Summary of Medical Device Industry Conference Call Industry Overview - The medical device industry is showing signs of recovery, although gross margins have declined due to centralized procurement and equipment update procurement impacts [1][2] - Tendering activities have continued to recover, with winning bid amounts increasing by 32% year-on-year in the first three quarters, particularly in CT and MRI, which saw growth exceeding 70% [1][2] Key Performance Metrics - Overseas business has become a growth engine, with a 22% increase in the first three quarters, as core projects in North America, Europe, and Asia-Pacific enter a concentrated implementation phase, improving order-to-revenue conversion efficiency [1][2] - The international revenue share of Mindray's medical imaging line reached 61%, while United Imaging's overseas business grew by 42% [1][4] Segment Performance - Various sub-sectors have shown differentiated performance: - Medical imaging equipment (e.g., United Imaging, Mindray, and Kaili) has rebounded - Conventional medical devices and home medical devices have benefited from national subsidy policies - Rehabilitation equipment, particularly Weisi Medical, reported a 12% revenue growth in Q3 [1][3][4] - Mindray's Q3 performance was strong, with expectations for increased revenue growth in Q4; Kaili Medical saw significant increases in bid amounts for ultrasound and endoscope products [1][5] Future Trends and Challenges - The trend of companies expanding overseas is expected to continue, although macroeconomic conditions and geopolitical conflicts pose challenges [1][6] - The recovery in tendering is anticipated to translate into revenue in Q4, with companies actively positioning high-end product lines such as the ultrasound 8,090 platform and endoscope 650 series, expected to ramp up in 2026 [1][6][10] Rehabilitation Equipment Sector - The rehabilitation equipment sector faces pressure overall, but companies like Weisi Medical have shown good performance with a 12% year-on-year growth [8] - Brain-computer interface technology is viewed as a new growth engine for the rehabilitation equipment sector, with companies like Xiangyu and Mailande actively investing in this area [7][8] High-End Product Lines - Companies have demonstrated significant performance in high-end product lines such as MRI, CT, and molecular imaging [9] - For instance, 3T MRI and dual-source dual-width CT products have shown strong sales in 2025, despite some fluctuations in overseas business due to regional conflicts [9] Company-Specific Highlights - Mindray's overall performance in Q3 was impressive, with a 24% year-on-year revenue increase and domestic business growth of approximately 75% [5] - Kaili Medical's highlights include significant bids for soft endoscopes and new product sales, with expectations for continued focus on high-end products in 2026 [10] - Yuyue Medical achieved steady growth of around 10% in Q3, focusing on markets in the Belt and Road Initiative, Europe, North America, and South America [11] - Wandong Medical faced a double-digit revenue decline in Q3 due to DRG reform impacts but is expected to see improved performance in Q4 as centralized procurement peaks [13] Conclusion - The medical device industry is on a recovery path with varying performances across segments and companies, driven by overseas expansion and high-end product development, while facing challenges from market dynamics and geopolitical factors [1][6][8]

Core Viewpoint - The announcement details a change in shareholding by a major shareholder of Nanjing Weisi Medical Technology Co., Ltd., indicating a reduction in their stake, which has implications for the company's governance and shareholder structure [1][2][3] Group 1: Shareholder Information - The major shareholder, Wang Zhiyu, and his acting party, Nanjing Zhida Venture Capital Center (Limited Partnership), have confirmed the accuracy and completeness of the information provided [1] - Wang Zhiyu serves as the executive partner and general partner of Nanjing Zhida Venture Capital Center, which has signed a concerted action agreement with him [1] Group 2: Equity Change Details - From August 14 to November 4, 2025, Nanjing Zhida Venture Capital Center reduced its shareholding by 728,210 shares, representing 0.76% of the total share capital [1] - Following this reduction, the combined shareholding of Wang Zhiyu and Nanjing Zhida Venture Capital Center decreased from 45,723,286 shares to 44,995,076 shares, which is a drop from 47.74% to 46.98% of the total share capital [2] Group 3: Additional Notes - The equity change does not trigger a mandatory tender offer and aligns with previously disclosed plans by the information disclosure obligor [2][3] - The change in shareholding will not affect the control of the company or its governance structure, and the information disclosure obligor is expected to continue adhering to relevant regulations [3]

Trading Information - On November 4, 2025, Weisi Medical (688580) closed at 52.12 yuan, down 1.94%, with a turnover rate of 2.17%, a trading volume of 20,800 shares, and a transaction amount of 108 million yuan [1] - On the same day, the net outflow of main funds was 18.689 million yuan, accounting for 17.37% of the total transaction amount; retail funds had a net inflow of 10.286 million yuan, accounting for 9.56% of the total transaction amount [1][4] Shareholder Changes - On November 4, 2025, Weisi Medical announced that shareholder Nanjing Zhida Venture Capital Center (Limited Partnership) reduced its holdings by a total of 728,200 shares from August 14, 2025, to November 4, 2025, which represents 0.7604% of the company's total share capital [2][4] - The share price decreased by 6.93% during the reduction period, closing at 52.12 yuan on November 4, 2025 [2] Company Announcements - On November 5, 2025, Weisi Medical released a notice regarding the change in equity of shareholders holding more than 5%, indicating a decrease in the combined holding ratio of the controlling shareholder Wang Zhiyu and his concerted party Nanjing Zhida Venture Capital Center from 47.74% to 46.98% [3][4] - The equity change did not result in a change of the controlling shareholder or actual controller, did not trigger a mandatory bid, and did not violate any previously made commitments or plans [3]

Core Viewpoint - Weisi Medical (688580.SH) announced a reduction in shareholding by Nanjing Zhida Venture Capital Center (Limited Partnership), indicating a shift in ownership dynamics within the company [1] Group 1: Shareholding Changes - Nanjing Zhida Venture Capital Center (Limited Partnership) reduced its shareholding by 728,200 shares, representing 0.76% of the total share capital of the company [1] - Following this reduction, the actual controller Wang Zhiyu and his concerted party, Nanjing Zhida Venture Capital Center, now hold a total of 44,995,100 shares, down from 45,723,300 shares [1] - The shareholding percentage of Wang Zhiyu and his concerted party decreased from 47.74% to 46.98% of the total share capital [1]

证券代码：688580 证券简称：伟思医疗 公告编号：2025-041 南京伟思医疗科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 南京伟思医疗科技股份有限公司（以下简称"公司"）控股股东王志愚先生及其一 致行动人南京志达创业投资中心（有限合伙）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。 | 一致行动人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 王志愚 |  □ | 控股股东/实控人 控股股东/实控人的一致 | □ _____________ | | | 行动人 | | 不适用  | | | □ | 其他直接持股股东 | | 关系说明：王志愚为南京志达创业投资中心（有限合伙）的执行事务合伙 人、普通合伙人。南京志达创业投资中心（有限合伙）与王志愚签署了一致行动 人协议； 二、 权益变动触及 1%刻度的基本情况 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动 ...

Investment Rating - The report maintains an "Overweight" rating for the medical device sector [6] Core Insights - The medical device sector is entering a turning point, driven by innovation and international expansion as key growth drivers [12][29] - The overall revenue for medical device companies in the first three quarters of 2025 was 183.45 billion yuan, a year-on-year decrease of 3.90%, while the net profit excluding non-recurring items was 22.70 billion yuan, down 17.70% [8][15] - Different sub-sectors show significant divergence in performance, with high-value consumables showing a growth of 5.12%, while in vitro diagnostics faced a decline of 13.94% [8][15] Summary by Sections Medical Device Sector Overview - The medical device sector is experiencing a recovery with improved bidding processes and a gradual clearing of high-cost consumables [8][15] - The revenue growth rate for the medical device sector in Q3 2025 was 9.99%, with a net profit growth of 4.87% [9][16] High-Value Consumables - High-value consumables saw a revenue increase of 5.12% in the first three quarters of 2025, with a net profit growth of 1.18% [29] - The sector is stabilizing as it enters the post-collection phase, with significant growth driven by innovation and international expansion [29] Medical Equipment - The medical equipment sector's revenue decreased by 1.02% in the first three quarters of 2025, but showed a positive trend in Q3 with a revenue increase of 9.99% [9][16] - The sector is expected to experience structural differentiation in demand as bidding processes improve [9] Low-Value Consumables - Low-value consumables experienced a revenue decline of 0.75% in the first three quarters of 2025, with a significant drop in net profit by 21.68% [9][16] - The sector's performance is heavily influenced by international market conditions, but there is potential for recovery in Q4 2025 [9] In Vitro Diagnostics - The in vitro diagnostics sector faced a revenue decline of 13.94% in the first three quarters of 2025, with net profit down 32.20% [9][16] - The sector is expected to stabilize by the end of 2025 as negative impacts from policies begin to clear [9]

Group 1 - The core viewpoint of the news is the performance and market position of Weisi Medical, which saw a stock price increase of 5.11% to 51.61 CNY per share, with a total market capitalization of 4.943 billion CNY [1] - Weisi Medical specializes in the research, development, production, and sales of rehabilitation medical devices, focusing on areas such as pelvic and postpartum rehabilitation, neurological rehabilitation, and mental rehabilitation [1] - The company's revenue composition includes magnetic stimulation products (39.44%), consumables and accessories (19.42%), electrophysiological products (19.18%), laser radiofrequency products (10.26%), electrical stimulation products (8.42%), and others (3.28%) [1] Group 2 - From the perspective of fund holdings, Weisi Medical is a top ten holding of the Beixin Ruifeng Health Life Theme Flexible Allocation Fund, which reduced its holdings by 15,000 shares to 75,000 shares, representing 4.13% of the fund's net value [2] - The Beixin Ruifeng Health Life Theme Flexible Allocation Fund has a total scale of 90.1431 million CNY and has achieved a year-to-date return of 30.46% [2] - The fund manager, Pang Wenjie, has a tenure of 5 years and 150 days, with the best fund return during this period being 44.46% [3]

Core Viewpoint - The company reported steady revenue growth and improved profitability in Q3 2025, driven by increased sales and reduced expense ratios [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 326 million, a year-on-year increase of 11.58%, and a net profit attributable to shareholders of 102 million, up 30.68% [4]. - In Q3 2025, revenue reached 115 million, reflecting a year-on-year growth of 14.87%, while net profit attributable to shareholders was 33 million, increasing by 14.99% [4]. Operational Efficiency - The company's net cash flow from operating activities grew by 33.74% year-on-year, primarily due to increased cash receipts from sales [5]. - The sales expense ratio decreased by 6.80 percentage points to 20.94%, while the management expense ratio increased by 1.66 percentage points to 11.14% [5]. R&D and Innovation - In Q3 2025, the company invested 11 million in R&D, accounting for 9.76% of its revenue, and plans to enhance marketing efforts in key growth areas [6]. - The company launched the VisheeNEO physical factor workstation in July 2025, aiming to strengthen its core business competitiveness [6]. Strategic Initiatives - The company is actively developing a comprehensive closed-loop neural rehabilitation system in the non-invasive brain-computer interface field, with numerous patents covering essential technologies [7]. - The system includes four main application scenarios: MagNeuroOne (marketed), brain-computer cognitive training system (in development), brain-computer functional electrical stimulation (in development), and brain-computer upper and lower limb training systems (in development) [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved steady revenue growth in Q3 2025, with total revenue reaching 326 million yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 102 million yuan, up 30.68% year-on-year [1][2]. - The company is focusing on innovation and expanding its emerging business sectors, particularly in mental health, pelvic floor, and neurological rehabilitation, while also enhancing its aesthetic medicine and urology segments [2][3]. - The company has established a comprehensive closed-loop system for neurological rehabilitation, covering diagnosis, treatment, and rehabilitation, with several products in various stages of development [3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 115 million yuan, a 14.87% increase year-on-year, and a net profit of 33 million yuan, reflecting a 14.99% growth [1][2]. - The operating cash flow increased by 33.74% year-on-year, primarily due to higher cash receipts from sales [2]. - The company’s R&D expenses were 11 million yuan, accounting for 9.76% of revenue, highlighting its commitment to innovation [2]. Profit Forecast and Valuation - The projected net profit for 2025 is 131 million yuan, with a corresponding P/E ratio of 36 times [4][3]. - The company is positioned as a leader in the magnetic-electric rehabilitation device sector, benefiting from the growing rehabilitation industry and consumer spending upgrades [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [9]. Core Insights - The company reported a steady performance in Q3 2025, with a revenue of 326 million yuan, representing a year-on-year growth of 11.58%, and a net profit attributable to shareholders of 102 million yuan, up 30.68% year-on-year [5][9]. - The company is actively expanding its product offerings, particularly in the brain-machine interface sector, with several innovative applications under development [6][9]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of approximately 66.65%, 65.62%, and 68.27% for Q1, Q2, and Q3 respectively, showing an upward trend [5]. - The company’s operating expenses have decreased, with the sales expense ratio at 18.77%, down 7.99 percentage points year-on-year, and the management expense ratio at 10.03%, down 1.50 percentage points year-on-year [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 473 million yuan, 561 million yuan, and 668 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.2%, 18.6%, and 19.1% [9][11]. - The net profit attributable to shareholders is expected to reach 134 million yuan, 160 million yuan, and 192 million yuan for the same years, with growth rates of 31.8%, 19.3%, and 20.0% respectively [9][11].