on-year increase of 17% and a month-on-month increase of 2%. The cumulative bidding amount from January to August 2025 was 110.3 billion yuan, reflecting a year-on-year growth of 51% [3][9]. Domestic Brands - **United Imaging**: August bidding amount was 1.014 billion yuan, up 49% year-on-year; cumulative amount from January to August was 7.028 billion yuan, up 60% [4][13]. - **Myray Medical**: August bidding amount was 850 million yuan, up 18% year-on-year; cumulative amount from January to August was 5.904 billion yuan, up 49% [17][18]. - **Kaili Medical**: August bidding amount was 150 million yuan, up 63% year-on-year; cumulative amount from January to August was 890 million yuan, up 97% [25][26]. - **Shanwaishan**: August bidding amount was 48 million yuan, up 78% year-on-year; cumulative amount from January to August was 284 million yuan, up 194% [28][29]. - **Wandong Medical**: August bidding amount was 137 million yuan, up 200% year-on-year; cumulative amount from January to August was 936 million yuan, up 107% [31][32]. Imported Brands - **Philips**: August bidding amount was 638 million yuan, down 11% year-on-year; cumulative amount from January to August was 5.715 billion yuan, up 31% [34][35]. - **Siemens**: August bidding amount was 852 million yuan, up 41% year-on-year; cumulative amount from January to August was 7.489 billion yuan, up 49% [38][39]. - **GE Medical**: August bidding amount was 1.127 billion yuan, up 36% year-on-year; cumulative amount from January to August was 8.541 billion yuan, up 42% [41][42].

Group 1 - The company, Chongqing Shanwaishan Blood Purification Technology Co., Ltd., will participate in the 2025 Investor Online Collective Reception Day and Semi-Annual Performance Briefing on September 25, 2025 [1][2] - The event aims to enhance investor relations management and promote high-quality development of listed companies in the Chongqing area [1] - Company representatives, including the board director, deputy general manager, and financial director, will engage in interactive communication with investors during the event [2] Group 2 - Investors can participate in the event through the P5W investor relations interactive platform [1] - The company encourages investors to attend and will address various concerns raised by them during the session [2]